Luxury Listings NYC | May/June 2013 by Gregory Cullen

VOLUME 01 ISSUE 03

MAY/JUNE 2013

www.LLNYC.com

Hello, $100M. Good-bye, sticker shock. p6 Borough face-off: Manhattan vs. Brooklyn p12 It’s a bird...It’s a plane...It’s 432 Park! p22 NYC’s best buildings of the decade p50 HAMPTONS: It’s summertime and the living is easy...and pricey p54 NORTH FORK: High-end homes lose value p57

A PUBLICATION OF

What’s happening in your neighborhood: Upper East Side Upper West Side

p14 p18

Midtown Gramercy

p22 p26

Chelsea

Soho

p28

Greenwich Village

p32

p34

Tribeca

p39

Lower East Side Financial District

p42 p48

Equal Housing Opportunity.

| TITLE INSURANCE

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MAY/JUNE 2013

On the cover:

This $16 million townhouse in Turtle Bay (see page 77) is just one of the prime properties featured in Luxury Listings NYC this month.

Brooklyn townhouses: overpriced?

12 | Playing catch-up: Manhattan used to trounce Brooklyn when it came to home prices. Well, no more. Except for the poshest of pads, the outer borough is nearly as expensive for buyers.

Contents

Looking down on Manhattan

50 | The Big Apple’s iconic look: In the past decade, the New York skyline has been transformed by both destruction and creation. We pick out the most notable new buildings that have risen. A Hamptons beach spared by Sandy

53 | A changed landscape for the summer: Hurricane Sandy pummeled the Jersey Shore—and the vacation rental season there. But Long Island’s East End is going strong heading into Memorial Day.

NEIGHBORHOODS

14 Upper East Side Playing second fiddle to Downtown

28 Chelsea A historic hotel’s tribulations

42 East Village/Lower East Side Big things come in threes

18 Upper West Side Lincoln Square gets new condos

32 Greenwich Village The fate of the first-floor apartment

48 Financial District A whole lotta movin’ goin’ on

22 Midtown Livin’ it (way) up at 432 Park

34 Soho A small-town feel in the big city

54 The Hamptons A $60M sale that turned heads

26 Gramercy/Flatiron Big plans for little homes

39 Tribeca Going high tech to sell the high life

57 North Fork High-end homeowners get hit

Luxury Listings NYC | MAY/JUNE 2013

P6 Manhattan market roundup $100 million is the new $50 million. P8 Profits and pitfalls A collection of the biggest trends and best advice to help buyers, sellers and renters. P10 This month in NYC history A look back at three of the most interesting real estate stories over the past decades.

EDITOR’S NOTE PUbLIShEr Amir Korangy EdItor-IN-ChIEF Stuart W. Elliott EdItorIAL dEVELoPMENt dIrECtor Melanie Gray CoNtrIbUtING EdItor Lauren Schram Art dIrECtor Gregory Cullen CoNtrIbUtorS Katherine Clarke, Guelda Voien, hayley Kaplan, Adam Pincus EdItorIAL oPErAtIoNS MANAGEr Linden Lim dIrECtor oF MArKEtING oPErAtIoNS Yoav barilan ASSoCIAtE SALES dIrECtor ross Fox AdVErtISING SALES Eran Evron, Abi Laoshe, Nick Mascaro, robert Stearns, Jennie durkovic FINANCE dIrECtor Ken Cyrus dIGItAL trAFFIC MANAGEr Junaid Zahid dIStrIbUtIoN Mitchell’sNY AttorNEY barry J. Friedberg trachtenberg rodes & Friedberg LLP Luxury Listings NYC is a registered trademark of Luxury Listings NYC LLC. Copyright 2013. Call 212-260-1332 or email news@LLNYC.com. Warning: It is illegal to photocopy or reproduce any part of Luxury Listings without express written consent. For reprints and duplication rights, call 212-260-1332. Principal office: 158 West 29th Street, New York, NY 10001. Luxury Listings is published bi-monthly. To subscribe or to stop receiving the magazine, email subs@LLNYC.com or call 1-855-703-9671. The magazine is free to residents of Manhattan. For those outside Manhattan receiving the magazine by mail, a yearly subscription costs $95. Paid subscribers can opt-in to receive The Real Deal magazine and The Real Deal’s annual Data Book at no additional charge. Check or money orders for subscriptions can be mailed to 158 West 29th Street, New York, NY 10001.

EMorIAL dAY IS JUSt AroUNd

While it’s not a nine-figure deal, the market is clearly

the corner, and before long, we’ll all be shedding suits

heading in that direction. the priciest deal last year in the

for sandals and trading briefcases for beach balls and

hamptons was for only $28 million.

barbecues.

Cohen is just one of many who own in both places.

Many stressed-out Manhattanites will be making their

overall, more than 40 percent of all vacation homes in the

way to the hamptons to relax, of course. this month,

hamptons are owned by New York City residents, according

Luxury Listings NYC decided to take the jitney out there,

to a report by real estate website PropertyShark.

too; that’s why you’ll find plenty of East End coverage inside

that’s a lot of city slickers.

(see stories starting on page 53).

of course, with so many type-A

What we found was a hot New York City real estate market starting to spill over into the vacation market there. (Vacation markets typically are the first to get hit by a downturn and the last to recover.) In Manhattan these days, as homes get snapped up quickly, we have clearly entered the era of the astronomical

nine-figure

asking

price. For those of you not good at math, nine figures means $100 million—or

more.

Warburg

Manhattanites, ostentatious living

New York City is now seeing nine-figure asking prices; the hamptons may soon follow.

realty’s richard Steinberg put it:

combines

with

summer time

relaxation in the hamptons like no place else. (I just learned the term “cidiot,” a colorful word for city dweller. Curbed

hamptons

characterizes

the type as anyone who “can’t drive, can’t park, and believe money trumps common courtesy.”)

f course, there are always more laid-back East End options—the North Fork, for

example—where there are no ninefigure homes for sale, and no eight-

“$100 million [is] the new $50 million.”

figure ones, either (see page 57).

A co-op at the Pierre hotel is looking for a buyer willing

but why worry about it? It’s beyond human control.

to fork over a record-setting $125 million. And billionaire

It’s called the law of supply and demand. So, go ahead:

hedge funder Steven Cohen wants to unload his penthouse

take off the tie, grab the grill tongs and get cookin’. It’s

at one beacon Court in Midtown for $115 million. (See story

summer. Enjoy.

on page 6.) Cohen, the head of SAC Capital, is a good example of the spillover effect between the two markets. this spring, he dropped $60 million for an oceanfront mansion on Further Lane in East hampton. his purchase was the priciest East End sale since the real estate boom ended in 2007.

StUArt W. ELLIott, Editor-in-Chief

Luxury Listings NYC | MAY/JUNE 2013

Manhattan Market roundup

Astronomical asking prices $100M is just the way it is these days By Hayley Kaplan

wo penthouses in Midtown, each listed for nine figures: The last time they sold, both the One Beacon Court and Those dollar amounts make the everyday homebuyer Pierre penthouses went for a fraction of what they’re priced swallow hard, but they don’t even raise an eyebrow among today. real estate insiders. Cohen paid $24 million for his 9,000-square-foot pad; late Sky-high prices are just the way it is for homes that are financial analyst Martin Zweig plunked down $21.5 million to both massive and spectacular, especially now in this smokin’ live in what used to be The Pierre’s rooftop restaurant. The residential market. 16-room home, being sold by Zweig’s estate, covers 12,000 Billionaire hedge fund honcho Steven Cohen is trying to square feet on three floors. sell his duplex penthouse at One Beacon Court, at 151 East The sheer size of the homes, along with their unusual char58th Street, for $115 million. He had no acter, factored heavily into the new asksooner put out the word then a triplex ing prices, theorized Jonathan Miller of penthouse at The Pierre, at 795 Fifth Avthe Miller Samuel appraisal firm. enue, went on the market for $10 million Sotheby’s International Realty looked more—$125 million. at both square footage and unique fea“$100 million [is] the new $50 million,” tures to make sure it “competitively” said Richard Steinberg, a broker at Warpriced The Pierre home, according to burg Realty. “You can ask whatever you agent Elizabeth Sample. want for a property. Time will tell if it will The penthouse was “a very difficult fetch it.” property to price because it’s a one-ofUntil last summer, the priciest listings a-kind property, like a piece of art,” Samseemed stuck in the high eight figures. ple said. Then, Long Island real estate developer Elliman’s Victoria Shtainer lives in One Steven Klar decided he wanted $100 milBeacon Court and describes Cohen’s lion for his triplex at the CitySpire buildpenthouse as something “very special.” ing, at 150 West 56th Street. Soon after, “When I have my international buyers –Richard Steinberg, a duplex penthouse at One57, the stillhere and they want a trophy, there are Warburg Realty under-construction skyscraper at 157 very few things I can show them,” she West 57th Street, went on the market for said. “So having The Pierre apartment $115 million. and [the One Beacon Court duplex], it’s “You have buildings that are special, like The Pierre,” Max definitely something to wow my clients with.” Dobens of Douglas Elliman said. “And owners are saying, Steinberg, the Warburg broker, had the One Beacon Court ‘Well, I think it should be worth this and see if somebody listing when Cohen bought it and is confident there is a buyer agrees.’ People try to push the envelope.” who will pony up nine figures.

“$100 million is the new $50 million. You can ask whatever you want for a property. Time will tell if it will fetch it.”

$3,437

Average Manhattan rent for March

$1.82M

Average sales price of a Manhattan condo in the first quarter

4,597

Number of Manhattan homes on the market in the first quarter

1.4%

Vacancy rate for Manhattan rentals in March

$6.5B

Total dollar volume of home sales citywide in the first quarter

Sources: A.C. Lawrence, Douglas Elliman, UrbanDigs, REBNY

The Pierre

Luxury Listings NYC | MAY/JUNE 2013

One Beacon Court

CitySpire

One57

2-3 Bedrooms and Full Floor Residences with Outdoor Space Available

Full Service Condominium Building LEED Gold Certification Anticipated 421-a Capped Tax Abatement IMMEDIATE OCCUPANCY 80% Sold

212-839-0124

TRENDS TO WATCH

Profits and pitfalls Navigating the tricky real estate landscape in NYC By Melanie Gray

issing good-bye that mortgage contingency. Naming your home. Calling on a concierge at any hour. Having a drone take photos of your estate. Luxury Listings NYC did the digging to give you the scoop on real estate’s biggest trends and to help make your home life—buying, selling and owning—a little easier.

Be on the lookout for fake brokers Buyers, beware the unlicensed real estate agent. That’s the warning from the industry’s leading trade association in New York City as moving season gets underway. Many prospective buyers and sellers find out a broker’s history and references, but don’t bother to ask if he or she is licensed—a requirement of both the city and the state, Steven Spinola of the Real Estate Board of New York told NY1. “You should not be doing business with anyone who does not have a license,” Spinola said, adding that an unlicensed broker isn’t allowed to even show a property—let alone sell it and accept a commission. Buyers and sellers can check to see if a broker has a license by simply asking to see it or by going online to the New York Department of State’s Division of Licensing Services, at www.dos.ny.gov/ licensing/, and clicking on “Search Licensees.”

The high stakes of no mortgage contingency Say “so long” to the mortgage contingency, those words in a purchase contract that protect a buyer’s down payment if the bank doesn’t come through. It’s becoming a thing of the past in this red-hot residential market. Most times, the buyer is the one who takes the leap, trying to beat out a bevy of other bidders; occasionally, though, the seller insists on jettisoning the clause to make sure the deal doesn’t collapse. The well-to-do are the most likely to risk their down payments since they’re the least likely to depend on financing, H.O.M.E. Mortgage Bank’s Rolan Shnayder told The Real Deal. “Obviously, [this is more prevalent in] the upper echelon of the market, where a lot of those deals are done in cash anyway,” he said. Shnayder advises all buyers, regardless of income level, to consult a mortgage banker or a real estate attorney before they sacrifice their down payment—at least 10 percent of the price and, in many instances, 20 percent or more. “You’re taking a gamble,” he said. “You should never do that without taking great care.”

The no-board-approval co-op sale You spot a listing for a co-op apartment that includes “No Board Approval.” It means it’s a sponsor unit, which is both good and bad. “A sponsor unit is an apartment that is owned by the original developers, or the corporation that turns a rental building into a cooperative,” Jill Sloane of Halstead Property told NY1. The best thing about a sponsor unit is that anybody who can afford it can buy it—no board approval, which means nobody can be turned down. And sponsor unit down payments can be negotiated. “This is good for someone who is either self-employed, possibly unemployed, someone who has cash in the bank but may not get through a board, and of course parents purchasing for children,” Sloane said. There are two drawbacks to a sponsor unit, though, and both involve cost: A buyer usually ends up paying more for the privilege of skirting the approval process, and can end up eating the transfer taxes and even attorney fees at closing.

The down and dirty on putting in a laundry area You’ve hauled your dirty clothes one too many times to the corner laundry. Enough! You want your own washing world. Here are four things, from Brick Underground, to keep you from getting hung out to dry:

Ask permission, but know that chances are good that your board, landlord, super or whomever will probably nix your plan. Many older buildings simply don’t have the pipes to handle all that soapy water.

Luxury Listings NYC | MAY/JUNE 2013

If you’re lucky enough to get the go-ahead, you’ll still probably be required to install your appliances in what is called “wet space”—your kitchen, a bathroom or a closet close by—because it already has plumbing.

Next, the city requires you get a permit for the work and that you hire a master plumber to do the installation. And be ready to hire a cleaning company to look at your dryer every year or so to prevent lint buildup, which can cause a fire.

As for the bottom line, a laundry area isn’t cheap. Plumbing and electrical can cost from $1,500 to $2,500, and a stackable apartment-size washer/ dryer from Maytag, Kenmore or Frigidaire runs $1,200.

Every wish is a concierge’s command

SERVICE

One resident wanted a private jet to fly his new puppy. Another needed a special crystal vase for an exclusive dinner party. For the well-trained concierge at a Manhattan luxury condominium, no request is too extravagant. “Sometimes it’s finding a rare bottle of wine or an autographed first copy of a book,” Jenene Ronick of Luxury Attache, a lifestyle management company that employs concierges, told the Associated Press. A penthouse with a view of Central Park is no longer enough. What well-to-do New Yorkers want now is five-star hotel amenities in their apartments, especially a smiling concierge on call at all hours. For buildings that have it, the cost is generally included in condominium or maintenance fees. “The global market has forced a lot of people to travel extensively around the world, and by doing so, they are being exposed to some really exquisite hotel living,” said Leonard Steinberg, a broker with Douglas Elliman. “When they come home, they do not want a lesser experience.”

What’s in a name? Maybe a sale … A good name is important, even when it’s for your abode. Nearly one out of 10 buyers, in a survey by real estate website Globrix, insisted they would fork over more for a home with a classy handle—Elvis Presley’s Graceland is a good example, the Wall Street Journal reported. A house tied to old-money heritage or connected to an A-list celebrity can list for as much as 20 percent more than comparable homes. Star broker Barbara Corcoran points to Mar-a-Lago, or “Sea to Lake,” the Palm Beach, Fla., estate of Majorie Merriweather Post that Donald Trump ended up buying in 1985, a half-century after Post owned it. Trump kept the name, insisting it had “great pedigree and great history.” The wrong name, though, can be a turn-off and even erode a home’s value. Corcoran has seen it and so has Seattle-based broker Dean Jones, with Realogics Sotheby’s International Realty. “Tonguein-cheek names should be reserved for boats and beach bars—not luxury real estate,” he said.

Five chances to never ever take with your home Life, it has been said, is a crapshoot, and that’s doubly true if you’re a renter. Here, from Brick Underground, are five chances that you should never take:

Subletting to someone you don’t know. You risk eviction if your tenant rats you out if subletting is a no-no in your building. Then, there are the very real possibilities of getting stiffed on the rent and having your pad trashed.

Leaving the door open for Fido or Fluffy. A groundfloor apartment with a yard can be great, especially if you’re a pet owner, but don’t leave the back door open— even a crack. You’ll soon find out that Fluffy isn’t the only one coming and going as she pleases. So are pigeons, mice and rats.

Doing your own home improvements. It’s one thing to put up a shelf; it’s another thing to chip off plaster to expose those old brick walls. Leave it to a contractor.

Installing your window air conditioner. Even a small unit can weigh close to 100 pounds so don’t put it in yourself: You’re risking your back and passers-by if you live on an upper floor. Again, hire a professional who has a good insurance policy.

Letting a “neighbor” climb onto your fire escape to get into his apartment. Just because someone looks vaguely familiar doesn’t mean he lives in your building. Letting that unknown man scamper through your bedroom window is just plain dangerous. And if he is truly a tenant, and he falls, you could be liable.

The 21st-century twist on real estate photography Drones aren’t just for taking out high-value enemy targets in faraway places. Saul Goodwin uses a remotely piloted helicopter rigged with a camera to snap overhead shots of oceanfront mansions and rural estates in his native Australia. “Unlike a small manned aircraft, I am able to go pretty much anywhere ... in pretty much any weather, bar rain or hurricane,” the 36-year-old real estate photographer told the Wall Street Journal. Goodwin flies his aircraft using a hand-held receiver; the camera takes interval shots from commands sent by an app on his iPhone. “They say a picture is worth a thousand words—an aerial shot is worth a million,” said James Dawson, whose five-bedroom home on 10 lush acres is listed for $4.7 million. Dawson, though, finds the drone “a little scary”; you might, too, but relax: While the practice has appeared in the U.S., the FAA doesn’t allow drones to be flown for commercial uses.

The more you borrow, the bigger the down payment

Jumbo Loan JUMBO

Requirements

A jumbo loan—one above conventional lending limits—means jumbo requirements. Bank of America, for example, wants 20 percent down for a loan up to $1 million. The down payment jumps to 30 percent for borrowers of $2.5 million to $5 million, and 35 percent for those who want $5 million or more, the Wall Street Journal reported. And the provisions are similar for other lenders. But the terms don’t just take into account the borrower’s ability to pay back the money. Banks often demand that high-end homebuyers have more cash on hand because luxury digs can be harder to resell if they end up in foreclosure. “A bigger house ... is more personalized,” Citi Private Bank’s Mike McPartland told the Journal. “You can look at it and say, ‘This is exactly what I want.’ I could look at [it] and say, ‘I sure don’t want a pool in my living room.’“ That said, lenders insist that they’re not unreasonable. Wells Fargo Home Mortgage, the nation’s largest jumbo lender last year with a $40 billion volume, follows guidelines—not requirements. “With these very large loans, we don’t want the borrower taking all of their cash and having no money in the bank in case something goes wrong,” said Well Fargo’s Brad Blackwell.

Luxury Listings NYC | MAY/JUNE 2013

A LOOK BACK

This month in NYC history T he merry month of May holds a special place in real estate’s past. The Empire State Building had two big dates, its opening and a sale. The Big Apple’s largest trade-show building, Grand Central Palace, made its debut. And Macy’s

told New Yorkers that it was putting its flagship store at Herald Square. Who could have possibly imagined what a big tourist draw each of those magificent structures would become? Now, of course, we know. —Compiled by Adam Pincus

1911 1951 Empire State Building When Chicago’s Crown family bought the Big Apple’s most identifiable landmark 62 years ago, they forked over $51 million to Prudential Insurance Co. The sale set the highest price paid for a single building. Two decades earlier, the 102-story tower broke another record with its opening, surpassing the Chrysler Building as the tallest in the world.

1901

Grand Central Palace

Macy’s

The largest exhibition hall in New York City opened its doors with a show on architecture and engineering. The cavernous building, on Lexington Avenue between 46th and 47th streets, was the first of several financed by New York Central Railroad, which owned the air rights over the tracks leading to Grand Central Terminal.

R.H. Macy & Co. laid out its plans to move about a mile, from 14th and Sixth Avenue to Herald Square. The deal wasn’t as simple as just putting up beams and laying down bricks, though. The retailing giant had to piece together the site, from at least 32 buildings owned by several individual interests. The state-of-the-art, 10-story flagship opened only 18 months later, in November 1902.

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Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker owned and operated by NRT LLC. All dimensions are approximate.

