M AY 2012 A Publication of Sokol Media Inc.
THE OUT NYC An Idea Whose Time Has Come
Jones Lang LaSalle congratulates
Paramount Group for being recognized by Green Matters magazine.
www.joneslanglasalle.com
Š 2012 Jones Lang LaSalle IP, Inc. All rights reserved.
Building Value For Paramount Group ABM is proud to support Paramount Group and their commitment to reducing the carbon footprint of the built environment. Outsourcing non-core functions can lower your costs, increase efficiency and improve performance. Gain values for your building and business with ABM as your facility solutions partner. Our technology-enabled workforce brings ABM expertise to any type of property...from neighborhood banks and schools to the largest office parks, stadiums and airports. Call us today at 800-874-0780 for stand-alone or integrated facility services, always customized to your needs.
abm.com
Congratulations to
RALPH DiRUGGIERO and his Team at
PARAMOUNT GROUP, Inc. on being recognized as
LEADERS IN SUSTAINABILITY New York, San Francisco, Washington DC.
BEST WISHES FOR CONTINUED SUCCESS in the “ECO-FRIENDLY” BUILT ENVIRONMENT. TEMCO SERVICE INDUSTRIES, Inc. One Park Avenue, New York, NY 10016 T. 212.889.6353 www.temcoservices.com
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Contents 6
INDUSTRY NEWS
The Carriage House hosts the Brady Bruch, while Bravo gets a million-dollar listing.
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THE PARAMOUNT GROUP Learn how this firm’s approach to sustainability not only makes it a good company, but also a good citizen, to do business with.
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THE OUT NYC This ‘straight-friendly’ urban resort turns Times Square into an idea whose time has come.
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DISTRICT FOR DESIGNERS Broadway’s Upper West Side Beat
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MANHATTAN RENTAL REPORT Compared to the same time last year, average Manhattan lease-signers will now see a $200 increase in both doorman and non-doorman buildings.
45
CALENDAR Upcoming industry events in April and May.
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www.sokolmediaonline.com • 3
Publisher’s Page IT TAKES A COMMUNITY “LEED is not just about energy, it’s about the total community.” This quote by Ralph J. DiRuggiero, VP of Property Management at the Paramount Group, speaks volumes about a company that has dedicated itself to providing an outstanding level of service to its clients, as well as to the community at large. As revealed within the pages of this issue, Paramount Group epitomizes the idea that, beyond reducing the carbon footprint of the buildings they manage, a company can also make a positive impact on people, as well as on the planet. “People are spending more time in our buildings than in their own homes,” DiRuggiero continues, “so we strive for maximum sustainability within our buildings’ walls, as well as providing maximum assistance to the community at large.” And, speaking of community, the gay community has been increasing its presence in New York City, particularly in light of the recent legalization of Gay Marriage in our State. It is not surprising, therefore, that a new development recently sprung in the heart of Manhattan, dedicating itself to accommodating the increasing number of visitors that are expected to travel here. Billed as the first ‘straight-friendly’ hotel in New York City, “it is really not a hotel at all,” says Ian Reisner, Managing Partner at Parkview Developers, “It is a resort where its visitors can escape, whether gay or straight, and experience a new level of comfort and tailored amenities unlike ever before.” It clearly takes a community to create change, and these two real estate firms are fueling the expansion of change through the management and development of unique and progressive properties….so that we may all benefit. Enjoy the issue! Lori Sokol, Ph.D. Founder & Publisher Please address all comments and questions to lori@sokolmediaonline.com 4 • www.sokolmediaonline.com
Sokol Media, Inc. FOUNDER & PUBLISHER Lori M. Sokol ART DIRECTOR Kerstin Vogdes Diehn PUBLISHING CONSULTANT James Janson CONTRIBUTING WRITER Faith Hope Consolo WEB DESIGN Design Disegno ACCOUNTING Daniel Paisner, CPA PRINTING AmericasPrinter Sokol Media, Inc. 123 Town Square Place, #427 Jersey City, NJ 07310 Ph: 201-238-2435 Fx: 201-238-2857 www.sokolmediaonline.com Copyright by Sokol Media, Inc. No part of the publication may be reproduced or transmitted in any form or by any means without prior written consent from the publisher. NY Residential magazine is published quarterly by Sokol Media, Inc., 123 Town Square Place, #427, Jersey City, NJ 07310. Tel (201) 238-2435; Fax (201) 238-2857. Volume 2, Issue 12. The publisher reserves the right to accept or reject any advertising or editorial materials. Advertisers and/or their agents assume the responsibility for all content of published advertisements and assume responsibility for any claims against the published based upon the advertisement. Editorial contributors assume any claims against the publisher based on the published work. No part of this publication may be reproduced in any form or by any electronic ormechanical means, including information storage and retrieval systems without permission in writing from the publisher. All items submitted to NY RESIDENTIAL MAGAZINE become the sole property of Sokol Media, Inc. Editorial content may not necessarily reflect the views of the publisher. All correspondence and inquiries should be addressed to: Sokol Media, Inc., 123 Town Square Place, #427, Jersey City, NJ 07310.
