VOLUME 01 ISSUE 01
JANUARY/FEBRUARY 2013
www.LLNYC.com
Manhattan home prices jump p8 London real estate trumps NYC p20 Buildings compete to be city’s tallest condo tower p42 How much is that Central Park view really worth? p66 FiDi market still teetering on the edge p96 A look at 2012’s real estate records p98
A PUBLICATION OF
What’s happening in your neighborhood: Upper East Side Upper West Side
p24 p32
Midtown Gramercy
p42 p52
Chelsea
Soho
p58
Greenwich Village
p68
p76
Tribeca
p82
Lower East Side Financial District
p92 p96
© 2013. Douglas Elliman Real Estate.
Equal Housing Opportunity.
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JANUARY/ FEBRUARY 2013
On the cover: This $17.5 million apartment off Central Park (see page 22) is just one of the prime properties featured in Luxury Listings NYC this month. A One Hyde Park home sold for $222 million.
Contents
20 | London trumps NYC: Like NYC, the Big Apple’s sister city, London, is also seeing record deals. Luxury Listings compares the two cities — and finds (unfortunately) London is putting us to shame. Pomander Walk on the Upper West Side
A condo at One57 set a NYC record.
88 | Off the grid: Haven’t heard of Pomander Walk, Sniffen Court and Collister Street? They’re all hidden side-streets right in the heart of Manhattan.
98 | A record-breaking 2012: In a year of uncertainty, New York managed to shatter several of its real estate records. A recap of the barriers broken.
15 Central Park West
Sergey Brin
38 | Homes of tech power players: A peek at where tech moguls — from Sergey Brin of Google to Paul Allen of Microsoft — call home.
6
Dmitry Rybolovlev
66 | How much is that Central Park view really worth?: We reveal how much special features can add to a home’s value.
74 | Russian roulette: Welcome to the world of the superrich Russian condo buyer, a red-hot segment of the New York real estate market.
NEIGHBORHOODS
24 Upper East Side Home to priciest U.S. zip code, and top sales
68 Greenwich Village After Sandy, some celeb residents still homeless
32 Upper West Side Townhouse asking $40M could set benchmark
76 Soho More drama (and lower prices) for Trump Soho
42 Midtown Buildings compete to be NYC’s tallest condo
82 Tribeca Starchitect tower set to rise from the ashes
52 Gramercy/Flatiron Posh 18 Gramercy Park project sets records
92 East Village/Lower East Side LES gets priciest home sale since crash
58 Chelsea Hudson Yards area becoming increasingly residential
96 Financial District Residential market still teetering on the edge
Luxury Listings NYC | JANUARY/FEBRUARY 2013
P8 Manhattan market roundup Thanks to a dearth of apartments for sale, home prices could rise in the New Year. P14 Profits and pitfalls A roundup of the biggest trends and best advice to help buyers, sellers and renters. P20 This month in NYC history A look back at some of the most interesting real estate stories over the past decades.
EDITOR’S NOTE PUBLISHER Amir Korangy EDITOR-IN-CHIEF Stuart W. Elliott CONTRIBUTING EDITOR Lauren Elkies ART DIRECTOR Gregory Cullen CONTRIBUTORS Katherine Clarke, Guelda Voien, Christopher Cameron, Adam Piore, Hayley Kaplan, Adam Pincus PRODUCTION MANAGER Linden Lim
W
ELCOME TO THE DEBUT ISSUE OF
LUXURY LISTINGS NYC.
The Real Deal has become the preeminent source of news for real estate professionals, and we’ve won
In a city starved for space, real estate is often the
most precious commodity (well, maybe after money). It’s something that is always front and center on New
awards and greatly grown our coverage and readership along the way. We feel there is a similar place for coverage for the
DIRECTOR OF MARKETING OPERATIONS Yoav Barilan
Yorker’s minds, from scheming how to get that slightly bigger apartment to idle gossip about the market at
In addition to regular, dedicated pages on every
ASSOCIATE SALES DIRECTOR Ross Fox
dinner parties to imagining what it would be like to live
Manhattan neighborhood in each issue (something
FINANCE DIRECTOR Ken Cyrus
recently heard about.
ADMINISTRATOR Junaid Zahid
focused on displaying the most
DISTRIBUTION Mitchell’sNY ATTORNEY Barry J. Friedberg Trachtenberg Rodes and Friedberg ACCOUNTANTS William T. McCallum, CPA, P.C., Christine Wang
in that $100 million penthouse you To that end, Luxury Listings is expensive and unique properties in New York City that are on the market right now. The magazine is also a cheat sheet for everything you need to know about Manhattan real estate and about your neighborhood in particular, from what your home is worth to where the market is headed to “what’s-
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 St., 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 St., New York, NY 10001.
general reader.
that-building-rising-at-the-end-ofthe-block-going-to-be.” (Only in New York can a 20-story building be under
the various real estate sections
This is a cheat sheet for all you need to know about real estate in New York City, broken down by neighborhood.
construction at the end of your block and you don’t have any idea what’s going to be there.) We also provide advice for buyers, sellers and renters on navigating the tricky New York real estate landscape.
around town surprisingly don’t offer), we also write all our stories with the understanding that readers in Manhattan care about money and are sophisticated when it comes to their finances. We don’t underestimate our readers.
T
here is plenty to keep you informed and entertained in this first issue. We look at
how home prices in Manhattan may
jump in the New Year — good news considering all the fiscal cliff woes, examine the wealthy Russians who are setting real estate records in New York, survey the buildings that
are competing to be NYC’s tallest condo tower, explore some of Manhattan’s tucked-away side-streets that you may have never heard of, and much more.
And there is plenty of coverage on all of the things that make New York real estate sexy. We write about that $100 million apartment (the price is a new benchmark for New York – see page 98), report on the celebrities who are buying and selling, and take a peek inside some of the most stunning homes in the city. A bit about our background: The magazine is being brought to you by the staff of The Real Deal magazine,
STUART W. ELLIOTT, Editor-in-Chief
which was started nearly ten years ago to focus on the New York City real estate industry because we found that there wasn’t much out there in terms of sophisticated coverage.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
7
MANHATTAN MARKET ROUNDUP
Manhattan real estate perks up Sales prices to increase in New Year By Hayley Kaplan
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inter is usually the slowest time of year for Manhattan real estate sales. This season, however, the continued strength of the luxury market — paired with the change in tax rates for capital gains — prompted a spike in sales activity. In the fourth quarter of 2012, the number of sales was up nearly 30 percent from the same time a year earlier, according to the latest market report from brokerage Douglas Elliman. At the same time, the number of available apartments on the market is down more than a third from a year earlier. Real estate appraiser Jonathan Miller of Miller Samuel said if this level of activity keeps up, rising prices are likely to follow in the first quarter of 2013. That hasn’t happened just yet, though. Average sales prices across the borough stayed largely flat in the fourth quarter, increasing just 1 percent to $1.46 million from a year prior. But Miller said it’s only a matter of time. “When you have sales rising and less [homes] available, the result eventually is rising prices,” he said. Miller attributed the changes in part to falling interest rates. Data released last month shows that 30-year fixed-rate mortgages fell gradually throughout 2012, sliding from 3.9 percent in the first quarter to 3.5 percent by the end of the third quarter. “This trend has been occurring for a couple years [but] accelerated because interest rates have fallen,” Miller said. Another factor driving the market is the flurry of high-end
luxury sales, which has been prompted by the looming rise in capital gains taxes. “We expected to see a strong December in high-priced apartments as a result of the pending change in capital gains rates,” said Neil Binder, president of the Bellmarc Group. Even so, he said, “we have been pleasantly surprised to see that the normal December lull has been less than we expected.” In another market report last month, the brokerage Olshan Realty reported that more than 40 sales priced above $4 million in Manhattan had been signed in a period of two weeks in December — the best holiday season since the firm began tracking the luxury market in 2007. Perhaps as a result of this heightened sales activity, the once red-hot rental market is changing direction. Manhattan rents have finally reversed course and begun to drop, while the availability of rental apartments has inched higher, brokers said. Average Manhattan rental prices peaked at historic highs in 2012’s third quarter after steadily increasing earlier in the year, according to brokerage Citi Habitats. In the fall, however, rents began to slide. The average Manhattan apartment rented for $3,368 in November, $76 less than the previous month, the Citi Habitats data showed. Still, the rental market continues to be active, driven by still-low vacancy rates, brokers said. “The cold-weather months are typically less competitive, but this year there continues to be a lot of competition among renters,” said Douglas Wagner, executive director of leasing at Bond New York.
While the sales market is looking up, there are signs of weakness in the rental market.
$1.46M
The average price of a Manhattan apartment at the end of 2012.
$3,368
Monthly average Manhattan rent at the end of 2012, down $76 from the month before.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
29%
3.5%
The historically low rate for a 30-year fixed mortgage.
Rise in the number of sales between 2011 and 2012, a positive sign for the market.
1%
Increase in apartment prices since last year. Bigger jumps are expected in 2013.
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NYC’s
Premier Listings
144-144 Duane Street in Tribeca
$49,500,000
Townhouse: 8 beds, 10 baths | Listing ID: S599299 Built in 1862, and recently gut renovated, this exceptional limestone loft mansion located in the heart of Tribeca is a one-of-a-kind masterpiece. With 30,000 square feet of usable interior space, this is one of the largest and most beautiful properties to ever become available downtown. Listed by Leonard Steinberg, (T) 212.727.6164, (E) lsteinberg@elliman.com.
Unit #64CE at 25 Columbus Circle in Lincoln Square
$40,000,000
Condo (4,382 sf): 9 rooms, 5 beds, 7 baths | Amenities: elevator, doorman | Monthly taxes: $4,945 | Common charges: $8,508 | Listing ID: S767254 Enjoy spectacular, helicopter views of Central Park, the city and the Hudson River from this incomparable 4,382-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, (T) 212.891.7611, (E) dkunen@elliman.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$48,000,000
PH at 145 Hudson Street in Tribeca
Condo (7,493 sf): 8 rooms, 4 beds, 4.5 baths | Amenities: fireplace, terrace, doorman | Monthly taxes: $8,750 | Common charges: $12,282 | Listing ID: S689350 A Tribeca duplex penthouse masterpiece: sheathed in museum quality, high-performance, insulated glass set atop an historic Art Deco loft building at 145 Hudson Street. The glass envelope of its nearly 7,500 interior square feet was designed to provide the utmost quiet indoor environment, with the maximum exposure to the 4,500 square feet of private, wrap-around terrace and the spectacular 360-degree panoramic views of Manhattan and the Hudson River. Listed by Heather McDonough, (T) 212.321.7164, (E) heather.mcdonough@elliman.com.
$40,000,000
3 Riverside Drive on the Upper West Side Townhouse (11,000 sf): 12 rooms, 6 beds, 8 baths | Amenities: fireplace, terrace, garden | Monthly taxes: $4,133 | Listing ID: S767555
A true work of art inside and out, this exquisite five-story, 37-foot-wide mansion at 3 Riverside Drive simply cannot be rivaled as a showpiece on the Upper West Side. The Kleeberg Residence, built in 1899 in the French Renaissance Revival style and designed by noted architect C.P.H. Gilbert, boasts the most extraordinary Gothic and Renaissance details. Its distinctive limestone façade and elaborately decorative roofline make this beautifully adorned treasure an absolute standout on its block. Listed by David Weiss, (T) 212.350.8545, (E) dweiss@elliman.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
11
NYC’s
Premier Listings
$31,000,000
170 East 80th Street on the Upper East Side Townhouse (10,822 sf): 6 beds, 8.5 baths | Amenities: roofdeck, gallery space, garden/courtyard | Listing ID: S713498
The prime location, the unusual factor of six bedrooms, 8.5 bathrooms, an interior cascading waterfall, a wall of Bendheim glass and a tremendous gallery space — all these fantastic amenities turn this classic townhouse into a modern lifestyle residence. Listed by Andy Kim, (T) 212.380.8879, (E) andy@brgnyc.com.
$29,500,000
10 West 10th Street in Greenwich Village Townhouse: 21 rooms, 7 beds, 8 full baths, 5 half-baths | Amenities: fireplace, terrace, patio | Monthly taxes: $6,283 | Listing ID: S755809
Originally built in 1844, this four-story, Greek-revival-style townhouse exemplifies the elegance and refinement that is synonymous with the Gold Coast. This 26-foot wide, triple-mint-condition house features rarely found triple exposures on all floors and has been impeccably renovated from top to bottom. With seven bedrooms, seven full baths and three half-baths this stunning home features an elevator, three wood-burning fireplaces, multiple outdoor spaces, high-end finishes, central heat and air conditioning, security system and a full centralized sound system. Listed by Sara Gelbard, (T) 212.242.9941, (E) sg@corcoran.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$29,900,000
80 Washington Place in Greenwich Village Townhouse (8,700 sf): 5 beds, 7 full baths, 5 half-baths | Amenities: fireplace, terrace, garden | Listing ID: S691997
Located in the heart of Greenwich Village, 80 Washington Place is an extraordinary townhome that has been lovingly restored and converted into a singlefamily residence by William Rainero, a passionate developer who grew up in the house. Built in 1839 in classical Georgian style, the house is 22.5 feet wide. Listed by Lisa Simonsen, (T) 212.702.4005, (E) lsimonsen@elliman.com.
$35,000,000
PH19/20 at 55 Central Park West in Lincoln Square Co-op (5,000 sf): 12 rooms, 4 beds, 4.5 baths | Amenities: fireplace, concierge, roof deck | Maintenance: $11,632 | Listing ID: S754942
A rare opportunity to acquire a grand duplex penthouse, with two terraces, atop one of Central Park West’s most distinguished cooperatives. Spanning approximately 5,000 square feet, the sprawling, sun-drenched residence is located on the 19th and 20th floors, with over 300 linear feet fronting Central Park. Both levels have expansive terraces and the apartment enjoys unparalleled views of Central Park. The space has been dramatically expanded and has never been offered as a combined unit. Listed by Raphael De Niro, (T) 212.460.0655, (E) thedenirogroup@elliman.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
13
TRENDS TO WATCH
Profits and pitfalls Navigating the tricky real estate landscape in NYC By Lauren Elkies
S
elling your apartment and struggling to upgrade to a two-bedroom? Worried about dysfunction in D.C. affecting the real estate market and your home’s value? Luxury Listings NYC talked to real estate experts and scoured media outlets to find some of the biggest trends as well as the best recent advice to help buyers, sellers and renters. 2012 ended with scramble to close deals When January tax increases were approaching, real estate brokers and lawyers were hurrying to close deals before the year’s end, as property owners rushed to unload properties before a fiscal cliff deal was reached, according to the New York Times. While the tax increases weren’t fully determined as of press time, federal capital gains taxes are expected to rise to at least 23.8 percent at the top rate from 15 percent. That would include a 5 percent tax increase and a new 3.8 percent tax on investment income levied on high earners. Some homebuyers reportedly found significant discounts by agreeing to pay all cash for their deals by the end of December, the Wall Street Journal reported. On the other hand, other deals were constructed to fall apart if they didn’t close by midnight on Jan. 1.
No. of first-time homebuyers 2-bedrooms down
First-time homebuyers dwindling Because of difficulty obtaining credit, the number of first-time homebuyers is dropping. A survey showed that first-time homebuyers depend on Federal Housing Administration–backed loans, but because they are becoming more costly fewer people are relying on them, according to the Times. Also potentially contributing to the shrinking number of new buyers is community lenders’ uncertainty about upcoming regulatory changes. Though some potential buyers are waiting it out, some real estate pros say that renters who are squared away financially are increasingly opting to buy in the Tristate region to avoid paying high rents amid a tight rental market.
In tough market, trading up is hard to do Even the most qualified and prepared potential buyers are having troubles moving to bigger digs in Manhattan, the Times reported. With the market for two-bedrooms from $1.4 million to $3 million going strong, the number of available apartments has dwindled. In Manhattan alone the number of two-bedroom listings has shrunk by 28 percent to 1,673 listings in the third quarter from the same period a year ago, according to residential real estate appraisal firm Miller Samuel. Potential home sellers face a problem: Because of the fall in prices since 2008, regardless of appreciation in value, they may not be able to make enough off of a sale to get into a bigger and better place, according to the Times. Tight credit on the part of banks is also continuing to add to the problem.
Should you refuse to pay rent if your building is uninhabitable post-Sandy? With many buildings still uninhabitable post–Hurricane Sandy, some people want to know whether or not landlords can demand rent payments for apartments that can’t be lived in. The short answer, according to real estate blog Curbed, is: Yes, they can demand rent, although doing so could be seen as an act of vengeance against the tenants. But do tenants have legal grounds for refusing to pay in these cases? Leases are not all the same, and worried tenants should read over their own lease, Curbed advises. Note that generally, renters have limited rights under the casualty section of the lease, which protects against “fire or other casualty.”
How do you sell an apartment in the doldrums of winter? Looking to get some traction from potential buyers before the market ramps up in the spring, which is traditionally the busiest time of year for real estate? The website BrickUnderground had some sage advice for how to market an apartment during the slow holiday season and into the new year.
1
Update your listing: If the home has been on the market for a while, give your listing a makeover.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
2
Be flexible about viewing times.
3
Plan a special event at your apartment.
4
Take another look at the price if it has been on the market for a month and a half with little action.
5
Consider increasing the commission percentage to brokers to 4 percent from the typical 3 percent each.
6
Freshen it up by de-cluttering and organizing so it looks more spacious and open.
7
Be smart about holiday decorations and keep them neutral.
NEW YORK LUXURY
885 Park Avenue, PH15A I $34.995M I WEB# 2487854 Hilary Landis 212.605.9217
10 West 10th Street I $29.5M I WEB# 2478060 Sara Gelbard 212.242.9941
122 Waverly Place I $18.9M I WEB# 2498659 Amanda Sawyer 212.444.7900, Noble Black 212.444.7926
25 East 77th Street, Apt 1401 I $18.9M I WEB# 2297243 Lydia Sussek 212.893.1434
Virtually Staged
50 Gramercy Park North, PH I $16.9M I WEB# 2204879 Tim Cass 212.500.7025
120 East 87th Street, Apt 22AB I $14.9M I WEB# 2463964 Debra LaChance 212.941.2643 I Leighton Candler, 212.937.6677
351 Riverside Drive I $14.95M I WEB# 877330 Tod Mercy 917.476.3598
42 Remsen Street I $10M I WEB# 2466704 Yolanda Johnson Vogelzang 718.923.8023
INTRODUCING THE NEW CORCORAN.COM Rich, beautiful content, personalized and more social than ever before. It’s never been easier to go from searching, to finding. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.
NYC’s
Premier Listings
Apt. 56 at 950 Fifth Avenue on the Upper East Side
$27,500,000
Apt. 10/11C at 775 Park Avenue on the Upper East Side
$23,000,000
Co-op: 12 rooms, 4 beds, 5.5 baths | Amenities: elevator, doorman, central air Maintenance: $16,855 | Listing ID: S696703
Co-op: 5 beds, 4.5 baths | Amenities: fireplaces, central air, prewar Maintenance: $9,599 | Listing ID: S639406
Upper East Side grandeur defines this stunning 12-room triple-mint prewar duplex overlooking Central Park and the southern city skyline. Listed by Cindy Kurtin, (T) 212.452.4406, (E) ckurtin@stribling.com.
Located in one of Park Avenue’s finest prewar cooperatives, this classic 12-room duplex commands over 100 feet of Park Avenue frontage. Listed by Mary L. Fitzgibbons, (T) 212.906.9259, (E) mfitzgibbons@bhsusa.com.
$24,300,000
16 East 95th Street in Carnegie Hill Townhouse (8,000 sf): 5 beds, 6 full baths, 5 half-baths | Amenities: fireplace, prewar, garden | Listing ID: S499383
Perfectly situated just off Fifth Avenue on a beautiful tree-lined street in Carnegie Hill, this newly renovated magnificent sun-drenched Renaissance Revival mansion was built by renowned architect Henry Anderson in 1899. The original exquisite details remain intact, including beaded egg- and dart-framed entrances, fluted pilasters and elaborate, decorative details. This residence has been impeccably renovated and seamlessly incorporates state-of-the-art technology. Listed by Dolly Lenz, (T) 212.891.7113, (E) dlenz@elliman.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$22,000,000
Apt. 3W at 1030 Fifth Avenue on the Upper East Side Co-op: 9 rooms, 4 beds, 4 baths, 1 half-bath | Amenities: elevator, doorman, library, fireplace | 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. Only the finest fixtures and finishes have been utilized throughout, touching every single inch of this 12-into-9-room residence. Entrance is directly from the locking elevator into an oversized, multi-columned gallery with a powder room. Listed by Sharon E. Baum, (T) 212.836.1036, (E) seb@corcoran.com.
a
Apt. 11B at 765 Park Avenue on the Upper East Side
$20,000,000
176 East 64th Street on the Upper East Side
$19,500,000
Co-op (11,000 sf): 14 rooms, 5 beds, 5 baths, 5 half-baths | Amenities: library, prewar, doorman | Monthly taxes: $9,875 | Listing ID: S697953
Townhouse (6,000 sf): 14 rooms, 5 beds, 5.5 baths | Amenities: terrace, fireplace | Monthly taxes: $52,000 | Listing ID: S672068
Resplendent with glorious light streaming in from 25 windows, the sprawling home spans three exposures. Listed by John Burger, (T) 212.906.9274, (E) jburger@bhsusa.com.
A rare, impeccably designed and recently renovated neo-classical five-story elevator townhouse perfectly situated on one of the most desirable and beautiful townhouse blocks. Listed by Dennis Di Lorenzo, (T) 646.942.7327, (E) ddilorenzo@stribling.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
17
HAMPTON LUXURY F Bridgehampton I $16.5M I WEB# 43993 Patricia Garrity 631.702.9221 | Alyssa Giruzzi 917.822.7440
Southampton I $13.9M I WEB# 51871 Michael Schultz 917.882.8338 | Susan Ryan 631.680.3321
750 Jim
Bridgehampton I $4.75M I WEB# 36737 Ginger Thoerner 646.322.7861
East Hampton I $2.95M I WEB# 23558 Evan Kulman 917.453.0733 | Gene Stilwell 516.641.3755
117 Can
Virtually Staged
Shelter Island I $2.25M I WEB# 2.25M Peter McCracken 631.774.0107
East Hampton I $2.195M I WEB# 26720 Bryan Midlam 631.235.8545
350 Suz
Montauk I $2.1M I WEB# 51265 Helen Stubbmann 631.375.3778
Water Mill I $1.695M I WEB# 35111 Jane Peterson 631.899.0346
177 Joh
INTRODUCING THE NEW CORCORAN.COM Rich, beautiful content, personalized and more social than ever before. It’s never been easier to go from searching, to finding.
The C
Y FLORIDA LUXURY 750 South Ocean, Manalapan I $28.75M I WEB# 2424197 Jim McCann 561.296.8720
400 Regents Park, Palm Beach I $12.9M I WEB# 2486235 Paulette Koch 561.346.8639, Dana Koch 561.379.7718
1171 South Ocean, Delray Beach I $8.95M I WEB# 2424150 Candace Friis 561.573.9966
3435 North Ocean, Gulf Stream I $7.995M I WEB# 2423903 Candace Friis 561.573.9966
350 Indian Road, Palm Beach I $6.25M I WEB# 2517621 Suzanne Frisbie 561.373.0941
206 Dunbar Road, Palm Beach I $5.995M I WEB# 2423687 Steve Davis 561.379.2928
177 Main Street A, Palm Beach I $2.795M I WEB# 2491740 John Porter 561.512.3575, Alison Newton 917.428.9909
1129 San Michele, Palm Beach Gardens I $1.995M I WEB# 2516417 Lynn Feuerman 561.252.7136
ged
The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.