Deborah Grubman, SVP I Licensed Associate Real Estate Broker I 212.836.1055 I dg@corcoran.com David Dubin, SVP I Licensed Associate Real Estate Broker I 212.605.9287 I ddubin@corcoran.com Paul Albano I Senior Sales Associate I 212.572.3177 I pha@corcoran.com

BOROUGH BATTLE

Brooklyn vs. Manhattan The outer borough costs nearly as much as its neighbor now, luxe homes aside By Katherine Clarke

anhattan or Brooklyn: The choice of where you wanted to live used to be an easy one. It was “the city,” not the dowdy stepsister with much cheaper home prices. Today, though, Brooklyn is the top pick of more and more harried urbanites looking for a little peace and quiet—and elbow room. And the proof is in the numbers. As Brooklyn has slowly pumped itself up, its cheaper home prices have steadily climbed to match Manhattan’s, except for one notable exception: luxury digs. “People have this idea that they can move to Brooklyn and for $2 million they can have a beautiful townhouse on a gorgeous tree-lined street in Park Slope,” said Lindsay Barton Barrett of the Corcoran Group. “That doesn’t exist anymore and it hasn’t for a long time.” The shift started about a decade ago, about the same time that Brooklyn started to transform itself from a high spot for crime into a hub of creativity. Dedicated Manhattanites who wouldn’t have considered moving to Source: StreetEasy Brooklyn became open to the idea and found themselves looking at houses in neighborhoods that had the same vibes as the ones that they liked in the city. Buyers in the market for a loft, for example, found themselves at open houses in both Dumbo and Tribeca. Other Brooklyn-Manhattan pairings are Park Slope and the Upper West Side as well as Williamsburg and the East Village and Williamsburg and the Lower East Side. These days, Brooklyn’s popularity coupled with the real estate renaissance is forcing homeowner wannabes to expand their search, according to Town Residential broker Terry Naini,

who has listings in the West Village and Carroll Gardens. “I used to see a direct correlation between the Upper East Side and Brooklyn Heights and the Upper West Side and Park Slope,” Naini said. “I don’t find that so much anymore. I find Upper West Siders anywhere from Downtown Brooklyn to Carroll Gardens and Park Slope. They’re not focused on just one neighborhood.” True to the law of supply and demand, prices in Brooklyn are up across-the-board, just more in some categories, data from the real estate website StreetEasy shows. In the last five years, for example, the median price for a mid-sized apartment in Park Slope has increased from $625,730 to $675,000, just shy of 8 percent. By comparison, an apartment on the Upper West Side has plummeted 20 percent, from $999,000 to $815,000. Still, there are bargains to be found in Brooklyn—brownstones and three- and four-bedroom homes that would be much pricier in Manhattan, brokers said. Appraiser Jonathan Miller of Miller Samuel confirmed the anecdotal evidence, estimating the gap at nearly 60 percent. “The price differential between townhouses in Brooklyn Heights and townhouses in the West Village, for example, is significant,” Barrett said, “but the price differential for a beautiful two-bedroom apartment in Brooklyn Heights versus the West Village is not particularly significant.” Barrett attributed the disparity to an historic lack of demand for uber-luxury homes in Brooklyn. It used to be that buyers who could afford to drop big bucks preferred Manhattan; their thinking has changed but prices have yet to catch up. “The move to Brooklyn started from the bottom,” Barrett said.

Park Slope UP 8% UWS DOWN 20%

Luxury Listings NYC | MAY/JUNE 2013

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NEIGHBORHOODS

New York’s rich are downwardly mobile Uptown loses top ranking for priciest digs At $24.5 million, the penthouse in Soho’s The Bayard shows why Downtown, not Uptown, is tops in asking prices.

owntown is the place to be if you have a really swanky pad to sell.

was $2,685, according to Corcoran Sunshine Marketing Group. The reasons why Downtown is sizzlin’ are, well, as many as

For the first time, the asking prices for uber-

there are buyers. Brokers, though, attribute the excitement to the

luxury apartments south of 34th Street—not

neighborhoods as well as a bevy of new white-glove towers hit-

including the Financial District or Battery Park

ting the market.

City—are higher than they are in Midtown and Uptown, new data show.

“Uptown is tried and true—if you list something pre-war Uptown, you’re going to sell—but Downtown really has the buzz right

The important number here to know is price per square foot.

The dollar figure for Tribeca, Soho and Chelsea is more than $7,000. For a 2,000-square-foot home in this rarefied category, for example, the asking price would be roughly $14 million.

now,” said Michele Kleier, a luxury broker whose firm Kleier Residential is based on the Upper East Side. “It used to be some people would have a 10-block radius in which they wanted to live [on the Upper East Side],” she said. “Now,

The average asking price for a luxury apartment in Downtown overall stood at $2,777 per square at the beginning of the year; for

it’s a lot more about the apartment for a lot of people. They’re flexible on location.” —Katherine Clarke

similar homes in Midtown and Uptown, the per-square-foot cost

How long do UES homes take to sell?

Number of days has plummeted in just the last 12 months

Joanie Schumacher, sales director at Corcoran Sunshine Marketing Group Q: How are buyers able to get the apartments they want in this tight market? A: Buyers are acting faster. Instead of four or five visits, buyers frequently come back only once before making an offer. Purchasers are still looking at several neighborhoods, but only a handful of apartments before making their decision. When they decide to make an offer, the offer is typically close to the asking price.

Year

Days on market

2013

147

2012

227

Susan Abrams, senior managing director at Warburg Realty

2011

257

Q: Where is the greatest dearth of homes on the market?

2010

257

2009

267

Source: StreetEasy; averages are for April 14 of each year

Sizing up the market

Luxury Listings NYC | MAY/JUNE 2013

A: All over the Upper East Side in the two- and three-bedroom market. Apartment buyers in the $1 million to $4 million range are facing a very competitive marketplace. The inventory crunch is even greater west of Third Avenue.

NEIGHBORHOODS

A decade of home prices on the Upper East Side Year

Price

2012

$925,000

2011

$925,000

2010

$940,000

2009

$918,000

2008

$940,000

2007

$855,000

2006

$800,000

2005

$711,500

2004

$645,000

Really? A real estate oddity on the UES A mansion that hit the market for $10.5 million has something a bit unusual in its backyard: a 14-foothigh treehouse. The home, at 93rd Street near Madison Avenue, is one of only five clapboards in the This treehouse comes with a $10.5M mansion. neighborhood, according to the New York Post. The house has four bedrooms, five bathrooms and, of course, the treehouse, which homeowner Cynthia “C.C.” Rivera insists can comfortably seat four little girls. Rivera also just happens to be the ex of TV personality Geraldo Rivera.

Source: StreetEasy; median prices for April 14 of each year

Celeb real estate in the neighborhood

Average sale prices by type of apartment Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$359,653

$605,171

$1.4M

$3.3M

$7.9M

Source: StreetEasy; data as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

$420,000

$307,000

1 bed

$665,000

$465,000

2 beds

$1,500,000

$995,000

3 beds

$3,350,000

$2,950,000

The townhouse that served as a backdrop for Woody Allen’s 1979 “Manhattan” already had a buyer when it hit the market for $6 million. Remember the address, 152 East 71st Street, in case it’s a question during trivia night at the watering hole.

Yankees’ superstar Alex Rodriguez walked through the apartment that teammate Ichiro Suzuki lived in at the Laurel, at 400 East 67th Street. (Check out the Upper West Side section for more on A-Rod’s apartment-hunting escapades.)

Hedge-funder Zoe Cruz paid $7.34 million for a 15th-floor co-op at 912 Fifth Avenue, between 72nd and 73rd streets.

Source: StreetEasy; median prices in April

UES is a Fido-friendly place

Carl Schurz Park has two dog runs.

Central Park has 23 areas where dogs can run loose.

Carmelo Anthony, the Knicks’ go-to guy, and actress-wife La La nabbed a pad at the swanky 1212 Fifth Avenue for $29,000 a month. OK, so the pad is a little north of the UES, at 102nd Street, but Melo is smokin’.

The East River Esplanade has a dog run, too.

Source: New York City Parks and Recreation Department

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Upper East Side fast facts

$21

Price of a spicy cranberry margarita at the Carlyle (ask for it because it’s not on the menu)

24 karats

Purity of the gold faucets in the Plaza Hotel’s Royal Plaza Suite

Number of co-ops in The Pierre, which also has 140 hotel rooms

751

Number of apartments sold on the Upper East Side in the first quarter, the highest number of any neighborhood Sources: NYC.gov, REBNY, U.S News & World Report and Hotel Chatter

Priciest rentals on the market

Address 10 East 75th Street Type/size Townhouse; six bedrooms, 12 baths; 13,048 sf Monthly rent $80,000 Hot Feature An elevator that goes to all seven floors, including the English basement and cellar

Address 159 East 64th Street Type/size Townhouse; four bedrooms, four baths; 5,636 sf Monthly rent $60,000 Hot Features A wall of windows in the living room and an interior courtyard

Address 30 East 85th Street Type/size Condo; five bedrooms, six baths; square feet not listed Monthly rent $50,000 Hot Features Four private terraces, customized electronic shades, marble floors and a connecting one-bedroom apartment

Big community news Hostile environment. A plan by the Buckley School to combine two residential townhouses facing its main campus on East 73rd Street is upsetting nearby residents. The private all-boys school wants to convert the homes into classrooms; the neighbors contend the design to revamp the buildings, at 112 and 114 East 73rd Street, will block the light for their apartment and gardens. Rush to sell. Residents of the Yorkville subsection of the Upper East Side are hurrying to sell their homes before a 24hour waste-transfer station opens in 2015, according to the New York Post. The station, a new 10-floor building, will receive up to 500 truckloads of garbage every day. New cop shop. The landmarked Central Park Precinct on 86th Street and Transverse Road is finally officially reopened after a 12-year, $61 million renovation. The city marked the project’s completion with a ceremony this spring.

New shops coming to the nabe Texas de Brazil will open this fall in the base of the Savoy, at 201 East 61st Street. The Brazilian restaurant has an outpost in Yonkers.

Sources: StreetEasy and Luxury Listings NYC research

New development slated to hit the UES The Carlton House

The transformation of the Carlton House from hotel to condominium won’t be done until next summer, but its homes are already for sale. The prices for the pads, at 21 East 61st Street, range from $2.9 million to $65 million. So far, more than 25 of the building’s 68 luxury homes have buyers, the New York Times reported. Two Sutton Place North, the sister tower of One Sutton Place, is close to topping out at 42 stories. Work on the building, at 420 East 61st Street, started last summer, Curbed reported.

Two Sutton Place North

Luxury Listings NYC | MAY/JUNE 2013

Third Avenue is getting two new fro-yo shops. Orange Leaf Frozen Yogurt will be at 1467 Third Avenue, at 83rd Street, and Swirl Whirl will be at 1374 Third Avenue, at 78th Street, DNAinfo reported.

Average monthly rents Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$3,235

$3,010

$5,108

$10,290

$22,438

Source: StreetEasy; numbers are for April

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NEIGHBORHOODS

Lincoln Square: A place to put down roots More homes are coming to this arts mecca The recently renovated Lincoln Center for the Performing Arts is a beacon for the neighborhood.

ay “Lincoln Square” and lots of things come to mind: dance, theater, music. No doubt it’s be-

streets—with 2,500 homes in all. Work on the first building, which will have 616 rental apartments,

cause of the neighborhood’s anchor: Lincoln

is expected to wrap up in 2015; a four-story public school on site will

Center for the Performing Arts.

start holding classes a year later.

But the Upper West Side turf also has a repu-

Sites marked for other residential skyscrapers: 170 Amsterdam

tation for being family-friendly, with good schools

Avenue, between 67th and 68th streets; 160 West 62nd Street; and

and lots of room for freckle-faced kids to grow—

175 West 60th Street. All three towers will be rentals.

and that image is being reinforced with thousands of homes on the

drawing board.

Until the first wave of housing went up, parking lots and the West Side Highway pretty much defined the neighborhood, said Tiga

The projects will join a slew of luxury rental apartments and highend high-rises that have gone up in the last decade west of Columbus Avenue, according to the Wall Street Journal. A 43-story tower is the largest planned, part of a complex called Riverside Center that will have five buildings—between 59th and 61st

McLoyd, a broker with Citi Habitats who has had listings in the neighborhood for nearly 20 years and lives there himself. “It used to be difficult to find a modern condo on the Upper West Side,” McLoyd told the Journal, “but now you can get full-on luxury that compares to any of the best buildings in the city.”

How long do UWS homes take to sell?

The number of days is on a steady march downward Year

Days on market

2013

117

2012

177

2011

217

2010

207

2009

217

Source: StreetEasy; average days on market for April of each year

Luxury Listings NYC | MAY/JUNE 2013

15 Central Park West

Cathy Taub, an executive vice president at Stribling & Associates

Sizing up the market Q: Which buildings have had the biggest price hikes? A: Nothing compares to the explosive price increases enjoyed by owners at 15 Central Park West. Besides 15 CPW, however, given the dearth of homes on the market in prewar Central Park West buildings, large park-facing residences in those buildings are experiencing price hikes that we used to see before the mortgage crisis.

NEIGHBORHOODS

Snapshot of an UWS sale

A decade of home prices on the Upper West Side Year

Price

2013

$827,500

2012

$891,548

2011

$895,000

2010

$870,000

2009

$820,000

2008

$976,501

2007

$852,000

2006

$767,000

2005

$727,000

2004

$671,365

$1,795,000 | 10 West End Avenue House hunting from afar usually takes longer, but not for the buyers of this threebedroom condo. They lived in Virginia, so they sent their broker to make sure the 10 West End Avenue apartment lived up to its listing. It did. Their quick action paid off; they were the first ones who expressed interest to the seller’s agent, Citi Habitats’ Roy Silber. “The sales price was a record for a ‘C’ line at 10 West End Avenue. We also negotiated for the seller to stay in the apartment post-closing, so they can complete the renovations.” —Roy Silber of Citi Habitats

Source: StreetEasy; median prices for April 14 of each year

Celeb real estate in the neighborhood Average sale prices by type of apartment Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$419,604

$637,945

$1.5M

$3.3M

$7.5M

Source: StreetEasy; prices as of April

Yankees slugger Alex Rodriguez recovered from hip surgery at the Aldyn, a swanky rental at 60 Riverside Boulevard. The third baseman, who went under the knife in January, has scoped out a bunch of digs lately, including teammate Ichiro Suzuki’s former pad at the Laurel as well as 15 Central Park West.

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

$422,500

$352,000

1 bed

$760,000

$535,000

2 beds

$1,595,000

$850,000

3 beds

$2,975,000

$1,695,000

> 3 beds

N/A

$6,458,463

Source: StreetEasy; median prices in April

Actress Tea Leoni has plunked down $5.1 million for a three-bedroom condo apartment at 190 Riverside Drive. Leoni and ex-husband and self-admitted sex addict David Duchovny are asking $9.25 million for their triplex co-op home at 170 East 78th Street.

A big bow-wow for the UWS

Riverside Park has three dog runs.

Theodore Roosevelt Park has a dog run, too.

Source: NYC Parks and Recreation Department

Dr. Drew Pinsky, host of TV’s “Dr. Drew” and “Celebrity Rehab,” is the new owner of a pied-aterre at the Princeton House, at 215 West 95th Street. Pinsky paid $1.45 million for the twobedroom penthouse.

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

UWS fast facts

Big community news

$50 million

Asking price of the neighborhood’s most expensive townhouse, at 349 West 86th Street

960

Number of students enrolled at Trinity School on 91st Street

1,100

Number of seats in the main sanctuary at B’nai Jeshurun, at 257 West 88th Street Sources: StreetEasy, Trinity School and B’nai Jeshurun

Really? An Upper West Side building’s backstory The Dakota is best known today for being the home of former Beatle John Lennon and the place where Mark David Chapman gunned him down 32 years ago. The The Dakota co-op, though, has a much longer history. It went up at 1 West 72nd Street, at Central Park West, in the 1880s, designed by the firm that designed the Plaza Hotel. And something you probably already know: Lennon’s widow, Yoko Ono, still lives in one of the 93 homes.

Old school, new campus. Collegiate School, the oldest independent school in the country, is selling its Upper West Side campus for $97 million, the Daily News reported. It plans to build a bigger facility 16 blocks south. Growing pains. Columbia Grammar and Preparatory School wants to expand, but the local community board doesn’t want it to. The advisory panel rejected the school’s request to add 10 middle-school classrooms to its building at West 93rd Street and Central Park West. Neighbors are concerned about an increase in traffic. The proposal is still alive, though; the Board of Standards and Appeals votes on it later this spring. Putting down dough. Investors are snapping up rental buildings on the UWS, even though it means a low return on investment for them. (Technically, the area has low ‘cap rates’: The capitalization rate is figured by dividing the annual rental income of a property by its price to determine what the investment yields.) The reason why is simple: The neighborhood isn’t trendy, but it has families and long-term residents, which investors think are a safe bet.

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NEIGHBORHOODS

NYC’s tallest rezzy tower selling quickly Asking prices at glitzy condo go to $82M Just shy of 1,400 feet, 432 Park Avenue will be king of the condominiums.

ight now, 432 Park Avenue is headed for the record book—and it’s still a long way from being finished.

Residents will have their own restaurant, an outdoor garden, a spa and fitness center, a 75-foot swimming pool, a library and a

First is its height. At 1,396 feet, the skyscraper will be the tallest residential building in the city when in opens in two years.

screening room. Each home can be custom outfitted. Buyers have the options of a climate-controlled wine cellar, an office suite, a staff apartment and

Second, and perhaps even more astounding, is

the price of its 126 homes. They range from $20 million to $82.5 million, for a total of $2.7 billion—the most ever asked by a Big Apple condo.

a storage room. Already, more than a third of the residences are under contract, according to Macklowe Properties and CIM Group, the developers.

Sales launched quietly several months ago; now, the building’s

On the land where the historic Drake Hotel once stood, 432 Park

marketing office is open at 767 Fifth Avenue, not far from the con-

Avenue is commanding “exceptional levels of interest,” said Harry

struction site, and www.432parkavenue.com is up and running.

Macklowe of Macklowe Properties. “The building has been de-

The proposed 96-story tower is the design of award-winning Uruguayan architect Rafael Viñoly, whose other works include the

How long do homes in Midtown take to sell? After years of holding steady, a quick drop Year

Days on market

2013

207

2012

257

2011

267

2010

267

2009

277

Source: StreetEasy; averages are for April 14 of each year

Brooklyn Children’s Museum and the Tokyo International Forum.

Luxury Listings NYC | MAY/JUNE 2013

signed for, and discreetly marketed to, a sophisticated audience.” —Katherine Clarke

Sizing up the market Larry Kruysman, sales director at Corcoran Sunshine Marketing Group Q: How are buyers able to get the apartments they want in this tight market? A: Buyers may start negotiating and requesting discounts, but quickly agree to full price rather than see the residence sold to the next purchaser in line. I have worked with several buyers in the last month who missed out on an apartment because they took too long to decide to move forward with a contract. Lara Nangle, a vice president at Citi Habitats Q: What buildings are popular with wealthy foreign buyers? A: The Atelier at 635 West 42nd Street is extremely popular with international buyers. I would estimate that 75 percent of the condominiums in the tower were purchased by foreign nationals. The Orion at 42nd Street and Eighth Avenue is another beautiful (and huge) condo development that has proven popular with international buyers.

NEIGHBORHOODS

A decade of Midtown home prices Year

Price

2013

$990,000

2012

$980,000

2011

$992,500

2010

$985,000

2009

$963,623

2008

$1,104,801

2007

$1,100,000

2006

$1,028,432

2005

$715,000

Times Square in full neon

Really? A real estate curiosity in Midtown

Source: StreetEasy; median prices for April 14 of each year

Average sale prices, by type of apartment Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$443,456

$920,156

$1.9M

N/A

$6.5M

Times Square hasn’t always been called Times Square. It went by Longacre Square until 1904, when the New York Times Building—now called One Times Square—opened. The newspaper marked the square’s renaming with a Dec. 31 celebration, which morphed into the famous annual New Year’s Eve Ball Drop, according to TimesSquare.com.