44 West 28th Street, 11th Floor New York NY 10001 Phone: +1 212 790 4200 Fax: +1 212 790 4201 www.jtmagen.com
JT MAGEN WISHES TO CONGRATULATE PARAMOUNT GROUP FOR BEING RECOGNIZED AS AN ECO-FRIENDLY FIRM. WE ARE PROUD TO HAVE PARTICIPATED ON MANY PARAMOUNT GROUP PROJECTS.
INDUSTRY NEWS
STAR oF BRAvo'S Million Dollar listing nY LAUNchES GRoUNDBREAkING WEBSITE To coINcIDE WITh ThE ShoW PREmIER Fans Are Invited To Follow The Eklund-Gomes Group And Its Lucrative Business, Now Totaling Nearly $2 Billion in Sales Revenue The eklund-Gomes Group, an ever-innovative residential real estate team responsible for nearly $2 billion in sales over the past 8 years, is generating buzz again with the recent launch of a sleek new website. Managing director Fredrik Eklund and John Gomes, executive vice president of Prudential Douglas Elliman (PDE), created EklundGomes. com as an interactive space to promote their particular brand of service. “We represent a ‘new guard’ of brokers,” said Eklund, who will star in Bravo’s new reality show, “Million Dollar Listing New York,” slated to air tonight at 10 p.m. “Future ‘super’ real estate agents need TV, web, social media and international outreach in order to compete and truly stand out.” Rather than going the traditional route, Eklund and Gomes have opted for an eye-catching and user-friendly interface that speaks to a luxurious and glamorous lifestyle. The website not only serves as a platform for the team’s exceptional portfolio of properties, but also reflects their commitment to creativity and entrepreneurship. By painting a portrait of Eklund and Gomes, the site allows clients to get to know the team more intimately. Visitors then have the option to reach out directly to experience their unparalleled services. And with Bravo’s large audience watching “Million Dollar Listing New York” in more 150 countries, the team hopes to see their site grow quickly to 50,000 members. “Million Dollar Listing NY has caused a tremendous stir, and the reviews just in the two weeks since the pilot episode have been phenomenal!” Eklund said. “Our website is perfectly poised to capture this interest.” In addition, Eklund and Gomes see the visually striking digital platform as a way to reach their audience for Eklund
Fredrik Eklund, managing director of the Eklund-Gomes Group. Photo courtesy: The Eklund-Gomes Group
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Stockholm New York, the team’s international brand and Sweden’s leading luxury real estate brokerage, which has closed $600 million in sales since its inception in 2009. “The new web interface features real time web tickers for the New York, London and Stockholm stock exchanges, along with videos and other live bulletins,” said Cassandra Tai-Marcellini, who designed and art directed the site alongside Alexander Lins of Olex, who handled all of its development and programming. “Our mission is to showcase Fredrik and John’s expertise on an urbane international lifestyle.” “We are also providing a section called ‘NY Now,’ which will be updated monthly with a curated selection of the city’s best offerings,” Tai-Marcellini said. This endeavor not only stands testimony to the team’s trendsetting choices, but also displays the changing face of Manhattan’s competitive real estate market. Today, high-end brokers like Eklund and Gomes are relying on innovative digital strategies to connect with potential buyers. “Our website is the culmination of a lot of thought and effort,” said Gomes. “It makes a strong statement and allows us to directly communicate with prospective clients. This is an immensely exciting undertaking and both Fredrik and I look forward to achieving our goal of 50,000 website members in the coming months.” iPhone and iPad applications are also on the horizon for the Eklund-Gomes Group and will be rolled out later this year. The URLs for the website are as follows: • www.Eklundgomes.com • www.Fredrikeklund.com • www.Fredrikeklundonline.com • www.Fredrikeklundstore.com
John Gomes, executive vice president of Prudential Douglas Elliman. Photo courtesy: The Eklund-Gomes Group
Exclusive Sales Team Incentivizes Sale of luxurious Residence
Platinum ProPerties, a renowned real estate services firm based in New York City, announced recently that it will offer a $100,000 impetus to the broker who is able to spearhead a successful closing at 200 Chambers Street’s penthouse C /D (PH200). To fuel a deal, the firm, tapped as the exclusive sales team for TriBeCa’s paragon of luxury living, will offer this generous incentive in addition to commission. “We’re shaking things up,” said Khashy Eyn, CEO of Platinum Properties. “It’s true that $100,000 is a tidy bonus, but this penthouse – with world-class finishes, lavish size, dream location, and striking design – is more than worth it. PH200 is in a league of its own.” Masterfully designed by an Italian businessman with an appreciation for beauty and detail, the four-bedroom, four-and-a-half bathroom PH200 towers 30 floors above TriBeCa, one of the city’s most coveted neighborhoods. The 4,700-square-foot posh home be-
tween Warren and West Streets boasts a stainless steel kitchen, limestone baths, custom closets, lighting and temperature controls, and sinks that feature their own water treatment system. “No effort was spared in the design and preparation of PH200, and we’re raising the bar with its sales endeavors as well,” said Daniel Hedaya, president of Platinum Properties and the exclusive agent for the exquisite home. “This stellar home is on the market for $17.995 million and we’re confident that we will match it to the right buyer.” Fit for royalty, this residence contains a floating limestone bathtub and double shower with eight spigots and two rainwater nozzles, which runs the length of the home with views of lower and midtown Manhattan, while an eye-catching 53-foot wall of windows rises from floor to ceiling. Platinum Properties is not only the exclusive firm with the listing, but also coordinated the design and staging of the home with more than $1.5 million