FACING OFF
New York City vs. London Sister cities across the pond compete L
ike New York City, the Big Apple’s sister city, London, is also seeing record-breaking real estate deals. Luxury Listings NYC takes note of London’s überpricey sales and compares the two cities on highest priced homes, most expensive townhouses and more. Compiled by Christopher Cameron
H I G H E S T- P R I C E D H O M E
A $100 million penthouse at CitySpire is currently NYC’s priciest listing. PRICIEST SALE
New York’s priciest deal is a duplex at One57 that’s reportedly in contract for more than $90 million (see story on page 98). MOST EXPENSIVE TOWNHOUSE
The Big Apple’s priciest townhouse listing is for the famed Woolworth mansion at 4 East 80th Street, which is asking $90 million, or roughly $4,511 per square foot. TOP MARKET IN THE WORLD
#3
New York ranks third behind London and Hong Kong when it comes to über-high-end residential property, according to property advisory company CBRE and reported by the Telegraph. TA X E S
1.43%
New York’s “mansion tax” is 1.43 percent for properties over $1 million.
P O S H O F F I C E S PA C E
#8
NYC ranks the eighth most expensive city for renting office space, according to data from property consultancy Jones Lang LaSalle. H I G H L I N E (S)
NYC’s High Line, the famous park built on a 1.5-mile section of the former elevated New York Central Railroad on the West Side, draws 4 million visitors annually. A LOOK BACK
This month in NYC history L
uxury Listings NYC takes a historical look at some of New York’s biggest real estate stories that occurred in January over the years. In 1971, the city approved loft living for artists in Soho, ushering in a new future for the emerging neighborhood. In 1947, a rather gritty section of the East Side experienced a renewal via the United Nations and Stuyvesant Town and Peter Cooper Village. And 17 years earlier, the city’s largest hotel, the New Yorker, opened in Midtown at 43 stories. Compiled by Christopher Cameron
1971
20
1947
1930
Loft living for Soho artists approved
East Side renewal via U.N., Stuy-Town
City’s largest hotel, New Yorker, opens
The city okayed a change that permitted hundreds of artists to live legally for the first time in Soho loft buildings. The gritty manufacturing neighborhood with its signature cast-iron façades began attracting artists in the 1960s who were seeking cheaper livework spaces in Manhattan. The area’s light manufacturing zoning did not permit residential uses, and so many lived there illegally. A new zoning provision covered about 1,000 buildings. Two years later, the Soho Cast Iron Historic District was designated.
In January 1947, the New York Times ran an extensive article with the paper seeing plans for the United Nations headquarters as a harbinger of the East Side’s renewal. The Times reported that the East 40s were “a depressed area worthy of mention only because it is there that the United Nations will be built…” Plans for middle- and lower-income housing farther downtown along the East River at Stuyvesant Town and Peter Cooper Village were also key to the area’s rejuvenation.
The 43-story, 2,500-room New Yorker Hotel was the tallest and biggest hotel in New York City when it opened in the early weeks of the Great Depression. The limestone-and-brick tower at 481 Eighth Avenue between 34th and 35th streets in Midtown became a gathering place for Hollywood stars such as Spencer Tracy and Joan Crawford and a venue for Big Band jazz legends such as Benny Goodman. The hotel changed hands several times over the years. In 2000, it became a franchisee of the Ramada hotel chain.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
over who has the priciest real estate H I G H E S T- P R I C E D H O M E
In September, a Hyde Park mansion on Rutland Gate hit the market for £300 million, or about $476 million, becoming London’s priciest-ever home up for sale. PRICIEST SALE
In August, London developer Nick Candy sold a six-bedroom duplex in his One Hyde Park complex for £140 million, or roughly $222 million — the world’s most expensive residential sale ever. MOST EXPENSIVE TOWNHOUSE
The Cornwall Terrace mansion in London’s Regent’s Park hit the market, asking £100 million, or about $7,400 per square foot. TOP MARKET IN THE WORLD
#1
London is the most expensive place to buy “super-prime” residential real estate. TA X E S
Britain recently increased its transaction tax to 7 percent for homes selling for more than £2 million, or $3.2 million.
7%
P O S H O F F I C E S PA C E
London is the most expensive city in the world for renting office space.
#1
H I G H L I N E (S)
Taking a page out of NYC’s books, London recently held a competition for its own version of the High Line using abandoned city space.
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* Important Conditions: Rate Protection is available only on Citibank jumbo first mortgage loan applications registered until June 30, 2013. Eligible borrowers must at the time of origination 1) have or open a Citibank deposit account and 2) set up mortgage payments for a direct debit from a deposit account. The mortgage consultant will determine eligibility in the program at application. Offer applies to new home purchase applications and new refinance applications only. Offer not applicable for Home Equity Loans or Lines of Credit. Certain conditions apply: (i) The Rate Protection option may only be exercised (a) after the first monthly payment due date as specified in the Note and (b) before the third anniversary of the date reflected on the Note; (ii) The “Rate Protection Conversion Index,” which is based on the Citibank par rate, must fall more than one quarter of one percentage point (0.25) from the Rate Protection Conversion Index in effect as of the date the Note rate was locked; (iii) Borrowers can track the Rate Protection Conversion Index on-line and must notify Citibank when deciding to exercise the Rate Protection Option. Citibank will confirm eligibility; (iv) at the time of exercise, the Mortgage cannot be in default under the terms of the Note or the Security Instrument; (v) The borrower must provide or complete any documents Citibank requires to effect the new interest rate, including, but not limited to a Loan Modification Agreement. The availability, terms, conditions, and fees of offers, accounts, programs, products, and services are subject to change. This is not a commitment to lend. All loans are subject to credit and property approval. ©2013 Citibank. Citibank, N.A. Member FDIC. Equal Housing Lender. NMLS ID 412915. Citi, Citibank and Citi with Arc Design are registered service marks of Citigroup Inc.
NYC’s
Premier Listings
$17,500,000
Apt. PHB at 7 Hubert Street in Tribeca
Condo (4,200 sf): 3 beds, 3.5 baths | Amenities: concierge, courtyard, loft, fireplace | Maintenance: $4,945 | Monthly taxes: $3,698 | Listing ID: S691526 Take the elevator to your own private floor in the celebrated Hubert Street Condominium and find four exposures with 360-degree views of Tribeca, the Hudson River and beyond. Floor-to-ceiling windows and 11.5-foot ceilings create the feeling of floating in the sky while an impeccable interior renovation sets the stage for graceful and serene living. Listed by Raphael De Niro, (T) 212.460.0655, (E) thedenirogroup@elliman.com.
$17,500,000
Apt.13E at 44 West 77th Street on the Upper West Side Co-op: 3 beds, 2.5 baths | Amenities: doorman, fireplace, prewar | Maintenance: $10,636 | Listing ID: S725541
Yes, the ceiling is over 20 feet high and that makes this property unique. Become the owner of this one-of-a-kind, bold, inspired home that affords luxurious entertaining, intimate family gatherings and gallery-style art showcases, all with a rare, prestigious Upper West Side address. It has been said by many experts that it has the best living room in New York City. Listed by Monica Luque, (T) 212.712.6089, (E) monica.luque@elliman.com.
22
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
East 64th Street on the Upper East Side
$17,400,000
150 West 15th Street in Chelsea
$16,900,000
Townhouse: 8 beds, 8.5 baths | Amenities: terrace, garden, elevator Listing ID: N/A
Townhouse (8,400 sf): 18 rooms, 6 beds, 10 baths | Amenities: fireplace, terrace | Monthly taxes: $3,993 | Listing ID: S750159
Unique opportunity to restore this 25-foot-wide former carriage house to its previous glamour. Listed by Edward F. Johnston, III, (T) 212.906.9284, (E) ejohnston@bhsusa.com.
The classical façade of Indiana limestone belies the fully reimagined interior. A gracious entry foyer leads to a dramatic great room awash in southern light. Listed by Brian Babst, (T) 212.444.7960, (E) bbl@corcoran.com.
90 Franklin Street in Tribeca
$16,500,000
Apt. 2101 at 160 Riverside Boulevard in Lincoln Square
$15,900,000
Condo (5,027 sf): 8 rooms, 4 beds, 4.5 baths | Amenities: library, prewar Monthly taxes: $5,064 | Common charges: $4,837 | Listing ID: S735096
Condo (5,641 sf): 12 rooms, 6 beds, 8 baths, 5 half-baths | Amenities: terrace Monthly taxes: $243 | Common charges: $7,409 | Listing ID: S742563
With gorgeous bones and a consistently market-defying rental record, this home is an ideal canvas for either a discerning primary resident or investor. Listed by Heather Cook, (T) 212.452.4491, (E) hcook@bhsusa.com.
Exquisitely crafted by visionary designers Roman and Williams, this sprawling corner six-bedroom, terraced duplex home boasts dramatic Hudson River views. Listed by Corcoran Sunshine, (T) 212.579.6006, (E) thealdyn@corcoransunshine.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
23
NEIGHBORHOODS
Home to the priciest U.S. zip code, and the top real estate sales, too Of the 20 priciest home sales in Manhattan last year, 14 were on the Upper East Side.
T
he Upper East Side is home to the country’s
Denise Rich sold her apartment at 785 Fifth Avenue for
most expensive zip code — 10065, accord-
$54 million (see “priciest sales” box on the next page).
ing to Forbes’ 2012 annual list of the most expensive postal codes in the U.S. So it might not be a surprise that it’s where most of the pricey real estate deals in the city happen.
due to a lack of apartments on the market as well as the continued influx of foreign buyers into Manhattan. The inventory shortage may be helped by a number of new high-end condo projects that are being completed by develop-
Of the 20 priciest home sales in Manhattan last year,
ers, though the total number of units coming on the market in the
14 of them were on the Upper East Side, according to a story in
area is small compared to the years during the real estate boom.
The Real Deal. (Four of the remaining top sales were on the
Nearly 400 new apartments are slated to hit the market from
Upper West Side, and two were in Midtown.)
late 2012 through 2013. Many projects are being designed to
In 2012, the Upper East Side was home to the priciest co-op sale ever seen in the city, when singer and socialite
What’s my home worth today?
Average prices over the past five years
fit contextually into a neighborhood known for its limestone façades and Renaissance mansions.
What’s happening with the market? Jason Haber, CEO at Rubicon Property Q: What’s going on with residential prices on the Upper East Side today? A: Things are looking up. But we are not back to prices [we saw before the Wall Street meltdown] yet. Brad Loe, vice president and sales manager at Fox Residential Group
Year
Sale Price
2012
$1.1M
Q: What are you seeing in terms of new buildings hitting the market on the Upper East Side?
2011
$1.1M
2010
$1.4M
2009
$1.7M
2008
$1.4M
A: Three big new condo projects on the Upper East Side are all in the 70s and just a stone’s throw from each other. They are 737 Park Avenue, 135 East 79th Street and 200 East 79th Street. For the most part these buildings are offering big “family-sized” apartments, which is very appealing to buyers in this neighborhood given the proximity to many of Manhattan’s top private schools.
Source: StreetEasy.
24
The luxury market is expected to remain tight in 2013, partly
Luxury Listings NYC | JANUARY/FEBRUARY 2013
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
Socialite Denise Rich sold her co-op at 785 Fifth Avenue to media mogul David Geffen for a whopping $54 million in the priciest Upper East Side deal of the year. Courtney Sale Ross, widow of Time Warner CEO Steve Ross, unloaded her 740 Park Avenue co-op to Howard Marks, co-founder of Oaktree Capital, for $52.5 million, finishing as runner-up. A primo townhouse at 973 Fifth Avenue (with an unidentified buyer and seller) sold for $42 million. Damon Mezzacappa, former vice chairman of Lazard Freres, was able to get Anne Bass, wife of billionaire Robert Bass, to pay $42 million for his 834 Fifth Avenue co-op.
Address 781 Fifth Avenue (The Sherry Netherland)
Address 4 East 80th Street (The Woolworth Mansion)
Size/Type co-op 7 beds, 8 baths
Size/Type townhouse (19,950 sf) 10 beds, 11.5 baths
Price $95M
Price $90M
Hot Feature Full-floor residence
Hot Feature 50-person dining room
Address 828 Fifth Avenue Size/Type co-op 8 beds, 10.5 baths Price $72M Hot Feature Lots of Central Park frontage
Source: StreetEasy and Luxury Listings NYC research. Refers to listings as of Dec. 28, 2012.
Celeb real estate in the neighborhood
A trustee for the late Ted Forstmann, the private-equity billionaire, unloaded his 884 Fifth Avenue co-op for slightly more than $40 million. Sources: StreetEasy and Luxury Listings NYC research.
Average prices on UES, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$340,045
$627,038
$1.5M
$3.1M
$9.1M
New York Jets quarterback Mark Sanchez and “Desperate Housewives” actress Eva Longoria were reportedly spotted apartment hunting on Park Avenue.
A prewar duplex at 730 Park Avenue, at 71st Street, formerly owned by the late “60 Minutes” correspondent Mike Wallace, hit the market asking $20 million.
The Daily News suspects Arianna Huffington found a new home at a townhouse on East 80th Street.
Source: StreetEasy.
Average price per square foot for UES sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$721
$812
$1,075
$1,464
$1,918
New York Knick Carmelo Anthony and his wife La La were reportedly seen checking out a $22,000-per-month rental at 1055 Park Avenue, at 87th Street.
Bianca Jagger, the ex-wife of Mick Jagger, had to pay $600,000 in back rent and legal fees in recent months to her former landlord at 530 Park Avenue, following a dispute over rent.
Source: StreetEasy.
Snapshot of a recent Upper East sale
What’s on the market?
$2,035,000 | 301 East 78th Street
Studios are in short supply on the Upper East Side Studios 190 units
1 Beds
2 Beds
620 units 556 units
Source: StreetEasy.
The three-bedroom with an outdoor terrace needed a complete overhaul, according to the agent. She priced it to sell and had a stampede in the door at the first open house. Several offers followed and then the next-door apartment, which was also available, piqued the interest of several of the buyers. The eventual buyer of the three-bedroom pad decided to buy both apartments and combine them. (Listed by Leslie Modell of 301 East 78th Street
3 Beds
> 3 Beds
317 units
271 units
Warburg Realty, pictured)
Luxury Listings NYC | JANUARY/FEBRUARY 2013
25
NEIGHBORHOODS
Priciest rentals on the market
Address 4 East 80th Street (The Woolworth Mansion) Size/Type townhouse (19,950 sf) Price $150K/mo Hot Feature Three kitchens (this home is also for sale — see page 25)
Address 106 East 71st Street
Address 7 East 63rd Street
Size/Type townhouse (10,235 sf) 7 beds, 6 baths
Size/Type townhouse (9,250 sf) 6 beds, 8 baths and 2 half-baths
Price $85K/mo Hot Feature A 600-square-foot baronial living room and dining room
Price $78K/mo Hot Feature Elevator
Source: StreetEasy and Luxury Listings NYC research. Refers to listings as of Dec. 28, 2012.
Cheapest homes for sale
Address 156 East 97th Street
Address 103 East 84th Street, #PHE
Size/Type Studio co-op
Size/Type co-op (280 sf) 1 bed, 1 bath
Size/Type studio co-op (300 sf)
Hot Feature Comes with a private storage unit
Price $160K Hot Feature Top-floor apartment
200 East 79th Street, a new condo which started sales last month, will have apartments ranging in price from just under $3 million to over $14 million. It’s being built by Skyline Developers. A 19-story condo building at 135 East 79th Street, between Lexington and Park avenues, is selling units. Developed by the Brodsky Organization, apartments in the prime location start at around $7 million and go up to more than $20 million on the top floors.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
New stores in the nabe Popular New York–based restaurant chain Meatball Shop, at 1462 Second Avenue, between 76th and 77th streets, in early January
Hot Feature Furnished with custom ship-like built-ins
New developments: what’s rising on UES
26
The never-ending Second Avenue Subway project. The $4.45 billion Second Avenue Subway project, which will include a twotrack line along Second Avenue from 125th Street to the Financial District and alleviate congestion on the 6 subway line, has caused headaches for local residents and businesses. Real estate values have dropped in the subway construction zone.
Price $219K
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
200 East 79th Street
Yorkville residents still fighting waste-transfer station. A wastetransfer station slated to be built at East 91st Street in Yorkville cleared its final regulatory hurdle and could be in operation by 2015. The proposed garbage transfer center has been met with outrage from residents and local politicians who say it would hurt their quality of life.
New private school for learning disabled for UES. Developer Related Companies will bring a school for children with learning disabilities to the first five floors of its forthcoming residential development at 205 East 92nd Street. Windward School will take a 60,000-square-foot space.
Address 103 East 84th Street
Price $125K
Biggest community news affecting local real estate
Clothier Men’s Wearhouse, at 1219 Third Avenue, at 71st Street, where Gracious Home used to be, in January Fastbreak Kids gym and training facility for young athletes, at 1629 First Avenue, between 84th and 85th streets, by the summer
Average monthly rental prices on the UES Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$2,562
$2,877
$5,291
$10,080
$24,478
Source: StreetEasy.
Originally Nelson Rockefeller’s Apartment 13into8rmonFifthAvein60’sfeats47ftLRwCPviews W & S. FDR & libr w fbth. 2BR master suite. Dbl staff rm & FR. $27.5M. Web #1065254. K.Henckels 452-4402
14 Room Townhouse Extraordinaire
Brand NEW - 130 West 12th
Impeccably-designed,renovatedelevatortownhseonthe mostdesirableUESblock.5BRs,5.5bths,3fplcs&hiceils. $19.5M. Web #1297691. D.DiLorenzo 646-942-7327
4 bedroom, 3 bath prewar doorman condominium in the heart of Greenwich Village. Beautiful light, views and gracious layout. Windowed eat-in kitchen. Central air conditioning. $7.5M. Web #3568722. Sean Turner 646-613-2619/Alexa Lambert 212-452-4408
950 5th Ave Duplex w Central Park Views
SkytopFullFlrCondoE65thGlam4000sf8Rm
11 Rooms in Distinguished Park Avenue Bldg
Perfect Pied-a-Terre at Park & 58th
Stunning12rmapt,LRwWBFP,libr,FDR,hugeEIK.4MBRs, 5.5 bths. Architectural details. $27.5M. Web #3284379. C.Kurtin212-452-4406/J.Maher646-709-3340
Flr-to-ceilwndws,vus,4terrs,3lounges,MBRstewspa-bth, sauna+2study,gsteachwbth,EIK,2pwdr.FSbldgwgym, pool.$9.5M.Web#1194949.B.Evans-Butler212-452-4391
E78th.3BRwbths,35x10'gallery,30'LRwWBFP,FDR, enormous kitch, lndry, staff quarters. Storage & gym in bldg. $8.6M. Web #3281850. C.Eland 212-452-4384
Spacious2BR,2bathwlargeLR&diningarea.SSkitchen wgrancntrs.Allcashbldgisrenownforitssuperbservice. $1.3M. Web #1285534. E.Lorenzo 212-452-4411
Amazing Central Park/City Skyline Views
ExquisiteDplxatHotelDesArtistesonW67th
VintageModernat211Elizabeth
Soho 2BR/2 Bath Condo at 255 Hudson
Mint,renovMetropolitanTowercondo.3700+/-sf,hiflr 3-4BRs,4.5bths,LR&DR.Pool,gar,diningclub,gym,concierge. $8.5M. Web#3351758. C.Taub 212-452-4387
Mint6wdbl-hghtceils,2artistwndws,Nexpos,partCPvus, den/gst, lndry, chef’s kit, sep maid’s, CAC. $5.85M. Web #3604115.J.Tuohy646-613-2665/P.D’Arc212-452-4377
The most fabulous downtown pad designed by the acclaimedRoman&Williams.$2.795M.Web#1290701. M.Cashman646-613-2616/S.Turner646-613-2619
LR/DR,topapplis.MBRwmbth.BRwensuitebth.Lndry, pwdrrm,custlighting.Newcondow24-hrattendedlobby. $2.395M.Web#1298391.SusanWires646-613-2653
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12/20/12 1:38 PM
NYC’s
Premier Listings
$14,995,000
Apt. 18B at 860 Fifth Avenue in Lenox Hill Co-op (3,100 sf): 3 beds, 3.5 baths | Amenities: elevator, doorman, gym, fireplace | Maintenance: $7,690 | Listing ID: S733680
With no finer address in New York City and no finer view of Central Park, this three-bedroom, 3.5-bath Fifth Avenue archetype with four terraces has been recently done to fit the finest of “Millionaire’s Row” tastes. The marble entry foyer features complementing, colored marble inlays and elaborate moldings finished with intricate candelabras and a chandelier framed by the dome ceiling. Listed by Carol Friedman, (T) 646.443.3743, (E) carolf@nestseekers.com.
$14,900,000
60 East 66th Street in Lenox Hill Townhouse (8,800 sf): 8 beds, 7 baths | Amenities: elevator, deck, garden, fireplace | Listing ID: S668020
Built in 1877 by J.H. Valentine, the original façade design was created in 1919 by Mott B. Schmidt. The house features five stories with a basement and penthouse level, with a terrace overlooking “The Warhol Townhouse” on East 66th Street. There is also a five-story extension, beautiful original staircase, elevator and garden. The salon floor features 13.5-foot ceilings and an original stone mantel. Listed by Danny Davis, (T) 646.588.4052, (E) ddavis@townrealestate.com.
28
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
PH at 250 East 49th Street in Turtle Bay
$14,900,000
Apt. 56N at 88 Central Park West in Lincoln Square
$14,500,000
Condo (5,500 sf): 5 beds, 7.5 baths | Amenities: fireplace, deck, terrace Monthly taxes: $1,622 | Listing ID: S750049
Co-op: 8 rooms, 3 beds, 3 baths | Amenities: elevator, doorman Maintenance: $5,994 | Listing ID: S747532
Private bed and bath areas offered on the penthouse level of the Alexander. Listed by Ryan Serhant, (T) 646.443.3705, (E)ryans@nestseekers.com.
This beautifully renovated duplex is situated on the perfect floor to watch the annual Thanksgiving Day Parade. Listed by Cindy Kurtin, (T) 212.452.4406, (E) ckurtin@stribling.com.
Apt. PH5 at 212 West 18th Street in Chelsea
$14,000,000
407 East 75th Street on the Upper East Side
$12,500,000
Condo (3,396 sf): 3 beds, 4.5 baths | Amenities: fireplace, doorman Monthly taxes: $2,926 | Common charges: $3,157 | Listing ID: S699666
Townhouse (8,475 sf): 6 beds, 9 baths | Amenities: fireplace, deck, garden Monthly taxes: $5,090 | Listing ID: S772681
Spanning nearly 3,400 square feet, this duplex penthouse offers three bedrooms, 4.5 bathrooms, a wood-burning fireplace and a 190-square-foot terrace. Listed by Core, (T) 212.335.1800, (E) info@walker-tower.com.
Once home to a world-renowned photographer, this 25-foot wide, four-story townhouse offers a variety of spaces for an artist or art enthusiast. Listed by Emily Beare, (T) 212.726.0786, (E) ebeare@corenyc.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
29
NYC’s
Premier Listings
$11,500,000
Maisonette at 260 West Broadway in Tribeca
Condo (8,200 sf): 11 rooms, 3 beds, 7 baths | Amenities: elevator, doorman | Monthly taxes: $11,247 | Common charges: $6,171 | Listing ID: S730741 Experience the grandeur and architectural power of this one-of-a-kind, mansion-like home in Tribeca. An 8,200-square-foot maisonette in the esteemed American Thread building, this triplex offers the separation of space and privacy of a free-standing house, while providing the lifestyle benefits and conveniences of a fully attended building. Listed by Raphael De Niro, (T) 212.460.0655, (E) thedenirogroup@elliman.com.