Celeb real estate in the neighborhood

Source: StreetEasy; data as of April

Actress Sutton Foster, a two-time Tony winner and the star of ABC’s new “Bunheads,” has sold the Midtown apartment that she once shared with ex-husband and “Smash” actor Christian Borle.

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

$920,000

$625,000

1 bed

$1,150,000

$925,000

2 beds

$2,733,500

$2,295,000

3 beds

$4,972,500

N/A

Source: StreetEasy; median price in April

Real estate broker Michael Lorber, who did a stint on Bravo’s “Million Dollar Listing New York,” is asking $2.8 million for his pad in Grand Beekman, at 400 East 51st Street.

Midtown is a pooch’s paradise

Peter Detmold Park has a dog run.

De Witt Clinton Park has two dog runs.

Source: New York City Parks and Recreation Department

Billionaire hedge fund guru Steven Cohen is trying to unload his duplex penthouse at One Beacon Court. It might be a tough sell. The asking price for the four-bedroom pad is $115 million, the second most expensive on the market in the city. The priciest is a triplex penthouse in The Pierre, at 795 Fifth Avenue, that is listed for $125 million.

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Midtown fast facts

Big community news

$43 million

Price of the most expensive townhouse on the market in Midtown, a 7,200-square-foot home at 21 Beekman Place

50 years

Age of the Pan Am Building, at 200 Park Avenue at East 45th Street

$1,000

Price of the world’s most expensive omelet—the “Zillion Dollar Lobster Frittata” at Norma’s restaurant at Le Parker Meridien hotel Sources: Eater, amNewYork, Haaretz, StreetEasy

Priciest rentals on the market

Address 100 East 50th Street

Type/size Rental; five bedrooms, five baths and a halfbath; 6,000 sf

Type/size Rental; three bedrooms, three baths and a halfbath; 3,200 sf

Type/size Rental; two bedrooms, two baths and a half-bath; 2,800 sf

Monthly rent $150,000

Monthly rent $135,000

Monthly rent $125,000

Hot Feature Composer Cole Porter lived here

Hot Feature The dining room overlooks Park Avenue

Hot Feature Gold-leaf panel moldings

Rezoning review. The city is beginning its six-month process of publicly scrutinizing a proposal to allow more commercial development in Midtown East. The Department of Planning wants to rezone 78 blocks, which would allow revitalization of the neighborhood’s aging office buildings. Dropping the boom. One57, a luxury condo tower in the works, is finally getting a replacement for the construction crane that was left dangling by Hurricane Sandy. The havoc wreaked by the high winds closed a few blocks of West 57th Street for a week. When the new boom goes up, two apartment high-rises and an office building will be evacuated for a day. An addition to Herald Square nabe. Shops, offices and homes are coming to 855 Sixth Avenue, three blocks south of Herald Square. The 43-story tower will go up on a vacant parcel spanning the eastern end of the block from 30th to 31st streets, records from the city show. The developer, Durst Fetner, had once planned to put up a 56-story hotel/residential building at the site.

New shops coming to the nabe Celebrity chef David Burke is opening a new restaurant in the Archer New York, a boutique luxury hotel; the address is 45 West 38th Street.

Sources: StreetEasy and Luxury Listings NYC research

Schnipper’s Quality Kitchen is bringing its burgers to 570 Lexington Avenue, near 51st Street. The opening will be sometime this fall.

305 East 51st Street

605 West 42nd Street

606 West 57th Street

New development in Midtown Homes are slated for 305 East 51st Street, where seven people died in a 2008 crane collapse. The 32-story Halcyon will have 123 residences. A 61-story residential tower is going up at 605 West 42nd Street. The building will have more than 1,100 rental homes. And finally, 606 West 57th Street is going to be home to a 45-story rezzy tower. More than 200 of the building’s 1,189 homes could be set aside for affordable housing.

Luxury Listings NYC | MAY/JUNE 2013

High-end gym Equinox will be opening in the glass retail boxes going up at 120 West 42nd Street, between Sixth and Seventh avenues.

Average monthly rents Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$3,489

$4,539

$9,482

$30,085

$40,350

Source: StreetEasy; numbers are for April

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Prewar Grand Full Floor at 485 Park Avenue

Rare4BR,4.5bth,exquisitelyrenov;enormousLR&librw WBFP;FDR;hiceils,newcsmtwindows,hardwdflooring. $8.95M. Web #3976848. A.Lambert 212-452-4408

Elegant 10 room with high ceilings, living room, formal dining room, library on Park Avenue, wood-burning fireplace. Renovated master bedroom with 2 baths + 2 bedrooms, 2.5 baths, chef’s eat-in kitchen, 2 staff rooms & laundry room. Full service building. $10.3M. Web #3974623. Barbara Evans-Butler 212-452-4391

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New at 10 Gracie Square

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Wonderfulviewsfromextra-large6rmapt.Enormous entertainingspaceonahighfloor.Beautifullydecorated. $4.25M. Web #3961361. K.Henckels 212-452-4402

Mint2BR/2bathco-opwithlovelyflow+flexiblelayout. Formal LR & DR, library, wndwd EIK & W/D. 50% fin, petsok.$1.75M.Web#3803518.A.Hall212-452-4421

Renovone-of-kind2BRcondo.GrandLRwGrandArmy vus,DR/libr,state-artkit,MBRwenstebth,2ndBRwbth, pwdr. $11M. Web #3927829. S.Ingram 212-452-4453

Grand Corner Beresford 9 with Park Views

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10 Park Avenue Prewar Perfection

Rare chance to combine a 5 & 4 rm to its original plan of 4-5 BRs, 4.5 baths in iconic CPW prewar. $7.25M. Co-exclusive. Web #3971178. L.Dauber 212-452-4378

51'ofCPfrontg16thflr.Arch-designed10rm,4BR,4.5bth dplx+maid’s,chef’skit.FSdrmnbldgwlndry,gar,gym,rf terr.$6.995M.Web#3944659.M.Perry646-613-2651

2BRs, study, 3 bths, 3007 sf, LR w fplc, fireboxes in MBR. Exquisite craftsmanship, state-of-art electronics & chef’s kit. $5.295M. Web #3844387. I.Wade 212-452-4439

Triple mint split-2BR, 2 bth, step-down LR, open chef’s kit. Beautdesign&layout.Numerousclsts.$1.625M.Web# 3875711.S.Sumser646-613-2741/L.Jaffee646-613-2739

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NEIGHBORHOODS

Manhattan’s incredible shrinking homes More micro-apartments are on the way

The 55 homes at 335 East 27th Street will be tiny, ranging from 250 to 370 square feet.

ittle is big right now.

in size from 250 to 370 square feet.

With space at a premium and rents through

City officials are so excited about what they describe as “micro-

the roof, the city wants to see developers cram

units” that they’re going to ask builders to draw up plans for more

more homes into the buildings they put up.

of the mini-homes, the New York Observer reported.

Mayor Michael Bloomberg even held a competi-

“We are considering … two or three micro-unit developments

tion to get architects pumped up at the prospect.

later this year,” a housing spokesman told the Observer. “We’re in

A field of 33 teams entered the contest. The

winner: a team made up of Monadnock Development, Actors Fund Housing Development Corporation and nARCHITECTS.

the process of vetting a number of city-owned sites, and guidelines will be tailored to the chosen sites.” At the West 27th location, 22 of the 55 apartments will be af-

The winning design will start going up at 335 East 27th Street by the end of December, Curbed reported.

fordable housing. They’ll start at $940 a month, Curbed reported; the market-rate ones will cost about $2,000 a month.

All 55 apartments in the 10-story tower will be studios, ranging

How long do Gramercy homes take to sell?

The number of days is in a free fall Year

Days on market

2013

107

2012

157

2011

217

2010

207

2009

227

Source: StreetEasy; average figures are for April 14 of each year

Luxury Listings NYC | MAY/JUNE 2013

Sizing up the market Carol Friedman, a senior vice president at Nest Seekers Q: How are you reassuring buyers frustrated by so few homes for sale? A: There is always another apartment to buy. Just wait a day or two. Put in strong offers and work with a broker who knows how to deal with this situation. Steven Marvisch, a vice president at Brown Harris Stevens Q: What type of apartments are in the shortest supply? A: Pre-wars with fireplaces. Except for 140 East 28th Street and 77 Park Avenue, very few of the pre-wars in Murray Hill have fireplaces. There are a few buildings with fireplaces on the top few floors—like 132 East 35th Street, which is my building, and 20 East 35th Street.

NEIGHBORHOODS

A decade of home prices in Gramercy Year

Price

2012

$725,000

2011

$740,000

2010

$687,500

2009

$565,000

2008

$757,179

2007

$700,000

2006

$599,000

2005

$573,750

2004

$468,000

Gramercy fast facts

28%

The drop in the number of apartments on the market in the Gramercy area between 2009 and 2013

104 years

Age of the MetLife Clock Tower at Madison Square Park

$800

Top nightly rate charged by hotels on 29th Street during tourist season Sources: The Real Deal, the Wall Street Journal, Curbed

Source: StreetEasy; median closing prices for April 14 of each year

New development slated to hit Gramercy and Flatiron District

Average sale prices, by type of apartment Studio

1 Bed

$414,444 $679,455

2 Beds

3 Beds

> 3 Beds

$1.3M

N/A

Source: StreetEasy; averages as of April

160 East 22nd Street

A housing tale from the Gramercy ‘hood Usually, it’s a stuffy co-op board that calls out a buyer. But that’s not the case at 210 East 36th Street. A buyer is calling out the board. Big time.

241 Fifth Avenue

The 81 homes in the “green” condominium at 160 East 22nd Street are now up for sale. The homes range in size from 575-square-foot studios to 1,800-square-foot three-bedrooms. The prices top $5 million. The condominium going up at 241 Fifth Avenue, between 27th and 28th streets, is nearly finished. The 20-story tower will have shops and 46 homes. The boutique residences start at $850,000.

Priciest rentals on the market

A man from the tiny African nation of 210 East 36th Street Mauritius is suing the board for racial discrimination, claiming it rejected his all-cash offer because of his nationality. Goldwyn Thandrayen filed his lawsuit last fall in New York State Supreme Court—and he is still waiting for the board’s response. Now, Thandrayen wants the judge to rule in his favor because he has supplied plenty of evidence to support his side and the board keeps missing deadlines to explain its position. Stay tuned.

Average monthly rents Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,459

$3,535

$4,971

$7,106

$13,157

Source: StreetEasy; numbers are for April

Address 13 Gramercy Park

Address 50 Gramercy Park North

Address 36 Gramercy Park East

Type/size Co-op; four bedrooms, three baths; 4,800 sf

Type/size Cond-op; three bedrooms, three baths and a half-bath; 2,150 sf

Type/size Condo; three bedrooms, three baths and a halfbath; square feet not listed

Monthly rent $29,500

Monthly rent $26,500

Hot Features A master bedroom with an office and a bath with a shower and a soaking tub; a chef’s kitchen; electric window shades; and private access to Gramercy Park

Hot Features Handcrafted ceiling moldings, a laundry closet for a washer and dryer, and a master bathroom with a heated marble floor, a soaking tub and a shower

Monthly rent $30,000 Hot Features Three alabaster woodburning fireplaces, a laundry, a keyed elevator and no board approval required

Sources: StreetEasy and Luxury Listings NYC research

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Historic hotel is still the talk of Chelsea Residents are livid over code violations Hotel Chelsea closed in 2011 for a revamp; the work has landed its owners in housing court.

otel Chelsea is truly a landmark. But it has always been known as much for its residents— Bob Dylan, Dylan Thomas, Janis Joplin, Gabby Hoffman to name just a handful—as for its architecture.

and still has them looking for cooking gas. Con Edison blamed the gas disruption on a plumber doing a job without the proper OK. Inspectors from several agencies flooded the site after City Council Speaker Christie Quinn brought attention to the outage and mailed

Today, the building’s residents are still making the news, but not for their dalliances or talents.

They’re suing the hotel’s ownership group, Chelsea Dynasty, led by Joseph Chetrit.

an angry letter to Chetrit accusing him of harassing tenants at the hotel, which is in her district. The historic digs has more than 100 building code violations with the Department of Housing Preservation and Development, court pa-

Their lawsuit, filed in New York City Housing Court, is just the latest in nearly two years of legal problems for the hotel, which closed in August 2011 for renovations. temporarily knocked out their heat and hot water just before spring—

The time just keeps on getting shorter ... and shorter

If the housing court sides with the tenants, the owners could be forced to repair the violations, pay legal fees and damages, and could

The residents claim the owners allowed unauthorized work that

How long do Chelsea homes take to sell?

pers show.

even face fines or jail time if there are more violations, a lawyer for the tenants told The Real Deal.

Sizing up the market Frances Katzen, a managing director at Douglas Elliman Q: Where are wealthy international investors buying? A: I am seeing foreigners flock to 200 Eleventh, 100 Eleventh, 521 West 19th Street, 35 West 15th Street and the Yves, which has some of the more dramatic views in the Chelsea district right now, coupled with amenities and glamour. Jocelyn Turken, an associate broker at Warburg Realty Q: Where is the greatest dearth of inventory?

Year

Days on market

2013

117

2012

157

2011

207

2010

227

2009

257

Source: StreetEasy; averages are for April 14 of each year

Luxury Listings NYC | MAY/JUNE 2013

A: It’s not only where but what. There is a larger inventory of smaller units like studios and one-bedrooms rather than larger units, east of Eighth Avenue; however, there are several larger units now available in West Chelsea.

NEIGHBORHOODS

A decade of Chelsea home prices Year

Chelsea fast facts

$45

Price for playing an hour of simulated golf at Chelsea Piers

Price

1884

2013

$967,337

2012

$975,000

2011

$995,000

2010

$1,035,000

2009

$946,972

2008

$1,155,713

2007

$905,000

2006

$787,000

2005

$699,000

2004

$627,500

The year that the Hotel Chelsea opened as one of the cityâ&#x20AC;&#x2122;s first private luxury apartment co-ops

2,000

Number of objects in the Rubin Museum of Art, at 150 West 17th Street Sources: Chelsea Piers, New York magazine, Rubin Museum of Art, Wikipedia

Source: StreetEasy; median closing prices for April 14 of each year

Average prices in Chelsea, by type of apartment Studio

1 Bed

$429,841 $978,806

2 Beds

3 Beds

> 3 Beds

$1.8M

$2.9M

N/A Chelsea Park

Source: StreetEasy; averages as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

$485,000

$475,000

1 bed

$1,122,500

$799,000

2 beds

$2,250,000

$1,797,000

3 beds

$3,360,000

$3,995,000

>3 beds

$10,600,000

$5,200,000

Source: StreetEasy; median prices for April

Avalon West Chelsea

New development slated to hit the Chelsea market The 204 homes at Chelsea Park, 260 West 26th Street, are now for rent. The prices range from $2,950 a month for a studio to $5,700 a month for a two-bedroom. Work is under way on the Avalon West Chelsea, at 517 West 28th Street. The 13-story residential tower should be open sometime next year.

Priciest rentals on the market

Average monthly rental prices Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$3,113

$3,972

$6,175

$9,286

$14,177

Address 447 West 18th Street

Address 224 West 18th Street

Address 121 West 19th Street

Source: StreetEasy; numbers are for April

Type/size Rental; three bedrooms, three baths; 1,887 sf

Type/size Condo; three bedrooms, three baths; 2,700 sf

New shops coming to the nabe

Monthly rent $24,950

Type/size Rental; three bedrooms, three baths and a halfbath; 2,778 sf

AA Ichiban Sushi is moving within Chelsea, to 213 West 28th Street from 232 Seventh Avenue.

Hot Features A master suite with its own terrace and bath with a soaking tub and a glass rain-shower

Monthly rent $22,000 Hot Features A loft-like living room with a wood-burning fireplace and a balcony

Monthly rent $18,950 Hot Features Three private terraces and a living room with 15-foot-high ceilings and 15-foot-wide windows

Sources: StreetEasy and Luxury Listings NYC research

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Once an apartment, now a swanky store Landlords get in on a first-floor trend An example of a first-floor home converted into retail space: A.P.C., at 267 West Fourth Street.

Another apartmentturned-store: Jimmy Choo, at 407 Bleecker Street.

reenwich Village commands big bucks from renters, but now landlords have found that let-

A conversion isn’t easy—there are city permits to get, tenants

ting stores take over their ground-floor apart-

to negotiate with and then the work itself—but the payout is usu-

ments is a lot more profitable.

ally a jump in rent.

The latest examples are plans by two com-

One real estate broker, who hasn’t been involved in the switch-

panies, Stone Street Properties and SMA Eq-

overs, said he figures owners can increase their revenue by as

uities, to carve out retail space in buildings

much as 10 times.

that they own in the neighborhood.

“In a neighborhood that has been gentrifying, where retail

In paperwork filed with the city, Stone Street is converting

has been creeping in, it is much better to get retail rents,” said

a first-floor home at 101 MacDougal Street, between Bleecker

Albert Laboz of United American Land, which owns properties

Street and Minetta Lane. SMA Equities’s plan is for 22 Spring

throughout Manhattan.

Street, between Elizabeth and Mott streets.

“Especially if you buy out rent-control or rent-stabilized

In the last two years citywide, the owners of at least a dozen buildings have moved to convert living space into shops, a re-

How long do West Village homes take to sell?

The number of days keeps dropping and dropping Year

Days on market

2013

107

2012

157

2011

207

2010

197

2009

227

Source: StreetEasy; averages are for April 14 of each year

view by The Real Deal shows.

Luxury Listings NYC | MAY/JUNE 2013

tenants, you are really increasing your income exponentially.” —Adam Pincus

Sizing up the market Q: Where is the greatest dearth of available homes? Scott Elyanow, a senior vice president at Citi Habitats A: There are zero two-bedroom apartments available in an elevator building under $1.5 million. The only two-bedrooms available in the whole neighborhood are at 25 Charles Street, and one fifth-floor walk-up on Morton Street. Kane Manera, a broker at Douglas Elliman A: Everywhere, [but] specifically condo buildings around Abingdon Square and the prime Bleecker Street corridor, west of Seventh Avenue. It’s the dream place to live for most buyers with means.

NEIGHBORHOODS

A decade of home prices in the West Village

West Village/Meatpacking fast facts

9.75 acres

Size of historic Washington Square Park

Year

Price

2013

$912,500

2012

$885,000

2011

$895,000

2010

$888,576

2009

$877,500

2008

$853,700

2007

$650,000

2006

$604,500

2005

$561,662

2004

$736,291

45 feet

Length of the (heated) outdoor pool on the roof of Gansevoort Meatpacking NYC, 18 Ninth Avenue

$104

Price of an average dinner for one person at One If By Land, Two If By Sea, the highest in the Village, according to Zagat Sources: Gansevoort Meatpacking, Zagat and Wikipedia

Source: StreetEasy; median prices for April 14 of each year

Celeb real estate in the neighborhood

Average prices in Village, by type of apartment Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

N/A

$903,018

$2.1M

$5.5M

$6.7M

The NFL’s Tom Brady and supermodel wife Gisele Bundchen have been hunting for other digs in the West Village. Not too long ago, Bundchen unloaded her Barrow Street townhouse for $4.4 million.

Source: StreetEasy; data as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

$533,500

$450,000

1 bed

$1,000,000

$795,000

2 beds

$3,122,500

$2,450,000

3 beds

$7,500,000

$3,500,000

>3 beds

$14,900,000

$9,995,000

Priciest rentals on the market

Source: StreetEasy; median price in April

Really? A real estate curiosity in the Village Two-wheelers are a cool The cool way to get around way to tool around the West Village. Bikes are so hot that the city is putting 14 bike-share stations in the nabe as part of its brand new Citi Bike program, the largest bike-share system in North America. The stations have docks for 466 bikes, which are available with a 24-hour pass, a seven-day pass or an annual membership.