INDUSTRY NEWS
PlaTINUm PRoPERTIES aNNoUNcES $100,000 BoNUS To BRokER Who SEllS PENThoUSE at triBeCa’s 200 ChamBers street
worth of art and furniture. The art was curated by Victoria Brooks and Jonathan Berkenstadt of BB Advisories, and includes classic works by Andy Warhol, George Condo and photographer Marilyn Minter. The elegant furnishings all provided by Domus Design Collection include a $63,000 accordion sofa from de Sede; a $13,000 American Walnut sideboard; a $7,315 goatskin rug and $1,808 curved-glass side tables. The antique chandeliers and porcelain throughout the residence, provided by the east midtown shop D&D Antiques Gallery, date to the 18th century and average nearly $50,000 per piece. Everything inside the home – art, furnishings and antiques included – is for sale. For more information on PH200, contact Platinum Properties at 212825-0050 or visit the website at www. ph200.com. PH200 was also featured on CBS’s “Living Large” and can be watched by visiting www.ph200.com/press.aspx. www.sokolmediaonline.com • 7
INDUSTRY NEWS
ChelseA’s PreMiere luxury CoNDoMiNiuM CArriAge house hosteD BrADy BuNCh ACtress eve PluMB’s Art uNveiliNg Noir and Western Paintings Adorn Walls of Development’s Penthouse through March A chArged mix of Art enthusiAsts And reAl estAte AficionAdos recently flocked to Chelsea’s Carriage House, a luxury condominium located at 159 West 24th Street, to catch the first view of Brady Bunch actress and artist Eve Plumb’s noir and western oils on canvas last Wednesday, Feb. 22, in Penthouse B – a 2,449-square-foot, two-bedroom, two-and-a-half bath duplex with wood hot tub, natural gas barbeque and gas-burning fireplace. Well-known for her childhood role as Jan Brady in the hit series “The Brady Bunch,” Plumb is now making headlines for her take on a classic style of painting, a new genre she calls “spontaneous still life.” “Everything was fantastic – the venue, the atmosphere, the turn out,” said Plumb. “Carriage House was a perfect location – especially the penthouse – since it felt very much like an art gallery space with the high ceilings, and open and airy flow.” On the market for $3.6 million, Penthouse B also features white oak floors, exposed brick and exquisite interiors created by internationally acclaimed designer Gustavo Martinez. The residence offers plenty of wall space for showcasing art, as highlighted during last week’s event. A first floor room was decorated with an arrangement of Plumb’s “western” paintings, while guests discovered her “noir” series in the master suite upstairs. The paintings will remain on display through March. From all perspectives, the debut was a hit. Guests mingled, sipped Prosecco and explored the spacious penthouse home, as well as model residences on the fourth floor, while sharing congratulatory remarks on Plumb’s unveiling. “Congrats to Eve Plumb on her terrific presentation – these noir and western pieces offer fresh views of
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token American imagery in a way that is both charming and personal,” said Eamon Roche of Broad Mill Development Group, developer of Carriage House along with Eric Gray and Joshua Sacks. “We are absolutely thrilled to welcome Plumb and her many guests into this exceptional living space for an event that celebrates great art and great design.” Kitchens at Carriage House are outfitted with top-of-the-line Sub-Zero refrigerators and Wolf oven cooktops, while bathrooms feature Carrera marble countertops, a white Thassos tile stall shower, a large soaking tub, gorgeous mosaic tile floors and radiant floor heating. In addition, all residences are customized with Italian cabinetry and moldings, personal washer and dryer and seven-inch white oak hardwood flooring. Residents can take advantage of a beautiful shared rooftop, equipped with a six-burner natural gas barbeque and outdoor kitchen with sink. Carriage House features a parttime doorman and IP video intercom system and all homes are pre-wired for a full array of high-tech audiovisual applications. With security and convenience a top priority, cameras are placed throughout the building, allowing residents to control access from any location. The property also features eight private indoor parking spots, a true rarity in Manhattan. Utilizing a cutting-edge hydraulic lift parking system developed by Harding Steel, residents can park their vehicle in the garage and access the lobby from the same floor. Located in the heart of Chelsea, Carriage House is surrounded by numerous dining, retail, cultural and entertainment options. Directly across the street are Whole Foods and Garden of Eden grocery stores; fashion boutiques like Balenciaga and Parke & Ronen; and popular eateries such as Café Grumpy, La Bergamote,
Top: Eve Plumb in Carriage House’s $3.6 million Penthouse B – a 2,449-square-foot, two-bedroom, two-and-a-half bath duplex with wood hot tub, natural gas barbeque and gas-burning fireplace. Photo courtesy: Hundred Stories PR Bottom: An Eve Plumb Noir painting. Photo courtesy: Eve Plumb
Eataly and Billy’s Bakery. In addition, the High Line, Madison Square Park, Gagosian gallery and Barbara Gladstone gallery are all nearby. Carriage House comprises a mix of two-bedroom penthouses, duplex lofts, lofts, studio lofts and one-bedroom units. Prices start at $695,000 and range up to $3.6 million. Jocelyn Turken, Joél Moss and Herbert Chou of Warburg Marketing Group are handling sales for the building. For more information please visit the sales office at 159 West 24th Street, call 212.24 HOUSE (4-6873) or visit the website at www.carriagehouse24.com.