50 Gramercy Park North in Gramercy Park
$10,800,000
Unit #9W at 135 East 79th Street on Upper East Side
$10,520,000
Cond-op (3,066 sf): 3 beds, 4 baths | Amenities: fireplace, deck, garden Common charges: $11,929 | Listing ID: S643993
Condo (3,287 sf): 7 rooms, 4 beds, 3.5 baths | Amenities: patio, doorman Monthly taxes: $3,151 | Common charges: $5,168 | Listing ID: S784866
An immaculate home largely designed by the famed John Pawson offers an elegant, airy ambiance complemented by oversized windows looking south onto the prestigious Gramercy Park. Listed by Wassim Serhan, (T) 646.588.4025, (E) wserhan@townrealestate.com.
The floor plan includes a spacious living room, oversized eat-in kitchen, windowed study and generous master suite with five-fixture marble bath and custom millwork closets. Listed by Corcoran Sunshine, (T) 212.634.6500, (E) info@corcoransunshine.com.
30
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$10,500,000
PH at 362 West Broadway in Soho Co-op (3,500 sf): 8 rooms, 4 beds, 3.5 baths | Amenities: elevator, fireplace | Maintenance: $3,500 | Listing ID: S669329
Brilliant light and sleek contemporary finishes mingle to stunning effect in this exquisite four-bedroom, architect-designed triplex penthouse loft located atop a converted 19th-century warehouse in historic Soho. A keyed elevator opens to a sun-drenched corner living/dining room framed by original timber columns and beams. It features high ceilings, wide plank flooring, a wood-burning fireplace and breathtaking views of the surrounding landmark district from a wall of tilt-andturn picture windows. Listed by Richard Orenstein, (T) 212.381.4248, (E) rorenstein@halstead.com.
Apt. 3E at 15 Central Park West in Lincoln Square
$10,000,000
224 East 62nd Street in Lenox Hill
$9,250,000
Condo (2,135 sf): 2 beds, 2.5 baths | Amenities: doorman, gym, pool Monthly taxes: $1,466 | Common charges: $2,867 | Listing ID: S746835
Townhouse (3,720 sf): 2 beds, 2.5 baths | Amenities: central air, fireplace, garden, marble floors | Listing ID: S735079
Private and quiet at the most significant residential address in New York City, 15 Central Park West, this two-bedroom, 2.5-bathroom home sprawls over 2,100 square feet. Listed by Ryan Serhant, (T) 646.443.3705, (E) ryans@nestseekers.com.
With garden level and stoop entries, this 20-foot-wide townhouse is uncommonly wide for the Treadwell Farm Historic District. Entering through the gated forecourt, the garden-level entry opens onto a chef’s kitchen. Listed by Paula Del Nunzio, (T) 212.906.9207, (E) pdelnunzio@bhsusa.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
31
NEIGHBORHOODS
Will Kleeberg Residence set new benchmark for townhouse sales? The Kleeberg Residence on Riverside Drive is asking $40 million.
A
n Upper West Side townhouse is hoping to set a new neighborhood record when it
be eye-raising,” said Miller, adding that most properties of that
comes to single-family homes, and the jury is
size tend to be on the Upper East Side between Madison and
out on whether the sellers will get their price.
Fifth avenues.
The 11,000-square-foot Kleeberg Resi-
The 37-foot-wide limestone home is currently owned by
dence, a French Renaissance revival home at
Regina Kislin, a real estate developer, and her husband Anatoly
3 Riverside Drive overlooking Riverside Park,
Siyagine, a photographer, according to the Times. The couple
hit the market toward the end of last year with an asking price of
bought the home for less than $10 million in 1995. The prop-
$40 million, the New York Times reported.
erty is named for Philip Kleeberg, a lace importer, who built the
The current record for an Upper West Side townhouse is the December 2011 sale of a 6,200-square-foot, single-family home at 247 Central Park West for $22.4 million, according to appraiser Jonathan Miller.
home for himself, his wife and the ever-rotating cast of women he cavorted with, in 1896. The home boasts six bedrooms — not including the one for “staff” — eight and a half bathrooms and nine fireplaces.
What’s my home worth today?
Average prices over the past five years Year
Sale Price
2012
$1.6M
2011
$1.6M
2010
$1.5M
2009
$1.3M
2008
$1.8M
Source: StreetEasy.
32
If the Kleeberg Residence sold for its asking price, “it would
Luxury Listings NYC | JANUARY/FEBRUARY 2013
What’s happening with the market? Susan Silverman, an agent at Warburg Realty Q: Which price ranges and apartment types are you seeing perform best and worst on the Upper West Side right now? A: The average apartment is holding its own, but apartments with a “hook,” or those that are tastefully renovated and well-priced, can sell in days. Because there’s a shortage of inventory in every price range, most apartments move pretty quickly. I have buyers waiting to pounce on two- and three-bedroom apartments on the Upper West Side. We are very close to 2008 pre-Lehman prices, but this market won’t tolerate apartments that are excessively overpriced. Jill Sloane, executive vice president at Halstead Property Q: Which price ranges and apartment types are you seeing perform best and worst on the Upper West Side right now? A: There is an extremely low inventory of two- to threebedrooms. They are flying off the market. I see prices continuing to go up and multiple bids happening in 2013. It’s a great time to be a seller.
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
Sandy Weill, former chairman of Citigroup, sold his 15 Central Park West condominium in February 2012 to Russian billionaire Dmitry Rybolovlev for a record $88 million (see page 98). At 15 Central Park West, William Lawrence, founder of Meridian Capital Partners, shed his pad for $23.4 million to a real estate group.
Address 15 Central Park West
Information technology mogul Gideon Gartner sold his condo at the Park Millennium, at 101 West 67th Street, for $20.8 million. At 88 Central Park West, N.J. Nicholas Jr., a former chief executive of Time Warner Inc., got rid of his co-op unit for $19.5 million.
Size/Type condo 5 beds, 5 baths and 2 half-baths
Address 240 Riverside Boulevard (Heritage at Trump Place)
Address 115 Central Park West (The Majestic)
Size/Type condo (14,547 sf) 8 beds, 15 baths
Size/Type cond-op 5 beds, 6 baths and 5 half-baths
Price $95M
Price $75M
Hot Feature It’s the only unit to be combined since the posh building was completed
Hot Feature The floor plan of a townhouse within a full-service building
Price $50M Hot Feature The sale includes a separate one-bed staff apartment in the building
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Riza Aziz, a Hollywood producer and the son of former Malaysian Prime Minister Tun Abdul Razak, paid $33.5 million for a seven-bedroom condo at the Park Laurel at 15 West 63rd Street.
Celeb real estate in the neighborhood
Sources: StreetEasy and Luxury Listings NYC research.
Average prices on UWS, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$397,777
$676,364
$1.5M
$2.8M
$6.8M
Madonna listed her 6,000-square-foot Upper West Side duplex at 41 Central Park West, between 64th and 65th streets, for $23.5 million.
Oscar-winning actress Mira Sorvino found a buyer for her two-bedroom penthouse at the Gloucester at 200 West 79th Street, between Broadway and Amsterdam Avenue.
Source: StreetEasy.
Average price per square foot for UWS sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$795
$934
$1,213
$1,630
$2,256
Source: StreetEasy.
Former “Frasier” star David Hyde Pierce and his hubby expanded their 260 West End Avenue holdings with the purchase of a third apartment in the building, between 71st and 72nd streets.
What’s on the market?
One-bedrooms in greatest supply on the Upper West Side Studios 123 units
1 Beds
2 Beds
477 units 428 units
3 Beds
> 3 Beds
199 units
124 units
“Die Hard” star Bruce Willis checked out an $11.4 million condo at the Olcott, at 27 West 72nd Street, between Central Park West and Columbus Avenue.
U2 bass player Adam Clayton put his threebedroom co-op on the market at the Eldorado, at 300 Central Park West, between 90th and 91st streets, for $8.69 million.
In “Sex and the City”-related news, the show’s creator, Darren Star, listed his 1 Central Park West pad, between 60th and 61st streets, for $15 million, while one of its stars, Cynthia Nixon, sold her apartment at 169 West 78th Street, between Columbus and Amsterdam avenues, for $1.6M.
Source: StreetEasy.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
33
NEIGHBORHOODS
Priciest rentals on the market
Address 247 Central Park West
Address 15 Central Park West
Address 200 Riverside Boulevard
Size/Type townhouse (12,000 sf) 5 beds, 8 baths
Size/Type condo (3,478 sf) 4 beds, 4.5 baths
Size/Type condo 2-beds, 2.5 baths
Price $75K/mo
Price $59K/mo
Price $50K/mo
Unique Feature A 60-foot freshwater lap pool and home gym
Unique Feature Has 50 feet of frontage directly on Central Park
Unique Feature Expansive Hudson River views
Sources: StreetEasy and Luxury Listings NYC research. Refers to listings as of Dec. 28, 2012.
Cheapest homes for sale
Biggest community news affecting local real estate New school for UWS. The Upper West Side will soon get a new Pre-K through eighthgrade school at 61st Street and West End Avenue in one of several new residential buildings planned as part of Extell’s massive Riverside Center project (see new development section below). The school, called PS 342/Riverside Center School, will contain more than 20 classrooms for 488 students. It’s slated to open in 2015. Lincoln Center redevelopment project complete. Lincoln Center has reached the end of its $1.2 billion redevelopment project. During the past six years, Lincoln Center has brought in new green spaces, dining options, signage and amenities as part of the redevelopment.
New stores in the nabe Handbag maker LeSportsac, at 248 Columbus Avenue, between 71st and 72nd streets Address 126 West 96th Street, #4A
Address 102 West 85th Street, #7E
Address 317 West 87th Street, #1D
Size/Type studio co-op (450 sf)
Size/Type studio co-op
Size/Type studio co-op (450 sf)
Price $315K
Price $319K
Price $323K
Notable Feature A separate windowed, California-style kitchen
Notable Feature Owner is offering rebate of $200/month for 2 yrs
Notable Feature Has a home office section
Consignment retailer Second Time Around, at 238 West 72nd Street, between West End Avenue and Broadway Sugar and Plumm, a new bistro with sweets and comfort food, at 377 Amsterdam Avenue, at 78th Street
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
New developments rising on the UWS Groundbreaking took place last month for Riverside Center, a massive five-tower apartment and retail complex between 59th and 61st streets along West End Avenue, which will offer 2,500 apartments, a school, Riverside Center a movie theater, an auto showroom, office space and parking on what is now the largest piece of vacant land on the Upper West Side. The first building is slated to open in 2015, and the entire development is expected to be completed by 2017.
34
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Banana Republic will be closing its existing space on Broadway and 86th Street and opening across the street at 2373 Broadway early this year, the Commercial Observer reported.
Average monthly rental prices on the UWS Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$2,554
$3,236
$5,745
$9,275
$14,043
Source: StreetEasy.
Maid’s Room 12'-0" x 8'-2"
W.I.C.
Master Bedroom 19'-10" x 18'-3" W
Playroom/Family Room 20'-0" x 11'-0"
D
Bedroom 10'-9" x 10'-3"
Library 21'-5" x 10'-4"
Bedroom 14'-8" x 10'-0"
Living Room 21'-5" x 21'-5" Dining Room 20'-4" x 12'-0"
Exceptional 4BR/4B - South West Exposures with City Skyline and Hudson River views: Residence 54t $7,620,000
0
5
10
15
N
LIMITED EDITION, unLIMIted APPReCIAtIOn.
57th Street
The Sheffield welcomes you home. Breathtaking panoramas of the sweeping Manhattan skyline, the Hudson River and Statue of Liberty await you. Comforts and convenience extend to abundant entertainment areas; a double living room, separate family room, formal dining room, library, breakfast room and stunning kitchen with top-of-the-line Bosch, Miele and
PRIVATE ENTRY DRIVE
notes:
sub Zero appliances. With all of these lavish features this limited edition home presents a special and unique opportunity.
56th Street
ACtuAL vIeW
The Sheffield offers resort-like amenities just steps from Lincoln Center, Central Park, and some of the world’s most renowned dining and shopping experiences. An impressive 58 floors above the cityscape, the private landscaped roof deck offers 360° panoramic views for outdoor relaxation and entertaining. Luxuries range from the glistening glassenclosed pool to a full menu of rejuvenating spa treatments. ‘Complete Body and Spa’ offers an inspirational fitness center, yoga, Pilates and spin classes. Spectacular social lounges and, for kids, a vibrant playroom to spark creativity and imagination. Uniformed door attendants, a professional concierge team, and a valet garage are also available.
LOUNGE
VISIT OUR MODEL RESIDENCES AND ON-SITE SALES CENTER Call (866) 630-0206 or visit TheSheffield.com Stylish Studios to Sprawling Four Bedroom Condominiums from $845,000 Immediate Occupancy • Pre-Approved for Favorable Financing 322 West 57th Street, New York, NY 10019
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, sexual orientation or national origin. The complete offering terms are in an offering plan available from the Sponsor. File #CD05-0285. Fixtures, finishes and furnishings subject to change.
Marketing And Exclusive Sales Agent
NYC’s
Premier Listings
233 West 20th Street in Chelsea
$8,999,000
Apt. 45E at 435 East 52nd Street in Midtown
$8,500,000
Townhouse (7,000 sf): 15 rooms, 6 beds, 6 baths, 5 half-baths Amenities: elevator, garden | Listing ID: S689970
Co-op: 14 rooms, 5 beds, 5.5 baths | Amenities: fireplace, doorman, pets allowed | Maintenance: $9,664 | Listing ID: S773686
Built in 1824, this six-bedroom, six-bathroom and five-half-bathroom home has been brilliantly redesigned and redone for a modern lifestyle. Listed by Lisa Lippman, (T) 212.588.5606, (E) llippman@bhsusa.com.
This colossal Art Deco masterpiece is the very epitome of elegance and grace and offers its residents unparalleled service, privacy and tranquility. Listed by Bonnie Yaseen (T) 914.874.3622, (E) byaseen@foxresidential.com.
Apt. 2811 at 795 Fifth Avenue on the Upper East Side
$8,500,000
Apt. 7A at 130 West 12th Street in Greenwich Village
$7,500,000
Co-op: 5 rooms, 2 beds, 2 baths | Amenities: doorman, gym, elevator Maintenance: $8,615 | Listing ID: S770970
Condo (2,816 sf): 7 rooms, 4 beds, 3 baths | Amenities: doorman, gym, pool Monthly taxes: $3,261 | Common charges: $2,751 | Listing ID: S763929
An elegant and inviting home on the 28th floor of the recently renovated Taj-owned Pierre Hotel at Fifth Avenue and 61st Street. Listed by Cornelia Zagat Eland, (T) 212.452.4384, (E) celand@stribling.com.
Brand new. Classic four-bedroom, three-bath prewar apartment in a full-service condominium in the heart of Greenwich Village. Listed by Alexa Lambert, (T) 212.585.4567, (E) alambert@stribling.com.
36
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$7,995,000
Apt. 4 at 88 Franklin Street in Tribeca
Condo (4,000 sf): 5 beds, 3.5 baths | Amenities: elevator, hot tub, central air | Monthly taxes: $1,700 | Common charges: $1,800 | Listing ID: S771104 Few things in New York are as special as open space, making this five-bedroom Tribeca apartment a rare and beautiful find. With high ceilings and light wooden floors throughout, the apartment echoes elegance. It has a private elevator entrance, which opens its doors to a foyer. Walking past that leads you to the open living room, equipped with a library, and the area still fits a large dining room table. Listed by Arie Abadi, (T) 212.825.0050, (E) arie@pp-nyc.com.
278 Clinton Avenue in Clinton Hill, Brooklyn
$7,500,000
323 West 19th Street in Chelsea
$7,250,000
Building (6,900 sf): 31 rooms, 13 beds, 7 baths | Monthly taxes: $883 Listing ID: S749849
Townhouse (3,680 sf): 5 beds, 3.5 baths | Amenities: garden, patio, fireplace Monthly taxes: $1,831 | Listing ID: S772379
A house like this is rarely available and represents one of the most unique offerings you will ever see in Brooklyn. Listed by Abdul Muid, (T) 718.210.4033, (E) abm@corcoran.com.
This stately townhouse combines the elegance of late-19th-century New York with the comforts of contemporary living. Listed by Vickey Barron, (T) 212-612-9647, (E) vbarron@corenyc.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
37
PRICEY PADS
The homes of tech moguls A roundup of Manhattan pads where Silicon Alley’s powerful players dwell By Christopher Cameron
W
hen it comes to the tech sector, there has been a lot of buzz about what kind of office space those companies are taking in Silicon Alley. But where do New York’s most savvy and powerful tech personalities pitch their tents? Not surprisingly, Downtown neighborhoods — where bars and restaurants abound — proved popular for this mostly young group of entrepreneurs.
Napster and Facebook cofounder SEAN PARKER Sean Parker, who has tried to distance himself from Justin Timberlake’s depiction of him as a self-obsessed party boy in the 2010 film “The Social Network,” purchased Bacchus House at 40 West 10th Street in Greenwich Village in 2010 for $20 million, according to real estate listings website StreetEasy. The townhouse features an indoor pool, a private parking garage and an entire New York subway car. The New York Post reported in November that his fiancée is six months pregnant. So perhaps fatherhood may help him shake his bad boy image.
40 West 10th Street
Google cofounder SERGEY BRIN In 2008, Sergey Brin and his wife, Anne Wojcicki, bought a duplex condo at 744 Greenwich Street in Greenwich Village for $8.5 million. The fourbedroom apartment features a limestone bath with heated floors and a master suite with a 23-foot balcony.
744 Greenwich Street
Tech scion GIDEON GARTNER Last July, Gideon Gartner, the CEO and founder of Gartner, a Stamford, Conn.–based global technology research firm that advises over 12,000 organizations on technology-related matters, paid $9.15 million for a unit in the Metropolitan Tower at 146 West 57th Street, public records show. A month later The Real Deal reported that Gartner sold his nearly 6,000-squarefoot penthouse in the Millennium Tower, located at 101 West 67th Street, for $20.75 million, a record for the building.
38
Luxury Listings NYC | JANUARY/FEBRUARY 2013
101 West 67th Street
Facebook cofounder CHRISTOPHER HUGHES Christopher Hughes, who turned heads last year after purchasing the majority stake in the New Republic and becoming the magazine’s publisher and editor-in-chief, purchased an apartment at 30 Crosby Street in Soho with husband Sean Eldridge for $4.8 million in 2010, according to public records. According to the listing, the massive one-room loft is divided by a row of wood columns, complimented by exposed brick walls and antique wood floors. The couple also owns an estate in Garrison, N.Y., according to the New York Times.
30 Crosby Street
Foursquare cofounder DENNIS CROWLEY
Microsoft cofounder PAUL ALLEN
Dennis Crowley, who also cofounded the defunct location-based mobile social networking site Dodgeball, lives in a twobedroom co-op in the East Village. He purchased his pad back in 2007 for $1.15 million, according to public records.
The 48th richest person in the world, according to Forbes’ 2012 ranking, Paul Allen purchased his Lenox Hill co-op unit at 4 East 66th Street adjacent to Central Park in 2011 for $25 million, according to public records. Allen already owns an 11thfloor apartment in the co-op that he picked up in 1996 for $13.5 million, according to the New York Observer.
303 East 8th Street
4 East 66th Street
Blogger and venture capitalist FREDERICK WILSON Frederick Wilson is the blogger and venture capitalist responsible for both Flatiron Partners, a firm that invested in many dotcom, bubble-era startups, and Union Square Ventures, a firm with investments in Twitter, Tumblr, Foursquare and 10gen. In 2010, Wilson purchased the penthouse at 397 West 12th Street for $13 million, according to public records. In 2007, Wilson sold his Greenwich Village townhouse, located at 11 West 10th Street, for $34.5 million, a record price for a downtown townhouse at the time. 397 West 12th Street
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NYC’s
Premier Listings
$7,250,000
Unit #4FL at 60 Greene Street in Soho
Condo (3,900 sf): 6 rooms, 2 beds, 3 baths | Amenities: pets allowed, loft, fireplace | Monthly taxes: $1,831 | Common charges: $1,835 | Listing ID: S734751 Positioned on a sunny high floor of a landmark classic Soho cast-iron building, this full-floor loft has been gut renovated to the most exacting, sophisticated standards. Step off cobbled Greene Street, the most desirable street and block in this remarkable neighborhood with every imaginable restaurant, retail store and convenience, into a refined blend of woods and textures featuring some of the finest craftsmanship and attention to detail anywhere. Listed by Herve Senequier, (T) 212.727.6162, (E) hsenequier@elliman.com.
Unit #4FLR at 84 Mercer Street in Soho
$7,250,000
5th Floor Unit at 85 Grand Street in Soho
$6,950,000
Co-op (9,427 sf): 8 rooms, 3 beds, 3.5 baths | Amenities: elevator Maintenance: $10,028 | Listing ID: S673383
Co-op (5,140 sf): 9 rooms, 4 beds, 3 baths | Amenities: elevator, fireplace Maintenance: $4,400 | Listing ID: S684510
There is nothing else like it available in New York City. This is a unique opportunity to put all that matters to you on one sweeping plane from Mercer Street to Broadway. Listed by Siim Hanja, (T) 212.317.3670, (E) shanja@bhsusa.com.
Dominating the corner of Grand and Greene streets in a powerful 1872 cast iron master work, this extraordinary top-floor loft is simply a wonder. Listed by Siim Hanja, (T) 212.317.3670, (E) shanja@bhsusa.com.
40
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$6,995,000
Unit #1FL at 16 Jay Street in Tribeca
Condo (4,200 sf): 8 rooms, 3 beds, 2.5 baths | Amenities: garden, fireplace | Monthly taxes: $1,933 | Common charges: $2,000 | Listing ID: S763464 Sprawling and dramatic, this voluminous duplex loft offers a flexible layout over 4,200 square feet of prime Tribeca space. Floor-to-ceiling windows, beamed ceilings, exposed brick walls and a mahogany-and-cast-iron, elliptical staircase are some of the character-rich elements that set this home apart. Listed by Raphael De Niro, (T) 212.460.0655, (E) thedenirogroup@elliman.com.
Unit #10N at 220 Riverside Boulevard in Lincoln Square
$6,900,000
Unit #12ABC at 1280 Fifth Avenue in Carnegie Hill
$6,795,000
Condo (3,206 sf): 7 rooms, 4 beds, 5 baths | Amenities: elevator, doorman Monthly taxes: $2,417 | Common charges: $3,068 | Listing ID: S689602
Condo (4,963 sf): 8 beds, 8 baths, 5 half-baths | Amenities: elevator, roof deck, gym | Monthly taxes: $150 | Common charges: $6,110 | Listing ID: S761433
This type of residence rarely graces the market. Walking through this sprawling 3,206-square-foot, corner four-bedroom, five-bathroom home is truly an architecturally pleasing experience. Listed by David Tobon (T) 347.992.6645, (E) david@brgnyc.com.
This beautiful, sprawling combination apartment has many exquisite possibilities to fulfill your personal living requirements. Listed by One Museum Mile Sales Office, (T) 212.996.1280, (E) info@onemuseummile.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
41
NEIGHBORHOODS
New buildings compete for the title of NYC’s tallest condo tower In development: an 84-story condo tower at 432 Park Avenue on the site of the former Drake Hotel (rendering shown here)
N
ew York City has entered the age of a residential arms race, where developers contin-
Street near Seventh Avenue — and the site of the dramatic Mid-
ue to try top each other, literally, in the height
town crane collapse during Hurricane Sandy — is the city’s second
of their developments, according to the New
tallest condo tower under construction. It will reach 1,004 feet.
York Times.
But the builder of One57, Extell Development, will actually be
The tallest residential building under construction in the city is the 84-story, 1,398-
foot-tall condominium tower at 432 Park Avenue. It’s located on 56th Street on the site of the former Drake Hotel, and slated for completion in 2016.
erecting an even taller building near One57, though it is still in the planning stages. The company plans to build an 88-story residential building at 217 West 57th Street, Curbed reported. At 1,550 feet, the project would shatter the record for the tallest
(As a point of comparison, it is shorter than the 1,776-foot office complex at One World Trade Center in Lower Manhattan, which is set to be the tallest tower in the U.S.)