Address 48 Jane Street

Address 132 Perry Street

Address 308 West 11th Street

Type/size Townhouse; five bedrooms, five baths; 4,000 sf

Type/size Condo; four bedrooms, three baths; 3,200 sf

Type/size Townhouse; four bedrooms, three baths and a half-bath; 4,200 sf

Monthly rent $30,000 Hot Features A private entrance and marble fireplaces in the living and dining rooms; available only from June 23 through Sept. 1

Monthly rent $29,995 Hot Features Massive eat-in kitchen with a terrace, a proper “great” room with a Juliet balcony and a formal dining room

Monthly rent $29,500 Hot Features A breakfast room, a sun room, a terrace and a landscaped garden; available furnished or unfurnished

Sources: StreetEasy and Luxury Listings NYC research

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Quaint block of MacDougal Street struggling to stay the same Olive Tree Cafe and Bar, at 117 MacDougal, is a down-to-earth place to relax and enjoy a meal.

he folks who live on a snippet of lower Mac-

the nearby Charlton Street Block Association, told the Wall Street

Dougal Street are a tight-knit bunch, most

Journal.

neighbors for years bonded by the quiet and

Now, though, the fabric of the neighborhood is fraying. Build-

small-town charm of their tiny block. These

ings are being abandoned, becoming magnets for the home-

days, they are perhaps more united than

less and rats. Handfuls of restaurants are changing hands. And

they’ve ever been, consumed with trying to

the most damning blow: the rezoning of nearby Hudson Square,

save their sleepy corner of the world.

which adds development pressure.

Townhouses built in the 1800s, a smattering of storefronts and

modest apartment buildings stand in stark contrast to the cra-

Beam are worried about what lies ahead for the area where she’s

ziness of the rest of Soho—a hodgepodge of cafes, shops and

lived since 1949.

street vendors on MacDougal north of Houston.

“They’re saying we’ll be a vibrant 24-hour neighborhood, but

“It’s a very sedate block … a wonderful block with people know-

we don’t need or want another Soho,” Beam told the Journal.

ing each other. It’s not unique in that regard, but it is unusual,

“The history of New York has always been tear down and build.

and unlike any other in New York,” Richard Blodgett, president of

How long do Soho homes take to sell?

Time continues to get shorter Year

Days on market

2013

237

2012

257

2011

267

2010

247

2009

297

Source: StreetEasy; averages are for April 14 of each year

With the outside knocking to get in, long-timers like Silvia

Luxury Listings NYC | MAY/JUNE 2013

Can’t we just keep a little part of it?”

Sizing up the market Mickey Conlon, a senior vice president at Core Q: What buildings are popular with wealthy foreign buyers? A: Because of the lag in new development [during the recession], we’re finding a lot of wealth pouring into pre-construction luxury condo developments today, and often on multiple unit purchases. [The supply] is having a nearly impossible time keeping up with demand. Siim Hanja, a senior vice president at Brown Harris Stevens Q: Who’s selling in Soho today? A: I’ve been making calls to owners in Soho whom I know that have been in their lofts for 10, 20, 30 or more years (some of whom I sold to that long ago), and finding many are receptive to the idea of moving out of Manhattan to Brooklyn, or out of the city altogether.

NEIGHBORHOODS

Really? A real estate curiosity in Soho

Tracking a decade of home prices in Soho Year

Price

2013

$2,927,400

2012

$2,085,000

2011

$1,965,000

2010

$1,960,065

2009

$1,777,500

2008

$1,812,500

2007

$2,271,206

2006

$1,731,025

2005

$1,526,187

2004

$1,362,318

The Soho-Cast Iron Historic District is what the National Park Service estimates is “the largest existing group” of 19th-century, cast-iron facades in the world. Today, the district encompasses almost all of So Soho: A classic cast-iron facade Soho—26 blocks and about 500 buildings. New York City created the district in 1973, according to the Historic Districts Council website, and enlarged it in 2010. In 1978, the federal government added the district to its list of National Historic Landmarks.

Celeb real estate in the neighborhood

Source: StreetEasy; median prices for April

Prices by apartment type Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$415,000

$1.1M

$2.5M

$4.1M

N/A

Arianna Huffington made real estate news in two neighborhoods: The media mogul paid $8.15 million for a luxe loft at 158 Mercer Street and is accused of trashing a pricey apartment she rented in Chelsea.

Source: StreetEasy; averages as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

1 bed

$1,023,000

$600,000

2 beds

$1,320,000

$730,000

3 beds

N/A

$3,197,500

>3 beds

$15,800,000

Rock star Jon Bon Jovi and wife Dorothea listed their duplex penthouse condo unit at 158 Mercer Street— the same address as Huffington!—for a whopping $42 million, the Real Estalker reported.

Singer Alicia Keys and hubby Swizz Beatz sold their penthouse at 30 Crosby Street for $15 million—$3 million less than what they had first asked. The couple had to use a crane to move their furniture out of the home, TMZ reported.

Source: StreetEasy; median prices in April

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NEIGHBORHOODS

Soho fast facts

Big community news

$17

Cost of a strawberry-and-rhubarb Collins at the James Hotel, at 27 Grand Street

$12.5 million

Asking price for the most expensive townhouse in Soho, a 30-foot-wide home at 484 Greenwich Street

$1,000-plus

Per-square-foot-price that Prada paid to lease space at Broadway and Spring Street, a new benchmark for south of Midtown Sources: Crain’s, Curbed, Hotel Chatter; StreetEasy

Priciest rentals on the market

Address 42 Wooster Street

Address 145 Sixth Avenue

Type/size Condo; four bedrooms, two baths and a halfbath; 4,200 sf

Type/size Condo; five bedrooms, three baths and a halfbath; 6,000 sf

Monthly rent $45,000

Monthly rent $40,000

Hot Feature A master bedroom with a fireplace and a balcony

Address 158 Mercer Street (New Museum Building) Type/size Condo; four bedrooms, four baths; 4,300 sf Monthly rent $35,000

Hot Feature Use of the owners’ “Mongolian yurt” upstate

Hot Feature A library/multimedia room

Sources: StreetEasy and Luxury Listings NYC research

Renwick Modern

325 West Broadway

New development slated to hit Soho Renwick Modern is a 12-story luxury condo near Hudson Square that’s just about ready to hit the market. The Philip Johnson/Alan Ritchie Architects-designed tower, at 22 Renwick Street, has 18 units. DDG Partners is planning to convert an old chocolate factory, at 325 West Broadway at Grand Street, into condo homes. The transformation of the building, which will be nine stories, should be wrapped up by 2015. Source: Curbed

Luxury Listings NYC | MAY/JUNE 2013

Denser development. Big hotels and apartment buildings are coming to Hudson Square, once the nabe of printing plants. The city gave the OK for a mixed-use district bounded by Houston and Canal streets and Sixth Avenue and Washington Street, The Real Deal reported. Goodbye, grit. Three buildings in Soho— the last reminders of tougher days—will come down so a seven-story office building with retail shops can go up, the Wall Street Journal reported. The businesses—a gas station, an old mechanic’s shop and the Puck Fair bar—are all at the corner of Houston and Lafayette streets. Both the new building and the demolitions have yet to be signed off on by the city.

New shops coming to the nabe Piccola Cucina Osteria at 196 Spring Street is a spin-off of nearby Piccola Cucina Enoteca, at 184 Prince Street. The new restaurant puts a modern twist on Sicilian classics. Dig Inn Seasonal Market has opened at 350 Hudson Street, near Charlton Street, its sixth Manhattan location. The casual restaurant chain focuses on healthy dishes.

Average monthly rental prices Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,369

$4,401

$9,599

$18,747

$22,537

Source: StreetEasy; numbers are for April

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NEIGHBORHOODS

Lights! Camera! App? High-tech tool lures condo buyers 93 Worth has its very own app, available both for the iPhone and iPad.

reativity isn’t a must, but it certainly doesn’t hurt when it comes to marketing high-end homes in Manhattan.

There’s one about architecture, nearby restaurants, even movie history. “Real estate is about innovation,” Core CEO Shaun Osher said. “We wanted to do something paperless and creative. We thought this

And that’s exactly what the brokerage Core

neighborhood and market required something different.”

is doing to gin up interest in 93 Worth, a luxury

By all indications, the app has been a success: Nearly three-quar-

condominium tower, the New York Daily News

ters of the 91 homes, ranging in price from $900,000 to $2.2 million,

reported.

are sold.

In a hat tip to Tribeca’s film history, Core is asking prospective

buyers to download an app on their mobile phones or tablets so they

The homes, all one- and two-bedrooms, have white-oak floors and bronze accents throughout.

can learn more about both the high-end high-rise and the historic

One new owner is Gio Cassaro, who went with two bedrooms.

neighborhood.

“I loved it. I want to be paperless. I can just show this to my friends

Here’s how it works: A client trains his iPhone or iPad on a photograph on a card. Depending on the picture, the app plays a video.

How long do Tribeca homes take to unload?

Sellers are seeing time simply fly by Year

Days on market

2013

2012

187

2011

237

2010

277

2009

287

Source: StreetEasy; average days on market for April of each year

and say, ‘I bought here,’” Cassaro told the newspaper about the app. “It’s eco-friendly, and it appeals to tech-savvy people like myself.”

Sizing up the market Bruce Ehrmann, a managing director at Douglas Elliman Q: Where can real estate investors get the best return in Tribeca? A: For a long-term investment, landmark status and/or historic district designation is very compelling. In Tribeca, you know, there are two certain things: There won’t be wholesale changes to neighboring buildings and if you’re in a landmark district (and much of Tribeca is) the streetscape will retain its grandeur; no one will come in and tear down the blocks around you. Tom Postilio, a managing director at Core Q: There’s not much on the market today—who’s looking to sell? A: We’ve turned to [trying to find sellers] where there are none. While mass-mailings may turn up a curious potential seller here and there, a careful study of the owners in a target building may give us some insight into who might be willing to sell. [People] are often eager to turn a profit when presented with an opportunity to do so.

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Tracking a decade of home prices in Tribeca Year

$1,490,000 | 67 Hudson Street This apartment’s size, about 1,000 square feet, plus views of the Woolworth building, attracted lots of buyers, even though the kitchen 67 Hudson Street hadn’t been renovated since 1986. In just two weeks, the two-bedroom home had a buyer who offered more than the asking price—all cash.

Price

2013

$2,311,427

2012

$2,175,000

2011

$2,290,713

2010

$1,889,381

2009

$2,091,103

2008

$2,324,622

2007

$1,800,000

2006

$1,833,788

2005

$1,650,000

2004

$1,525,000

Snapshot of a Tribeca sale

“Over 100 people came to the first and only open house, and the next day I had six offers on the table.” —Rado Varchola, Nest Seekers

Source: StreetEasy; median prices for April 14 of each year

Priciest Tribeca co-ops on the market Average prices by type of apartment Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

N/A

$1.1M

$2.5M

$3.8M

$6.8M

Source: StreetEasy; averages as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

1 bed

N/A

$1,647,500

2 beds

$2,800,000

$2,200,000

3 beds

$4,500,000

$2,924,500

> 3 beds

$12,872,500

$5,897,500

Address 288 West Street #2E/2W

Address 9 Worth Street 4th floor

Address 44 Walker Street #PH5

Size Four beds, three baths and a half-bath; 4,000 sf

Size Four bedrooms, three baths; 4,500 sf

Size Two bedrooms, two baths; square feet not listed

Price $5.8M

Price $4.4M

Price $3.6M

Hot Features Exposed brick, heart pine columns and beams, plus views on three sides

Hot Features A key-locked elevator, antique flooring, a laundry area and parking

Hot Features A private roof terrace and a custom chef’s kitchen outfitted with re-claimed antique barn wood

Sources: StreetEasy and Luxury Listings NYC research

Source: StreetEasy; median prices in April

Average monthly rents Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

N/A

$5,445

$9,177

$17,494

$28,966

Source: StreetEasy; numbers are for April

New shop coming to the nabe Cafeteria, a fixture in Chelsea, will open a two-story restaurant next year at 107 West Broadway, at Reade Street.

Luxury Listings NYC | MAY/JUNE 2013

Big community news High earning power at this stop. The subway stations at Chambers Street, Park Place and World Trade Center serve some wealthy residents nearby, according to census data compiled by The New Yorker magazine. The annual median income of straphangers who reside near those stops: $205,192.

Long lines for tots. The list of kids wanting to get into a public kindergarten class in Tribeca is growing. At the neighborhood’s P.S. 234, for example, the number grew from 34 last year to 50 this year, the New York Post reported. Citywide, more than 2,300 kindergarteners-to-be are waiting for slots at 105 schools.

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Put your mortgage needs in the hands of an experienced Private Mortgage Banker Contact Lenny Steigman In a high-end real estate transaction, you want to make the most of your money. And when you’re looking for upscale home financing you’ll enjoy the range of capabilities available through Wells Fargo Private Mortgage Banking. With over 16 years industry experience in the New York City market, I’m ready to help you understand your financing options and how different loan programs work — so you can make informed decisions. • The simplicity of a single point of contact throughout the entire transaction • A streamlined underwriting process that allows for prompt decisions • Financing available for primary residences, secondary residences and investment properties • Jumbo financing up to $6 million available for qualified borrowers • Product selection for home purchase or refinance

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Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2012 Wells Fargo Bank, N.A .All rights reserved. NMLSR ID 399801 AS972497 12/12-03/13

Mortgage financing available in all 50 states

NEIGHBORHOODS

Massive new projects on way for LES Essex Street Market is a mecca for shoppers.

hree significant projects are in the works for the Lower East Side, including a massive one that will put public land to better use.

The area surrounds the Low Line, the name that architects Dan Barasch and James Ramsey have given to an abandoned rail sta-

For the city’s piece of the action, six acres are being split between growing the hugely popular Essex Street Market and providing more apartments—both affordable and market-rate.

tion under Delancey Street that they want to revamp into a green space—much like the West Side’s High Line. Barasch and Ramsey, in an economic impact statement, contend “the Low Line would boost land values of SPURA sites by be-

Developers are already putting in bids on the venture, which is

being overseen jointly by the New York City Economic Development Corporation and the Department of Housing Preservation and Development.

tween $10 million and $20 million and create between $5 million and $10 million in sales, hotel and real estate taxes over 30 years.” The third development is nearby, at 100 Norfolk Street. The site will include 38 homes and public and private terraces, according to

Named the Seward Park Urban Renewal Area, or SPURA, the area will be transformed into 1,000 apartments along with the bigger retail area and an open space of 15,000 square feet, the Wall

How long do Lower East Side homes take to sell? Last two years had big drops Year

Days on market

2013

137

2012

167

2011

257

2010

207

2009

257

Source: StreetEasy; figures are for April 14 of each year

Street Journal reported.

Luxury Listings NYC | MAY/JUNE 2013

the website Bowery Boogie. “A glass monstrosity” and “cantilevered condoplex” are how the blog describes the 12-story tower.

Sizing up the market Miriam Sirota, an agent at Brown Harris Stevens Q: How are buyers able to get the apartments they want in this tight market? A: Lately, a number of offers I’ve received are accompanied by a personal letter from the buyer—usually very emotional—telling the seller how much they love the property, what type of renovation they might plan, the life they imagine living in it. And, all things being equal, that “good vibe” sometimes does make a difference for the seller. Lindsee Silverstein, a sales associate at Core Q: How should sellers stay abreast of the market if they are thinking about unloading their home? A: Property consultations [are key]. I regularly keep owners up-tospeed with the current market value of their property.

NEIGHBORHOODS

Snapshot of a Lower East Side sale

A decade of home prices on the LES Year

Price

2013

$490,000

2012

$469,500

2011

$525,000

2010

$527,500

2009

$490,000

2008

$545,000

2007

$562,500

2006

$572,610

2005

$520,000

2004

$386,000

$587,000 | 544 East 11th Street Hurricane Sandy flooded the building, keeping Citi Habitats’ Cyla Klein from showing her 850-square-foot listing for at least a month. There was a lot of pressure to 544 East 11th Street get a deal done when the tower re-opened. The winning bid came from an out-of-towner who offered more than the asking price, and also for wiggle room on the closing schedule, which worked for the seller, who was living in Boston. “The buyer had very specific needs; therefore the time frame and pricing was not very flexible.” —Cyla Klein of Citi Habitats

Celeb real estate in the neighborhood

Source: StreetEasy; median prices for April 14 of each year

Average sale prices, by type of apartment Studio

1 Bed

$270,000

$471,811

2 Beds

3 Beds

$584,365 $690,000

> 3 Beds N/A

Source: StreetEasy; data as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

$354,500

$299,000

1 bed

$475,000

$492,000

2 beds

$742,000

$804,500

3 beds

$1,350,000

$739,000

>3 beds

$3,895,000

$2,955,000

Actress Chloe Sevigny has another contract on her co-op at 119 East 10th Street—the second one, EV Grieve reported. Her last asking price: $1.9 million.

David Schwimmer is finally done with his construction project at 331 East Sixth Street. Neighbors had been outraged that the “Friends” actor demolished a historic home to make way for his new digs.

Source: StreetEasy; median price in April

Really? A real estate oddity on the LES The Angel Orensanz Foundation for the Arts is lucky to do its good work Angel Orensanz Center from one of the nation’s oldest Gothic Revival synagogues. The former Ansche Chesed Synagogue, at 172 Norfolk Street, was built in 1849 in the German Romantic tradition. Just one of the building’s architectural wonderments: 54-foot ceilings.

Speaking of “Friends,” the honey of Jennifer Aniston scoped out a $2.295 million pad, at 240 Centre Street. Actor Justin Theroux did a walk-through of the duplex co-op, which used to be police headquarters.

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Lower East Side/East Village fast facts

$96.66

Price of a ticket, including tip, for DBGB Kitchen & Bar’s pig roast, with special guest punk rocker Marky Ramone

126 years

Age of the Eldridge Street Synagogue, at 12 Eldridge Street, the first built by Eastern European Jews in New York

2,108

Number of noise complaints in the East Village over the last year Sources: Eater, amNewYork, Haaretz

Priciest rentals on the LES market

Address 75 Ludlow Street

Address 263 Bowery

Address 207 Bowery

Type/size Condo; four bedrooms, two baths; 3,379 sf

Type/size Condo; two bedrooms, two baths; 1,500 sf

Type/size Condo; four bedrooms, two baths; 3,000 sf

Monthly rent $15,000

Monthly rent $9,750

Monthly rent $7,600

Hot Feature Studio with a glass garage door that can be used as a master bedroom

Hot Features Concrete floors and outdoor space overlooking Sara Roosevelt Park

Hot Features Two private terraces with a barbecue and a keyed elevator

Big community news Break free of the chains. Two East Village community groups are lobbying for new zoning rules that would keep a 7-Eleven from coming to Avenue A at 11th Street, EV Grieve reported. The groups claim big chains crowd out local businesses, increase commercial rents and limit consumer choices. A stage lift. The Theater for the New City is getting a $1.7 million makeover, the Local East Village reported. The theater, at 155 First Avenue, has commissioned Shake Shack designer James Wines for its new look. The facade will feature theater seats decorated with umbrellas, coats and programs. Not so tall. Neighborhood groups in the Bowery are pushing the city to impose height restrictions for new developments on the street’s east side, the New York Observer reported. Among supporters of the preservation effort: several local businesses and director Martin Scorsese.

New shops headed to the nabe Rizzo’s Fine Pizza, a Queens fixture, is going to be dishing out thincrust pies at 17 Clinton Street.

Sources: StreetEasy and Luxury Listings NYC research

New development slated to hit the market The Jefferson

The 83 condo homes at The Jefferson have hit the market, ranging in price from $850,000 to $2.49 million. The eight-story tower is at 211 East 13th Street. Jupiter 21 is a 12-story building that will have 65 homes—affordable apartments as well as market-rate rentals. The address is 21 East 1st Street, at Second Avenue. A condo tower is coming to 277 East Seventh Street, between Avenues C and D. The six-floor building will have only six apartments.

Jupiter 21

Luxury Listings NYC | MAY/JUNE 2013

Juice bar chain Organic Avenue is getting ready to open at 30 Third Avenue, between Ninth and 10th streets. A new night club named Bobby’s has opened at 141 Chrystie Street, at Delancey Street.