1325 Avenue of the Americas
Paramount Group LEED-ing Buildings and Communities “LEED is not just about energy, it’s about the total community,” says Ralph J. DiRuggiero, Vice President of Property Management. “As such, there is a ‘Paramount’ feel that is intrinsic to all our properties.” The ‘Paramount’ feel DiRuggiero refers to is one that exhumes a significantly high level of dedication to its business, its clients, the community and the world at large. As a leading real estate investment and management firm with expertise in acquisition, finance, disposition, property management, leasing, and construction, Paramount is one of the largest privately-owned real estate companies headquartered in New York City. It is no surprise, therefore, that the firm’s commitment to reducing the carbon footprint of their managed buildings has proven so successful. Since Paramount began benchmarking energy usage, their overall energy profile has been reduced more than 11%. In 2011, for example, nine of its properties achieved an Energy Star Certification with an overall average of 77, which is 27 points higher than the national average for commercial office buildings. As part of their commitment to sustainability, Paramount is also a founding member of The Greenprint Foundation, a global consortium of real estate owners, investors, and other industry stakeholders committed to reducing carbon emissions across the global property industry.
1301 Avenue of the Americas
www.sokolmediaonline.com • 11
Top left: Waterview, Arlington, Virginia; Bottom left: Liberty Place, Washington, DC; Right: 1633 Broadway, New York City
EnErgy DashboarD But this is just the beginning. Through a combination of strong leadership, teamwork, and a dedication to self-improvement, Paramount’s entire portfolio made huge strides in the field of sustainability in 2011. Marked by substantial operating savings and revenues generated from new initiatives and programs undertaken by the Paramount team, as well as a commitment to operating best practices, Paramount has been able to achieve the following: In conjunction with IES Corp., Paramount Group brought online for the first time, a new energy monitoring program, the Energy Dashboard, that allows management personnel to view in real time, a property’s energy usage. By doing so, properties are able to identify and eliminate inefficiencies at the building and generate energy savings. Further, the Energy Dashboard proved to be an invaluable tool in Paramount’s participation in demand response programs with local utility companies. Paramount, which is paid standby fees and performance fees for its promise to reduce its energy usage by a pre-determined amount during an energy curtailment event generated $180,000 in revenue via the demand response program during the summer of 2011. In fact, across Paramount’s portfolio, the firm’s properties undertook a number of successful projects including lighting retrofits, installing low-flow plumbing fixtures and variable frequency drives (VFDs). These projects, combined with the Energy Dashboard and continued best practices, enabled Paramount to save more than $3 million across its portfolio in 2011. “Establishing LEED certification creates a domino effect,” says Paul Hitzel, Director of Engineering. “When you start with one green initiative, it positively affects so many of the others.” Within the commercial real estate industry, Paramount continues to build upon its reputation as one of the leading environmentally-friendly owners and operators throughout the country. Three properties, 900 Third Avenue in New York, 425 Eye Street in Washington, DC, and Liberty Place in Washington, DC, for example, achieved LEED Certification in 2011. Additionally, Paramount began the LEED certification process for its remaining portfolio in the fall of 2011. Over the course of 2011, each Paramount building improved their Energy Star Rating on average three points. The property with the greatest improvement was 31 West 52nd Street in New York, which improved their score by more than 10% to 87. Waterview, in Arlington, VA, received the honor of having the highest overall Energy Star Rating in the portfolio, with a score of 93. 12 • www.sokolmediaonline.com
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900 3rd Avenue
“Establishing LEED certification creates a domino effect.When you start with one green initiative, it positively affects so many of the others.” – Paul Hitzel, Director of Engineering
To further encourage and maintain their tenants’ commitment to sustainability, Paramount Group launched a bi-monthly newsletter in September, 2011, called ‘Paramount Green Informer.’ Designed to educate tenants and others regarding eco-friendly initiatives Paramount is taking across its 13 million-square-foot-office portfolio in New York, San Francisco and Washington, D.C., the publication updates the Paramount community about the successes, initiatives and challenges that remain in helping communities commit to increased sustainability.