What’s my home worth today?
Average prices over the past five years Year
Sale Price
2012
$1.6M
2011
$1.5M
2010
$1.5M
2009
$1.5M
2008
$1.5M
Source: StreetEasy. Data for 2012 is for the end of the year.
42
One57, a condo building nearing completion on West 57th
Luxury Listings NYC | JANUARY/FEBRUARY 2013
residential building set by 432 Park Avenue. Extell has already hired the architects responsible for the world’s tallest building, the Burj Khalifa in Dubai, to design the tower.
What’s happening with the market? Melissa Pianko, executive vice president for development at the Gotham Organization Q: What is the most surprising trend you’re seeing in the residential market in Midtown? A: We have seen a tremendous uptick in demand for Midtown apartments and one surprising trend has been the sheer volume of renters now actively seeking apartments in Hell’s Kitchen and on the Far West Side. Jonathan Miller, president and CEO of Miller Samuel Q: As an appraiser, what are you seeing in terms of activity in the Midtown residential market? A: Especially with the potential rezoning [in the eastern part of Midtown] coming up, there’s a reshaping of the central business district toward a higher density of taller condominium developments. It’s not that there haven’t been residential projects in Midtown, but now we’re seeing an acceleration of high-end [luxury] projects there.
NEIGHBORHOODS
Priciest neighborhood sales of 2012 Casino mogul Steve Wynn paid $70 million for a duplex at the Ritz-Carlton at 50 Central Park South. The 10,882-square-foot condo, on the 30th and 31st floors, previously served as the hotel’s ballroom. The upper floor has a library, media room, dining room and kitchen, while four bedrooms are on the lower floor. A 6,500-square-foot condo unit at the Plaza sold for $25.9 million. The buyer was reportedly Christian Candy, one of the biggest real estate developers in London. A 4,170-square-foot condominium unit at Olympic Tower, at 641 Fifth Avenue, between 51st and 52nd streets, once the home of convicted fraudster Raffaello Follieri and his actress girlfriend Anne Hathaway, sold for $14 million. The apartment has three bedrooms and 3.5 bathrooms.
Average prices in Midtown, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$517,426
$1.1M
$2M
$5M
n/a
Most expensive homes on the market
Address 150 West 56th Street (CitySpire)
Address 1 Central Park South (The Plaza Residences)
Address 50 Central Park South (Ritz-Carlton)
Size/Type condo 6 beds, 9 baths
Size/Type condo (5,850 sf) 4 beds, 4.5 baths
Size/Type condo (4,536 sf) 2 beds, 4 baths
Price $100M
Price $55M
Price $50M
Hot Feature Listing says it’s the highest terraced apartment in New York City
Hot Feature Has separate quarters for personnel
Hot Feature Living room has a parquet de Versailles–patterned floor of German silver, hand-hammered over wood
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Celeb real estate in the neighborhood
There appears to be a celeb exodus at the Park Imperial at 230 West 56th Street, with rapper Diddy, “Law & Order SVU” actor Christopher Meloni and new-age author Deepak Chopra putting their homes on the market in recent months.
Fox News anchor Julie Banderas bought a twobedroom, 2.5-bath co-op at 200 Central Park South for $2.38 million, according to the New York Observer.
Source: StreetEasy.
Just a bit down the block from Banderas, The Donald’s exsister-in-law, socialite Blaine Trump, bought a $4.5 million co-op at 220 Central Park South, the Post reported.
Average price per square foot for Midtown sales Studio
1 Bed
2 Beds
3 Beds
$998
$1,331
$1,426
$2,817
Snapshot of a recent Midtown sale
Source: StreetEasy.
What’s on the market?
Buyers have a good number of 1- and 2-beds to choose from Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
35 units
118 units
93 Units
30 Units
15 Units
$479,000 | 300 East 54th Street “This deal was a challenge because I was dealing with a very picky client. He was in the market for a onebedroom in a luxury, full-service building. In addition, he required a pool in the building as he is an avid swimmer. He also preferred not to live on the Upper East Side, where these types of amenity-rich buildings are the most plentiful. It took touring nearly fifty apartments. The building [he found] has a fitness center, sauna, rooftop sundeck and Olympicsized indoor pool.” — Rory Bolger of Citi Habitats (pictured) 300 East 54th Street
Source: StreetEasy.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
43
NEIGHBORHOODS
Priciest rentals on the market
Address 100 East 50th Street (The Waldorf Towers)
Address 100 East 50th Street (The Waldorf Towers)
Address 100 East 50th Street (The Waldorf Towers)
Size/Type rental (6,000 sf) 5 beds, 6.5 baths
Size/Type rental (3,200 sf) 3 beds, 3.5 baths
Size/Type rental (3,500 sf) 3 beds, 3 baths
Price $150K/mo
Price $135K/mo
Price $75K/mo
Unique Feature Dubbed the “Cole Porter Apartment”
Unique Feature Entry gallery is a rotunda with crystal chandeliers
Unique Feature A 30-foot-by-25-foot living room
Sources: StreetEasy and Luxury Listings NYC research. Refers to listings as of Dec. 28, 2012.
Cheapest homes for sale
Address 424 East 57th Street, #4E
Address 325 West 45th Street, #1003
Address 333 East 53rd Street, #6D
Size/Type studio co-op (325 sf)
Size/Type studio co-op (200 sf)
Size/Type studio co-op (400 sf)
Price $205K
Price $215K
Price $225K
Notable Feature Private office space
Notable Feature $408/month maintenance
Notable Feature Original hardwood floors throughout
Biggest community news affecting local real estate Crane collapse results in lawsuits. A crane famously collapsed at the luxury condo One57, 74 stories above ground at 157 West 57th Street in Hurricane Sandy’s high winds. It was secured a week later, but it wasn’t removed until December. No one was injured and there was little property damage from the broken crane, but the evacuation of neighbors from their homes and offices has spurred legal action against the crane operator, the construction manager and the developer. Midtown gets new public schools. Two new public schools in Midtown — the High School of Art and Design and Beekman Hill International elementary school — began accepting students in the fall. The new schools are the product of a trade-off between developer World-Wide Holdings and the Educational Construction Fund, a financing and development vehicle for the New York City Department of Education. In return for building the two new schools, World-Wide is constructing a 59-story residential tower on a city-owned site at 250 East 57th Street.
New stores in the nabe Twelve new shops are set to open in Times Square in the coming months, DNAinfo reported, including H&M (headed to the former ESPN Zone spot) and Ben & Jerry’s (at the Paramount Building at 1501 Broadway).
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
New condo projects underway in Midtown
Helmsley Park Lane Hotel
The Helmsley Park Lane Hotel at 36 Central Park South is officially switching a portion of its rooms from hospitality to residential. The 18th to 44th floors will become apartments units.
With 1,200 units, Gotham West, at 45th Street near 11th Avenue, is the largest residential project scheduled to open citywide in 2013. The Durst Organization is planning a pyramid-shaped, 750-unit condominium project on West 57th Street at the corner of the West Side Highway. Designed by famed Danish architect Bjarke Ingels, the project is expected to be completed in early 2015.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Australian meat and fruit pie company Pie Face is reportedly opening a 24-hour café in March at 1407 Broadway, between 38th and 39th streets.
Average monthly rental prices in Midtown Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$3,531
$4,432
$8,647
$28,074
$48,900
Source: StreetEasy.
spacious sophisticated timeless five-star concierge services / private gardens / exhaleŽ mind body spa & fitness center children’s playroom / rooftop manhattan club / porte cochère entrances / on-site parking One tO five bedrOOm cOndOminium residences, priced frOm $1.21m immediate Occupancy | +1 888 804 3244 | manhattanhOuse.cOm
The complete offering terms are in an offering plan available from the sponsor. New York File No. CD06-0055. All dimensions are approximate and subject to normal construction variances and tolerances. Plans and dimensions may contain minor variations from floor to floor. Sponsor reserves the right to make changes in accordance with the terms of the offering plan. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. This advertising material is not an offer to sell nor a solicitation of an offer to buy to residents of any jurisdiction in which registration requirements have not been fulfilled.
NYC’s
Premier Listings
Unit #5FLR at 17 West 17th Street in Flatiron
$6,750,000
49 Barrow Street in the West Village
$6,498,000
Co-op (4,600 sf): 9 rooms, 5 beds, 4 baths | Amenities: elevator, roof deck Maintenance: $4,400 | Listing ID: S679944
Townhouse (2,400 sf): 3 beds, 2.5 baths | Monthly taxes: $1,420 Listing ID: S770135
Prepare to fall in love with this one-of-a-kind, full-floor, five-bedroom loft in the heart of the Flatiron District. Listed by Michael Graves, (T) 212.932.2222, (E) michael@corenyc.com.
The Mallet House, unique and charming, with ivy-covered façade, is located on the glorious tree-lined Barrow Street in the heart of the West Village. Listed by Danny Davis, (T) 917.776.8564, (E) ddavis@townrealestate.com.
PH at 441 East 57th Street in Sutton Place
$6,450,000
Condo (2,754 sf): 8 rooms, 3 beds, 3.5 baths | Amenities: doorman, elevator, fireplace | Monthly taxes: $860 | Common charges: $4,857 | Listing ID: S746321 This spectacular triplex penthouse with a private roof terrace offers a work-of-art, townhome-style residence paying homage to light, luxury, modernity and privacy in a one-of-a-kind, new-construction residence in Sutton Place. An elegant play of textures and finishes throughout this home are complemented by charcoal stained-wood floors, custom-designed cabinetry and millwork and stunning fixtures and finishes. This spectacular penthouse with three spacious floors, upperand lower-level roof terraces is the showpiece of the building with 16-foot ceiling heights in the living room, dining area and large custom-designed chef’s kitchen. Listed by Katherine Gauthier, (T) 212.769.9832, (E) kgauthier@elliman.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$6,250,000
Unit #TH4 at 40 Bond Street in Noho Condo: 5 rooms, 3 beds, 4 baths | Amenities: doorman, gym, garden | Monthly taxes: $1,503 | Common charges: $3,600 | Listing ID: S649544
Designed by Pritzker Prize–winning architects Herzog & de Meuron, this landmark masterpiece of modern architecture houses an exceptional townhouse/maisonette unit featuring a private gated entrance that welcomes you to the elegant living room displaying a superb sculptural stairway with a double-height ceiling. Listed by Herve Senequier, (T) 212.727.6162, (E) hsenequier@elliman.com.
Unit #PHA at 250 Bowery in Nolita
$6,250,000
Condo (2,387 sf): 6 rooms, 2 beds, 2.5 baths | Amenities: doorman, elevator | Monthly taxes: $1,526 | Common charges: $2,796 | Listing ID: S770888 Scintillating two-bedroom, 2.5-bathroom condominium duplex penthouse loft with glamorous roof terrace. A flowing entertainment level offers multiple, flexible living and dining areas, open Boffi kitchen, fireplace and dramatic double-height volume to salon below bathed in light through floor-to-ceiling glass. A massive master bedroom suite includes study/dressing room, double walk-in closets, and a sumptuous master bath with windowed wet room featuring glorious open Downtown views. Listed by John Gomes, (T) 212.891.7676, (E) jgomes@elliman.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
47
NYC’s
Premier Listings
Unit #2N at 104 Wooster Street in Soho
$5,950,000
Unit #PHB at 475 Greenwich Street in Tribeca
$5,950,000
Condo (3,093 sf): 3 beds, 3 baths | Amenities: doorman, fireplace, elevator Monthly taxes: $2,027 | Common charges: $2,182 | Listing ID: S747604
Condo (2,663 sf): 7 rooms, 3 beds, 2.5 baths | Amenities: fireplace, doorman Monthly taxes: $500 | Common charges: $3,500 | Listing ID: S623610
A key lock elevator opens directly into the graciously proportioned living room. Listed by Jason Saft, (T) 917.763.4370, (E) jsaft@citi-habitats.com.
Entertain in grand style from not one, but two enormous terraces in this spectacular duplex penthouse. Listed by Richard Orenstein, (T) 212.381.4248, (E) rorenstein@halstead.com.
Unit #PHA at 310 West 52nd Street in Clinton
$5,950,000
152 West 11th Street in Greenwich Village
$5,900,000
Condo (2,022 sf): 5 rooms, 3 beds, 3.5 baths | Amenities: elevator, gym Monthly taxes: $636 | Common charges: $2,302 | Listing ID: S748120
Townhouse (2,000 sf): 3 beds, 3 baths | Amenities: fireplace, garden Listing ID: S698441
Crowning the 43rd and 44th floors of the Link, this glittering duplex penthouse is one of the rarest jewels adorning Manhattan’s incandescent skyline. Listed by Tom Postilio, (T) 212.726.0783, (E) tom@corenyc.com.
This attractive 18.75-foot-wide Greek Revival Greenwich Village jewel is situated on a tranquil, tree-lined block. Listed by Abigail Agranat, (T) 212.206.2802, (E) aagranat@elliman.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$5,895,000
Unit #PH3 at 5 Tudor City Place in Murray Hill Co-op: 6 rooms, 2 beds, 2.5 baths | Amenities: doorman, gym, elevator | Maintenance: $5,200 | Listing ID: S684912
Spectacular French château in the sky with an enormous and private set-back terrace and the most stunning panoramic views of the Manhattan skyline. The dramatic living room has a soaring 18-foot-high ceiling, incredible floor-to-ceiling casement windows that line the walls and have been restored to their original grandeur, plus a wood-burning fireplace. Listed by Michael Meyer, (T) 212.505.2235, (E) mmeyer@elliman.com.
Unit #7AB at 561 Broadway in Soho
$5,750,000
Unit #3A at 15 Union Square West in Flatiron
$5,500,000
Co-op (5,000 sf): 7 rooms, 4 beds, 3.5 baths | Amenities: central air Maintenance: $6,412 | Listing ID: S614991
Condo (2,189 sf): 4 rooms, 2 beds, 2.5 baths | Amenities: elevator, gym Monthly taxes: $3,262 | Common charges: $3,028 | Listing ID: S521132
This 5,000-square-foot mega-loft is located right in the heart of Soho and is guaranteed to take your breath away with epic proportions, historic details and superb luxury finishes throughout. Listed by Richard Orenstein (T) 212.381.4248, (E) rorenstein@halstead.com.
Dark-stained hardwood floors surrounding a white limestone insert and its dramatic coved ceiling draw you into the grand living/dining area with treetop views of Union Square Park. Listed by Karin Rathje-Posthuma, (T) 212.396.5805, (E) krathje@bhsusa.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
49
106 CENTRAL PARK SOUTH 3 BR, 3.5 BATH
WEB ID: 630364
$7.25 M
27 NORTH MOORE STREET 3 BR, 2.5 BATH
WEB ID: 102142
$17,500 MONTH
We define our neighborhoods as much as they define us. 49 BARROW STREET - TH 3 BR, 2.5 BATH
TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer.
WEB ID: 113980
$6.498 M
100 RIVERSIDE BOULEVARD 3 BR, 3 BATH
WEB ID: 332305
$2.75 M
400 WEST 12TH STREET 2 BR, 2 BATH
WEB ID: 668762
$15,000 MONTH
195 HUDSON STREET 3 BR, 2 BATH
WEB ID: 173223
$11,500 MONTH
106 CENTRAL PARK SOUTH 3 BR, 3.5 BATH
WEB ID: 630364
$7.25 M
27 NORTH MOORE STREET 3 BR, 2.5 BATH
WEB ID: 102142
$17,500 MONTH
We define our neighborhoods as much as they define us. 49 BARROW STREET - TH 3 BR, 2.5 BATH
TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer.
WEB ID: 113980
$6.498 M
100 RIVERSIDE BOULEVARD 3 BR, 3 BATH
WEB ID: 332305
$2.75 M
400 WEST 12TH STREET 2 BR, 2 BATH
WEB ID: 668762
$15,000 MONTH
195 HUDSON STREET 3 BR, 2 BATH
WEB ID: 173223
$11,500 MONTH
NEIGHBORHOODS
Posh 18 Gramercy Park project sets records, sells most of its units Half the units at 18 Gramercy Park went into contract even before the on-site sales office launched last September.
F
ive years after selling out the immensely
About half the units, with asking prices starting at
successful new condominium at 15 Central
$14.7 million, went into contract quickly, even before the on-
Park West on the Upper West Side, the build-
site sales office officially launched in September. In a record
ing’s developers have turned their attention to
deal, Houston Rockets owner Leslie Alexander bought the $42
another gem: 18 Gramercy Park.
million penthouse. (The priciest-ever closed sale of a home in
Brothers Arthur and William Lie Zeckendorf are creating a 16-unit condominium in
North, which traded hands in 2011, according to The Real Deal.)
a prewar building that was originally home to a women’s ho-
Closings at 18 Gramercy Park are expected within the first
tel, across the street from the private Gramercy Park. There
quarter of this year, and “two-thirds of the apartments should be
will be 14 full-floor, 4,207-square-foot apartments. Plus there
finished [by then],” Arthur Zeckendorf told the Post.
will be a ground-floor maisonette and a duplex penthouse with a
Along with receiving a much-coveted key to the park,
2,000-square-foot terrace and an infinity pool, according to the
18 Gramercy residents will have access to the building’s gym and
New York Post.
rooftop terrace.
What’s my home worth today?
Average prices over the past five years Year
Sale Price
2012
$1.1M
2011
$1.1M
2010
$979,008
2009
$729,867
2008
$960,688
Source: StreetEasy.
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Gramercy Park is the $22 million penthouse at 50 Gramercy Park
Luxury Listings NYC | JANUARY/FEBRUARY 2013
What’s happening with the market? Elaine Mayers, senior vice president at Citi Habitats Q: What’s going on with real estate activity in the Gramercy Park area? A: Gramercy is mainly comprised of co-ops that were built between the 1950s and the 1960s, when most families did not stay in Manhattan; therefore, most of the buildings are comprised of studios and one-bedrooms, making the larger two- or threebedroom apartments harder to get. Frances Katzen, managing director at Douglas Elliman Q: What are the most surprising trends you’re seeing in the residential market in the Gramercy/Flatiron area? A: The most surprising trends we are seeing in Gramercy/ Flatiron is the continued uptick and surge in demand for apartments. Even in the down times of the real estate market, these areas went relatively unaffected. Bargains weren’t ever really offered and very limited inventory is still available.
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
A duplex penthouse at new development 57 Irving Place sold for $15.6 million to an unspecified individual. The five-bedroom, 5.5-bathroom condo is 4,826 square feet. A 3,600-square-foot penthouse unit at a Gramercy Park townhouse sold for $9.3 million. It is a three-bedroom, five-bathroom condominium unit at the circa-1865 Greek Revival townhouse at 22 Gramercy Park South. Also in the building, an apartment sold for $9.2 million. A 6,700-square-foot, three-story home with four bedrooms sold at 57 Irving Place for $8.1 million. The buyer and seller weren’t immediately identifiable. And in the same building, In Seon Hwang and Jane Hwang bought a 2,872-square-foot, three-bedroom, 3.5-bathroom apartment for $6.4 million. Sources: StreetEasy and Luxury Listings NYC. Refers only to closed sales in Gramercy area.
Address 18 Gramercy Park, #15 Size/Type condo (4,207 sf) 4 beds, 5.5 baths
Size/Type cond-op (4,235 sf) 3 beds, 3.5 baths
Price $18.8M Hot Feature 40 feet of frontage on Gramercy Park
1 Bed
2 Beds
3 Beds
> 3 Beds
$425,376
$745,032
$1.5M
$3.5M
$6.8M
Price $17M Hot Feature A penthouse duplex
Address 18 Gramercy Park, #6 Size/Type condo (4,207 sf) 4 beds, 5.5 baths Price $15.9M Hot Feature Also has 40 feet of frontage on Gramercy Park
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Celeb real estate in the neighborhood Yankees shortstop Derek Jeter sold his 5,400-square-foot penthouse apartment at Trump World Tower in Turtle Bay for $15.5 million. Jeter said he sold the home at 845 United Nations Plaza to “[downsize] to a piedà-terre apartment.”
Average price in Gramercy, by type of apartment Studio
Address 50 Gramercy Park North (Gramercy Park Hotel)
Anne Mulcahy, the former chairperson and CEO of the Xerox Corporation, paid $4.55 million for a three-bedroom spread at Ian Schrager’s Gramercy Park Hotel apartments at 50 Gramercy Park North, The Real Deal reported.
Source: StreetEasy.
Average price per square foot for Gramercy sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$894
$1,072
$1,219
$1,460
$2,522
Houston Rockets owner Leslie Alexander snapped up a penthouse at 18 Gramercy Park for $42 million. The deal is the highest price ever paid for a Manhattan apartment south of 59th Street (see story).
Designer Karl Lagerfeld has again taken his 50 Gramercy Park North apartment off the market, Curbed reported. The most recent asking price for the 2,151-square-foot home, which he purchased in 2006 for $6.8 million, was $4.9 million. Reports said Lagerfeld actually never moved into the unit.
Source: StreetEasy.
Snapshot of a recent Gramercy sale
What’s available to buy? One-bedrooms are in the greatest supply in the neighborhood Studios
1 Bed
2 Beds
3 Beds
> 3 Beds
22 units
72 units
32 units
12 units
7 units
$425,000 | 310 East 23rd Street It took close to two years to sell this 600-square-foot studio because, as the seller’s agent said, it was priced a bit too high. While it was on the market, a deal died because the building replaced both elevators during the summer and put a moratorium on move-outs and move-ins. (Listed by Tracie 310 East 23rd Street
Hamersley of Citi Habitats, pictured)
Source: StreetEasy.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
53
NEIGHBORHOODS
Priciest rentals on the market
Address 50 Gramercy Park North
Address 207 East 17th Street
Address 300 East 23rd Street
Size/Type cond-op (2,150 sf) 3 beds, 3.5 baths
Size/Type townhouse 3 beds, 2.5 baths
Size/Type condo (1,819 sf) 3 beds, 3 baths
Price $33K/mo
Price $25K/mo
Price $12.5K/mo
Unique Feature Large chef’s kitchen
Unique Feature Two-story glass curtainwall embedded with LED lights
Unique Feature Brand new, never-occupied condo with two balconies
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Address 38 Gramercy Park, #1B
Size/Type co-op (550 sf) studio
Size/Type co-op studio
Price $250K Notable Feature Penthouse unit
Price $300K Notable Feature Pullman kitchen and windowed bath
Coveted Arts Club apartments available for rent — but to members onl y. A number of Gramercy Park apartments at the National Arts Club will hit the rental market at market rates, according to Real Estate Weekly. The hitch? They will only be available to members of the club, following the launch of an investigation by the state attorney general into former President Aldon James’s management of the coveted residences. James was said to have used his position at the club to illegally control 14 apartments and other rentable club spaces at the 15 Gramercy Park South building, according to previous reports. Ten of those 14 apartments are now being renovated and will be rented at fair-market rents. Bellevue won’t be fully operational till February. Damage caused by Hurricane Sandy has meant that Bellevue Hospital Center will not fully reopen until February, DNAinfo reported. Due to the amount of work needed at the hospital, it is opening over time. Outpatient services resumed in November but emergency care and inpatient services will not be available until the first week of February.
Cheapest homes for sale
Address 32 Gramercy Park South
Biggest community news affecting local real estate
Address 310 East 23rd Street, #4C (The Foundry) Size/Type cond-op studio Price $349K Notable Feature Dishwasher allowed
Court rules massive Kips Bay co-op complex must remain affordable. New York State’s highest court has ruled that East Midtown Plaza will remain affordable, ending years of feuding between residents over whether the six-building co-op complex should get privatized, according to reports.
New stores coming to the nabe Grimaldi’s Pizzeria will occupy the old Totonno’s space at 462 Second Avenue, between 26th and 27th streets, according to Crain’s.