Average monthly rental prices Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,568

$2,818

$4,287

$4,324

$8,511

Source: StreetEasy; numbers are for April

MANHATTAN

B R O O K LY N

QUEENS

LONG ISLAND

THE HAMPTONS

YOUR OWN VERSAILLE West 90s | $10,000,000 | This 5-story elevator townhouse close to Central Park is approximately 5,500 sf, flawlessly engineered and designed with 5+ bedrooms, 5 full baths, and 3 wood burning fireplaces. Web# 1560219. Diane Johnson 212.418.2075 | Walter Larkin 212.350.2204

PRISTINE PARK AVENUE GEM Park Avenue/70s | $2,695,000 | Gorgeous prewar 6-room home with 3 bedrooms and 3 new baths enjoys sunny open South and West exposures over Park Avenue. Meticulous renovation with central air. Web# 1551901. Diane Dickinson, SVP 917.359.7638

EXPANSIVE RIVER VIEWS Riverdale | $639,000 | This corner 3-bedroom, 2-bath home has been fully renovated. The modern touches and high end finishes make it move in ready. Enjoy the river views from every room. Web# 1579382. Michelle Badour 469.831.3581 | Michael Kotler 212.350.8586

LUXURY 1-BEDROOM, 1.5-BATH ON 33RD FLOOR East 54th Street | Sun-flooded condo with open views from North, South and East directions. This 788 sf corner unit includes floor-to-ceiling windows and balcony to enjoy city and river views. New kitchen plus W/D. Web# 1590364. Genna Cole 917.567.4712

SOHO LOFT PERFECTION 109 Mercer Street | $18,000 per month | Dream SoHo 3-bedroom, 3-bath loft with 12-ft+ ceilings, exquisite top finishes throughout, and gorgeous 500 sf terrace garden. The best restaurants, shops, art and culture at your doorstep. Web# 1587128. Terri Stone 212.650.4806

SPACIOUS FULL-FLOOR RETREAT 7 East 9th Street | $1,495,000 | Live in an ideal Greenwich Village location. 2,100 sf co-op home with living room, open kitchen, dining room with wet bar, lounge, home office, master suite, and 2 full baths. Web# 1558197. The De Niro Team 212.460.0655 MEDICAL OFFICES FOR SALE 115 East 61st Street | Price upon request | 2 large medical offices for sale in prime medical building. Great location between Park and Lexington Avenues. Close to transportation. Doorman and concierge. Liberal sublet policy. No steps. Web# 1563664. Sharon F. Aspis 212.692.6134

FOR GUIDANCE AND INSIGHT ON ALL THINGS REAL ESTATE, PUT THE POWER OF ELLIMAN TO WORK FOR YOU. ASKELLIMAN.COM

THE NORTH FORK

RIVERDALE

WESTCHESTER/PUTNAM

FLORIDA

© 2013 Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.

MAGNIFICENT 12-ROOM APARTMENT 1 Sutton Place South | $18,000,000 | With sweeping East River views from all major rooms, this full floor 5-bedroom, 4.5-bath home is one of Candela’s most prestigious masterpieces. Soaring ceilings and wood burning fireplaces. Web# 1558753. Diane Johnson 212.418.2075 | Walter Larkin 212.350.2204

6-BEDROOM, 6-BATH CONDO HOME Carnegie Hill | $7,995,000 | Enter into a sprawling 3,872 sf home and experience views of Central Park, city skyline, several bridges, high ceilings, 28 windows and high-end finishes. Luxury full service building. Web# 1585827. Jeffrey Bua, SVP 212.891.7047

EXQUISITE HISTORIC TOWNHOUSE Murray Hill | $11,850,000 | Exquisite Murray Hill townhouse with 7 levels, 6 bedrooms, 6 full and 2 half baths, approx. 7,140 sf. This property astonishes with lavish features. Web# 1555769. Michelle Zitwer 917.690.6666

QUINTESSENTIAL UPPER WEST LIVING 44 West 77th street | $15,500,000 | Upper West Side with unobstructed views of Central Park and Museum of Natural History views, this spectacular trophy home offers dramatic double height living room, 3 bedrooms ( conv 4 ). Corinthian columns and 17th century stone fireplace. Absolutely one-ofa-kind. Web# 1513047. Monica Luque 212.712.6089

TRUMP 2-BEDROOM CONDO

PERFECTION ON PERRY West Village | $2,395,000 | Meticulously renovated 1,800 sf triplex loft with 14-ft ceilings, huge French doors leading to 2 private outdoor spaces, gorgeous kitchen and baths, attention to every detail. Web# 1579673. Debra Kameros, EVP 212.242.6800 | Susan Weiner, SVP 212.598.3196

HISTORIC 4-BEDROOM LOFT SoHo | $4,195,000 | Sprawling 2,600 sf of grand entertaining space in mint condition with 4 bedrooms and 4 full baths in the heart of SoHo. High ceilings with heavy timber beams, open floorplan with lights. Web# 1435122. Diane Johnson 212.418.2075 Walter Larkin 212.350.2204

Upper West Side | $2,795,000 | Direct river views, magnificent open state-of-the-art gourmet kitchen, Brazilian cherry wood herringbone floors. Doorman, health club, and pool. Available furnished. Web# 1566606. Robin Liftman, VP 212.350.2237 | Bernie Rubin, SVP 212.350.2282

NEIGHBORHOODS

FiDi gives new meaning to ‘transient’ Nabe ranks as one of most mobile in U.S. FiDi is on the move. The reasons why: rentals and young, childless couples.

he Financial District is known for its movers and shakers—but a good number of them are just plain old movers.

dents who live in the same home as they did the year before. In FiDi’s 10005 ZIP code, for example, almost 40 percent of residents lived in a different apartment than they did the year before; half

Younger, childless workers coupled with scads

range in age from 25 to 34, and three-fourths didn’t have kids.

of rental apartments (and condo homes) make

Generally speaking, though, New Yorkers like to stay put compared

the neighborhood one of the most mobile in the

to the rest of Americans. A little more than 10 percent of New Yorkers

nation, the New York Times reported.

pulled up stakes last year; nationwide, the figure was 11.4 percent.

“People come and go,” Tim Kelleher, a six-year resident, told the

newspaper. “I’m pretty friendly, but I really don’t know anybody in my building.”

The Times chalked up the stability to subsidized housing and the high cost of moving in the city. For FiDi longtimers like Kelleher and Alejandro Sadaba, all the new-

FiDi has had six of the 20 ZIP codes with the highest mobility mea-

bies can be a bit disconcerting.

sure for two of the last five years—2007 and 2011, according to a So-

“I’ve been there since 2004, and I’ve had maybe two per year,”

cial Explorer and Queens College analysis of American Community

Sadaba said of the many roommates he has shared his Maiden Lane

Survey data; the mobility measure is an index of the number of resi-

apartment with. “Some stay a few months; some stay a year.”

How long do FiDi homes take to sell?

Sellers should know they need to be patient

Sizing up the market Richard Rothbloom, a director at Brown Harris Stevens Q: How are buyers able to get the apartments they want in this tight market? A: Paying cash, no contingencies and trying to see the apartment before the first open house! Nanette Shaw, a senior vice president at Bellmarc Q: Who’s willing to sell in this market?

Year

Days on market

2013

317

2012

287

2011

307

2010

337

2009

397

Source: StreetEasy; averages are for April 14 of each year

Luxury Listings NYC | MAY/JUNE 2013

A: My team recently had an open house for a home we are selling in an architecturally [distinguished] building in FiDi. There are many people who want to live specifically in this building. So, we knocked on the doors of neighbors, introduced ourselves and asked if they’d also consider selling if we were to get them their fantasy price. It worked!

NEIGHBORHOODS

Home price history in the Financial District Year

Price

2012

$835,000

2011

$742,500

2010

$730,606

2009

$872,014

2008

$858,401

2007

$801,690

2006

$697,501

2005

$509,125

2004

$789,143

Snapshot of a FiDi sale $2,200,000 | 275 Water Street The first person who saw the co-op ended up putting in an offer, according to Bridget Schuy of Bond New York Properties, the buyer’s 275 Water Street agent. The deal took place before Hurricane Sandy hit; Water Street saw unprecedented flooding. “After Sandy, many people had second thoughts about living in the Seaport. The neighborhood looked like a war zone. She stuck to her contract even when a delayed closing date afforded her a chance to opt out.” —Bridget Schuy, Bond New York Properties

Source: StreetEasy; median prices for April 14 of each year

New development in Lower Manhattan

Average sale prices by type of apartment Studio

1 Bed

$637,802 $788,844

2 Beds

3 Beds

> 3 Beds

$1.5M

$1.9M

N/A Corner of Nassau and Ann streets

Source: StreetEasy; data as of April

What having a doorman adds to the bottom line Apt. size

Doorman

Non-doorman

Studio

N/A

$695,000

1 bed

$1,182,500

$894,500

2 beds

$1,760,000

$1,495,000

3 beds

$2,362,500

$2,495,000

Source: StreetEasy; median prices as of April

Average monthly rents Studio

1 Bed

2 Beds

3 Beds

> 3 Beds

$2,811

$3,752

$5,181

$7,520

$32,666

Source: StreetEasy; numbers are for April

New shop coming to the nabe A Denny’s restaurant will open on the ground floor of a luxury condo tower at 150 Nassau Street, across from City Hall.

The Woolworth Building

The Lara is the name of a building slated for the corner of Nassau and Ann streets that will have both rental homes and retail shops, The Real Deal reported. The shops will have the address 111 Nassau Street; the 168 homes will be at 113 Nassau Street. New condos on top of the Woolworth Building, at 233 Broadway, will hit the market early next year, the Commercial Observer reported. The top 30 floors are slated to be converted into 40 luxury apartments.

Big community news Learning ABCs and long division. The Green Ivy School is taking space in Donald Trump’s 40 Wall Street, the New York Post reported. The school’s students—preschoolers through eighth-graders—will have their own entrance, on Pine Street.

Bird’s-eye view. One World Trade Center is another step closer to being finished: Officials unveiled the skyscraper’s observatory recently and also placed the spire atop the building. Pier renew. The historic Pier A has an opening date for its overhaul—Memorial Day 2014, DNAinfo reported. When the big day comes next year, the pier will have an oyster bar, an upscale restaurant, a catering hall and a tourist information center. Work to repair damage caused by Hurricane Sandy should be wrapped up in a few weeks.

Luxury Listings NYC | MAY/JUNE 2013

TRANSFORMATIVE TOWERS

NYC’s shifting skyline: Notable By Evan Bleier

he Big Apple’s most iconic feature is undoubtedly the Manhattan skyline. And, much like the city itself, it’s always changing. For architect Eran Chen, it’s more than just a touchstone of what’s going on here: It’s a way to measure what’s going on in the world. “Every cultural change, every economic change, every social change is being expressed in New York City’s skyline,” said Chen, who founded the Manhattan-based firm Office for Design & Architecture. In the past decade, the skyline has been transformed by both destruction and creation. First, of course, were the Sept. 11 attacks that brought down the World Trade Center, followed by a host of starchitect-designed condos that

00 50

sprang up in the mid-2000s economic boom. Today, New York has more iconic buildings, “more beautiful, well-designed, well-thought-of, gorgeous buildings” than ever before, Chen said. The change has been so significant in the design of residential buildings that Chen describes it as “a revolution.” “The idea of ‘build it and they’ll come’ is being questioned,” he said, “and developers are being challenged to do real architecture.” And the next few years will bring even more changes to the skyline. On the West Side, a pyramid-shaped apartment building is going up at 625 West 57th Street. The first tenants at the Bjarke Ingels–designed structure are expected to move in by spring 2015.

Time Warner Center

Hearst Tower

One57

NY Times Building

(10, 25 and 80 Columbus Circle) With two 750-foot towers and a shopping concourse, the massive Time Warner Center houses condos, a 59,000square-foot Whole Foods, the Mandarin Oriental hotel, CNN’s studios and Jazz at Lincoln Center. Designed by Skidmore, Owings & Merrill, the complex took four years to put up, opening in 2004. “It changed the landscape [for the whole Columbus Circle area],” said real estate consultant Lori Ordover.

(300 West 57th Street) British architect Sir Norman Foster drew his inspiration for the Hearst Corporation’s headquarters from the original 1928 Hearst International Magazine Building. Completed in 2006, the eco-conscious glass-and-steel building has an angular, rippling appearance. The New Yorker hailed the 597-foot-tall tower as “the most beautiful skyscraper to go up in New York since [the late 1960s].”

(157 West 57th Street) A French architect, Pritzker Architecture Prize–winner Christian de Portzamparc, designed this 1,050-foot-tall condo building. The nearly finished tower will briefly be New York City’s tallest residential builing until it is surpassed by 432 Park Avenue. One57 has 92 condo homes; and a penthouse sold for more than $90 million, setting a Manhattan record.

(620 Eighth Avenue) The new headquarters of the New York Times is the design of Italian architect Renzo Piano. With its horizontal ceramic rods, the 1,046-foot-tall tower has gained fame for being easy to climb: During the summer of 2008, the year after it was finished, three men scaled the building, including “the French Spiderman,” Alain Robert. With neighboring office tower 11 Times Square, the building pushed the boundaries of Times Square farther west.

Luxury Listings NYC | MAY/JUNE 2013

Bank of America Tower (1 Bryant Park; 115 West 42nd Street) COOKFOX Architects had a color in mind for its 1,200-feet-tall office building—green. Completed in 2009, it is the first skyscraper to attain LEED Platinum status. Features include a built-in wind turbine that generates electricity. “That such a big building was built [green] is significant because it tells you that people think it has value,” Chen said.

buildings of the past decade Almost directly across town, the 1,396-foot-tall 432 Park Avenue will become the tallest residential tower in the Western Hemisphere when it’s finished in 2015 (see story on page 22). The high-rise, designed by Rafael Viñoly, won’t hold the record for long, though. A 233-unit residential building at 225 West 57th Street, designed by Adrian Smith + Gordon Gill Architecture, will reach least 1,550 feet tall when it opens in 2018. Now, nearly a dozen notable additions to the skyline since 2003:

The IAC Building

100 11th Avenue

New York by Gehry

(555 West 18th Street) The first Frank Gehry– designed New York City office building stands out for its distinct curved glasscurtain walls. Work on the 10-story, 130,000-squarefoot building started in 2004 and wrapped up in 2007. It gets its name for being the headquarters of InterActiveCorp, the Internet conglomerate headed by business mogul Barry Diller. Gehry reportedly modeled the building after the sails on a ship.

Pritzker Architecture Prize–winning Jean Nouvel famously described his 23-story, 72-unit condo tower as a “vision machine.” His vision included an intricate curtain wall, made from nearly 1,700 windowpanes that each tilt at a different angle and in a different direction, as well as an atrium with suspended vegetable gardens and trees that appear to float in mid-air.

(8 Spruce Street) Gehry’s first New York residential tower, it rises 879 feet and features waves of stainless steel that reflect light differently throughout the day. As the Times noted, the building “ripples like the Statue of Liberty’s gown.” It’s now a Lower Manhattan landmark. “It used to be you’d get off the subway and look for the World Trade Center to see which way was south,” said Ordover. “Now you get out and there’s the [Gehry] building.”

Four World Trade Center (150 Greenwich Street) Maki and Associates designed this 72-story office tower, which is slated to open at the end of the year. Maki’s “minimalist” design was chosen because it will present “an understated, reverent position” opposite the World Trade Center memorial, according to the WTC’s website.

Seven World Trade Center

One World Trade Center

Seven World Trade Center is the first tower to be rebuilt at Ground Zero. The 52-story office building, completed in 2006, replaced a tower of the same name destroyed in the 2001 attacks. That it is completely leased—tenants include German lender WestLB, law firm WilmerHale and investment firm MSCI— has been touted as a symbol of post–Sept. 11 recovery in the Financial District.

A year ago, the underconstruction One World Trade Center, once known as the Freedom Tower, surpassed the Empire State Building to become the tallest building in New York City. Only a few months later, the 104-story building topped out at a symbolic 1,776 feet. The skyscraper, slated to be done early next year, was designed by Skidmore, Owings & Merrill.

Luxury Listings NYC | MAY/JUNE 2013

GETTING AwAY

Long Island’s East End is benefiting from the Garden State’s weather woes. Here, a beach house in East Quogue in the Hamptons.

Repairing Sandy-damaged homes on the Jersey Shore is proving to be a slow go.

A wacky season for summer rentals Sandy forced vacationers to regroup By Lauren Schram

ummer is knocking at the door, which can mean it’s Renters avoiding the Jersey Shore are popping up on Long too late to find a reasonably priced rental to spend your Island’s East End, where rates are roughly on par with last vacation near the water. year’s and where there are still homes available. And this year is no different for much of the Northeast— “Sandy didn’t have nearly the impact in the Hamptons as Long Island’s East End, the Hudson Valley and even Mas- it had up island,” said Timothy Haftel of Halstead Property’s sachusetts for those brave souls willing to drive five hours. Southampton office. “[Though] there are some instances But there is a big exception: the Jersey Shore, still struggling where people are not renting while doing repairs or are taking mightily to recover from Hurricane Sandy. their own rentals while repairs are happening to their homes.” October’s massive storm damaged countless homes In the lower Hudson Valley, the number of rentals is fewer, across the Garden State, including many in its famous beach too, but not because of Sandy. A flurry of sales in the first communities. One estimate, by quarter has made competition Chris Kirk of ShoreSummerRentals tough for lakeside rentals, accord.com, puts the drop in the number ing to the Hudson Gateway Assoof rentals overall at 20 percent. ciation of Realtors. A few places, though, are seeOut-of-state getaways are ening much steeper declines. Ortjoying, like the East End is, what one ley Beach has only about 40 perMassachusetts broker describes cent of the rentals it had last year; as “the Hurricane Sandy effect”— –Timothy Haftel, Point Pleasant Beach and Seaside essentially profiting from the havoc Halstead Property Heights have a third fewer rentals. wreaked on the Jersey Shore. Even towns that pulled out the Except for minor flooding and stops to rebuild their boardwalks in time for the tourist season power outages here and there, Cape Cod and Nantucket are finding themselves in a hard place—dogged by percep- weathered the storm well. tions that they’re not ready for guests. In Nantucket, Dalton Frazier’s rental bookings are on track Demand is down so much that owners are slashing their to be up by nearly a third from last season. prices as much as 25 percent, but the deep discounts aren’t “Tenants are booking sooner and for longer periods of time,” doing much to attract tenants. Frazier, president of H Pepper Frazier Company, told Luxury “A lot of people are hesitant to go down to the Shore,” Kirk Listings NYC. “People feel better about their financial posisaid. “I think they fear their vacation is going to be hindered. tions now than in the last few years and there is a small effect But they’ll come down once they see it’s up and running.” from much of the Jersey Shore being shut down.”

“Sandy didn’t have nearly the impact in the Hamptons as it had up island.”

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

Wall Street VIP pays $60M for home in the biggest deal since boom Steven Cohen made his billions on Wall Street, but has spent a chunk of it in the Hamptons.

The cost of Cohen’s latest buy, on Further Lane: a cool $60 million.

ong Island’s South Fork is home to lots of highend homes, so it takes a truly big deal to get at-

Baron paid a record $103 million for 40 acres on Further Lane in

tention. Well, East Hampton had one of those

2007, Judi Desiderio of Town & Country Real Estate told Luxury List-

jaw-droppers this spring.

ings NYC.

Billionaire hedge fund bigwig Steven Cohen

Baron’s buy was one of seven that topped $30 million that year,

plunked down $60 million for an oceanfront man-

the height of the real estate boom. A year later, during the tail end

sion on Further Lane, just down the road from

of the boom, a home at 104 Gin Lane in Southampton sold for $60

another house he owns. The home had been owned by investment

million.

banker Robert B. McKeon, who committed suicide last fall at age 58.

By comparison, the South Fork’s most expensive sale in 2012—

Cohen’s second Hamptons home boasts a master suite and

in South Hampton—was $28.5 million, according to Town & Country.

six other bedrooms; a barn-style, double-height family room; and

As for the rest of this year, the prospects for lots of really pricey

a media room. Other touches include antique oak and limestone

sales might not be that good. Many wealthy house hunters rushed

floors, and fireplaces galore. On the seven acres of grounds: a ten-

to wrap up their buys at the end of December before the capital

nis court and a swimming pool.

gains tax rates spiked at the beginning of 2013.

How long do East End homes take to sell?