1325 Avenue of the AmericAs Perhaps the finest example of Paramount’s commitment to increasing the sustainability levels of its buildings, however, is 1325 Avenue of the Americas. A Class A office building standing 35 stories tall encompassing 771.049 square feet, Paramount has completed a number of projects within the building that have reduced energy usage while maintaining a high level of satisfaction among its tenants. Led by Hitzel, his team successfully reduced the building’s controllable energy usage by 24%, since his team began benchmarking its building’s energy usage in 2008. This result was achieved through a variety of initiatives including a $41,000 lighting retrofit of the building’s common areas, which saved the building more than $70,000 per year; the installation of variable frequency drives (VFDs) on condenser water pumps that is projected to save $95,000 annually; an upgrade of the BMS system; installation at no cost to Paramount of a real-time energy monitoring system that allows Local 94 engineers to monitor the building’s energy consumption in real time, while altering the operation schedule to maximize efficiency without affecting tenant comfort; and participation in an energy demand response program that will generate approximately $30,000 per year in revenue for the building. Furthermore, they have a comprehensive recycling program in place that recycles more than 90% of the building’s waste stream, and a green cleaning 14 • www.sokolmediaonline.com
31 West 52nd Street
712 5th Avenue
and integrated pest management program designed to enhance the indoor work environment. Having received an Energy Star Designation for the second time in three years, 1325 has begun a three-year capital project to upgrade the coils in the HVAC units to more energy efficient models. “The new coils will utilize 60% less refrigerant,” Hitzel says. In 2012, 1325 is exploring additional VFD projects, bi-level lighting fixtures, and further upgrades to the real-time energy monitoring dashboard.
AwArd winners Due to this level of diligence, it should come as no surprise that three members of Paramount’s property management team won Pinnacle awards from BOMA in February, 2012. Cynthia Boyea won the award for the Manager of the Year category (over 10 years’ experience) for her extraordinary achievements as a Property Manager for 712 Fifth Avenue, 1301 Avenue of the Americas,
745 5th Avenue
and 1177 Avenue of the Americas, as well as overseeing the management at 1800K Street and 425 Eye Street in Washington, D.C. Following Paramount’s acquisition of 1301 Avenue of the Americas in August 2008, Ms. Boyea and the Property Management team set about to implement numerous operational and energy-saving initiatives that effectively lowered the building’s operating costs by one million dollars per year. Jeff Caimi, current Property Manager of Paramount’s 1633 Broadway, jointly accepted the prestigious award with Ms. Boyea of Operating Office Building of the Year for 712 Fifth Avenue in the 500,000 to one-million-foot property category. Dave Croce and Ms. Boyea jointly accepted the same award for 1301 Avenue of the Americas in the over onemillion-square-foot category. Last spring, Ms. Boyea and Mr. Caimi were also winners at the Real Estate Board of New York (REBNY) Commercial Management Leadership Awards; Ms. Boyea won the On-Site Manager of the Year Award and Mr. Caimi was awarded the John M. Griffin Community Service Award. www.sokolmediaonline.com • 15
One Market Plaza, San Francisco
Paramount’s team of engineers par excellence are, from left to right: Larry Bilali, Raymond Utter, Paul Hitzel, Anthony DeDona, Eric Sullivan, John Blenman.
The outstanding 1325 Avenue of the Americas property managemnt team includes Left to right, front row: Maria Ledee, Carla Rooney. Back row, left to right: Anthony DeDona, Paul Hitzel, Magnus von Hagen and David Witthuhn.