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
New developments rising in Gramercy
404 Park Avenue South
Sales are supposed to start soon for the roughly 60 apartments at 404 Park Avenue South at 28th Street. The project’s designer, Piet Boon, and its developers hail from the Netherlands.
Developer Anbau Enterprises is erecting a 22-story condo, which Curbed.com has dubbed the Pope Hat Building, at 39 West 23rd Street, between Fifth and Sixth avenues. Toll Brothers reportedly plans to build a 21-story apartment building at the site of a vacant lot at 22nd Street and Third Avenue, according to reports.
54
Luxury Listings NYC | JANUARY/FEBRUARY 2013
LEGO will open a flagship toy store in the former toy building at 200 Fifth Avenue, the New York Post reported, in early 2014.
Average monthly rental prices in Gramercy Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$2,484
$3,682
$6,595
$7,937
$19,261
Source: StreetEasy.
Room to SHARE 3 bedroom Tower Residences from 1,818 Sq Ft and 4 bedroom Tower Residences from 3,019 Sq Ft
Room to PLAY Unsurpassed amenities include children’s playroom, state of the art fitness center, and residents’ lounge
Room to GROW Breathtaking 360º city and river views from floor to ceiling windows
Room to VIEW Surrounded by some of the best schools, shopping, culture, restaurants, and parks in NYC
Room to SAVE Superior new construction, the most impressive pricing plus a 20 year tax abatement
The tower residences Reaching New Heights on the Upper East Side 1,205 SF 2 bedrooms from $1,380,000, 1,818 SF 3 bedrooms from $2,295,000, 3,019 SF 4 bedrooms from $4,350,000
(888) 568-1878 | AzureNY.com 333 East 91st Street at First Avenue On-Site Sales & Design Center Open House Sat & Sun 11am - 4pm
ANOTHER FINE DEVELOPMENT BY
The DeMatteis Organizations
The complete offering terms are available in an offering plan available from Sponsor. File No. CD070002. Sponsor: 1765 First Associates, LLC, 820 Elmont Rd., Elmont, NY 11003. We are pledged to the letter and the spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation.
NYC’s
Premier Listings
$5,495,000
45 West 12th Street in Greenwich Village Townhouse: 4 beds, 3 baths | Amenities: fireplace, deck, patio | Listing ID: S761014
In 1846, Elizabeth Cahoun had this triangular-plot, Greek Revival townhouse built so that it rested upon the banks of the old Minetta Brook. This four-story (plus lower level), 20-foot-wide townhouse is as luxurious as it is decadent. Situated on the Gold Coast of Greenwich Village, 45 West 12th Street has been meticulously renovated by Milanese architect Roberto Gerosa. The new owner will possess a truly unique and significant part of New York City history, past and present. Listed by Trish Goff, (T) 212.206.2838, (E) trisha.goff@elliman.com.
Unit #PH7A at 103 Greene Street in Soho
$5,250,000
Unit #8TH at 17 East 16th Street in Flatiron
$4,995,000
Condo (2,100 sf): 5 rooms, 2 beds, 2 baths | Amenities: doorman, fireplace Listing ID: S667436
Co-op (4,000 sf): 8 rooms, 4 beds, 3 baths | Amenities: central air Maintenance: $4,645 | Listing ID: S760207
A truly exceptional penthouse on one of the most desirable blocks in Soho. Listed by Derek Nowicki (T) 646.361.4797, (E) derekn@brgnyc.com.
Designed by well-known architect Hugh Newell Jacobsen, this 4,000-squarefoot loft is a stunning example of tasteful modernism blended with warmth and style. Listed by Vicki Gershwin, (T) 212.588.5638, (E) vgershwin@bhsusa.com.
56
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
Unit #9 at 217 West 19th Street in Chelsea
$4,599,000
Unit #36H at 425 East 58th Street in Sutton Place
$4,575,000
Condo (2,675 sf): 6 rooms, 3 beds, 2 baths | Amenities: garden, deck Monthly taxes: $2,604 | Common charges: $1,646 | Listing ID: S734306
Co-op (2,800 sf): 3 beds, 4 baths | Amenities: elevator, doorman, garden Maintenance: $5,910 | Listing ID: S692260
This spectacular full-floor loft with sensational, protected Midtown views in an open setting is located in a boutique condominium. Listed by Vincent Smith, (T) 212.381.6534, (E) vsmith@halstead.com.
Newly on the market in one of Sutton Place’s most sought-after whiteglove buildings. Listed by Adrian Lupu, (T) 718.664.7440, (E) adrianl@ nestseekers.com.
Unit #2 at 597 Broadway in Soho
$4,500,000
Unit #PH6 at 93 Worth Street in Tribeca
$4,500,000
Condo (5,000 sf): 1 bed, 2 baths | Amenities: elevator, pets allowed Monthly taxes: $3,471 | Common charges: $1,995 | Listing ID: S773449
Condo (2,251 sf): 3 beds, 3.5 baths | Amenities: doorman, gym, elevator Monthly taxes: $2,426 | Common charges: $1,906 | Listing ID: S770396
Delivered in fantastic turnkey form, access to the space is by dedicated, key-lock elevator off of a dedicated lobby, providing only access to this space. Listed by Ryan Serhant, (T) 646.443.3705, (E) ryans@nestseekers.com.
Offering views to the south and west, this loft residence boasts oversized, custom seven-foot windows, high ceilings, private laundry, seven-inch-wide, white-oak plank floors and custom, patina brass fixtures by Waterworks. Listed by Doron W. Zwickel, (T) 212.219.9393, (E) sales@93worth.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
57
NEIGHBORHOODS
Hudson Yards area becoming increasingly residential A rendering of Hudson Yards, which will add 5,000 units of housing to the area
W
hile the newest stop on the No. 7 Subway line won’t be extended into the Hudson
When completed, the massive 13 million-square-foot,
Yards footprint until 2014, the area is al-
mixed-use development will add 5,000 new units of housing
ready seeing a transformation into a de-
to the area as well as office space.
sirable (and increasingly pricey) residential neighborhood.
Chelsea residents are making the trek a couple of blocks north to the neighborhood, seeking lower rents for new
The 199-unit rental building Crystal
Green, at 330 West 39th Street between Eighth and Ninth avenues, for example, has begun leasing with rents starting at $3,000 for a studio, according to the New York Times. More changes are afoot. The popular railroad-turned-
apartments, broker Clifford Finn told the Times. “A lot of people like to think of it as North Chelsea, or NoChe,” Finn said. In addition to moving into the number of new rental buildings rising, many newcomers are taking a fancy to
park, the High Line, will run through part of the area when its
the mixed-use loft buildings in the area. It’s also becom-
third phase is completed.
ing more popular for hotel development as an alternative to
And last month, the Related Companies broke ground at
What’s my home worth today?
Average prices over the past five years Year
Sale Price
2012
$1.4M
2011
$1.4M
2010
$1.5M
2009
$1.3M
2008
$1.4M
Source: StreetEasy.
58
the Hudson Yards’ first building, the 47-story South Tower.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
pricier Midtown.
What’s happening with the market? Rebecca Edwardson, managing director at Warburg Realty Q: What’s going on with residential prices in Chelsea? A: Traditionally Chelsea has commanded lower prices than in any part of the West or Central Village, but Walker Tower [a new condo project at 212 West 18th Street] has broken new ground with record prices at more than $3,000 per square foot, and the upper penthouses there are getting more than $7,000 per square foot [that’s $7 million for a 1,000-square-foot apartment]. Steven Leon, senior associate at Citi Habitats Q: How is the market if you are a buyer in Chelsea? A: Inventory seems to be tightening again. That lack of apartments makes it a bit challenging to find that special home in what was not long ago a decent price range. Buyers need to be a little more flexible on their “want list” or prepare to increase their budget.
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
An LLC bought a 4,675-square-foot, full-floor penthouse pad at the Jean Nouvel–designed condominium 100 11th Avenue for $19.4 million. The four- bedroom, 3.5-bathroom unit comes with a 4,400-squarefoot terrace. A unit dubbed the Chelsea Skyhouse sold for $8.2 million at 213 West 23rd Street, between Seventh and Eighth avenues. The penthouse condo is 6,000 square feet and has five bedrooms and 4.5 baths. Paul Johnson sold the residence, which has a 30-foot atrium and six private terraces. French fashion designer Thierry Mugler sold his two-bedroom, 2.5-bathroom apartment at the Chelsea Atelier, at 245 Seventh Avenue, between 24th and 25th streets. The condominium sold for $7.9 million.
Address 150 West 15th Street Size/Type townhouse (8,400 sf) 6 beds, 10 baths Price $16.9M Hot Feature The top-floor sunroom with butler’s pantry is flanked by open-air roof terraces which include a Jacuzzi spa
2 Beds
3 Beds
> 3 Beds
$606,236
$898,668
$1.8M
$3.1M
$6.5M
Source: StreetEasy.
Average price per square foot for Chelsea sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$1,096
$1,128
$1,289
$1,425
$1,589
There are lots of one- and two-beds to choose from in Chelsea Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
51 units
113 units
105 units
47 units
22 units
Source: StreetEasy.
Size/Type condo (3,396 sf) 3 beds, 4.5 baths
Price $16.5M Hot Feature About 1,250 square feet of outdoor space
Actress Kate Winslet put her four-bedroom penthouse at 532 West 22nd Street on the rental market last summer for $30,000 per month, later dropping the price by $5,000. It was pulled from the market in December, according to StreetEasy.
Price $14M Hot Feature Unit is a duplex penthouse
Last month, actor Harrison Ford, who is reportedly open to the idea of playing Han Solo in “Star Wars” Episode 7 in 2015, sold his condo at 206 West 17th Street after two years on the market, for $15 million, The Real Deal reported.
“The Dark Knight Rises” actor Matthew Modine narrated a portion of a marketing video to sell his 1,338-square-foot, one-bedroom duplex apartment at 420 West 25th Street, listed for $2.29 million.
Funny man David Javerbaum, a 12-time Emmy Award–winning comedy writer, sold his 2,580-square-foot condo unit at the Yves Chelsea, at 127 Seventh Avenue at West 18th Street, for $3.9 million.
Challenges of a recent Chelsea sale
Source: StreetEasy.
What’s on the market?
Size/Type condo (5,040 sf) 5 beds, 4 full baths, 2 half-baths
Celeb real estate in the neighborhood
Average prices in Chelsea, by type of apartment 1 Bed
Address 212 West 18th Street, #PH5
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Source: StreetEasy and Luxury Listings NYC research. Deals are through mid-November.
Studio
Address 257 West 17th Street, #PHCD
$1,060,000 | 252 Seventh Avenue The broker found a couple the pied-à-terre of their dreams at 252 Seventh Avenue, and the board approved them for unit 4L. But when the seller said that he couldn’t afford to close, the broker found his customers a similar listing in the same building, on a higher floor and at the same price. (Listed by Henry Hershkowitz of Douglas
252 Seventh Avenue
Elliman, pictured) “In the end, they were emotionally attached to the first unit and we were ultimately able to get creative and get the first deal closed. Phew. Happy customers.” — Henry Hershkowitz, Douglas Elliman
Luxury Listings NYC | JANUARY/FEBRUARY 2013
59
NEIGHBORHOODS
Priciest rentals on the market
Address 263 Ninth Avenue
Address 129 West 20th Street
Address 515 West 23rd Street
Size/Type condo (3,128 sf) 3 beds, 4 baths
Size/Type rental (4,000 sf) 5 beds, 4 baths
Size/Type condo (2,571 sf) 3 beds, 3 baths
Price $28K/mo
Price $25K/mo
Price $24.5K/mo
Unique Feature Has a 1,500-square-foot private rooftop terrace
Unique Feature 2,000 square feet of private outdoor space on two levels
Unique Feature No one has lived in this apartment before
Sources: StreetEasy and Luxury Listings NYC research. Refers to listings as of Dec. 28, 2012.
Biggest community news affecting local real estate Chelsea Market expansion plans on track. The City Council recently voted unanimously to approve the rezoning of Chelsea Market, paving the way for developer Jamestown Properties to build a ninestory office tower atop the converted cookie factory at 95 Ninth Avenue, between 15th and 16th streets. Over the course of the approval process, Jamestown had made several concessions to city planning officials and opponents of the project, nixing a plan to build a hotel and earmarking money for affordable housing. High-profile tenant Google, which already has its own building across the street at 111 Eighth Avenue, is set to lease approximately 94,000 square feet at the Chelsea Market, according to the Wall Street Journal.  Final piece of High Line in the works. Three years after the first portion of the High Line opened to much fanfare, ground was broken on the third and final section this past fall. The third portion will extend the park north, between West 30th and West 34th streets. The $90 million addition will be completed in phases, with the first scheduled to be finished in 2014.
Cheapest homes for sale
Address 101 West 23rd Street
Address 310 West 18th Street
Address 451 West 22nd Street
Size/Type co-op studio
Size/Type co-op studio
Size/Type co-op studio
Price $210K
Price $300K
Price $310K
Notable Feature Eat-in kitchen
Notable Feature 300 square feet
Notable Feature Tree-lined views
New stores in the nabe A handmade-pasta bar called Pastai will be coming to 186 Ninth Avenue, between 21st and 22nd streets, early this year, Crain’s reported.
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
New developments rising in Chelsea Sales recently launched at the 12-story condo, 345 Meatpacking, at 345 West 14th Street near Ninth Avenue. The DDG Partners project has 37 apartments. Farther north, the Related Companies is 345 Meatpacking working on a 15-story apartment tower at 529 West 29th Street, between 10th and 11th avenues, having received the nod from the local community board, according to published reports. The 139-unit building will have affordable apartments for low- and moderate-income families.
A craft beer and classic video game pub, Barcade, with branches in Williamsburg, Jersey City and Philadelphia, filed an application last month to open a spot at 148 West 24th Street, between Sixth and Seventh avenues, according to DNAinfo.
Average monthly rental prices in Chelsea Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$3,182
$4,047
$6,857
$11,261
$16,373
Source: StreetEasy.
60
Luxury Listings NYC | JANUARY/FEBRUARY 2013
www.bondnewyork.com
40 East 19th Street #2F in Flatiron | $3,000,000
Web ID: 250687 | Features: Pet Friendly, Elevator, Hardwood Floors | 3 Bed, 3 Bath | Maintenance: $4,335 | Approx. 3,400 sf Listed by Mary Lou Currier, (T) 646-266-4838, (E) marylou@bondnewyork.com.
641 Fifth Avenue #24C in Midtown East | $2,000,000
Web ID: 192438 | Features: Doorman, Elevator, Health Club | 2 Bed, 2 Bath | Approx. 1,288 sf Listed by Sergio Ayo, (T) 917-678-4164, (E) sayo@bondnewyork.com.
216 East 47th Street #28 in Midtown East | $1,780,000
Web ID: 132805 | Features: Full Floor, Outdoor Space, Granite Kitchen | 2 Bed, 2.5 Bath | Approx. 1,650 sf Listed by Michael Chen, (T) 646-327-8083, (E) mchen@bondnewyork.com.
250 Mercer Street #A503 in Greenwich Village | $1,375,000
Web ID: 256875 | Features: Doorman, Penthouse, Duplex, High Ceilings, WBFP | 3 Bed, 2.5 Bath | Approx. 1,400 sf Listed by Jeanine LeNy, (T) 212-792-9262, (E) jleny@bondnewyork.com and Lora Dettinger, (T) 212-792-9261, (E) ldettinger@bondnewyork.com. CORPORATE HQ 212-582-2009
COLUMBUS CIRCLE 212-582-2009
UPPER EAST SIDE 212-584-4220
GREENWICH VILLAGE 212-672-6350
CHELSEA 212-645-8800
All information regarding real property, for sale, purchase, rental and/or financing is from sources deemed reliable. No warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rentals or other conditions, prior sale, lease or financing or withdrawal without notice. Note: All dimensions and square footage are approximate for the most exact dimensions and square footage please hire your own architect or engineer.
TRIBECA 212-792-9240
Equal Housing Opportunity Licensed real estate broker
NYC’s
Premier Listings
$4,400,000
Unit #PHB at 45 East 72nd Street on the Upper East Side Co-op: 3 beds, 4 baths | Amenities: elevator, doorman, gym | Maintenance: $4,846 | Listing ID: S732205
Penthouse oasis with wrap terrace. Perched high on the 18th floor, this sun-drenched three-bedroom penthouse duplex boasts three exposures to the east, south and north. Ideal for entertaining, the wrap terrace is a showstopper with enticing city and Central Park views. The living room features a south-facing wall of windows, has a powder room and a separate dining area. Listed by Jimmi Circosta, (T) 917.273.4723, (E) jcircosta@citi-habitats.com.
Unit #PHA at 36 East 22nd Street in Flatiron
$4,500,000
115 East 35th Street in Murray Hill
$3,995,000
Condo (2,217 sf): 5 rooms, 2 beds, 2 baths | Amenities: doorman, fireplace Monthly taxes: $1,112 | Common charges: $1,445 | Listing ID: N/A
Townhouse (3,664 sf) 4 beds, 4 baths | Amenities: elevator, fireplace, garden Monthly taxes: $1,943 | Listing ID: S774073
Listed by the Story House-Condominium Residences, (T) 212.697.8679, (E) info@thestoryhousenyc.com.
Located in the Murray Hill Historic District, this beautiful East Side brownstone was built in 1856 as a pair with the neighboring 113 East 35th Street townhouse. Listed by Ryan Serhant, (T) 646.443.3705, (E) ryans@nestseekers.com.
62
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
Unit #4C at 166 Perry Street in the West Village
$3,995,000
Unit #5FLR at 491 Broadway in Soho
$3,950,000
Condo (1,475 sf): 4.5 rooms, 2 beds, 2.5 baths | Amenities: elevator, gym Monthly taxes: $2,153 | Common charges: $2,441 | Listing ID: S763400
Co-op: 4 rooms, 3 beds, 1 bath | Amenities: pets allowed Maintenance: $2,000 | Listing ID: S764632
Located on beautiful, historic Perry Street, this unique, corner two-bedroom, 2.5-bathroom plus home office offers breathtaking river and sunset views. Listed by Oliver Brown, (T) 917.680.8933, (E) oliver@corenyc.com.
This fifth-floor loft apartment at 491 Broadway and Broome in the Soho area represents a rare and unique opportunity. Listed by Cordelia Robb, (T) 212.906.9323, (E) crobb@bhsusa.com.
88 Greenwich Street in Tribeca
$3,750,000
180 East End Avenue on the Upper East Side
$3,475,000
Condo (2,759 sf): 6 rooms, 4 beds, 5 baths | Amenities: terrace Monthly taxes: $1,613 | Common charges: $2,762 | Listing ID: N/A
Co-op (2,759 sf): 8 rooms, 4 beds, 4.5 baths | Amenities: concierge, garden Listing ID: N/A
Incredible 225-square-foot terrace facing east, illustrious southwest views of New York Harbor and the Hudson River and custom closets galore. Listed by Michele Kleier, (T) 212.371.2525, (E) michele@kleiers.com.
Sprawling four-bedroom cooperative with sunny tree-lined views of Gracie Mansion and Carl Schurz Park. Listed by Michele Kleier, (T) 212.371.2525, (E) michele@kleiers.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
63
NYC’s
Premier Listings
Unit #3B at 28 Laight Street in Tribeca
$3,100,000
Unit #2F at 40 East 19th Street in Flatiron
$3,000,000
Condo (2,686 sf): 2 beds, 2.5 baths | Amenities: elevator, gym Monthly taxes: $1,896 | Common charges: $2,453 | Listing ID: S587523
Co-op (3,400 sf): 3 beds, 3.5 baths | Amenities: elevator Listing ID: S744440
This stunning corner loft with almost 2,700 square feet has soaring ceilings and a beautiful wood-burning fireplace. Listed by Lisa Lam, (T) 212.792.9265, (E) llam@bondnewyork.com.
This full-floor, 3,400-square-foot Flatiron loft is a luxurious combination of space and location. Listed by Mary Lou Currier, (T) 212.645.8800, (E) marylou@bondnewyork.com.
Unit #5 at 712 Broadway in Noho
$2,995,000
405 West 53rd Street in Clinton
$2,985,000
Co-op (2,800 sf): 4 rooms, 1 bed, 1 bath | Amenities: elevator Maintenance: $3,968 | Listing ID: S741678
Townhouse: 6 rooms, 2 beds, 3 baths, 1 half-bath | Amenities: garden, gym Listing ID: S675259
Step off the key-locked elevator in this loft to find a magnificent sun-drenched entertaining space with 12-foot vaulted ceilings. Listed by Richard Orenstein, (T) 212.381.4248, (E) rorenstein@halstead.com.
More than 2,200 square feet is spread over three floors, which includes two bedrooms and three full baths, an open kitchen and living space, a bonus room easily converted to dining or den space and a lower-level recreation room. Listed by Vanessa Connelly, (T) 718.797.9409 (E) vconnelly@bhsusa.com.
64
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$2,795,000
Unit #1408 at 450 West 17th Street in West Chelsea
Condo (1,266 sf): 5 rooms, 2 beds, 2 baths | Amenities: elevator, doorman | Monthly taxes: $288 | Common charges: $1,256 | Listing ID: S764435 In the heart of West Chelsea, in the neighborhood’s first luxury residential apartment building, this newly available two-bedroom, two-bathroom home is truly one of a kind. With south-facing views over Chelsea, the West Village and the Meatpacking District, this immaculate home boasts high ceilings and floor-to-ceiling windows. Upgraded with a custom integrated sound system and custom-built closets, this is a home fit for even the most discerning buyer. Listed by Ryan Serhant, (T) 646.443.3705, (E) ryans@nestseekers.com.
$2,795,000
Unit #25A at 70 Little West Street in Battery Park City Condo (1,734 sf): 3 beds, 2 baths | Amenities: elevator, doorman, gym | Common charges: $2,100 | Monthly taxes: $2,100 | Listing ID: S748097
Available turnkey, furnished with dramatic upgrades and meticulously designed fittings, fixtures and fabric. This fashionable three-bedroom residence has been dressed to the nines and maintained with flawless care. Offering awe-inspiring views of the Hudson River and the rising World Trade Center complex, this LEEDcertified home is smartly configured. Complementing the custom finishes, the apartment features floor-to-ceiling windows to the north and west framing over nine-foot ceilings, providing for stunning river sunsets and pleasing natural light all day long. Listed by Nick Jabbour, (T) 646.443.3713, (E) nick@nestseekers.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
65
WHAT IT’S WORTH
What’s a Central Park view worth? A look at the value of special amenities By Katherine Clarke
I
n a year full of eye-popping luxury listings, pricing a New York City apartment can seem increasingly subjective. Right now, for example, a five-bedroom spread at 15 Central Park West is on the market for $95 million, even though it’s some 20 percent smaller than the $88 million penthouse in the building that set records when it sold last year. What justifies the higher price? The smaller unit has much better views of Central Park.
It’s well known that New Yorkers are willing to pay more for certain basic features. A doorman, for example, can add up to 15 percent to an apartment’s value, industry veterans said. But which other icing-on-the-cake features fetch premiums in today’s real estate market — and which ones don’t?
Central Park views In Manhattan, Central Park views may be the single most valuable apartment amenity right now.
Outdoor space
+50%
The method appraisers use to value outdoor space — such as a balcony, terrace or garden — has changed dramatically in recent years.
In the right circumstances, unobstructed park views can tack an additional 50 percent onto an apartment’s purchase price, according to real estate appraiser Jonathan Miller of Miller Samuel. Central Park views are considered preferable to river views in New York, Miller said.
+50%
In the 1980s and early 1990s, outdoor spaces were assigned a fixed dollar value based on their size, Miller explained. Today, outdoor space is valued at 25 to 50 percent of the price per square foot of the interior.