Sizing up the market

Number of days keeps inching down

Judi Desiderio, Town & Country Real Estate’s CEO Q: What changes are you seeing in the market these days?

2009

2010

2011

2012

2013

Amagansett

476

448

539

371

336

East Hampton

427

406

483

336

273

Montauk

546

476

525

364

350

Southampton North

777

483

455

413

343

Jim Oxnam, an agent for Brown Harris Stevens of the Hamptons

Southampton Village

399

371

420

308

238

Q: Where are you seeing the biggest price cuts in East Hampton?

Westhampton

539

497

546

399

574

Source: StreetEasy; figures are for April 14 of each year

“The sale trumpeted all sales” since mutual funds mogul Ron

Luxury Listings NYC | MAY/JUNE 2013

A: We have seen a notable uptick in rentals to international tenants—but that hasn’t yet been reflected in sales.

A: Basically, prices on houses outside the village are being lowered; however, even prices on some of the houses in the estate section are being lowered. Sellers are becoming more realistic regarding listing prices. I noticed [in the middle of April, for example] that a beautiful house on Georgica Pond was just lowered from $24.95 million to $19.95 million.

NEIGHBORHOODS

Really? A real estate oddity in the Hamptons

The Montauk Point Lighthouse

Montauk lays claim to the first lighthouse in New York state and the fourth oldest active lighthouse in the nation. The Montauk Point Lighthouse, completed in November 1796, has been on the National Register of Historic Places since 2012 and is a favorite setting for special events.

VOLUME 01 ISSUE 01

JANUARY/FEBRUARY 2013

W es th am pt on

So u Vi tha lla m ge p to n

So Nouth rth am pt on

M on ta uk

Am ag an se t

A Brooklyn couple is suing the producers of “pArty of 5” for ruining their East Hampton home—and their good name— during bashes featured on the Internet reality show, the New York Daily News reported.

Ea st Ha m pt on

A decade of East End home prices t

A strange (trashy) tale from the Hamptons

2012

$1,650,000

$800,050

$715,000

$1,190,000

$950,000

$597,631

2011

$1,600,000

$800,000

$707,250

$1,313,897

$1,212,000

$622,500

2010

$1,660,000

$782,500

$690,000

$1,250,000

$1,442,000

$690,000

2009

$2,100,000

$785,000

$900,000

$952,500

$1,625,000

$700,000

2008

$1,991,000

$900,000

$857,500

$1,037,500

$1,285,000

$584,000

2007

$2,060,000

$995,000

$860,000

$1,190,000

$825,000

$750,000

2006

$1,444,368

$825,000

$750,000

$1,000,000

$797,800

$764,000

2005

$1,500,000

$740,000

$675,000

$881,500

$850,000

$676,700

2004

$999,000

$603,750

$500,000

$713,000

$750,000

$690,000

Source: StreetEasy; median prices for April 14 of each year

Celeb real estate in the Hamptons Actress Brooke Shields and hubby Chris Henchy are buying a six-bedroom “cottage” on Lewis Street in Southampton that has a $4.3 million asking price, the New York Post reported. The seller is former NFL tight end Vyto Kab.

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Matt Lauer, hold your horses! Southampton ordered the troubled “Today” host to stop work on a building renovation at his 40-acre horse farm until he fixed the rotting roof. Done! Now, Lauer has to worry about his neighbors, who aren’t thrilled about his plan for an indoor riding center.

The former Bridgehampton home of noted architect Norman Jaffe is up for rent—only $140,000 for the summer. Jaffe designed more than 50 homes in the area, including the one on the market.

TraNquiliTy Zephyr Cove, nevada $75,000,000 Referral Agent: eAST SIde mAnhATTAn BRokeRAge Nikki Field | 212.606.7669 | nikkifield.com For more information: SIeRRA SoTheBy’S InTeRnATIonAl ReAlTy Jean Merkelbach | 775.901.0704 | jean@dhsir.com This advertisement does not suggest that the broker has a listing or has done a transaction in this property or properties. Sotheby’s International Realty (SIR) advertises this property as a referring agent only, and SIR does so with the consent of the listing broker. SIR will be referring buyers to the seller or local listing broker for the property who will provide information about the property and negotiate any agreements for the purchase of this property. Any information provided by SIR about the property was provided to SIR by the seller or local listing broker and has not been verified by SIR. Buyers should consult with their legal counsel or local real estate professional concerning the property or any resultant transaction.

NEIGHBORHOODS

Hamptons fast facts

Big community news

Number of cemeteries—public and private—in Southampton

Square miles that make up the town of East Hampton

$8.75M

Asking price for Montauk home of Ponzi schemer Bernie Madoff; the beach house sold in 2009 Sources: NBC, the New York Times and Wikipedia

Priciest rentals on the market

Address 160 Ox Pasture Road, Southampton

Address 279 Dune Road, Bridgehampton

Address 390 Meadow Lane, Southampton

Size 12 bedrooms, 12 baths and three half-baths; 18,000 sf

Size Seven bedrooms, 10 baths; 11,000 sf

Size Eight beds, seven baths; square feet not listed

Price $850,000

Hot Features Bay and ocean views, master suite with an office, media room, full gym

Hot Features 400 feet of ocean front and ocean views from every room

Price $900,000 Hot Features A spa, a paddle court and a carriage house with a connecting greenhouse

Green light for vacation retreat deal Gurney’s Inn is getting a new owner, Manhattan developer George Filopoulos. The 2,000 owners of the Montauk resort’s 50 or so time-share homes gave their OK as well as the trust that holds the majority of the voting stock in the 109home property. A big step for a small town. The hamlet of Hampton Bays is one step closer to becoming a village. The Hampton Bays Civic Association has appointed a committee to study the hamlet’s incorporation, the Westhampton-Hampton Bays Patch reported. Paving the way. Work on a 10-mile stretch of Montauk Highway, from Water Mill to Wainscott, is set to begin after Labor Day, according to the Southampton Patch. State and federal transportation funds will pay for the $12.5 million rehab project.

New storefronts coming to the East End The Upper East Side’s TBar Steak & Lounge will open an outpost in East Hampton called Sienna Restaurant by T-Bar. The address: 44 Three Mile Harbor Road.

Sources: StreetEasy and Luxury Listings NYC; prices are for Memorial Day through Labor Day

New development in the Hamptons Sag Harbor’s Watchcase Factory “village” is growing by nine townhouses, according to the project’s website. The homes, along Church and Sage streets, will range in size from four to six bedrooms. The factory itself is being converted into residential lofts.

Come this summer, Bridgehampton will get an ultraexclusive wine club courtesy of Houston Rockets’ billionaire owner Leslie Alexander, the New York Post reported. Société du Vin will offer 75 memberships, each for $50,000 with annual dues of $8,000.

Amagansett could be getting more housing for seniors—63 cottages and 26 apartments that would cost from $850,000 to $1.8 million. Putnam Bridge, a Connecticut developer, is asking town officials to sign off on its project, dubbed “555,” which would go up on a 23.5acre site near Montauk Highway, the East Hampton Star reported. The officials haven’t scheduled a vote on the proposal.

Average monthly rents

A 23.5-acre site in Amagansett

Luxury Listings NYC | MAY/JUNE 2013

So Nouth rth am pt on So ut Vi ha lla m ge p to n W es th am pt on

Am ag an se t

t Ea st Ha m pt on M on ta uk

Sag Harbor’s Watchcase addition

$60,839 $45,193 $38,506 $57,173 $71,480 $25,703 Source: StreetEasy; numbers are for the week of April 8

NEIGHBORHOODS

Only partly sunny on the North Fork Prices dip for luxe market, but up overall A double spiral staircase in the entry foyer of Mattituck’s 55 Cox Neck Road never fails to awe.

ot everything is coming up daisies this spring

changed at $1,156,250, the data showed.

for the well-heeled on the North Fork, es-

Pricewise, owners of more modest homes are doing better:

pecially those who want to sell their homes.

The overall median price on the North Fork jumped about 12

Their swanky digs probably won’t bring as

percent, from $418,500 to $469,000.

much as they did this time last year.

But the total number of sales on the North Fork dropped by

The average sales price for a luxury home plummeted by a third in the first quarter com-

pared to a year before—from $1,689,267 to $1,160,563—because

so many buyers closed deals just before the end of the year to

nearly a fifth, from 94 to 78, year-over-year. Reports on the East End by brokerage Brown Harris Stevens and listings site StreetEasy had similar findings. “The North Fork was a step behind its Hamptons counterpart

avoid changes in capital gains tax rates, according to a new re-

to the south,” Miller Samuel’s Jonathan Miller, author of the re-

port from brokerage Douglas Elliman. (The report defines the

port, told Luxury Listings NYC.

luxury market as the top 10 percent of all deals in terms of price.) A bit more positive news for top-tier homeowners, though:

“Housing prices were generally higher [overall] than year ago levels, but sales fell and inventory edged higher,” he said.

the median luxury sales price, which remained essentially un-

How long do North Fork homes take to sell? Less than during the worst of the downturn in ’09 Year

Days on market

2013

364

2012

322

2011

378

2010

329

2009

413

Source: StreetEasy; averages are for April of each year

A decade of North Fork home prices Year

Price

2011

$375,000

2010

$395,000

2009

$375,000

2008

$440,000

2007

$460,000

2006

$450,000

2005

$410,000

2004

$373,300

Source: StreetEasy; median prices are for April of each year

Sizing up the market Marianne Collins, an agent at Brown Harris Stevens on the North Fork Q: Where is the biggest shortage of available homes? A: There is only so much waterfront property available, especially large bay and sound-front properties. And [in some] of our historic villages that are small, only a few homes are available at a given time, and attract immediate interest —for example, New Suffolk, Orient and Greenport Village. Q: What are you doing to drum up business? A: Networking is more important than ever, especially with colleagues in New York City and the Hamptons, as well as locally.

Luxury Listings NYC | MAY/JUNE 2013

NEIGHBORHOODS

North Fork fast facts

Big community news

50-plus

Number of wineries on the North Fork

521

Number of homes currently for sale on the North Fork

4,219

Population of Mattituck Sources: Wine Enthusiast magazine, Miller Samuel, U.S. Census Bureau

Sale prices on the North Fork

Monthly rents

Median

Average

Median

Average

$400,000

$539,382

$11,000

$22,957

Source: StreetEasy; figures as of April

Priciest rentals on the market

Address 900 Sound Beach Road, Mattituck

Address 4170 Indian Neck Lane, Peconic

Size Five bedrooms, four baths; 4,000 sf

Size Five bedrooms, five baths and five half-baths; 5,100 sf

Price $100,000 Hot Features A heated pool with a patio and a beach that’s just steps away

Price $100,000 Hot Feature A golf cart to cruise around the 135-acre estate

Address East Marion home

Price $75,000 Hot Features Bayfront in-ground pool and five acres surrounding the home

Top areas by sales price

Averages for luxury market; number of sales in brackets

Cutchogue

4Q-2012

(1) $1,543,750 Southold

(4) $2,645,000 Cutchogue

Shelter Island (2) $1,267,000 Shelter Island (7) $2,446,786 Mattituck

1Q-2012 (1) $5,500,000 (1) $1,940,000

Orient

(1) $1,156,250

Cutchogue

(1) $2,286,055 Orient

(2) $1,583,334

Peconic

(1) $880,000

East Marion

(2) $1,425,500 Laurel

(1) $1,265,000

Laurel

(1) $868,750

Peconic

(1) $1,425,000 Southold

(1) $1,051,000

Source: Douglas Elliman; ‘luxury’ represents top 10% of market; number of sales in parentheses; a small number of sales in each town can skew averages considerably

Luxury Listings NYC | MAY/JUNE 2013

Higher (cost) education Full-time students at Suffolk County Community College might have to pay $150 more a year for tuition come fall, Newsday reported. The college’s trustees are considering a 3.76 percent hike, which would generate $3.2 million annually. The proposal is part of a 201314 budget proposal of $198 million. New owner, new name. Matt-A-Mar Marina, a fixture in Mattituck for 43 years, has a new owner—familyowned Strong’s Marine—and a new name, according to the North Fork Patch. The rechristened Strong’s Water Club and Marina is getting a makeover along with a fire pit and chairs for watching the sunset.

Size Four bedrooms, three baths; 3,000 sf

Sources: StreetEasy and Luxury Listings research; prices for Memorial Day through Labor Day

1Q-2013

Restaurants repair and reopen. Big fixes are being made at a trio of Greenport’s most popular restaurants following Superstorm Sandy, but openings are happening in time for the summer season. The owner of Claudio’s Restaurant, Claudio’s Clam Bar and Crabby Jerry’s said the waterfront eateries in the town’s center sustained significant damage from the storm. At the Crabby Jerry’s dock, bulkhead pilings were 60 percent destroyed. And roofs were torn off two of the restaurants, North Fork Patch reported.

New shops coming to the North Fork A new sushi and steak hibachi restaurant in Greenport should be in full swing by the time Memorial Day rolls around. Sakura is on Front Street, just a few doors down from the New China Restaurant; the eateries have the same owner. Lumber Liquidators has opened at 144 Kroemer Avenue in Riverhead, North Fork Patch reported. The store offers lower-cost flooring to both homeowners and construction contractors.

LISTINGS

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Premier

Properties

$115,000,000

151 East 58th Street #PH51W in Midtown

Condo (9,000 sf): 16 rooms, 4 beds, 5 baths and 5 half-baths | Amenities: Doorman, Elevator, Gym | Common Charges: $13,357 | Monthly Taxes: $11,426 | Listing ID: S851649 For the first time ever, this extraordinary apartment, the only duplex at Beacon Court, is being offered for sale. Charles Gwathmey’s vision was to create the most sophisticated, stunning and elegant apartment in the city. The custom finishes throughout this home will astound you. A magnificent double-height living room with 24-foot ceiling and two walls of windows look out onto unbelievable views. Listed by Deborah Grubman, 212-836-1055, dg@corcoran.com.

$95,000,000

781 Fifth Avenue #18FL in Midtown Condo: 15 rooms, 7 beds, 8 baths | Amenities: Doorman, Pets Allowed | Common Charges: $60,000 | Listing ID: S739328

Rarely does a full-floor residence become available in one of the world’s greatest skyscrapers—the best in Midtown’s legendary Sherry Netherland. The most discerning buyer will insist on owning this full-floor, 15-room residence in triple-mint condition, flooded with light, surrounded with terraces and gifted with incomparable views. Listed by Dolly Lenz, 212-891-7113, dlenz@elliman.com.

Luxury Listings NYC | MAY/JUNE 2013

Log on to LLNYC.com and use the Listing ID to find out more about the listings.

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20 West 53rd Street #PH in Midtown

$60,000,000

25 East 77th Street #PH on the Upper East Side

$60,000,000

Condo (7,381 sf): 11 rooms, 5 beds, 5 baths and 5 half-baths | Amenities: Doorman, Elevator, Gym | Common Charges: $19,060 | Monthly Taxes: $13,952 | Listing ID: S831172

Condo (9,799 sf): 12 rooms, 6 beds, 8 baths | Amenities: Doorman, Elevator, Fireplace Common Charges: $42,083 | Listing ID: S667834

Interior design and detailing by Tony Ingrao offers a refined brilliance and warmth to this one-of-a-kind duplex. Listed by Baccarat Sales & Design Cntr., 212-765-5300, info@baccaratresidencesny.com.

The 5-star Mark Hotel is widely considered the ultimate luxury boutique hotel on the UES. Listed by Leighton Candler, 212-937-6677, lcc@corcoran.com.

$49,500,000

144 Duane Street in Tribeca Townhouse (23,100 sf): 8 beds, 10 baths | Amenities: Pets Allowed, Fireplace, Roof Deck, Recreation Room, Pre-war | Listing ID: S599299

Built in 1862, and recently gut-renovated to the highest standards, this exceptional limestone loft mansion located in the heart of Tribeca is a one-of-a-kind masterpiece. This is one of the largest and most beautiful properties to ever become available downtown. It has been completely renovated both structurally and cosmetically to retain the structureâ&#x20AC;&#x2122;s original character. Listed by Herve Senequier, 212-727-6162, hsenequier@elliman.com.

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135 East 79th Street #PH19 on the Upper East Side

$50,000,000

7 West 54th Street in Midtown

$49,900,000

Condo (8,987 sf): 12 rooms, 6 beds, 8 baths | Amenities: Elevator, Doorman, Patio Common Charges: $16,965 | Monthly Taxes: $10,341 | Listing ID: S819512

Townhouse (16,600 sf) | Amenities: Elevator | Monthly Taxes: $12,532 Listing ID: S774431

Located in the UESâ&#x20AC;&#x2122; newest Iconic address, Penthouse 19 is an extravagant 8,987-square-foot duplex. Listed by Corcoran Sunshine Marketing Group, 212-634-6500, info@corcoransunshine.com.

A five-story limestone mansion with copper-framed ocular windows and French doors with carved festoons and cartouches designed in 1889 by John H. Duncan. Listed by Carrie Chiang, 212-836-1088, ccc@corcoran.com.

145 Hudson Street #PH in Tribeca

$44,000,000

Condo (7,493 sf): 8 rooms, 4 beds, 4.5 baths | Amenities: Doorman, Fireplace, Loft, Elevator | Common Charges: $12,282 | Monthly Taxes: $8,750 | Listing ID: S689046 A Tribeca duplex penthouse masterpiece sheathed in museum-quality, high-performance, insulated glass set atop an historic Art Deco loft building. The glass envelope of its roughly 7,500-square-foot interior was designed to provide the utmost quiet indoor environment, with the maximum exposure to its 4,500 square feet of private, wraparound terrace and a spectacular 360-degree panoramic unobstructed view. Listed by Darren Kearns, 212-941-2588, djk@corcoran.com.

Luxury Listings NYC | MAY/JUNE 2013

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LISTINGS

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158 Mercer Street #PH in Soho

$42,000,000

Condo (7,452 sf): 11 rooms, 5 beds, 5 baths and 5 half-baths | Amenities: Doorman, Elevator, Fireplace, Loft | Common Charges: $6,870 | Monthly Taxes: $4,738 | Listing ID: S839542 Astonishing Soho duplex. The journey begins when you step off the elevator into the lower level foyer. Off the foyer is the massive Great Room, which has a woodburning fireplace, dining area and modern chefâ&#x20AC;&#x2122;s kitchen. On this level is the outstanding master bedroom suite with a dressing room and marble bath. Additionally, on this level, there are four bedrooms, each with a bath, powder room and laundry room. Listed by Deborah Grubman, 212-836-1055, dg@corcoran.com.

The Hamptons Heliclub offers VIP travel between Manhattan and the Hamptons for up to 8 passengers. Anyone who has traveled to the Hamptons on a Friday afternoon and back to Manhattan Sunday evening knows that heavy traffic can make the drive 4 hours or longer! The Hamptons Heliclub affords 45 minutes of stress-free travel for that weekend getaway from the hustle and bustle of Manhattan that goes wheels up on your schedule. Being a member of the Heliclub also provides access to premium aircraft at special rates for round trip and one-way flights.

For additional information, please visit: www.TheHamptonHeliClub.com or call 1-855-MYNYHELI or 561-756-3836

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Properties

150 Charles Street #PHB in the West Village

$35,000,000

Condo (4,610 sf): 11 rooms, 5 beds, 5 baths and 5 half-baths | Amenities: Doorman, Fireplace, Garden | Common Charges: $7,049 | Monthly Taxes: $2,413 | Listing ID: S838043 Only once in a lifetime does the opportunity to own a penthouse like this come to pass. Spanning over 4,600 square feet and offering more than 2,500 feet of private outdoor terraces, this five-bedroom, five- and one-half-bath home is the crowning jewel atop downtownâ&#x20AC;&#x2122;s most sought-after building, 150 Charles Street. Listed by 150 Charles Sales and Design, 212-727-0150, info@150charles.com.