425 Eye Street Rendering, Washington, DC
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“People are spending more time in our buildings than they are in their own homes. We therefore have to make them feel like they’re more at home, and we believe they deserve the best of everything. Management matters.” – Ralph J. DiRuggiero, Vice President of Property Management
Community ServiCe Commitment As the Co-Chair of Paramount Group’s Community Involvement Committee, Caimi has also had a positive impact on the community both through his real estate career and as a volunteer in his spare time. For example, at 712 Fifth Avenue he has spearheaded City Harvest food drives, Japan disaster relief fundraising, book fairs to benefit the Starlight Children’s Foundation, cellular telephone recycling for Secure the Call (to benefit victims of domestic violence and the elderly for 911 assistance) and other initiatives. In his off work hours, Mr. Caimi is a volunteer with Habitat for Humanity, the Bronx Relief Bus and Don’t Walk By (which benefits the homeless). Caimi’s involvement in the firm’s community service outreach is just the ‘tip of the iceberg,’ however. Under the leadership of Ralph DiRuggiero, the Paramount Group Property Management team has implemented numerous tenant relations initiatives that foster a sense of community within the buildings and provide charitable support to a wide range of worthy organizations that fight homelessness and hunger, raise money that supports medical research, host blood drives and benefit at risk youth and adults. In 2011 alone, Paramount Group brought in impressive numbers in its many fundraisers, drives and charitable outreach efforts across its national portfolio. Highlights include 750 coats and other clothing
items collected and distributed to various charities; 150 pints of blood collected (enough to potentially save 450 lives); 3,500 pounds of food collected and distributed to various food banks and shelters; 2,000 pounds of candy donated to Treats for Troops; 335 gifts provided to Operation Shoebox; 250 backpacks and other items donated to Safe Shores for underprivileged children; $11,500 raised through book fairs with a percentage of the proceeds donated to charities such as Covenant House and the Starlight Children’s Foundation; and 2,000 toys collected for holiday toy drives. In tribute to Paramount Group’s outstanding philanthropic dedication, the firm was the recipient of the 2011 Outstanding Support Award for the Marine Toys for Tots Program and, in 2012, Ralph DiRuggiero will serve as the recipient of the 2012 Lifeline Award from Covenant House. In summing up the Paramount Group’s success in reducing its buildings’ carbon footprint while dedicating itself to helping the community-at-large, DiRuggiero sees his team’s role as a very simple one, “People are spending more time in our buildings than they are in their own homes. We therefore have to make them feel like they’re more at home, and we believe they deserve the best of everything,” he continues, “That is why we strive for maximum sustainability within our buildings’ walls, as well as providing maximum assistance to the community at large.” www.sokolmediaonline.com • 17
THE OUT NYC An Idea Whose Time Has Come
In an effort to create a gay-focused epicenter in the heart of Times Square, THE OUT NYC Urban Resort is poised to become the travel and entertainment destination for locals and visitors alike. Located at the center of gay life on West 42nd Street in Hell’s Kitchen, Ian Resiner, Managing Partner of Parkview Developers says, “This is an idea whose time has come.” A complex created with a high comfort level and tailored amenities for both the gay and straight communities, this ‘straightfriendly’ hotel is not really a hotel at all, but a resort where its visitors can escape as evidenced in its tag line – STAY. PLAY. EAT. CHILL. REVIVE.
Comprising a 105-room boutique hotel, the 14,000 square foot XL Nightclub, Cabaret & Lounge by John Blair, Beto Sutter, and FV Events, KTCHN, a restaurant opening in May, three lush courtyards, a business/conference center, function space and a wellness center, Paul Dominguez, the resort’s founding partner and designer/ architect, touts how this complex was designed with logic in mind. “A horizontal structure, its glowing cubes feature light coming from below to envelope our guests in a coccoon, the subway tile in the bathroom gives a nod to New York City, and views that look out onto the courtyards rather than onto the streets give our guests the feel that they are in another universe,” Dominguez says. And so they are. 20 • www.sokolmediaonline.com
Functional art Gallery Originally a 1960’s motel, there was nothing remaining but the shell, so inspiration for the complex came from the layout of the building and the surrounding neighborhoods like Times Square and Chelsea, with its art galleries. “The building serves as a ‘functional art gallery’ where architecture is art,” Dominguez says. Taking two-and-a-half years to build, the first phase of the project was completed on January 26, 2012 with the opening of XL Nightclub, Cabaret & Lounge. XL Nightclub is the newest project by noted gay nightlife impresarios John Blair and Beto Sutter, and the wunderkind party promoters Brandon Voss and Tony Fornabaio of
HOTEL AMENITIES
STAY
105 accommodations starting at $250/night: ›› Superior› ›› Deluxe› ›› Deluxe›Double› ›› Executive› ›› One›Bedroom›Suite ›› 8›Sleep›Shares›($99)›-›Upscale›European›hostel-style›rooms›equipped›with›four›› full-sized›beds,›personal›TVs,›a›bathroom,›shower,›cubbies›and›privacy›curtains.› Room features: ›› Wireless›High›Speed›Internet ›› 40”›Flat›Screen›IPTV ›› In-room›MP3›docking›stations ›› Valet›Parking ›› Workspace› ›› Mini-Bar›
PLAY
XL Nightclub, Cabaret & Lounge:›Open›seven›nights›a›week,›XL›Nightclub,›Cabaret› &›Lounge›is›the›first›nightly›gay›dance›club›to›open›in›New›York›City›in›the›last›15› years.›The›newest›project›by›noted›gay›nightlife›impresarios›John›Blair›and›Beto› Sutter,›and›party›promoters›Brandon›Voss›and›Tony›Fornabaio›of›FV›Events,›is›over› 14,000›square›feet›and›features›an›LED›wall,›two›dance›floors,›and›a›full›stage.›