+15% Fitness centers
New construction
Flashy fitness centers may help developers market new buildings, but Miller estimated that the presence of a gym in a building adds less than 5 percent to an apartment’s total value.
On average, apartments that have never been lived in fetch a price premium of 15 percent to 25 percent, said Neil Binder, who heads the Bellmarc Group.
In fact, buyers in new luxury developments seem to expect a gym.
66
Luxury Listings NYC | JANUARY/FEBRUARY 2013
+5%
“There’s just a thing about fresh and new that people find compelling,” he said.
Prewar New York City homes built before World War II tend to be 10 to 15 percent more expensive than similar homes built in the decades after the war, Miller said. The reason? Prewar buildings tend to have better soundproofing and higher ceilings than their postwar counterparts, along with hardwood floors and walls made of plaster rather than drywall, he said.
+25%
M A N H AT TA N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A © 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.
BEST LIVING ROOM IN NEW YORK Upper Westside | $17,500,000 | Motivated seller and rare investment opportunity in a landmarked building. Dubbed “The Best Living Room in NYC” by the NY Daily News, the breathtaking salon boasts 20-ft ceiling. Web# 1513047. Monica Luque 212.712.6089
SPECTACULAR PENTHOUSE LIVING Park Avenue | $25,000,000 | Stunning 6,000 sf duplex penthouse in triple mint condition. 5-7 bedrooms, 7 full baths, and 2 half baths, wrap terraces. Brilliantly designed and perfectly executed. Top Park Avenue co-op. Web# 1495005. Sabrina Saltiel, EVP 212.350.2205
SPLENDIDLY ROMANTIC West Village $9,750,000 Extraordinary gut renovated 1869 single family townhouse on prime West Village street boasts generous proportions, outstanding finishes, dream kitchen, magical roof garden. Web# 1539486. Abigail Agranat 917.304.5076
MANHATTAN, DOWNTOWN
101 WARREN STREET, 2910/2920
101 Warren Street | $8,780,000 | Tribeca one-of-a-kind home. 3,000 sf interior, 1,600 sf private outdoor space, 4 bedrooms, 4.5 bathrooms. Duplex condo, full-service building, parking and private storage. Must see. Web# 1530862. Wing Fong 646.298.9514
Tribeca | $13,000,000 | First-time available in the building. Truly magnificent 180 degrees North, South and West river views corner high floor combo home. Gracious, distinctive and captivating. Web# 1532015. Laura Cao, SVP 212.350.2828
STATELY VILLA, RIVER VIEWS
COME TO THE APTHORP
256 WEST 4TH STREET West Village $4,520,000 | Little West Village jewel. 15-ft 4-story single family townhouse built in 1877 in late French Second Empire style, retains much of its original detail. Web# 1352720. Jan Hashey, Managing Director 212.206.2804 Steve Halprin 212.206.2803
NEW, AMAZING VIEWS, SPACE, LIGHT United Nations/East 40s | $3,450,000 | Best priced, rarely available grand 2-bedroom, 2.5-bath with corner dining on a high floor of 6-star Trump International Tower Condominium in the heart of Midtown. Hurry, won’t last. Web# 1389259. Tristan Harper, SVP 917.697.7845
Riverdale | $6,000,000 | Grand and generous proportions distinguish this 1830 stately villa, above 8,000 sf, bathed in sunlight, perched on a hill with stunning views of the Hudson river. Divine. Web# 1460131. Abigail Agranat 917.304.5076
West 70s | $7,200,000 | Elegant renovated 4-bedroom features a formal gallery, sunny rooms, 10-ft 8-inch ceilings and 19th century detail. River and park views, Gated Palazzo with famed courtyard. Web# 1538255. Anita Wood 212.891.7026
PREWAR 2-BEDROOM, 2-BATH
A ROOM WITH A VIEW
169 West 78th Street | $1,595,000 | Large entry foyer, double sized living room, wood burning fireplace, corner master, and great Southern and Western light. Needs TLC. Renovation credit available. Web# 1519923. Lloyd Bowers 212.418.2035 | Susan Sperber 212.891.7068
Battery Park City | $2,450,000 | Loft like penthouse features floor-to-ceiling windows, 10-ft ceilings and hardwood floors in all rooms. Green building with spectacular river views, top floor. Web# 1380400. Anita Wood, SVP 212.891.7026
ASKELLIMAN.COM Luxury Ad Listing 01.2013-rev2.indd 1
12/20/12 3:40 PM
NEIGHBORHOODS
After storm, celeb residents still slowly moving back into homes Some residents may not be able to move back into the Perry Street towers until May.
W
hile Congress approved a $9.7 billion pack-
near the Hudson River. It was the first and largest federally subsi-
age to pay flood insurance claims result-
dized artist’s colony in the country when it opened more than four
ing from Hurricane Sandy this month,
decades ago. Artist tenants say they lost years of work and tools,
some high-profile residents of trendy West
such as a stage set designed by Isamu Noguchi for dancer Martha
Village condominium buildings are still not
Graham and her company.
allowed back in their multimillion-dollar pads post-hurricane.
Highway, residents finally got back into their homes on Dec. 8,
Calvin Klein, Jim Carrey, Hugh Jackman and Martha Stewart are out of their homes in the Richard Meier–designed glass towers at 173 and 176 Perry Street. They could still be out of there until as late as May, sources told the New York Post.
according to the New York Observer. “Seawater got into the pipes and [was] corrosive,” a source told the Post. The building’s celebrity residents include designer Marc Jacobs, actress Hilary Swank, NASCAR driver Jimmie Johnson ,
Meanwhile, fundraising has been ongoing following damage
Kings of Leon frontman Caleb Followill and internet billionaire
to the basement of Westbeth Artists Housing, an artist’s colony
Mark Shuttleworth — who owns a $31.5 million penthouse in
comprised of five separate buildings spanning an entire city block
the building.
What’s my home worth today?
Average prices over the past five years Year
Sale Price
2012
$1.8M
2011
$1.6M
2010
$1.9M
2009
$1.9M
2008
$1.6M
Source: StreetEasy.
68
At Superior Ink, at 400 West 12th Street, near the West Side
Luxury Listings NYC | JANUARY/FEBRUARY 2013
What’s happening with the market? Leonard Steinberg, a managing director at Douglas Elliman Q: What’s going on with home prices in the West Village and Greenwich Village? A: Pricing in this area is up across the board, especially in full-service condominium buildings where the demand far outstrips the supply. Waitlists for new buildings such as 150 Charles Street in the West Village are strong indicators that pricing could escalate further. Mark Ski, senior vice president of sales for Bond New York Q: What are the most surprising trends you’re seeing? A: The “pre-sale” of luxury apartments is definitely back in this neighborhood. Buyers are purchasing from photos or blueprints, or even from just seeing a hole in the ground. These new high-end developments today are offering the best in luxury, plus personal outdoor space and a lot of amenities.
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
Nightlife and restaurant bigwig Michael Hirtenstein sold his 4,471-square-foot, four-bedroom, 4.5-bathroom townhouse at 92 Charles Street near Bleecker Street for $19 million. “24” star Kiefer Sutherland sold his 4,830-square-foot townhouse at 763 Greenwich Street near Bank Street for its full $17.5 million asking price. Sutherland bought the Greek Revival– style home for $8.2 million in 2008.
Address 299 West 12th Street
Address 166 Perry Street, #PH
Address 340 West 12th Street
Size/Type condo (6,475 sf) 5 beds, 4 baths
Size/Type condo (6,845 sf) 3 beds, 5 full baths, 5 half-baths
Size/Type townhouse (6,200 sf) 7 beds, 3 full baths, 2 half-baths
Price $25M
Price $19M
Hot Feature The upper floor of the duplex is comprised entirely of the master suite
Hot Feature This townhouse also includes a small carriage house and private patio
Price $30M
A 3,785-square-foot condominium unit at 175 Perry Street was purchased for $16 million from a woman named Barbara Carswell. Sources: StreetEasy and Luxury Listings NYC research.
Hot Feature It’s a penthouse triplex (combined) that has never before been offered for sale
Sources: StreetEasy and Luxury Listings NYC. Listings are current as of Dec. 28, 2012.
Celeb real estate in the neighborhood Average prices in Village, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$713,949
$874,265
$2M
$3.5M
$12.7M
Two-time Oscar winner Dustin Hoffman was reportedly spotted checking out a $30 million penthouse at 299 West 12th Street (see box above for apartment details).
Source: StreetEasy.
Average price per square foot for Village sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$1,292
$1,244
$1,590
$1,632
$2,565
“Sex and the City” star Sarah Jessica Parker and her actor husband, Matthew Broderick, listed their townhouse at 20 East 10th Street for sale after just 18 months of ownership.
Jessica Chastain, the actress best known for her role as Celia Foote in “The Help,” paid $1.2 million for a two-bedroom spread at 250 Mercer Street.
Designer Norma Kamali rented a $25,000-a-month pad at 165 Charles Street near the West Side Highway, according to press accounts.
Photographer Annie Leibovitz listed her spread for $33 million. The 10,200-square-foot home is comprised of three townhouses on a corner of Greenwich and West 11th streets.
Source: StreetEasy.
Snapshot of a recent sale in the Village
What’s on the market? One-bedrooms dominate the choices in the Village
This 758-square-foot one-bedroom required a complete gut renovation because it was stuck in a time warp, but because of the location, the apartment’s condition didn’t even matter, the agent said. Five offers were submitted after the very first open house and it ended up selling for $55,000 over the asking price. (Listed by Elaine Mayers of
15 Charles Street
Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
21 units
53 units
24 units
21 units
25 units
Source: StreetEasy.
$955,000 | 15 Charles Street
Citi Habitats, pictured)
Luxury Listings NYC | JANUARY/FEBRUARY 2013
69
NEIGHBORHOODS
Priciest rentals on the market
Address 28 Grove Street
Address 46 Perry Street
Address 173 Perry Street, #4N
Size/Type Townhouse 7 beds, 5 baths
Size/Type townhouse (4,000 sf) 4 beds, 3 full baths, 2 half-baths
Size/Type condo (1,817 sf) 2 beds, 2.5 baths
Price $40K/mo Unique Feature Grand parlor floor with triple entertaining spaces
Price $22.5K/mo Unique Feature Features period details throughout the home
Price $21k/mo Unique Feature Features a keyed elevator that opens directly into the apartment
Sources: StreetEasy and Luxury Listings NYC research. Refers to listings as of Dec. 28, 2012.
Cheapest homes for sale
Biggest community news affecting local real estate Whitney to bring in more tourists. The new Whitney Museum outpost at Gansevoort and Washington streets, adjacent to the southern entrance to the High Line, is slated to open in 2015 and is expected to add even more tourists to the public park. Designed by architect Renzo Piano, the new building will increase the uptown museum’s exhibition and programming space. The new building will include approximately 50,000 square feet of galleries and 13,000 square feet of rooftop exhibition space, according to the museum’s website. New School university center rises. At the edge of the Village, the New School is getting a new University Center at 65 Fifth Avenue at the corner of 14th Street, designed by renowned architects Skidmore, Owings & Merrill. The building will serve as the hub of the school’s campus, with classrooms, design studios, laboratories, student residences and an event space. The building is scheduled to open in fall 2013.
New stores in the nabe Address 165 Christopher Street
Address 304 West 10th Street
Address 22 Cornelia Street, #19
Size/Type Studio co-op (400 sf)
Size/Type Studio co-op (375 sf)
Size/Type Studio co-op
Price $399K
Price $399K
Price $339K
Notable Feature Part-time doorman
Notable Feature Hardwood floors throughout
Notable Feature On the top floor of a walk-up
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
New condo projects underway in Village The Printing House’s 64 apartments will finally come on the market next month, Curbed reported. Conversion of the property at 421 Hudson Street to condos had been slowed by a lawsuit over the The Printing House sale of the building, which has since been resolved. The developers have added signage to the construction site and also launched a new website marketing the units, which range from two-bedrooms to four-bedrooms.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
The winner of the Food Network‘s second season of “Cupcake Wars” is opening — what else? — a cupcake shop, at 101 Seventh Avenue South, near Sheridan Square. This will be New Jersey– based House of Cupcakes’ first New York location, according to reports. A four-story restaurant called Manon, serving a mix of French, American and PanAsian cuisine, is slated to open at 407 West 14th Street, between Ninth and 10th avenues, this month.
Average monthly rental prices in the Village Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$3,149
$3,754
$5,875
$9,023
$21,500
Source: StreetEasy.
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NMLS# 48072 Licensed in NY, NJ, CT & FL
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212.324.3000
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LUXURY MORTGAGE CORP ® • 122 E 42ND STREET • SUITE 4900 • NEW YORK, NY 10168 CT: Stamford (HQ) • Southport NY: Garden City • Manhattan • White Plains NJ: Paramus SC: Mt. Pleasant CA: Newport Beach NMLS Entity # 2745. Licensed by the Department of Corporations under the California Residential Mortgage Lending Act, Colorado Mortgage Company Registration-203.327.6000-Check the license status of your mortgage loan originator at http://www.dora.state.co.us/ real-estate/index.htm, CT Licensed Mortgage Lender, FL Licensed Mortgage Lender, Georgia Residential Mortgage Licensee # 23006-Four Landmark Square, Suite 300, Stamford, CT 06901, Illinois Residential Mortgage Licensee # 6615 by the Illinois Department of Financial and Professional Regulation, Division of Banking, 122 South Michigan Avenue, Suite 1900, Chicago, Illinois 60603, (312) 793-3000, Maryland Mortgage Lender, Licensed by the New Hampshire Banking Department-#10099MB, Massachusetts Licensed Mortgage Lender/Broker, License #MC2745, Licensed Residential Mortgage Lender -New Jersey Department of Banking & Insurance, New Mexico Mortgage Loan Company License No. 03841, Licensed Mortgage Banker- New York State Department of Financial Services-122 East 42nd Street, Suite 4900 New York, NY 10168, North Carolina Mortgage Lender License # L-104218, Licensed by the Pennsylvania Department of Banking-Mortgage Lender License #27662, Rhode Island Licensed Lender #20031560LL/Broker #20092580LB, South Carolina BFI Mortgage Lender/Servicer, Texas Mortgage Banker Registration-Four Landmark Square, Suite 300, Stamford, CT 06901, Washington Consumer License # CL-2745. Luxury Mortgage Corp®, luxurymortgage.com® and Luxury Mortgage® are registered service marks of Luxury Mortgage Corp. All Rights Reserved.
NYC’s
Premier Listings
219 East 12th Street in the East Village
$2,650,000
Condo (1,750 sf): 6 rooms, 2 beds, 2 baths | Amenities: fireplace, garden | Monthly taxes: $2,013 | Common charges: $1,560 | Listing ID: S760243 First sale in 20 years. This rare and coveted parlor floor-through is located in a historic 25-foot-wide townhouse on a tranquil, tree-lined block in the prime East Village. Currently set up as a dramatic two-bedroom, two-bathroom home, this amazing residence is flooded with light from four exposures and features three grand-scaled rooms with 14-foot ceilings, a large windowed eat-in-kitchen, and a sun-drenched bedroom extension graced with birdsong and lush garden views. Listed by Richard Orenstein (T) 212.381.4248, (E) rorenstein@halstead.com.
Apt. 5D at 250 West Street in Tribeca
$5,930,000
Condo (2,505 sf): 3 beds, 3.5 baths | Amenities: concierge, doorman, sundeck | Monthly taxes: $2,852 | Common charges: $1,686 | Listing ID: S734829 Corner unit, Hudson River views, high ceilings, oversized windows. Open chef’s kitchen with Poggenpohl cabinetry, integrated Sub-Zero refrigerator, Bosch stove, range and dishwasher. Spacious master bathroom has a six-foot Catalina soaking tub, oversized glass shower, custom wood vanities and dual sinks. Additional bathrooms feature hand-laid imported marble floors, brass fixtures and brush nickel finishes. Five-inch plank oak hardwood floors throughout. Listed by Erica Miller, (T) 609.828.8346.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$2,599,000
Unit #1A at 50 Central Park West in Lincoln Square Co-op (1,750 sf): 9 rooms, 3 beds, 1 bath, 1 half-bath | Amenities: doorman, elevator, pets allowed | Maintenance: $6,779 | Listing ID: S683450
Three-bedroom, one-and-a-half-bathroom apartment currently used as a doctor’s office. Can be live/work or just residential. Take this opportunity to live in a spectacular building with grand dimensions. Rooms have 13-foot ceilings. Original Prasada woodwork and detail largely preserved. Own entrance onto Prasada rounded entryway or enter through lobby. Listed by Alexander Peters (T) 631.725.0208, (E) alexander.peters@elliman.com.
Unit #5 at 20 Bond Street in Noho
$2,350,000
Unit #8A at 1075 Park Avenue in Carnegie Hill
$2,195,000
Co-op: 6 rooms, 3 beds, 2 baths | Amenities: elevator, pets allowed Maintenance: $2,900 | Listing ID: S742208
Co-op: 6 rooms, 2 beds, 2 baths | Amenities: doorman, fireplace Maintenance: $3,629 | Listing ID: S759428
This loft has glorious light and fabulous Noho views through 15 windows, hardwood floors, 10-foot ceilings, washer and dryer and an open-windowed kitchen. Listed by Siim Hanja, (T) 212.317.3670, (E) shanja@bhsusa.com.
The entry gallery leads to the grand living room, with its wood-burning fireplace, and the formal dining room/library. Listed by Patricia Zaffino, (T) 212.639.9759, (E) pzaffino@foxresidential.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
73
FOREIGN BUYERS
Playing roulette Russians wheel and deal for NYC pads By Adam Piore
I
t was a Russian tycoon that paid the highest price ever for a Manhattan apartment with the $88 million pad that Dmitry Rybolovlev bought for his 22-year-old daughter, Ekaterina, at 15 Central Park West. Welcome to the world of the superrich Russian buyer, a rarified and red-hot segment of the New York real estate market. It’s a world with private planes,
cars that cost as much as some houses and entourages of bodyguards, assistants and traveling maids. But perhaps its most notable component is its emphasis on discretion and secrecy. Read on for some portraits of these wheeling and dealing buyers.
Russia’s richest buy in the city Billionaires, from entertainment to oil, scoop up pricey real estate
DMITRY RYBOLOVLEV
LEN BLAVATNIK
IGOR KRUTOY
ANDREI VAVILOV
BOLAT NAZARBAYEV
ANNA ANISIMOVA
Fertilizer
Oil, gas, metals
Entertainment
Hedge funds
Oil
Heiress
15 Central Park West (apartment)
15 East 64th Street (townhouse)
Plaza Hotel (apartment)
Time Warner Center (apartment)
Plaza Hotel (apartment)
Time Warner Center (apartment)
Year
2012
2007
2011
2009
2008
2004
Price
$88 million
$50 million
$48 million
$37.5 million
$20 million
$9.86 million (listed in April for $50 million)
Made fortune in
Home purchased
Source: News reports.
The habits of the Russian homebuyer An inside look at how they vie for New York City residences
74
1
2
3
4
5
6
Brokers better not ask high-end Russian buyers up front what’s in their bank account in terms of liquid cash.
Russian buyers like buying properties at the city’s most expensive addresses, including 15 Central Park West and the Time Warner Center.
Many Russian clients arrive by private jet. In fact, many have several jets.
Most Russian clients also have amenity-laden vehicles ready to pick them up at the airport to ferry them around New York.
Russian homebuyers come with an entourage, which includes bodyguards, drivers and assistants. They may bring a posse of 10.
The prestige of a property often comes before price for Russian buyers.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
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NEIGHBORHOODS
Amid slashed asking prices, more drama for Trump Soho Trump Soho at 246 Spring Street
T
here’s more drama brewing at Trump Soho, the embattled 46-story silver-glass hotelcondominium at 246 Spring Street.
Meanwhile (and probably more importantly to the Donald), real estate brokerage Douglas Elliman, which is marketing the building,
The Greenwich Village Society for Historic Preservation — a vocal civic group that has unsuccessfully fought against the massive
relisted a handful of apartments at seriously reduced prices. As of October, Elliman had dropped the price of some of the units by almost 30 percent, according to StreetEasy.
project since it was first proposed by Donald
Sales have been ongoing at the development since 2006.
Trump — said during the final weeks of 2012 that it had uncovered
In May — the last time the building released information on its
a city map that reignited the nonprofit’s doubts about the legality
recent deals — less than one-quarter of the property’s 391 resi-
of the luxury tower, and what it sees as the city’s special treat-
dences had been sold or were in contract.
ment of Trump. (The map lists the parcel at 246 Spring Street as
Ten Trump Soho buyers received a 90 percent refund on their
a “mixed residential and commercial building,” even though city
deposits two years ago after taking legal action against Trump
officials said the project wasn’t technically residential because it
Soho, alleging sales figures at the building were misrepresented.
What’s my home worth today?
Average home prices in Soho over past five years
What’s happening with the market? Bill Kowalczuk, senior vice president at Town Residential Q: What types of apartments are selling best right now? A: Homes from $3 to $5 million are doing best. That’s large enough for a family to grow into a space without having to move. Homes under $1 million are doing [worst].
Year
Sale Price
2012
$2.5M
2011
$2.5M
Marc Palermo, managing director at Warburg Realty
2010
$2.6M
Q: What is the most surprising trend you’re seeing in the residential market in Soho?
2009
$2.2M
2008
$2.4M
Source: StreetEasy. Data for 2012 is for the end of the year.
76
contained hotel-condo units instead of apartments.)
Luxury Listings NYC | JANUARY/FEBRUARY 2013
A: I recently negotiated a deal for a client that purchased air rights from a neighboring property so that he could protect his air and light. I think that we are going to see more of this.
NEIGHBORHOODS
Priciest neighborhood sales of 2012 The final three condominium units at 34 Greene Street, near Grand Street, sold in a package deal for $19.3 million. Together they comprise 4,000 square feet with four bedrooms and four bathrooms. They were purchased by an LLC. A 3,521-square-foot three-bedroom, four-bathroom condo at 350 West Broadway, between Grand and Broome streets, sold for $9.3 million. Andrew Green bought it from an LLC.
Most expensive homes on the market
Address 419 Broome Street Size/Type condo 5 beds, 5.5 baths
Size/Type condo (4,472 sf) 5 beds, 4 full baths, 2 half-baths
Price $19.5M
Robert Jain sold his 4,500-square-foot condo unit at 118 Greene Street at Prince Street for $8.9 million to a corporation. Two other sales at 350 West Broadway made the most expensive sales list: an $8.1 million unit and a $7.3 million unit. Sources: StreetEasy and Luxury Listings NYC.
Hot Feature 7,630 square feet of raw interior space
1 Bed
2 Beds
3 Beds
> 3 Beds
$826,571
$1M
$2.5M
$4.4M
$5.3M
Price $18.8M Hot Feature 4,000 square feet of private outdoor space
Address 30 Crosby Street Size/Type condo (6,170 sf) 5 beds, 4 baths, 4 half-baths Price $18M Hot Feature Triplex penthouse
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of December.
Celeb real estate in the neighborhood
Average prices in Soho, by type of apartment Studio
Address 210 Lafayette Street (One Kenmare Square)
Kim Kardashian’s ex, Kris Humphries, who plays basketball for the Brooklyn Nets, checked out two rentals at 55 Thompson Street, near Broome Street, including a $20,000-a-month, twobedroom, two-bathroom pad with a wraparound terrace.
Celebutante Nicky Hilton also stopped by 55 Thompson Street to see a $14,500-a-month twobedroom unit, the New York Post said.
Source: StreetEasy.
Musician and DJ Moby sold his 7 Bond Street condo, between Lafayette Street and Broadway, which he had renovated to include a 37-foot great room, for $5.8 million, according to Curbed.
Average price per square foot for Soho sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$1,148
$1,185
$1,494
$1,483
$1,531
Source: StreetEasy.
What’s available to buy in the neighborhood now? More two-bedrooms are on the market than any other kind of home Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
18 units
30 units
64 units
39 units
16 units
Source: StreetEasy.