25 Columbus Circle #64CE on the Upper West Side

$34,500,000

Condo (4,485 sf): 9 rooms, 5 beds, 7 baths | Amenities: Doorman, Elevator, Pets Allowed | Common Charges: $8,508 | Monthly Taxes: $4,945 | Listing ID: S767254 Enjoy helicopter views of Central Park, the city and the Hudson River from this incomparable 4,485-square-foot residence at the fabled Time Warner Center. As you enter the gallery, the home slowly reveals itself through elegant and luxurious details that include lacquered millwork, marble-trimmed floors with onyx insets, custom hardware, doors clad in macassar ebony panels, upholstered walls and custom-made crown moldings. Listed by Daniela Kunen, 212-891-7611, dkunen@elliman.com.

Luxury Listings NYC | MAY/JUNE 2013

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885 Park Avenue #PH15A on the Upper East Side

$34,995,000

45 East 74th Street on the Upper East Side

$30,000,000

Co-op: 17 rooms, 6 beds, 8 baths | Amenities: Fireplaces, Doorman, Library Maintenance: $18,351 | Listing ID: S755474

Townhouse (9,000 sf): Amenities: Elevator, Garden, Fireplace, Swimming Pool Listing ID: S769987

This exceptional duplex apartment is situated on the top two floors in one of Park Avenueâ&#x20AC;&#x2122;s most sought-after addresses. Listed by Hilary Landis, 212-605-9217, hjl@corcoran.com.

Every amenity in the home is just where you would want it and works just the way you would want it to. Listed by Paula Del Nunzio, 212-906-9207, pdelnunzio@bhsusa.com.

$33,000,000

400 Fifth Avenue PH in Midtown Condo (5,645 sf): 10 rooms, 4 beds, 6.5 baths | Amenities: Doorman, Gym, Live-in Super, Pets Allowed | Common Charges: $9,642 | Listing ID: S864904

Imagine a duplex penthouse living atop the residences at 400 Fifth Avenue. The proposed stunning penthouse duplex would feature magnificent panoramic views to the north, east and west sitting atop the 59th and 60th floors. Wraparound floor-to-ceiling windows would encompass both the East and Hudson rivers, and iconic landmarks such as the Chrysler Building and the New York Public Library. Listed by Andrew Anderson, 212-727-6153, aanderson@elliman.com.

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LISTINGS

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995 Fifth Avenue #15FL on the Upper East Side

$32,000,000 $33,000,000

Condop (8,360 sf): 15 rooms, 6 beds, 7 baths and 5 half-baths | Amenities: Doorman, Elevator, Fireplace, Gym | Common Charges: $37,069 | Listing ID: S821820 Spectacular full floor on Fifth Avenue. This magnificent home is completely brand new, having recently undergone a total renovation using the finest materials and finishes. At over 8,000 square feet and currently configured with six bedrooms, seven full and two half-baths, the apartment is the ultimate in luxury. Listed by Sabrina Saltiel, 212-350-22055, ssaltiel@elliman.com.

400 West 12th Street #14FL in the West Village

$31,895,000

Condo (7,687 sf): 16 rooms, 8 beds, 9 baths | Amenities: Doorman, Gym, Live-in Super, Pets Allowed | Common Charges: $9,561 | Monthly Taxes: $492 | Listing ID: S652287 The entire 14th floor at Superior Ink. There are three apartments on this floor, 14A, 14B and 14C. The views are intoxicating with every New York City iconic landmark including the Empire State and Chrysler buildings, the George Washington Bridge, the Statue of Liberty plus the Hudson River and all of the historic West Village. Listed by Robert Browne, 212-893-1728, robby@corcoran.com.

Luxury Listings NYC | MAY/JUNE 2013

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1 East 62nd Street #PH on the Upper East Side

$29,500,000

Condo (5,190 sf): 11 rooms, 4 beds, 5 baths | Amenities: Doorman, Elevator, Fireplace, Terrace | Common Charges: $12,600 | Monthly Taxes: $7,500 | Listing ID: S654479 This spectacular terraced 5,190-square-foot penthouse is perched high atop one of the finest limestone-sheathed mansions. Steps from Fifth Avenue, the fullservice pre-war condominium was designed by renowned architect Horace Trumbauer in the neo-French Classic style. Listed by Dolly Lenz, 212-891-7113, dlenz@elliman.com.

1 Central Park South #1707-1807 in Midtown

$26,900,000

Condo (4,368 sf): 10 rooms, 4 beds, 4 baths and 1 half-bath | Amenities: Doorman, Patio, Live-in Super | Common Charges: $5,648 | Monthly taxes: $4,773 | Listing ID: S832073 Elegance defined. Perched on Central Park, the completely park facing apartment offers the chance to create a sprawling home on two levels in the incomparable Plaza Residences. This unparalleled opportunity gives you a front seat with sweeping views of the magnificent park. Current floorplans offer four bedrooms, four full baths and two half baths and must be combined. Listed by Sarah Thompson, 917-523-3419, pce@corcoran.com.

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LISTINGS

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755 Greenwich Street in the West Village

$29,000,000

39 East 74th Street on Upper East Side

$27,500,000

Townhouse (10,202 sf): Comprised of three distinct townhouses | Amenities: Garden, Patio, Finished Basement | Listing ID: S770980

Townhouse (6,700 sf): 16 rooms, 7 beds, 5 baths and 2 half-baths Amenities: Elevator | Monthly taxes: $6,845 | Listing ID: S794301

Entering directly into the living room, the soaring ceilings, twin wood-burning fireplaces and wide-plank floors create a stunning living/entertaining space. Listed by Paula Del Nunzio, 212-906-9207, pdelnunzio@bhsusa.com.

Built in 1879 by James E. Ware, this 20-foot-wide residence recently underwent a meticulous renovation under the orchestration of Diamond Baratta Design. Listed by Carrie Chiang, 212-836-1088, ccc@corcoran.com.

170 East 80th Street on the Upper East Side

$27,000,000

Townhouse (10,822 sf): 6 beds, 8.5 baths | Amenities: Deck, Patio | Listing ID: S713498 The prime location, the unusual factor of six bedrooms and 8.5 baths, an interior cascading waterfall, a wall of Bendheim glass, and a tremendous gallery space make this classic townhouse a modern lifestyle residence. Extraordinary reconstruction was executed by architect Toshiko Mori who created a serene and peaceful atmosphere by installing a custom lighting system of over 580 lighting fixtures. Listed by Moshe Balalo, 718-506-8475, moshe@brgnyc.com.

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40 Bond Street #8FL in Noho

$27,000,000

Condo (5,364 sf): 12 rooms, 4 beds, 4 baths | Amenities: Doorman, Elevator, Gym, Fireplace | Common Charges: $10,153 | Monthly Taxes: $3,777 | Listing ID: S848663 Perched above the most desirable block in Noho amongst the city’s most cherished cast-iron buildings is this trophy Ian Schrager property. Located in Pritzker Prize–winning architects Herzog & de Meuron’s landmark 40 Bond Street, this exceptional private full-floor residence is of an unprecedented caliber. Listed by Herve Senequier, 212-727-6162, hsenequier@elliman.com.

1020 Fifth Avenue #8FL on the Upper East Side

$25,000,000

Co-op: 9 rooms, 4 beds, 5 baths | Amenities: Doorman, Elevator, Pets Allowed | Maintenance: $9,750 | Listing ID: S851383 This rare and distinctive residence is unique to 1020 Fifth Avenue. There is virtually nothing else which compares to it—now or ever, on the market—all the way up and down Fifth Avenue. The building’s architects, Warren and Wetmore, designed six of its 13 apartments with rooms of noble proportions, as a 1925 sales brochure stated. Listed by Sharon Baum, 212-836-1036, seb@corcoran.com.

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21 East 26th Street #PH in NoMad

$25,000,000

Condo (6,540 sf): 15.5 rooms, 4 beds, 6 baths and 5 half-baths | Amenities: Doorman, Elevator, Gym | Common Charges: $7,860 | Monthly Taxes: $14,322 | Listing ID: S817038 The magnificent penthouse duplex at the Whitman features four bedrooms, six full bathrooms and two half-bathrooms, and is comprised of more than 6,500 square feet spread out over two full floors. This stunning residence enjoys four terraces totaling over 3,000 square feet and ceiling heights up to 12’ 4”. Private storage is included with the residence. Listed by Melanie Lazenby, 212-727-6131, mlazenby@elliman.com.

66 Leonard Street #PH in Tribeca

$25,000,000

Condo (7,200 sf): 10 rooms, 4 beds, 7 baths | Amenities: Doorman, Elevator, Gym, Swimming Pool | Common Charges: $7,760 | Monthly Taxes: $9,920 | Listing ID: S633479 This glamorous and dramatic penthouse features more than 7,000 square feet of interior space with four fireplaces wrapped by more than 4,000 square feet of landscaped terraces and a 35-foot-long swimming pool. The seamless integration of indoor and outdoor spaces offers the ultimate entertaining environment and a zen-like peacefulness rarely found in the city. Listed by Jim St Andre, 646-732-8162, jim@petermccuen.com.

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150 Columbus Avenue #PH3B on the Upper West Side

$24,900,000

76 Crosby Street #PH in Soho

$24,500,000

Condo (5,500 sf): 10 rooms, 5 beds, 6 baths and 5 half-baths | Amenities: Elevator, Doorman | Common Charges: $6,400 | Monthly Taxes: $6,608 | Listing ID: S796494

Condo (6,792 sf): 14 rooms, 5 beds, 4.5 baths | Amenities: Doorman, Roof Deck Common Charges: $9,628 | Monthly Taxes: $4,306 | Listing ID: S793111

The tour begins in the most gracious windowed foyer of this five-bedroom, 6.5-bath duplex apartment. Listed by Deborah Grubman, 212-836-1055, dg@corcoran.com.

An unparalleled penthouse awaits at the pinnacle of 76 Crosby Street Condominiums. Listed by Adam Modlin, 212-974-0740, adam@modlingroup.com.

60 Warren Street #PH in Tribeca

$24,500,000

169 Hudson Street #PH7N in Tribeca

$24,000,000

Condo (10,911 sf): 19 rooms, 7 beds, 4 baths and 2 half-baths | Amenities: Doorman, Gym | Common Charges: $9,523 | Monthly Taxes: $7,926 | Listing ID: S502706

Condo (6,054 sf): 8 rooms, 4 beds, 4.5 baths | Amenities: Fireplace, Doorman Common Charges: $6,168 | Monthly taxes: $5,682 | Listing ID: S792181

Unparalleled opportunity to own a “townhouse” in the sky. Phenomenal finishes abound in this five-story home. Listed by Stephen McRae, 212-431-2424, stephen.mcrae@sothebyshomes.com.

A stunning and masterfully crafted condo duplex loft, #PH7N at 169 Hudson Street is a rare combination of move-in comfort and super-star elegance. Listed by Liz Dworkin, 212-906-0509, ldworkin@bhsusa.com.

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778 Park Avenue #FL17 on the Upper East Side

$22,500,000

26 East 63rd Street #12AF on the Upper East Side

$22,500,000

Co-op: 10 rooms, 3 beds, 3 baths | Amenities: Elevator, Doorman, Fireplace Maintenance: $18,658 | Listing ID: S832744

Condo: 9 rooms, 4 beds, 5 baths | Amenities: Elevator, Doorman, Fireplace Common Charges: $3,876 | Monthly Taxes: $3,562 | Listing ID: S802061

Located in one of Rosario Candela’s finest apartment buildings, this home is offered for sale for the first time in over 70 years. Listed by Roger Erickson, 212-606-7612, roger.erickson@sothebyshomes.com.

The north duplex penthouse in the historical pre-war condo known as the Leonori is a spectacular residence. Listed by Roger Erickson, 212-606-7612, roger.erickson@sothebyshomes.com.

23 Beekman Place in Beekman

$22,500,000

1 York Street #10FL in Tribeca

$22,000,000

Multi-family (9,293 sf) | Amenities: Elevator, Dishwasher, Garden, Roof Deck, Terrace Listing ID: S769036

Condo (5,350 sf): 4 beds, 4.5 baths | Amenities: Elevator, Doorman, Loft Common Charges: $4,651 | Monthly Taxes: $4,084 | Listing ID: S853641

In New York City, relatively few buildings have been designed and built by architects for their own use. Celebrated architect Paul Rudolph bought 23 Beekman in 1976. Listed by Howard Morrel, 917-843-3210, hmorrel@bhsusa.com.

Have your our own contemporary 5,350-square-foot haven with four exposures in one of Tribeca’s most exclusive buildings. Listed by James C. Cox Jr., 646-998-7422, jcox@townrealestate.com.

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$22,000,000

1030 Fifth Avenue #3W on the Upper East Side Co-op: 9 rooms, 4 beds, 4.5 baths | Amenities: Doorman, Elevator, Fireplace, Pets Allowed | Maintenance: $8,981 | Listing ID: S654999

Stunning! There really is no other way to describe this newly gut renovated home. It epitomizes an incredible level of taste, style and sophistication, while still retaining a sense of warmth and comfort for day-to-day living and entertaining. Listed by Sharon Baum, 212-836-1036, seb@corcoran.com.

521 Park Avenue #6FL on the Upper East Side

$19,950,000

Condo (4,500 sf): 10 rooms, 4 beds, 4.5 baths | Amenities: Fireplace, Doorman Common Charges: $7,645 | Monthly Taxes: $2,739 | Listing ID: S849430 The sixth floor of 521 Park offers one of the rarest of commodities in New York, a pre-war condo on Park Avenue. Listed by Drew Glick, 212-396-5883, dglick@bhsusa.com.

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452 Greenwich Street in Tribeca

$19,500,000

Townhouse (7,500 sf) | Amenities: Roof Deck, Elevator, Garden | Listing ID: S834765 452 Greenwich (aka 21 Desbrosses Street) was originally built in 1819 as a two-and-a-half story building by Alexander Thompson and occupied by Scottish settler Archibald Sommerville. Listed by Paula Del Nunzio, 212-906-9207, pdelnunzio@bhsusa.com.

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25 East 77th Street #1401 on the Upper East Side

$18,900,000

18 Gramercy Park #15 in Gramercy Park

$18,750,000

Co-op: 10 rooms, 5 beds, 5.5 baths | Amenities: Concierge, Doorman, Gym, Terrace Maintenance: $19,291 | Listing ID: S842563

Condo (4,207 sf): 7 rooms, 4 beds, 5.5 baths | Amenities: Elevator, Doorman, Gym Common Charges: $6,220 | Monthly Taxes: $5,004 | Listing ID: S730638

This sun-flooded tower suite is perfectly situated high atop the Mark Hotel. It boasts city and Central Park views from every room in the apartment. Listed by Serena Boardman, 212-606-7611, serena.boardman@sothebyshomes.com.

Residence #15 is offered among a discreet collection of only 14 full-floor homes with 40 feet of frontage on Gramercy Park. Listed by Jill Mangone, 212-490-1818, info@18gramercypark.com.

25 Bond Street #4FL in Noho

$18,250,000

1 Sutton Place South #5A in Sutton Place

$18,000,000

Condo (7,326 sf): 12 rooms, 5 beds, 6 baths | Amenities: Fireplace, Loft, Patio Common Charges: $9,265 | Monthly Taxes: $2,833 | Listing ID: S646474

Co-op: 13 rooms, 5 beds, 4.5 baths | Amenities: Fireplace, Doorman, Elevator Maintenance: $11,729 | Listing ID: S805642

This is a magnificent full-floor condominium loft on Bond Street. Parking is available. Listed by Carrie Chiang, 212-836-1088, ccc@corcoran.com.

This magnificent 13-room apartment with sweeping garden and East River views is located in one of Rosario Candelaâ&#x20AC;&#x2122;s most prestigious masterpieces. Listed by Diane Johnson, 212-418-2075, djohnson@elliman.com.

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1 Main Street #16 in Dumbo, Brooklyn

$18,000,000

Condo (6,813 sf): 11.5 rooms, 3 beds, 3.5 baths | Amenities: Doorman, Elevator, Pets Allowed | Common Charges: $2,687 | Monthly Taxes: $4,595 | Listing ID: S828212 An historic gem. The exquisite triplex penthouse atop Brooklynâ&#x20AC;&#x2122;s iconic Clock Tower building in vibrant Dumbo will awe you with its architectural beauty, luxurious finishes and spectacular views. Listed by Frank Castelluccio, 718-923-8084, frank.castelluccio@corcoran.com.

11 Gramercy Park South in Gramercy Park

$18,000,000

Townhouse (10,100 sf) | Amenities: Fireplace, Garden, Prewar | Listing ID: S816196 Enter 11 Gramercy Park South and find an historic treasure. Built in 1856, this 27-foot-wide, roughly 10,000-square-foot brownstone townhouse, spanning five stories plus a cellar, has been beautifully maintained. Set just off the private Gramercy Park, this home is a fine example of Anglo-Italianate architecture. Listed by Raphael De Niro, 212-460-0655, DeNiroTeam@elliman.com.

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730 Park Avenue #15/16A on the Upper East Side

$17,950,000

122 Waverly Place in Greenwich Village

$17,500,000

Co-op: 12 rooms, 4 beds, 4.5 baths | Amenities: Elevator, Doorman, Gym, Fireplace Maintenance: $8,822 | Listing ID: S749133

Townhouse: 12 rooms, 4 beds, 6 baths | Amenities: Elevator Monthly Taxes: $4,416 | Listing ID: S763981

Perched on the 15th and 16th floors of one of Park Avenueâ&#x20AC;&#x2122;s most distinguished pre-war white-glove co-ops, this grand residence enjoys superb cityscape views. Listed by John Burger, 212-906-9274, jburger@bhsusa.com.

This home is absolute perfection. A 22-foot-wide townhouse reimagined into a modern masterpiece of almost 7,000 square feet. Listed by Noble Black, Esq., 212-444-7926, noble.black@corcoran.com.

459 West Broadway #PH6S in Soho

$17,250,000

200 East 69th Street #47AB on the Upper East Side

$16,950,000

Co-op: 10 rooms, 4 beds, 4.5 baths | Amenities: Elevator, Loft, Fireplace Maintenance: $3,250 | Listing ID: S867445

Condo (4,000 sf): 9 rooms, 4 beds, 3 baths | Amenities: Elevator, Doorman Common Charges: $5,794 | Monthly Taxes: $8,631 | Listing ID: S797838

Step off the private, key-locked elevator past the vestibule and enter the dining room. Listed by Deborah Grubman, 212-836-1055, dg@corcoran.com.

This is a private-floor home with spectacular 360-degree views of every New York landmark as well as Central Park and the East and Hudson rivers. Listed by Mary L. Fitzgibbons, 212-906-9259, mfitzgibbons@bhsusa.com.

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226-228 East 49th Street in Turtle Bay

$16,500,000

Townhouse (8,000 sf) | Amenities: Garden, Garage | Listing ID: S868003 Few houses possess the grace, sense of grandeur, and at the same time comfortable intimacy that this house offers. A cornerstone of Turtle Bay Gardens, a unique enclave of townhouses on an exclusive central garden promenade, this outstanding home features a small hall of mirrors leading to a double-height grand ballroom, with 22-foot ceilings. Listed by Jan Hashey, 212-206-2804, jhashey@elliman.com.

115 Central Park West #28EF on the Upper West Side

$15,950,000

Co-op (3,800 sf): 9 rooms, 3 beds, 4.5 baths | Amenities: Doorman, Elevator, Pets Allowed | Maintenance: $8,673 | Listing ID: S813210 Truly a once-in-a-lifetime opportunity to own a full floor high atop the famed Majestic along Central Park West. Occupying the entire 28th floor, this unparalleled home boasts world-class views in four directions: the Reservoir, Central Park South, Midtown and the George Washington Bridge. Listed by Noble Black, Esq., 212-444-7926, noble.black@corcoran.com.

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$15,500,000

44 West 77th Street #13E on the Upper West Side Co-op (4,200 sf): 9 rooms, 3 beds, 2.5 baths | Amenities: Elevator, Doorman, Fireplace, Bike Room | Maintenance: $11,221 | Listing ID: S725541

Become the owner of this unique, bold, inspired home that affords luxurious entertaining, intimate family gatherings and gallery-style art showcases, all at a rare, prestigious Upper West Side address. It’s been said by many experts that this has the best living room in New York City. Listed by Monica Luque, 212-712-6089, monica.luque@elliman.com.