EAT
KTCHN:›Operated›by›the›team›behind›Hell’s›Kitchen›favorite,›Eatery›Restaurant,› KTCHN›offers›a›menu›of›New›American›classics,›serving›the›style›of›upscale› comfort›food›for›which›Eatery›Restaurant›is›known.›Open›for›brunch,›lunch,›dinner› and›late›night›dining,›guests›can›get›social›with›large›communal›tables,›pack›for›a› picnic›in›the›hotel›courtyard,›or›enjoy›room-service›direct›from›KTCHN.›
CHILL
COURTYARDS:› ›› SPA›DECK:›At›the›Spa›Deck,›Fire›Island›meets›Manhattan›where›boxwood› and›stucco›surround›an›ipe›wood›sunbathing›deck.›Along›one›side›is›a›glassenclosed›water›room›equipped›with›a›reflecting›pool,›two›hot›tubs,›three› cabanas›and›a›cascading›curtain›of›rain.› ›› BAMBOO›GARDEN:›Tucked›inside›serene›plantings›of›black›bamboo,›guests›can› expect›a›quiet›place›to›curl›up›with›a›book,›work›or›relax.› ›› GREAT›LAWN:›Green›grass›and›a›hilled›stage›make›this›the›perfect›place›for›a› wedding›ceremony,›cocktail›party›or›press›junket.› EVENTS: ›› Weddings:›With›three›outdoor›courtyards›and›several›indoor›spaces›from›private› dining›rooms›to›XL›Nightclub,›Cabaret›and›Lounge,›there’s›no›better›place›in›the› city›to›celebrate.› ›› Catering:›Whether›a›small›party›or›a›big›wedding,›choose›from›KTCHN’s›popular› New›American›classics›or›work›with›the›chef›to›create›your›own›custom›menu.› ›› Conferences:›Hold›meetings›in›modern,›private›conference›rooms›ideal›for› brainstorming›sessions,›interviews,›castings›and›private›launches.›Equipped›with› WiFi›and›HD›flat›screen›projection,›each›room›accommodates›12-16›people.›
REVIVE
SPA: THE›OUT›NYC›features›a›5,000›square›foot›wellness›center›with›a›gym,› treatment›room,›sauna›and›steam›room,›setting›the›stage›for›relaxation›and› providing›guests›with›all›they›need›to›stay›in›top›mental›and›physical›shape.›
www.sokolmediaonline.com • 21
While gay-friendly hotels are wonderful and are thankfully growing in number every day, THE OUT NYC offers a larger community environment that these other properties do not. — ian an reisner, Managing Partner
FV Events. Blair and Sutter, famous for the legendary Saturday night party at The Roxy, helped create this new venue from the ground up. Open seven nights a week, XL Nightclub, Cabaret & Lounge is the first nightly gay dance club to open in New York City in 15 years. The space features an LED wall, two dance floors, and a full stage. Subsequent phases of the project included the boutique hotel featuring an upscale, chic décor and a starting rate of approximately $250 per night. KTCHN will be operated by the team behind the already-successful Hell’s Kitchen favorite, Eatery Restaurant. It will offer the same style of upscale comfort food for which Eatery Restaurant is known. THE OUT NYC will also host various types of function space to accommodate everything from intimate private dinners to large events and weddings, providing an ideal setting with its three courtyards and a 5,000 square foot wellness center, creating an oasis from the city just outside its doors. Perhaps part of the irony of the room design is that they don’t contain any closets, just shelves. “This was not necessarily designed enhance a ‘coming out of the closet theme,’” Dominguez jests. “Designing rooms to hold only shelves gives the rooms a more open and European feel, but I guess it can serve as a double meaning.”
Parkview Luxury No stranger to luxury developments, Parkview Developers, led by managing partners Ian Reisner and Mati Weiderpass, has developed a number of residential and hotel properties in NYC including “THE 505,” a Hell’s Kitchen condo complex with 108 contemporary residences; owned and operated “The Carnegie Hotel” an all-suite hotel on 58th St.; and converted 230 Central Park South from a traditional Coop to a true Condop and has owned and gut rehabilitated many of the homes throughout the building. The firm’s 22 • www.sokolmediaonline.com
other projects have included land assemblage for new development, combining & gut rehabilitating residential apartments, and other construction including the creation and development of 119 “Watch World International” stores throughout the United States. So, why THE OUT NYC, and why now? According to Reisner, “If you can make it here, you can make it anywhere. We would like to be seen as a home base. There are more than 7 million annual LGBT visitors to NYC and upwards of 800,000 local LGBT community members. Further, even with recent advances in areas such as same-sex marriage and the repeal of ‘Don’t Ask, Don’t Tell,’ there is still a significant draw for many in the community to vacation and socialize in a predominantly gay environment. While gay-friendly hotels are wonderful and are thankfully growing in number every day, THE OUT NYC offers a larger community environment that these other properties do not.” The fact that New York State recently legalized gay-marriage does not hurt the resort’s appeal, either. LGBT-centric packages and other programming are being offered, not only for weddings but also for general travel, specialty events, and corporate meetings. “In light of New York’s recent legislation, we look forward not only to hosting countless gay couples, but marrying them as well,” Reisner adds. Toward that end, the resort ensures that the entire staff goes through a process of vigorous cultural training that will encompass sensitivity training to the LGBT community. With one simple goal in mind, to be the very best in the industry with emphasis on tolerance and hospitality, the developers know that they must have a well-trained staff equipped to live and breathe the culture of resort. “We’ve turned the formula upside-down by creating a resort where our visitors can escape while being completely exposed, whether gay or straight,” Reisner adds, “and there’s nothing better than that.”