Actress Claire Danes of “Homeland” and her husband, actor Hugh Dancy, sold their three-bedroom loft at 42 Wooster Street for $5.85 million, the Post reported.
Snapshot of a recent sale in Soho $2,200,000 | 114 Spring Street The buyer of this 2,000-square-foot, two-bedroom loft in the historic cast iron district, between Greene and Mercer streets, almost pulled out of the deal due to the challenges of finding a lender that would underwrite a loan within an Artist-in-Residence building. As the buyer only upped his offer in small increments, the seller’s agent was able to use the leverage of another offer to get the buyer to pay what turned out to be a record price for a loft in that co-op. (Listed by Carol Staab of Douglas Elliman, pictured)
114 Spring Street
Luxury Listings NYC | JANUARY/FEBRUARY 2013
77
NEIGHBORHOODS
Priciest rentals on the market
Address 214 Lafayette Street
Address 42 Wooster Street
Address 158 Mercer Street
Size/Type townhouse (13,000 sf) 3 beds, 3.5 baths
Size/Type condo (4,200 sf) 4 beds, 2.5 baths
Size/Type condo (4,200 sf) 3 bed, 2.5 baths
Price $100K/mo
Price $40K/mo
Price $35K/mo
Unique Feature 5-story sun-drenched home
Unique Feature Renovation by renowned designer Shamir Shah
Unique Feature Entertaining space has hardwood floors, columns and fireplace
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Cheapest homes for sale
Address 349 West Broadway
Address 210 Sixth Avenue, #6E
Address 124 Thompson Street, #14
Size/Type Studio co-op (200 sf)
Size/Type 1-bed, 1-bath co-op
Size/Type 1-bed, 1-bath co-op
Price $385K
Price $635K
Price $765K
Notable Feature Huge built-in closets and cupboards
Notable Feature New built-in closets with a Murphy bed
Notable Feature Seven large windows with south and west exposures
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
New developments: what’s rising in Soho
Soho’s Tootsie Roll factory
After two failed attempts, Soho’s Tootsie Roll factory will finally become a luxury condominium, but not for another year, Crain’s reported. Developer DDG’s plans call for the destruction of the two existing buildings facing West Broadway and for the preservation of the two buildings on Wooster Street.
A 12-story, 14-unit condominium development with ground-level retail space will be coming to 688 Broadway between Great Jones and East Third streets. With its arrival comes the displacement of a 20-year-old outdoor marketplace.
78
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Biggest community news affecting local real estate Hudson Square may get $27M redevelopment. Business improvement district Hudson Square Connection has proposed a $27 million redevelopment of the property at the mouth of the Holland Tunnel, Crain’s reported. The proposal seeks to develop more green space and a pedestrian haven for the underutilized space in the Hudson Square neighborhood, bounded by Soho, Tribeca and the Greenwich Village. The group said the work would last for five years and would transform the space by adding trees, public seating and walkways. In rare instance, Soho building has Artist-in-Residence requirement waived. A new Soho condominium, at 111 Mercer Street, has received an unusual special permit circumventing its Artist-in-Residence Certification, a move which could increase the property’s value up to 15 percent. The rule has been in play for three decades.
New stores coming to the nabe Undies purveyor La Perla and Just Cavalli, an offshoot of Italian fashion designer Roberto Cavalli, will be opening at 430-434 West Broadway, near Howard Street, the New York Post reported. La Perla is moving there from its shop on Greene Street. And the space will be Just Cavalli’s first stand-alone shop. High-end shoe company Stuart Weitzman told Luxury Listings NYC it’s opening a store at 118 Spring Street near Greene Street early this year.
Average monthly rental prices in Soho Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$3,368
$4,106
$10,316
$22,199
$24,408
Source: StreetEasy.
mns.com
123 Washington St - PH 53B New York, NY
34 North 7th St - 8E New York, NY
2 Bed / 2 Bath
1 Bed / 1 Bath
2,702,500
$
Brand new corner 2 Bedroom on the Penthouse Floor of the Residences at the W New York – Downtown, offering unparalleled views in every direction. The modern interior has been custom designed by “Graft’ featuring a white lacquer kitchen, stainless steel Miele gas top range, Sub-Zero refrigerator and in-unit Washer/Dryer. Italian crocodile ceramic tiled bathroom and Corian vanity with Duravit sink. Dark ebony wood floors are throughout, and great closet space to make it all complete. Inquire about the building’s privileged insider access.
Fabrizio Uberti Bona o 212.475.9000 c 917.940.7652 fab@mns.com
Sasha Bruno o 212.475.9000 c 516.816.8769 smb@mns.com
Williamsburg living includes expansive windows, high ceilings, central air conditioning, and an open layout for entertaining. The chef’s kitchen is equipped with Energy Star rated Miele, Bosch and Sharp appliances, custom cabinetry, garbage disposal, and white quartz countertop. This full-service condo offers the most ambitious amenities package. Residents enjoy an all season pool, basketball court, resident fitness classes, and multiple social lounges. Premier location, low common charges, a real estate tax abatement, and Gold LEED certification have made the Edge the top selling building in New York City. Ian Macdermut o 212.475.9000 c 347.486.2277 idm@mns.com
2280 Frederick Douglass Blvd – PHC New York, NY
49 East 21th St - 4D New York, NY
3 Bed / 2.5 Bath
2 Bed / 2 Bath
1,759,000
$
A spacious 3 bedroom 2 bath consisting of high ceilings, wide plank oak wood flooring throughout, and a private roof terrace ideal for entertaining with a 53” Viking gas grill and wood burning fireplace topped with beautiful West facing Manhattan city views. Chef’s kitchen features a Wolf 6 burner cook top, dual fuel oven, Sub Zero Pro-48G, and Miele dishwasher. The master bedroom has room for a king-size bed plus furnishings, walk-in-closet and en suite master bath featuring a 21” deep, Neptune Air Jet soaking tub and thermostatically controlled shower. Makeba Lloyd o 212.521.5742 c 917.886.8806 mgl@mns.com
Frank Andereya o 646.300.7206 c 516.982.1461 fga@mns.com
70 Washington St - 8M New York, NY 2 Bed / 2 Bath
1,995,000
$
This impressive Pre-War Condo Loft features 2 Bedrooms, Home Office, and a spacious open layout perfect for entertaining. The interior boasts 2 Luxurious Mosaic Tiled Baths with Kohler, Toto and Watermark fixtures; an Open Kitchen with Lava Stone Countertops, stainless steel Bosch appliances, and custom wood cabinetry; 11’ high beamed ceilings; wide planked oak wood floors; California closets; and an In-Unit Bosch Washer/Dryer. The master bedroom has an en-suite bath with a glass enclosed shower and oversized walk-in closet. Fabrizio Uberti Bona o 212.475.9000 c 917.940.7652 fab@mns.com
Sasha Bruno o 212.475.9000 c 516.816.8769 smb@mns.com
59 Kent St - 5C New York, NY $
5,995/month
Located just blocks from the F, A & C trains in a luxury building, this is a must see apartment in one of Brooklyn’s most sought after neighborhoods, DUMBO. With oversized windows in the living rooms and bedrooms, they display sweeping views of the Brooklyn and Manhattan bridges as well as the downtown NYC skyline. A picture perfect apartment. This home has hardwood floors, high ceilings, 2 fully renovated bathrooms and an open concept kitchen with stainless steel appliances, dining and living area. Vicario Brensley Phillip o 212.721.2500 c 212.729.6298 vbp@mns.com
749,000
$
2 Bed / 1 Bath
$
4,250/month
The authentic two bedroom one bath loft features12 foot wood beamed ceilings, exposed brick walls, high gloss polished concrete floors, custom kitchen and baths, oversized Low-E windows from Crystal. This 5th floor corner unit has a great South, East & North exposure.
Justin Daly o 718.222.1545 c 917.903.7528 jsd@mns.com
NYC’s
Premier Listings
$2,250,000
Unit #1E at 528 West 43rd Street in Clinton Co-op (2,800 sf): 3 beds, 3 baths | Amenities: terrace, washer/dryer | Maintenance: $4,273 | Listing ID: N/A
A unique and stunning space on three levels, 1E features three bedrooms, three bathrooms, a two-story balconied living room, a separate entrance with hallway and much, much more. The living area has a double-story wall of windows giving lots of light, and there is an interior open terrace off the den and kitchen. The spacious and bright apartment is so well insulated that city noise never penetrates. As is, this is a remarkable and luxurious living space with plenty of room for guests and entertaining, or can be reconfigured for individual taste. Listed by Kate Patch, (T) 212.957.4100 (E) kpatch@citihabitats.com.
Unit #1H at 420 West 25th Street in West Chelsea
$2,175,000
Condo (1,668 sf): 3 rooms, 1 bed, 2.5 baths | Amenities: elevator, doorman, gym | Common charges: $1,452 | Monthly taxes: $1,649 | Listing ID: S741294 Steps from the High Line park in the heart of Chelsea’s Gallery District, this garden loft duplex with 17-foot ceilings and Nordic Ash hardwood flooring is bright and cheery. The upper level features a separate and spacious living and dining area, a full bathroom with tub and a large master bedroom with en-suite bathroom. The master bathroom has a walk-in shower with rain head and multiple sprays, custom teak vanity, Italian-made Teknobili fixtures and imported Porcelanosa ceramic tiles on the floors and walls. The current owners replaced the wood floors in the kitchen with limestone tiles for better surface cleaning. The lower level includes an ample recreation room with half-bathroom and laundry room. Listed by Mark D. Friedman, (T) 212.381.2379, (E) mdfriedman@halstead.com.
80
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
Unit #25CD at 75 Wall Street in the Financial District
$2,165,000
Unit #7C at 130 East 67th Street in Lenox Hill
$2,150,000
Condo (2,020 sf): 3 beds, 3 baths | Amenities: elevator, doorman Common charges: $2,355 | Monthly taxes: $97 | Listing ID: S683254
Co-op (3,400 sf): 6 rooms, 3 beds, 2 baths | Amenities: elevator, fireplace Maintenance: $4,581 | Listing ID: S733717
This designer corner three-bedroom home offers an enormous living space of 2,000 square feet with a large home office. Listed by Masha Sales, (T) 212.937.8500 (E) masha@citi-habitats.com.
The living room features a wood-burning fireplace. The three bedrooms are all spacious and the master bedroom has its bath en-suite. Listed by Nancy Candib, (T) 212.906.9302, (E) ncandib@bhsusa.com.
350 West 42nd Street in Midtown West
$2,090,000
Condo (1,350 sf): 5 rooms, 2 beds, 2 baths | Amenities: Jacuzzi, pool, doorman | Common charges: $1,285 | Monthly taxes: $420 | Listing ID: N/A This Orion building corner split two-bedroom with open, jaw-dropping, cinematic views of the city, Hudson River and Empire State Building, through its walls of nine-foot, floor-to-ceiling windows, will take your breath away. Superb location: just steps to Times Square and countless Broadway theaters, access to the entire city via 14 separate subway lines and a short walk to the new Hudson River Waterfront Park. Listed by Loic Kessl, (T) 917.340.5627, (E) loick@nestseekers.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
81
NEIGHBORHOODS
Tribeca’s tallest tower set to rise from the ashes Construction recently restarted at condo project 56 Leonard Street (pictured in rendering here).
A
fter a three-year hiatus, construction re-
The 146-unit condo, being developed by Alexico Group,
commenced recently at 56 Leonard Street,
will be the tallest building in the neighborhood when finished
the 57-story Herzog & de Meuron–designed
by spring 2016.
condominium near Church Street that
“It’s a very complicated structure,” said Tony DelGreco, the
stalled amid the financial crisis, the Tribeca
manager of the project, noting that the first 10 floors of the project
Trib reported.
will be erected at a slow pace due to the nature of the large canti-
The building’s foundations have been
completed for three years. A specially commissioned sculpture by
“I think this will be one of the most striking buildings we’ve seen
internationally celebrated artist Anish Kapoor that initially formed
in years and it will change the skyline of Tribeca,” said Naomi Mu-
part of the base of the building appears to have been scrapped,
ramatsu, director of sales at real estate brokerage Bond New York
although a press person did not respond to a request for comment. The building is adorned in sculpted surfaces, cantilevers and sparkling glass.
Properties. “Some people are opposed to its cutting-edge design and think it will destroy the character of Tribeca but this neighborhood is fascinating because of the diversity of styles as well.”
What’s my home worth today?
Average home prices in Tribeca over past five years
What’s happening with the market? Gloria Sokolin, executive vice president and sales manager at Fox Residential Group Q: What’s going on with the condo sales market, especially new developments? A: Prices in Tribeca are up substantially since two years ago, driven by a lack of available apartments on the market. Demand is greater than supply and new developments are selling out quickly.
Year
Sale Price
2012
$2.7M
2011
$2.7M
Deborah Lupard, an agent at Warburg Realty
2010
$2.3M
Q: What is the most surprising trend you’re seeing in the residential market in Tribeca?
2009
$2.5M
2008
$2.6M
Source: StreetEasy. 2012 data is for end of year.
82
levered apartments.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
A: I am surprised to see things go in bidding wars [after] two days on the market and to see how many all-cash buyers are around.
NEIGHBORHOODS
Priciest neighborhood sales of 2012 A man named Ronald Rolfe sold his 4,613-square-foot, five-bedroom, five-bathroom condo duplex penthouse at the Dietz Lantern Building, at 429 Greenwich Street, near Laight Street, for $15 million. A source told the New York Post the buyer was Horizon Media founder Bill Koenigsberg. It marks the most expensive Tribeca deal of the year.
Most expensive homes on the market
Address 145 Hudson Street
Address 60 Warren Street
Address 66 Leonard Street, #PH
Size/Type condo (7,493 sf) 4 beds, 4.5 baths
Size/Type condo (10,911 sf) 7 beds, 4 baths and 2 half-baths
Size/Type condo (7,000 sf) 4 beds, 7 baths
Price $48M
J. Crew CEO Mickey Drexler snapped up a condo unit at 140 Franklin Street near Varick Street for $14.3 million in the second priciest deal. The 6,226-squarefoot apartment has five bedrooms and 4.5 bathrooms.
Hot Feature Apartment is sheathed in museum-quality, high-performance, insulated glass
A 4,489-square-foot unit at 33 Vestry Street near Hudson Street sold for $13.7 million, finishing in third. The buyer and seller of the penthouse, which has four bedrooms and four bathrooms, were LLCs.
Price $24.5M Hot Feature It’s like a townhouse in the sky
Price $22M Hot Feature More than 4,000 square feet of landscaped terraces and a 35-foot-long swimming pool
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Celeb real estate in the neighborhood
Sources: StreetEasy and Luxury Listings NYC.
Rangers winger Marian Gaborik bought a duplex penthouse at 88 Laight Street, between Greenwich and West streets, listed for $4.2 million.
Average prices in Tribeca, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$1.1M
$1.3M
$2.1M
$3.8M
$7.2M
Source: StreetEasy.
Fashion Week model Karolina Kurkova rented a $17,000 a month pad at 92 Laight Street in the River Lofts, near West Street. She and her husband own an apartment in the building, but it’s occupied by renters.
Average price per square foot for Tribeca sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$1,138
$1,176
$1,262
$1,468
$1,468
What’s available to buy?
Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
9 units
26 units
79 units
71 units
6 units
Source: StreetEasy.
The owner of the Montauk Beach House, Chris Jones, put his apartment at 86 Thomas Street, between West Broadway and Hudson Street, on the market for $2.8 million.
Snapshot of a recent Tribeca sale
Source: StreetEasy.
There are few small units on the market in the neighborhood
Rapper, record producer, actor and entrepreneur Sean “Diddy” Combs toured a $20 million penthouse at the Merchants House condominium conversion at 35 North Moore Street and six months later the unit got a $3 million price cut.
$1,600,000 | 37 Walker Street A chance encounter when the agent dropped a quarter led to a conversation with a woman who said she and her husband were possibly looking to sell. They had lived there since 1976. When she was ready to pull the trigger, she contacted the agent to list it. The one major challenge in selling the 2,000-squarefoot duplex loft was convincing people that the fifth-floor walk-up was worth the trek. (Listed by Allen Stern of Citi Habitats, pictured) 37 Walker Street
Luxury Listings NYC | JANUARY/FEBRUARY 2013
83
NEIGHBORHOODS
Priciest rentals on the market
Address 144 Duane Street
Address 156 Reade Street
Size/Type townhouse (13,500 sf) 4 beds, 7 baths
Size/Type condo (6,000 sf) 5 beds, 5 baths
Price $100K/mo
Price $50K/mo
Unique Feature It boasts a 575-squarefoot terrace and 2,200-square-foot landscaped roofdeck
Unique Feature House built and occupied by renowned downtown architect John Petrarca
Address 25 North Moore Street (The Atalanta) Size/Type condo (7,000 sf) 4 beds, 5 baths Price $40K/mo Unique Feature Living room stretches entire length of building
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Address 261 Broadway, #2C
Size/Type condo (475 sf); studio
Size/Type co-op (800-sf) 1 bed, 1 bath
Price $650K Notable Feature Anticipated occupancy: summer 2013
Ponte family makes changes to longtime Tribeca holdings. The low-profile Ponte family started buying parking garages, former warehouses and auto shops in northwestern Tribeca in the 1960s. Today, the family owns at least 30 properties in the neighborhood, according to The Real Deal, including the red-awning-lined Ponte’s Restaurant at 39 Desbrosses Street. They’ve been mostly sitting on their real estate for decades but now are striking partnerships with several developers to build on their land. The Pontes’ lack of activity has kept them out of the spotlight, with a notable exception: In the 1990s, family patriarch Angelo Ponte and his son Vincent pleaded guilty to corruption charges in connection with their waste management business. Kindergarteners face seat shortage in school. Looking to move to Tribeca? Well, if you have kids, you might want to heed the warning of New York University Stern Business School professor and Downtown parent Eric Greenleaf: “In 2013 there will be a total shortage of at least five and likely six classrooms,” Greenleaf said. “That’s 125 to 150 kids that there isn’t room for in the schools.” The following year, Greenleaf said, the situation is more dire, with 250 to 300 more children than classroom seats, the Tribeca Tribune reported.
Cheapest homes for sale
Address 93 Worth Street, #206
Biggest community news affecting local real estate
Address 200 Chambers Street, #3R Size/Type condo; 1 bed, 1 bath
Average monthly rental prices in Tribeca
Price $850K
Price $850K
Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
Notable Feature Open chef’s kitchen
Notable Feature High-end finishes
$6,111
$5,266
$9,499
$13,768
$27,708
Source: StreetEasy. Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012. Several of the cheapest listings are in 93 Worth Street.
VOLUME 01 ISSUE 01
JANUARY/FEBRUARY 2013
Sign up for NYC’s premier listings publication today!
New developments: what’s rising in Tribeca
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Manhattan home prices set to skyrocket p12 London real estate trumps NYC p16
“In the eastern corridor between Church [Street] and Broadway, new projects have begun to perform exceptionally well. 37 Warren and 57 Reade are selling briskly. [There’s] 93 Worth [which launched sales last month] and 5 Franklin Place and several other new development 57 Reade Street sites in this Broadway corridor [which] should be coming to market in the near future. All this is creating a resurgence and gentrification of this eastern Tribeca neighborhood.” — Heather McDonough, senior vice president at brokerage Douglas Elliman
84
Luxury Listings NYC | JANUARY/FEBRUARY 2013
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The Shemesh Group
80 COLUMBUS CIRCLE, 73C 4 BR, 4.5 BATH $40K/Mo. WEB# 2431745 $25M WEB# 2306679
165 CHARLES ST, APT 20
3 BR, 2.5 BATH $7M WEB# 2340690
233 EAST 17TH ST, UNIT 2 2 BR, 2 BATH $8,900/Mo. WEB# 2469423 $2.195M WEB# 2340212
215 EAST 96TH ST, 31C
4 BR, 3.5 BATH $3.475M WEB# 2349172
420 WEST 25TH ST, UNIT 7E 1 BR, 2 BATH $12K/Mo. WEB# 2465241 $1.9M WEB# 2465223
Shown exclusively through Tamir Shemesh Senior Vice President, Licensed Associate Real Estate Broker The Corcoran Group 212.323.3245 tshemesh@corcoran.com ShemeshGroup.com
The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.
NYC’s
Premier Listings
Unit #A at 20 West 90th Street on the Upper West Side
$1,995,000
413 East 53rd Street in Sutton Place
$3,800,000
Co-op: 6 rooms, 3 beds, 3 baths | Amenities: garden, patio Maintenance: $1,975 | Listing ID: S739855
Townhouse (3,500 sf): 15 rooms, 3 beds, 2.5 baths | Amenities: fireplace, terrace | Listing ID: S748010
On a prized park block, in an immaculate prewar brownstone, lays this duplex sanctuary flowing with charm. Listed by Jennifer Roth, (T) 212.639.9706, (E) jroth@foxresidential.com.
Designer open kitchen with stainless steel appliances. Listed by Cindy van Dorn, (T) 212.838.3700, (E) cvandorn@kwnyc.com.
$1,750,000
Unit #1506/1508 at 35 East 76th Street on the Upper East Side Co-op: 4.5 rooms, 2 beds, 2 baths | Amenities: elevator, doorman, pets allowed | Maintenance: $15,783 | Listing ID: S767241
This exceptional two-bedroom, two-bath corner home in the world-famous Carlyle — the crown jewel of the Upper East Side — is beautifully designed with a new, top-of-the-line granite kitchen and huge landscaped terrace with a retractable awning that faces west with views of Central Park. Enjoy light from south and west exposures, high ceilings and a spacious 1,366-square-foot layout that’s perfect for entertaining. The elegant ambiance is enhanced by special touches like herringbone floors, custom woodwork and built-ins, custom closets, surround sound, a discreet wine bar and a convenient washer/dryer. Listed by Patricia Vance, (T) 212.350.8576, (E) pvance@elliman.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$1,695,000
Unit #2C at 171 West 71st Street in Lincoln Square Co-op (1,300 sf): 2 beds, 2.5 baths | Amenities: doorman, fireplace, elevator | Maintenance: $2,629 | Listing ID: S732201
Elegant, Upper West Side “Edwardian 5” home with a wonderful and spacious layout. Beautifully accentuated with many gracious prewar details. Welcoming large entry foyer with double French doors flows naturally into a spacious (20-foot by 14-foot) living room with decorative fireplace, herringbone wood floors, detailed moldings and a truly lovely formal dining room (15 feet by 15 feet) with coffered ceilings, fireplace and very rich details. Listed by Douglas Gomez, (T) 646.229.5889 (E) dgomez@citihabitats.com.
Unit #4CD at 175 East 79th Street on the Upper East Side
$1,650,000
Unit #605 at 14 East 4th Street in Noho
$1,495,000
Co-op: 6 rooms, 2 beds, 2 baths | Amenities: elevator, pets allowed Maintenance: $2,748 | Listing ID: S606238
Condo (1,150 sf): 1 bed, 1 bath | Amenities: roof deck, doorman Monthly taxes: $768 | Common charges: $648 | Listing ID: S700769
Come home to a quiet, elegant and very spacious six-room apartment in a wellrun prewar building located on East 79th Street. Originally two huge one-bedroom apartments, this mint-condition home has been seamlessly combined. Listed by Evelyn Katz, (T) 212.639.9752, (E) ekatz@foxresidential.com.
This one-bedroom has been customized to the smallest detail by a fifth generation builder/owner. Fabulous condo commercial loft is zoned for commercial and can be live/work. Listed by Mirenda Housravi, (T) 646.723.3073, (E) mirenda@bondnewyork.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
87
HIDDEN ENCLAVES
Off the grid A look at New York City’s little known tucked-away streets By Gabrielle Birkner
Twenty almost identical wooden row houses line this narrow cobblestone street, connecting St. Nicholas Avenue and Jumel Terrace in Washington Heights.