56 Leonard Street #PH52B in Tribeca

$15,000,000

129 Lafayette Street #PHA in Soho

$14,660,000

Condo (3,709 sf): 6 rooms, 4 beds, 4.5 baths | Amenities: Elevator Common Charges: $3,722 | Monthly Taxes: $1,599 | Listing ID: S837327

Condo (4,660 sf): 4 beds, 3.5 baths | Amenities: Elevator, Doorman, Garden Common Charges: $5,269 | Monthly Taxes: $1,800 | Listing ID: S851415

Penthouse residence featuring private entrance with north, east and south exposures framing Midtown’s spires, the East River, the Manhattan and Brooklyn bridges and the Freedom Tower. Listed by Corcoran Sunshine Marketing, 212-634-6500, info@corcoransunshine.com.

Fabulous Soho duplex penthouse with large terrace in a full-service condo. Listed by Dana Power, 917-209-4550, dpower@townrealestate.com.

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$14,000,000

50 East 89th Street #PHC in Carnegie Hill Co-op: 7 rooms, 3 beds, 3.5 baths | Amenities: Elevator, Doorman, Gym, Roof Deck | Maintenance: $ 7,779 | Listing ID: S868584

Unobstructed views of the Central Park/southern city skyline and the East River will take your breath away. Feel like you are floating above Manhattan from approximately 1,450 square feet of wraparound terrace designed by Italian landscape artist Luciano Giubbilei and furnished with David Sutherland pieces imported from London. Listed by Kianna Choi, 917-797-9209, kianna@bondnewyork.com.

212 West 18th Street #10D in Chelsea

$14,000,000

62 Beach Street #PHA in Tribeca

$14,000,000

Condo (3,199 sf): 6 rooms, 3 beds, 3.5 baths | Amenities: Doorman, Elevator, Garden Common Charges: $3,118 | Monthly Taxes: $2,889 | Listing ID: S858055

Condo (4,316 sf): 10 rooms, 5 beds, 4.5 baths | Amenities: Elevator, Doorman, Loft Common Charges: $3,432 | Monthly Taxes: $4,992 | Listing ID: S846036

This Walker Tower unit offers an unparalleled combination of indoor and outdoor space and sweeping views of the Manhattan skyline, through unobstructed northeast exposure. Listed by Walker Tower Sales Office, 212-335-1800, info@walker-tower.com.

This 10-room exceptional penthouse is a rare oasis for outdoor lovers, showcasing 4,316 square feet of triple-mint interior space and an amazing 3,037 square feet of private outdoor space. Listed by Joan Swift, 212-702-4039, jswift@elliman.com.

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497 Greenwich Street #PHA in Soho

$14,000,000

Condo (3,560 sf): 8 rooms, 4 beds, 3 baths | Amenities: Elevator, Doorman, Fireplace, Swimming Pool | Common Charges: $4,952 | Monthly Taxes: $4,976 | Listing ID: S832011 This penthouse atop iconic 497 Greenwich Street has been meticulously crafted to exceed conventional luxury standards and customized to enhance the prolific architecture of Winka Dubbeldam, perched at the crossroads of West Soho, Tribeca and the West Village. This triple-mint, never-lived-in duplex is a work of unparalleled sculptural architecture. Listed by Herve Senequier, 212-727-6162, hsenequier@elliman.com.

31 North Moore Street #PHE/6E in Tribeca

$13,950,000

Condo (6,147 sf): 11 rooms, 6 beds, 5 baths | Amenities: Fireplace, Loft, Pets Allowed, Elevator | Common Charges: $2,913 | Monthly Taxes: $3,679 | Listing ID: S666115 Fabulous opportunity to create a 6,147-square-foot penthouse duplex with a terrace that is more than 1,100 square feet, plus parking space and storage. This easy combination allows for endless possibilities for the perfect custom layout and can accommodate five to six bedrooms with five to six bathrooms. Listed by Kim Larkin, 212-226-1960, kim.larkin@corcoran.com.

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250 East 49th Street #PH in Turtle Bay

$13,900,000

857 Fifth Avenue #FL8 on the Upper East Side

$13,500,000

Condo: 5 beds, 7 baths, 2 half-baths | Amenities: Roof Deck, Doorman, Gym, Elevator Monthly Taxes: $1,622 | Listing ID: S750049

Co-op: 9 rooms, 4 beds, 5 baths | Amenities: Elevator, Doorman, Fireplace Maintenance: $11,149 | Listing ID: S816079

One-of-a-kind penthouse spanning two full floors. There are two terraces, two balconies and dramatic curvi-linear glass walls encasing this extraordinary space. Listed by Ryan Serhant, 646-443-3705, ryans@nestseekers.com.

Located on Fifth Avenueâ&#x20AC;&#x2122;s Gold Coast, this full-floor apartment has 41 feet on Central Park with panoramic views of the park, Central Park West, and Midtown. Listed by Louise Beit, 212-606-7703, louise.beit@sothebyshomes.com.

4 Centre Market Place in Nolita

$13,000,000

910 Park Avenue #7THFL on the Upper East Side

$12,800,000

Townhouse (5,000 sf): 9 rooms, 4 beds, 4 baths | Amenities: Swimming Pool, Terrace Monthly Taxes: $28,000 | Listing ID: S832645

Co-op (4,600 sf): 12 rooms, 4 beds, 4.5 baths | Amenities: Elevator, Doorman, Gym Maintenance: $9,626 | Listing ID: S844165

Stunning and historic five-floor, 25.5-foot-wide townhouse located in the heart of Nolita. Listed by Adam Mahfoud, 516-987-2602, adam@opgny.com.

Enter from your own private elevator landing into this magnificent and grand full-floor mint-condition, 14- room (now 12-room), pre-war apartment. Listed by Jaar-Mel Sloane, 212-327-3068, jsloane@sloanesquareNYC.com.

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$12,500,000

995 Fifth Avenue #5N on the Upper East Side Co-op (4,118 sf): 8.5 rooms, 4 beds, 4.5 baths | Amenities: Elevator, Doorman, Bike Room, Gym | Maintenance: $16,950 | Listing ID: S801613

The former Stanhope at 995 Fifth Avenue is the most presitgious address in Manhattan. Steps from Central Park and directly across from the Metropolitan Museum of Art, this triple-mint home rivals any trophy property on the market today. Listed by Laurie Silverman, 212-381-4262, lsilverman@halstead.com.

2628 Broadway #PH on the Upper West Side

$12,500,000

1175 Park Avenue #PHA on the Upper East Side

$12,500,000

Condo (4,000 sf): 8 rooms, 4 beds, 3.5 baths | Amenities: Swimming Pool, Elevator Common Charges: $5,155 | Monthly Taxes: $1,832 | Listing ID: S798543

Co-op: 10 rooms, 4 beds, 4 baths | Amenities: Elevator, Doorman, Fireplace Maintenance: $8,272 | Listing ID: S864237

360-degree views from this super sexy penthouse. This is the first time in resale history for the coveted Ariel East penthouse. Listed by Andrew Phillips, 212-381-2227, aphillips@halstead.com.

Magnificent pre-war, white-glove penthouse on Park Avenue with enormous wrap terrace that faces in three directions. Listed by Amy Tucker Meltzer, 212-327-3106, ameltzer@sloanesquarenyc.com.

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$12,500,000

111 Mercer Street #PH in Soho Condo (3,063 sf): 7 rooms, 3 beds, 3.5 baths | Amenities: Elevator, Pets Allowed, Loft | Common Charges: $3,707 | Monthly Taxes: $5,323 | Listing ID: S712685

Revel in the most glamorous duplex loft penthouse in the very finest Soho location just steps from the Mercer Hotel. This three-bedroom, 3.5-bathroom duplex loft condominium offers unparalleled urban indoor/outdoor living with over 1,600 square feet of outdoor space on two set-back terraces plus a spectacular roof terrace. Listed by John Gomes, 212-891-7676, jgomes@elliman.com.

120 East End Avenue #7A on the Upper East Side

$11,950,000

159 East 64th Street on the Upper East Side

$14,000,000

Co-op: 14 rooms, 6 beds, 5 baths | Amenities: Doorman, Elevator, Gym Listing ID: S846510

Townhouse (5,636 sf): 11 rooms, 4 beds, 4 baths | Amenities: Elevator, Fireplace Monthly Taxes: $6,333 | Listing ID: S838143

The epitome of elegance, this grand six-bedroom home was designed by the legendary Jed Johnson with Alan Wanzenberg and the renowned Thad Hayes. Sweeping river and sky views. Listed by Serena Boardman, 212-606-7611, serena.boardman@sothebyshomes.com.

Elegant 20-foot-wide townhouse located on one of the most charming treelined blocks. Listed by Liora Yalof, 212-323-3242, lyalof@corcoran.com.

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456 West 19th Street #PHH in Chelsea

$11,750,000

Condo (4,100 sf): 6 rooms, 3 beds, 3.5 baths | Amenities: Elevator, Doorman, Green Building, Fireplace | Common Charges: $5,098 | Monthly Taxes: $542 | Listing ID: S822538 Enjoy brilliant light and sweeping panoramas from endless steel casement windows in this stunning duplex penthouse loft floating high above the High Line in the ultra-cool West Chelsea Art District. Inspired by the classic artist studios of the 1920s, this signature Cary Tamarkin-designed residence is guaranteed to take your breath away. Listed by Richard Orenstein, 212-381-4248, rorenstein@halstead.com.

145 Hudson Street #11B in Tribeca

$11,500,000

Condo (4,120 sf): 8 rooms, 4 beds, 3 baths | Amenities: Elevator, Pets Allowed, Loft, Doorman | Common Charges: $3,150 | Monthly Taxes: $1,408 | Listing ID: S874312 Enjoy brilliant light and breathtaking panoramas from every room in this grand-scaled 4,120-square-foot high floor double-corner loft located in the iconic Skylofts Building, Tribeca’s most authentic and respected loft conversion. A dramatic entrance gallery—ideal for displaying your art collection—leads to a spectacular 73-foot-wide Great Room bathed in natural light from north/east/west exposures. Listed by Richard Orenstein, 212-381-4248, rorenstein@halstead.com.

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400 West 12th Street #6C in the West Village

$11,250,000

250 West Street #11H in Tribeca

$10,950,000

Condo (2,626 sf): 6 rooms, 3 beds, 3.5 baths | Amenities: Doorman, Gym, Bike Room Common Charges: $3,230 | Listing ID: S844801

Condo (4,018 sf): 8.5 rooms, 3 beds, 3.5 baths | Amenities: Elevator, Doorman Common Charges: $3,119 | Monthly Taxes: $5,279 | Listing ID: S622330

One-of-a-kind, river-facing and corner apartment in downtown’s most soughtafter building, Superior Ink. Listed by Leslie Wilson, rwilson@related.com.

In the heart of Tribeca’s landmark historic district, 250 West Street is a monumental former warehouse built in 1906. Listed by Erica Miller, 609-828-9346, ericam@cantorpecorella.com.

8200 Narrows Avenue in Bay Ridge, Brooklyn

$11,000,000

Townhouse: 6 beds | Listing ID: S844405 8200 Narrows Avenue is enchanting, inviting and romantic. This fairy-tale estate has been featured in a Prague museum as one of the 10 most beautiful places in the United States and is considered one of the finest examples of Arts and Crafts architecture in New York City. The architect J. Sarsfield Kennedy designed the estate in 1916 for Howard and Jesse Jones. Listed by Stephanie O’Brien, 718-486-4457, stobrien@elliman.com.

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Luxury Listings NYC | MAY/JUNE 2013

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NYCâ&#x20AC;&#x2122;s

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$10,500,000

145 Hudson Street #13B in Tribeca Condo (4,120 sf): 6 rooms, 3 beds, 3 baths | Amenities: Elevator, Doorman, Loft | Common Charges: $3,250 | Monthly Taxes: $1,520 | Listing ID: S828776

This unique home, designed by acclaimed architect Annabelle Selldorf, floats high above Tribeca and allows breathtaking Hudson River and city skyline views from 15-foot-wide arched windows and three sun-filled exposures. Laid out as three bedrooms (convertible four), the generous layout maximizes functionality with sprawling wide open living spaces and conveniently separated personal quarters. Listed by Raphael De Niro, 212-460-0655, deniroteam@elliman.com.

15 Central Park West #3E on the Upper West Side

$10,000,000

Condo (2,100 sf): 2 beds, 2.5 baths | Amenities: Elevator, Pets Allowed, Doorman Common Charges: $2,867 | Monthly Taxes: $1,466 | Listing ID: S834152 Luxurious living at Manhattanâ&#x20AC;&#x2122;s most distinguished residential address is truly unmatched in this meticulously-designed, light-flooded two-bedroom, 2.5-bathroom corner apartment in the coveted 15 Central Park West. Listed by Monique Silberman, msilberman@townrealestate.com.

Luxury Listings NYC | MAY/JUNE 2013

26 Bond Street in Noho

$10,000,000

Multi-Family (7,363 sf) | Listing ID: S795910 This walk-up building is four stories plus a full basement with cellar and is configured with six apartments and one commercial space (approximately 2,500 square feet) currently leased to the Smile until 2018. Listed by Lora Dettinger, 212-792-9261, ldettinger@bondnewyork.com.

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LISTINGS

Hamptons

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Two Trees Farm in Bridgehampton

$55,000,000

Rose Hill Point in Water Mill

$39,500,000

House (2,500 sf): 4 beds, 3.5 baths | Amenities: Dock, Tennis, Horse Facilities, Pool Monthly taxes: $90,000 | Listing ID: S698347

House (15,000 sf): 7 beds, 12 baths | Amenities: Fireplace, South of Highway Listing ID: S698347

One of the finest equestrian facilities in the country situated on 115 acres of prime Hamptons land. Home to the Mercedes Benz Polo Challenge. Listed by Deborah Ginsburg, 631-287-9260, deborahg@nestseekers.com.

Cross an exquisite yacht with an extraordinary estate and you will find this incredible waterfront property, which sits on 2.3 acres. Listed by Harald Grant, 631-283-0600, harald.grant@sothebyshomes.com.

160 Ox Pasture Road in Southampton Village

$45,000,000

House (18,000 sf): 12 beds, 12 baths and 5 half-baths | Amenities: South of Highway, Swimming Pool, Garage Parking | Monthly Taxes: $8,579 | Listing ID: S844948 This fabulous Southampton estate was originally built in 1915. It has been lovingly restored, during a three-year renovation, to its original grandeur. No expense was spared as the finest of design and construction were executed during this complete overhaul and refitting. Luxurious interiors boast intimate, elegant rooms, many with fireplaces, for the most sophisticated buyer desiring a residence with the finest of details and comfort. Listed by Michaela Keszler, 631-525-3810, michaela.keszler@elliman.com.

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Luxury Listings NYC | MAY/JUNE 2013

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Hamptons

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263 Surfside Drive in Bridgehampton

$29,950,000

Oceanfront home in East Hampton Village

$40,000,000

House (9,500 sf): 7 beds, 10 baths | Amenities: Swimming Pool, Oceanfront, Sauna Listing ID: S644243

House (5,000 sf): 6 beds, 5 baths and 5 half-baths | Amenities: Swimming Pool Listing ID: S695038

Brand new and one-of-a-kind modern oceanfront architectural masterpiece with pure glass facade. It has a unique rooftop terrace with incredible views. Listed by Susan Breitenbach, 631-899-0303, smb@corcoran.com.

World-renowned Lily Pond Lane is the setting for this pristine shinglestyle residence just listed for sale. Listed by Tim Davis, 631-283-7300, tgdavis@corcoran.com.

66 Seafield Lane in Westhampton Beach

$17,750,000

House (16,000 sf): 24 rooms, 9 beds, 9 baths and 2 half-baths | Amenities: South of Highway, Swimming Pool, Garage Parking | Monthly Taxes: $6,250 | Listing ID: S691004 This 16,000-square-foot waterfront estate was designed in 1903 for coal baron William Atwater by architect Henry Bacon, best known for his design of the Lincoln Memorial in Washington, D.C. Overlooking scenic Quantuck Bay with 620 feet of water frontage, the manor house boasts 24 rooms, nine bedrooms, six fireplaces, nine full and two half-baths. Listed by Aimee Fitzpatrick Martin, 631-357-0016, aimee.martin@elliman.com.

Luxury Listings NYC | MAY/JUNE 2013

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LISTINGS

Hamptons

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$30,000,000

5-bedroom home in Southampton Village House (6,200 sf): 5 beds, 5 baths | Amenities: South of Highway, Swimming Pool, Fireplace, Deck | Monthly Taxes: $72,274 | Listing ID: S810971

The glass walls of this modern marvel allow for unobstructed views of the ocean and bay. The gated property on over five acres has 200 feet of direct oceanfront, five en-suite bedrooms and an expansive modern kitchen. The home features a north-south tennis court, a 20-by-40-foot indoor heated swimming pool and extensive decks overlooking the dunes. Listed by Timothy J. Haftel, 631-702-7503, thaftel@halstead.com.

Normandy House in Southampton Village

$29,750,000

Home in Amagansett

$19,750,000

House (7,964 sf): 6 beds, 7 baths | Amenities: Swimming Pool, South of Highway Listing ID: S575709

House (8,000 sf): 8 beds, 10 baths | Amenities: Swimming Pool, Garage Parking Listing ID: S755309

Normandy House, renowned and admired for over eight decades as one of the most important houses in Southampton, is ready for the next chapter. Listed by Donald Gleasner, 631-899-0231, dgleasner@corcoran.com.

One of the largest and best properties in Amagansett offering total privacy but located just beyond the ocean and forever protected Nature Conservancy duneland. Listed by Phelan Wolf, 631-267-7110, pwolf@bhshamptons.com.

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Luxury Listings NYC | MAY/JUNE 2013

Closing TAllY

Numbers you don’t need to know … but will make you the life of the party when the talk turns to real estate By Lauren Schram

f you’re oK with a hike to the subway when you rent an apartment, you’re going to be richer. And if you think the city is more crowded these days, you’re not crazy. And if you want to own a home, you’re just like every other American. What are we talking about? Read on, and find out more facts (and fodder for dinner party conversation) about real estate in the Big Apple.

$200

Savings in rent every month for each block that a New Yorker is willing to walk to the subway

161,000

People who moved to the Big Apple in the last two years, larger than the entire population of Hartford, Conn.

Growth in the number of new apartments in New York City in the last decade, while the population grew double that amount

953

Square feet of space that each person occupies in a typical U.S. home; in 1950, the number was 291 square feet.

90,000

Square feet of space in the largest home being built in the U.S., the so-called “Versailles” mansion outside of Orlando, owned by mogul David Siegel

$125 million

Price for a co-op apartment at the Pierre Hotel, the most expensive apartment on the market in Manhattan right now (see page 6)

$18 million

Price for a condo at 1 Main Street in Dumbo, the most expensive apartment on the market in Brooklyn right now

53%

Decline in the number of homes on the market in Tribeca between 2009 and last month, due to an increasingly hot real estate market in which homes are getting snapped up quickly

one-third

Percentage of deals to buy a home in Manhattan today that end up in a bidding war, according to a broker estimate

Percentage of Americans polled in a national survey who consider homeownership important to them Sources: RentHop, New York City, PropertyShark, DoorSteps, Centurion, Miller Samuel, Prudential Real Estate, StreetEasy

Luxury Listings NYC | MAY/JUnE 2013

435 east 52nd Street, Apt. 4/5e Fabulous River House Home $8,500,000 bOnnie yASeen (212) 639-9725

133 east 64th Street, Apt. 2b $5,995,000 bRAd lOe (212) 639-9746

7 ROOMS, 3 bedROOMS Web ID 4009833

Spectacular Central Park Views at the Kenilworth

14 ROOMS, 5 bedROOMS Web ID 3610589

15 east 69th Street, 3A Meticulously Renovated Condo $7,995,000 STePHAnie KAnneR(212) 639-9719

Positively Divine

7 ROOMS, 3 bedROOMS Web ID 410695

8 ROOMS, 3 bedROOMS PluS libRARy Web ID 3944927

1015 Madison Ave. New York, New York 212.772.2666 www.foxresidential.com

FOLLOW THE FOX

151 Central Park West, Apt. 12C $12,500,000 bARbARA FOx (212) 639-9711