P
rivacy is the ultimate luxury in New York City. So the demand for historic homes on Manhattan’s secluded mews streets — often nestled off side streets, behind gates or old growth — far succeeds the supply. “They come at a premium and they sell rather quickly because of the uniqueness — and because they come up so rarely,” Natalie Weiss of residential brokerage Nest Seekers said about homes on Pomander Walk, the Upper West Side hideaway where she grew up and has brokered deals for nine co-op apartments. Meanwhile, Jeff Wachtenheim, a salesperson with brokerage Town Residential, compared buying a home on a littleknown New York street to buying a piece of artwork. “These are not cookie-cutter apartments in your typical glass-and-steel construction buildings,” he said. “There’s a lot of charm and Old World cachet to them.” Here is a survey of some of these tucked-away corridors.
SYLVAN TERRACE IN WASHINGTON HEIGHTS
Before the homes were built in 1862, Sylvan Terrace was an artery for horse-drawn carriages. (More recently, the street served as a backdrop for the HBO series “Boardwalk Empire.”) POMANDER WALK ON THE UPPER WEST SIDE
Prices for Sylvan Terrace properties are on the rise.
This quaint Upper West Side development bears the name of a romantic comedy that came to the New York stage in 1910. And if it weren’t for the high-rise apartment buildings that surround it, a passerby might mistake the string of attached Tudorstyle properties for a village in the English countryside. The brainchild of early 20th-century restaurateur Thomas Healy, Pomander Walk rose on a vacant plot connecting 94th and 95th streets, between West End Avenue and Broadway.
COLLISTER STREET IN TRIBECA
SNIFFEN COURT IN MURRAY HILL
Collister Street, connecting Laight and Beach streets in Tribeca, is among Manhattan’s tiniest blocks. But it houses some of the borough’s priciest real estate.
The 10 carriage houses on Sniffen Court appear better-suited to London’s fashionable Notting Hill neighborhood than to New York’s post-collegiate mecca of Murray Hill. Situated between Lexington and Third avenues, the 115-foot street was designed in the 1860s as a way to keep the smell of horse manure off of the area’s main streets. Today, the stables have since been converted into exclusive and coveted single-family homes.
Fifteen condominiums at 60 Collister, formerly the American Express Carriage House, hit the market in February 2012, after developer VE Equities purchased the sponsor units at the then-troubled building. The project sold out in seven weeks — with one notable exception: the 9,200-squarefoot triplex apartment known as the Marble House. Zach Vella, a cofounder of VE Equities, said that 60 Collister’s location on a littleknown street has been part of its allure.
Today, the 27 houses with access to the private walk have been divided into 63 co-ops, said Nest Seekers’ Natalie Weiss.
HENDERSON PLACE ON THE UPPER EAST SIDE Nestled off East 86th Street, between East End and York avenues, is a short cul-de-sac with six tall and narrow Queen Anne–style row houses. Now prime Upper East Side real estate, the homes were built at the turn of the 20th century for working-class families. “People like that they don’t have to pass a [co-op] board and, architecturally, it’s what they want in a house,” said Maureen McCarron, a vice president with brokerage Stribling & Associates. The Henderson Place townhouses were among the early commissions of the architecture firm Lamb & Rich, which would go on to design Theodore Roosevelt’s Long Island mansion, Sagamore Hill, as well as Brooklyn’s Pratt Institute.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
OPENING JANUARY 2013!
NYC’s
Premier Listings
549 West 152nd Street in Hamilton Heights
$1,490,000
#11B at 2280 Frederick Douglass Blvd. in Central Harlem
$1,379,000
Townhouse (3,360 sf): 11 rooms, 5 beds, 3 baths | Amenities: garden, patio Listing ID: S746429
Condo (1,404 sf): 3 beds, 2.5 baths | Amenities: elevator, roof deck, doorman Common charges: $976 | Monthly taxes: $10 | Listing ID: S684583
Four sumptuous floors. One-bedroom garden apartment and four-bedroom (convertible five-bedroom) triplex. Listed by Hauke Gahrmann, (T) 212.792.9159, (E) hauke@bondnewyork.com.
The great open layout has beautiful east- and south-facing Manhattan and Harlem city views. Listed by Makeba Lloyd, (T) 646.300.7218, (E) mgl@mns.com.
Unit #10B at 129 West 22nd Street in Chelsea
$1,350,000
Unit #PHD at 444 Central Park West in Manhattan Valley
$3,295,000
Co-op (1,400 sf): 3 rooms, 1 bed, 1 bath | Amenities: elevator Maintenance: $1,825 | Listing ID: S734307
Co-op (1,600 sf): 2 beds, 2 baths | Amenities: elevator, doorman, roof deck Maintenance: $3,267 | Listing ID: S693738
This open and airy one-bedroom loft in a prime Chelsea location has soaring, approximately 11-foot ceilings, oak hardwood flooring and original columns. Listed by Julia Boland, (T) 212.381.2333, (E) jboland@halstead.com.
Welcome to this sophisticated and gracious Art Deco five-room penthouse surrounded by sweeping park and city views. Listed by Svetlana Choi, (T) 212-874-0100, (E) skchoi@bellmarc.com.
90
Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
NYC’s
Premier Listings
$995,000
Unit #6B at 117 Beekman Street in Fulton/Seaport
Condo (1,075 sf): 3.5 rooms, 1 bed, 1.5 baths | Amenities: doorman, roof deck | Monthly taxes: $1,129 | Common charges: $1,400 | Listing ID: S694221 This stunning contemporary home boasts 11.5-foot ceilings, tall corner windows that are flooded with sun from south and west exposures, 1.5 gorgeous baths and a sleek Italian-designed kitchen. This home has been meticulously renovated, complete with top-quality fixtures, including a Gaggenau oven/gas stove, SubZero fridge, Bosch washer and dryer and black granite counters. Listed by Mark Kennedy, (T) 212.727.6157 (E) mkennedy@elliman.com.
Unit #2B at 100 West 15th Street in Chelsea
$599,000
Unit #7F at 307 West 20th Street in Chelsea
$560,000
Co-op: Studio | Amenities: elevator, pets allowed | Maintenance: $893 Listing ID: S740820
Co-op (500 sf): 1 bed, 1 bath | Amenities: fireplace, pets allowed Maintenance: $967 | Listing ID: S696709
Located on a beautiful, tree-lined street in the heart of Chelsea, this lofted studio is the perfect place to call home. Listed by Vicario Brensley Phillip, (T) 646.395.5731, (E) vbp@mns.com.
Located on a quiet tree-lined street, the boutique building has a common courtyard space. Listed by Vicario Brensley Phillip, (T) 646.395.5731, (E) vbp@mns.com.
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
91
NEIGHBORHOODS
Penthouse sale for $3.8M is LES’s priciest since market crash A penthouse unit at 115 Norfolk Street sold for $3.8 million.
T
he sale of a penthouse condominium
is next to 105 Norfolk Street, the so-called Blue building, the
at 115 Norfolk Street marks the most
first high-end condo on that block when it opened during the
expensive residential sale on the Lower East
housing boom.
Side since the housing bust in late 2008,
The sale price may not rival some recent sales in other
Ariel Tirosh, a senior vice president at
parts of Manhattan (and it was topped by a sale at 259 Bowery
Douglas Elliman who brokered the deal,
in the slightly pricier East Village — see next page), but it is
told The Real Deal.
impressive for the area, Tirosh said.
The three-bedroom, three-bathroom penthouse loft in the new condo project sold for $3.8 million, or $1,953 per square foot, said Tirosh, who also represented the buyers.
door space and a parking spot. The most expensive single-family home sale on the Lower
When sales at the seven-story, 24-unit low-rise building,
East Side was for a penthouse at 15 Rivington Street, which
between Delancey and Rivington streets, launched in late 2010,
sold for $5.1 million over four years ago, according to website
the penthouse had an asking price of $3 million. The building
StreetEasy.com.
What’s my home worth today?
Average prices over the past five years Year
Sale Price
2012
$610,504
2011
$606,930
2010
$627,134
2009
$511,345
2008
$683,716
Source: StreetEasy. Data for 2012 is for the end of the year.
92
The penthouse features a 2,000-square-foot private out-
Luxury Listings NYC | JANUARY/FEBRUARY 2013
What’s happening with the market? Ryan Edgette, senior associate at Citi Habitats Q: What’s going on with the rental market? A: The East Village rental market is hot right now — vacancy rates are low. That being the case, most people who got a sweet deal during the recession are staying put rather than trying to upgrade — as their current apartment is probably below market price now. But there are always deals to be had in Alphabet City, especially since Hurricane Sandy. Ariel Tirosh, senior vice president at Douglas Elliman Q: What are the most surprising trends you’re seeing in the residential market in the neighborhood? A: The classic trend of living downtown as a single and moving uptown — for those who stay in the city — once one is married with kids seems to be changing. The trend can be attributed to the fact that the East Village and Lower East Side can offer almost everything uptown offers, like schools, for example.
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
Kenneth Alpart sold his 3,700-square-foot five-bedroom, three-bathroom duplex condominium loft at 259 Bowery in the East Village to a trust for $5 million. A 2,177-square-foot penthouse condo with three bedrooms and two bathrooms at the Karl Fischer– designed 263 Bowery went for $3.1 million in a deal between LLCs. Mark Matuschak and Kathryn Hutchins bought a two-bedroom condo at 115 Norfolk for $2.7 million. (The $3.8 million deal in that building mentioned in the story on the previous page had not closed yet, so is not on this list.) Ian Stewart sold his full-floor 1,815-square-foot, twobedroom, two-bath loft condo at 195 Bowery, near Spring Street, to Kevan Joseph Bean for $2.7 million. A 1,860-square-foot, three-bedroom, two-bathroom condo at 15 Rivington Street went for $2.3 million. It was sold to Ravee Mehta. Sources: StreetEasy and Luxury Listings NYC.
Address 75 Ludlow Street
Address 105 Norfolk Street
Address 50 Orchard Street, #1C
Size/Type condo (3,379 sf) 4 beds, 2 baths
Size/Type condo (2,186 sf) 3 beds, 3 baths
Size/Type condo (2,126 sf) 2 beds, 2.5 baths
Price $3.9M
Price $3.3M
Price $3M
Hot Feature Key-locked elevator opens directly into the apartment
Hot Feature It’s the only true 3-bed, 3-bath home available on the LES, the listing says
Hot Feature A ground-floor duplex unit with 18-foot ceilings and media room.
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Celeb real estate in the neighborhood
Average prices on the LES, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$407,000
$484,736
$765,530
$1.1M
$2.7M
“American Psycho” author Bret Easton Ellis put his loft at 114 East 13th Street, between Third and Fourth avenues, on the rental market for $4,700 a month, Curbed reported in November. It’s in the same building where Tom Cruise supposedly owns a combo pad.
Source: StreetEasy.
Average price per square foot for LES sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$984
$774
$792
$755
$500
Kathryn Stockett, who wrote the best-selling 2009 novel, “The Help,” paid $1.25 million for a one-bedroom, one-bath co-op at 119 East 10th Street, between Second and Third avenues, the New York Observer reported.
Source: StreetEasy.
What’s on the market? Few very large apartments are for sale in the neighborhood
Actress and author Tatum O’Neal listed her 1,435-squarefoot condo in the old Jewish Daily Forward building at 175 East Broadway, near Canal Street, for $1.65 million, the New York Post reported.
Actor, comedian and Lower East Side stalwart John Leguizamo is fighting against New York University’s proposed expansion. He is showcased in a video produced by the Greenwich Village Society for Historic Preservation, which calls for parts of Downtown to get landmark status.
Average monthly rental prices on the Lower East Side
Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
5 units
40 units
31 Units
10 Units
6 Units
$2,613
$2,638
$4,338
$4,820
$6,150
Source: StreetEasy.
Source: StreetEasy.
Luxury Listings NYC | JANUARY/FEBRUARY 2013
93
NYC’s
Premier Rentals
$59,000/mo
Unit #8B at 15 Central Park West on the Upper West Side Condo (3,478 sf): 7 rooms, 4 beds, 4.5 baths | Amenities: doorman, concierge, swimming pool, valet | Listing ID: N/A
Rarely available four-bedroom plus formal dining and eat-in kitchen at the prestigious white-glove condominium known as 15 CPW. Located in the “House,” this apartment boasts 3,478 square feet of living space and almost 50 feet of frontage directly on Central Park — including the master bedroom, living room and formal dining room. This home also features 10-foot ceilings, oak herringbone floors, washer/dryer and Sub-Zero wine refrigerator. Listed by Vince Rocco, (T) 917.856.8612, (E) vince@brgnyc.com.
Apt. 46 at 70 West 45th Street in Midtown
$50,000/mo
50 West 15th Street in Flatiron
$45,000/mo
Condo: 4 beds, 3.5 baths | Amenities: concierge, doorman, deck Listing ID: R964903
Condo (3,000 sf): 10 rooms, 3 beds, 3 baths | Amenities: elevator, doorman Listing ID: R956772
Live large in luxury. Fully furnished large residence with entire NYC views. Listed by Elana Gol Ledgin, (T) 516.967.1555, (E) elana@nestseekers.com.
Fully furnished penthouse available immediately. Listed by Eric Malley, (T) 212.606.7625, (E) eric.malley@sothebyshomes.com.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
Log on to LLNYC.com and use the Listing ID to find out more about the listings.
Representing 1200 Fifth Avenue
1200 Fifth avenue is an impressive pre-war condominium that was thoughtfully and beautifully restored to offer the best blend of both pre-war living, modern renovations and direct Central Park views.
Exclusives available at 1200 Fifth Avenue Apartment 9C/10S
Apartment 6S/7C
Apartment 6S
Apartment 4B
Offered: $9,200,000 Rooms/Bed/Bath: 12/7/6 WEB# 2486888
Offered: 8,200,000 Rooms/Bed/Bath: 12/7/6 WEB# 2486930
Offered: $5,950,000 Rooms/Bed/Bath: 10/5/5 WEB# 2487852
Offered: $3,000,000 Rooms/Bed/Bath: 6/3/3 WEB# 2486955
Apartment 1B
Apartment 11D
Apartment 9D
Offered: $1,629,000 Rooms/Bed/Bath: 5/2/2.5 WEB# 2486956
Offered: $1,295,000 Rooms/Bed/Bath: 4/2/2 WEB# 2487240
Offered: $1,275,000 Rooms/Bed/Bath: 4/2/2 WEB# 2487238
Shown exclusively through Charlie Attias Senior Vice President Licensed Associate RE Broker 212.605.9381 charlie.attias@corcoran.com
Dan Benichou Licensed RE Salesperson 212.605.9386 dan.benichou@corcoran.com
The Corcoran Group | 660 Madison Ave New York, NY 10065 Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC. Interior photos are virtually staged.
NEIGHBORHOODS
Residential market still teetering on the edge after Sandy Residents of 88 Greenwich Street have taken legal action following damage to the building from Hurricane Sandy.
F
or post–Hurricane Sandy New York City, the
Landlords at a number of Lower Manhattan’s rental buildings
looming question remains: What will happen to
were forced to relocate tenants and offer rent abatements with
the Lower Manhattan residential market in the
some residents still displaced.
wake of the flooding? As the New York Times re-
Residents of two luxury buildings in Lower Manhattan —
ported, the jury is still out, but one thing is certain:
2 Gold Street and 88 Greenwich Street — who were displaced by
Buyers and banks are still feeling skittish.
Hurricane Sandy, are lawyering up and seeking damages.
The storm hit luxury buildings downtown hard-
port and the Statue of Liberty remain closed following Sandy,
brokers scared that just a few sales at lower-than-expected prices
hurting tourism and local businesses, Crain’s reported. Retailers,
could topple the Downtown market, which already has to compete
restaurants and other Lower Manhattan businesses that count
with more established neighborhoods for high-end buyers.
on the constant flow of hundreds of thousands of tourists will
And, not at all surprisingly, banks are not jumping to finance homes in damaged buildings.
likely continue to suffer as sightseers favor parts of the city with less storm damage.
What’s my home worth today? Average home prices in FiDi over past five years Year
Sale Price
2012
$1M
2011
$924,410
2010
$844,183
2009
$935,010
2008
$962,972
Source: StreetEasy. Data for 2012 is for the end of the year.
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Lower Manhattan tourist hot-spots like the South Street Sea-
er than their less-tony counterparts, the Times noted, which has
Luxury Listings NYC | JANUARY/FEBRUARY 2013
What’s happening with the market? Deborah DeMaria, an agent at Warburg Realty Q: What are the most surprising trends you’re seeing in the residential market in the neighborhood? A: More residents with children. More schools — public and private. More services and new restaurants. Ariel Cohen, head of the Ariel Cohen Group at Douglas Elliman Q: Which price ranges and apartment types are performing best right now in the Battery Park City and Financial District neighborhoods? A: The majority of the sales in 2012 and the year before were one-bedrooms and two-bedrooms. But you are seeing bigger apartments do better now, too. Three- and four-bedrooms are up 12 percent from the year before.
NEIGHBORHOODS
Priciest neighborhood sales of 2012
Most expensive homes on the market
Actor Javier Beltran sold a 1,797square-foot unit at 150 Nassau Street near Spruce Street, a Beaux Arts office building-turned-condominium, for $4 million in the priciest sale of the year. A 2,172-square-foot two-bedroom, two-bathroom condo unit at 20 Pine Street, near Nassau Street, went for $3.9 million to an LLC, finishing as the second priciest deal. Sorin Brener paid $2.9 million for a 1,587-square-foot three-bedroom, two-bathroom unit at the Setai Wall Street condo project, at 40 Broad Street. Eric Moskow bought a 2,765square-foot four-bedroom, four-bathroom unit at the 99 John Street condo development for $2.6 million. Dror Baruch Ashouach sold a 2,794-square-foot threebedroom, two-bathroom condo at 130 Fulton Street, near Nassau Street, for $2.4 million to Astrid Herbette.
Address 75 Wall Street
Address 123 Washington Street
Size/Type condo (3,433 sf) 4 beds, 4.5 baths
Size/Type condo (2,350 sf) 4 beds, 4 baths
Price $7.8M
Price $5.4M
Hot Feature 360-degree views of downtown Manhattan
Hot Feature Manhattan and river views
Address 40 Broad Street (The Setai) Size/Type condo (3,486 sf) 4 beds, 4.5 baths Price $4.3M Hot Feature It’s a floor-through, combined penthouse unit
Sources: StreetEasy and Luxury Listings NYC research. Listings are current as of Dec. 28, 2012.
Celeb real estate in the neighborhood
Sources: StreetEasy and Luxury Listings NYC.
Average prices in FiDi, by type of apartment Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$563,396
$939,253
$1.3M
$1.6M
$2.1M
Source: StreetEasy.
Average price per square foot for FiDi sales Studio
1 Bed
2 Beds
3 Beds
> 3 Beds
$896
$1,135
$984
$930
$938
Rapper Bow Wow, formerly known as Lil’ Bow Bow, is renting a twobedroom spread at the W Downtown Hotel and Residences at 123 Washington Street, between Albany and Carlisle streets, sources told The Real Deal. The music sensation, who rose to fame as a teenager and whose real name is Shad Moss, secured a short-term rental deal at the property, they said. It was not immediately clear how much the Ohio-born Moss, now 25, is paying for the unit.
Snapshot of a recent Financial District sale
Source: StreetEasy.
What’s on the market?
Studios and one-bedrooms make up the vast majority of homes for sale Studios
1 Beds
2 Beds
3 Beds
> 3 Beds
101 units
200 units
126 units
28 units
10 units
Source: StreetEasy.
Music magnate Russell Simmons, famed for pioneering a hip-hop revolution in the 1980s through his music label Def Jam and for signing artists such as Jay-Z and Ludacris, is looking to sell the fivebedroom, 4.5-bathroom spread he had shared at 114 Liberty Street, between Greenwich Street and Trinity Place, with ex-wife Kimora Lee Simmons.
$2,851,000 | 40 Broad Street (The Setai) The agent sold two units, which were combined into a 2,500-square-foot, three-bedroom home. It is reportedly the highest-priced unit sold in the building. Hurdles included the buyer’s travel schedule, construction snafus and the seller’s attorney changing firms mid-negotiation, the agent said. The buyers were also not sure about living so close to the Stock Exchange, but took the plunge. (Listed by Bridget Schuy of
40 Broad Street (The Setai)
Bond New York, pictured)
Luxury Listings NYC | JANUARY/FEBRUARY 2013
97
FOR THE RECORD
A record-breaking year in 2012 City saw sale of priciest apartment, and work begins on tallest residential tower By Hayley Kaplan Even in a year of uncertainty — between the Presidential election and the looming fiscal cliff — New York still managed to shatter several of its real estate records. Here’s a recap of the barriers broken in 2012.
ST MO I V E S P N PE -O E X CO
Most expensive co-op sold When singer and socialite Denise Rich’s 12,000-square-foot duplex penthouse traded in November for $54 million, the apartment became the priciest New York City co-op ever sold. The posh home is located at 785 Fifth Avenue at 60th Street. Music mogul David Geffen purchased the apartment, which sits directly above another unit he owns in the building. Even though it set a record, Rich had an even higher price in mind — the apartment had a $65 million asking price.
ICE PR 9TH D T R 5 CO W EE RE BELO STR
Most expensive apartment ever purchased below 59th Street Leslie Alexander, the owner of the NBA’s Houston Rockets, purchased the penthouse at 18 Gramercy Park for $42 million — the highest price ever paid for a Manhattan apartment south of 59th Street, according to Jonathan Miller of analytics firm Miller Samuel. The fivebedroom duplex has four terraces and an outdoor swimming pool.
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Luxury Listings NYC | JANUARY/FEBRUARY 2013
ST LE NG L TA LDI I BU
Work on tallest apartment tower starts Construction has begun at 432 Park Avenue, where CIM Group and Macklowe Properties are planning the city’s tallest residential tower — some 84 stories high. The 1,398foot building will rise at the site of the former Drake hotel. It will be home to nearly 150 luxury condominiums. SLCE Architects is designing the building, set to open its doors in early 2016. One57 — where a crane partially collapsed during Hurricane Sandy — was the city’s tallest residential tower before it was surpassed. It is being completed on West 57th Street in Midtown (see story on page 42).
T ES ICI ING R T P IS L
ST MO I V E S O N PE ND E X CO
Most expensive pad ever purchased An undisclosed buyer reportedly purchased the duplex penthouse at Extell Development’s condo project One57 for upwards of $90 million, setting a record for the most expensive New York condo sale as well as the record for the most expensive apartment sale in the city ever. The price broke the record set only months earlier when Dmitry Rybolovlev paid $88 million for a penthouse condo at 15 Central Park West. That unit was sold by Citigroup Chairman Sanford Weill and is still the official record holder until the One57 sale closes (see story on page 74).
AL NT RE CORD RE
Breaking the $100 million barrier
Record-high rents
This year, New York City got its first ninefigure apartment listing. In July, real estate developer Steven Klar put his 8,000-squarefoot CitySpire triplex on the market, asking $100 million. The unit boasts a wraparound terrace with panoramic Central Park views. Real estate insiders have called into question the astronomical price tag of the Midtown apartment, saying the unit is worth about half of its current asking price. Klar bought the home in 1993 for a relatively minuscule $4.5 million.
Manhattan rents in the first quarter of 2012 broke records set before the economic crash, and experts attributed the increase to tight credit markets that prevented tenants from trying to buy. The average monthly Manhattan rent reached $3,650 in the first quarter, a 6 percent increase over the $3,445 average during the same period the prior year, according to a report released by brokerage Douglas Elliman.
Private Mortgage Banking
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
Call today. Lenny Steigman Sales Manager Private Mortgage Banking 150 East 42nd Street New York, NY 10017 917-260-1151 Lenny.Steigman@wellsfargo.com NMLSR ID 67356
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
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