SIGMA ELECTRIC, INC. Licenced Electrical Contractors
is pleased to honor
THE OUT NYC 52-32 83rd Street Elmhurst, NY 11373
Tel: 718.545.1619 Fax: 718.779.1756
Congratulations Ian, Mati and Paul
Simply Awesome! Pure Quality Pools Ringwood, NJ 201-315-9137 www.purequalitypools.com
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The Right Connection P & H Inc 36-36 23rd Street Long Island City, NY 11106 Phone: 718-786-0190 www.trcph.com
We offer our Congratulations to:
Paramount Group, Inc. for Outstanding Dedication &
Efforts Towards Reducing Carbon Footprint and Being Recognized as an Eco-Friendly Building!
570 Seventh Avenue New York, NY 10018 212-730-0001 harvardmaint.com
Districts for DEsiGNErs
Faith’s Fashion Focus:
Broadway’s
Upper West Side Beat L
eave it to New York CitY to recreate your favorite mall with its own unique style – and on the Upper west Side, that means a visit to Broadway. Columbus avenue has become a haven for designers and boutiques, and amsterdam avenue has achieved fame for its restaurants, bars and clubs. and Broadway has developed its own identity as the location for everyday apparel, food, home furnishings and specialty stores at family-friendly price points.
By Faith Hope Consolo Chairman, Retail Leasing and Sales Division Prudential Douglas Elliman
Spend a day at New York City’s open-air mall.
ABOUT BROADWAY The history of Broadway in this part of town is typically New York– a residential neighborhood that has its ups and downs, and continues to be reborn. Broadway once was Bloomingdale Road, the Anglicized version of Bloemendaal from the city’s days as a Dutch colony. As the city developed during the 19th century, however, Bloomingdale Road eventually took on the name of its connecting boulevard to the south, creating one very long Broadway. At times an enclave for the wealthy, at others decidedly downscale, Broadway continued to reinvent itself throughout the 19th and early 20th centuries. A very rough neighborhood by the mid 1960s, it saw a new rebirth with the de-
velopment of Lincoln Center. Today, Broadway is a core shopping area for an affluent, energetic, family-oriented Upper West Side.
SHOP ON BROADWAY Moving north from Columbus Circle, it’s clear that Broadway offers a combination of national favorites, affordable designer wear, and the occasional unique boutique. Kick off your stroll uptown at American Apparel (1841 Broadway), which offers affordable fashion, made in the USA. Best Buy (1880) is the headquarters for all things electronic. The American Bible Society Bookstore (1865) offers Bibles and scriptural materials pertaining to all faiths. Find fabulous home furnishings at West www.sokolmediaonline.com • 27
(2218). Zabar’s (2245) legend is well-deserved, with some of the best specialty foods and deli items in the universe. Staples (2248) isn’t just for small businesses – you’ll find half the neighborhood buying school supplies there. At the same address, Westsider Rare and Used Books, buy, sell and trade your favorite tomes and records. Find fun jewelry and accessories at Claire’s (2267). The Yarn Co. (2274) is the headquarters for the area’s knitters and craft lovers. Get a real feel for the neighborhood, and meet an author or two at Barnes & Noble (2289). Coach (2321) serves up its world-renowned leathers, while Victoria’s Secret (2333) is a favorite location for lingerie. Get your kids back into the house with the latest action game from Gamestop (2322). Banana Republic makes another neighborhood appearance at 2360.
DINE ON BROADWAY
Elm (1870). Lululemon (1928) outfits all the yogis and yoginis – and those who want to look like one. Bed Bath & Beyond (1932) offers everything from home décor to soda machines. Channel your inner executive at Brooks Brothers (1934). Raymour & Flanigan (1961) can supply all your furniture needs, as well as some interesting accessories. Zara (1963) offers budget-friendly but up-to-the-minute apparel. Pottery Barn (1965) completes your home design and furnishings. The newly arrived Century 21 (1972) department store is a New York legend for selling designers at a discount – you never know what you can find! Mall mainstays Banana Republic (1976) and Gap/Gap Kids (1988) have outposts in the area. But you’ll also find delightful French children’s clothing at Jacadi (1841). It wouldn’t be an affluent neighborhood without Apple (1981). Look for luggage and other leathers at Innovation Luggage (2001). Modern kitchens at all price points can be found at Leicht Kitchens’ showroom (2003). Follow that with a look at the apparel at BCBG Max Azria (2003-2005). Stylish spectacles and other eyewear can be found at OPTYX (2009). LOFT (2015-2017) brings affordable apparel to the area. Trader Joe’s (2073) has become a haven for all seeking quality food. Sleepy’s (2080) will find the right mattress for you. Across the street, Urban Outfitters (2081) attires men, women, and the home. The North Face (2101) will serve your outerwear needs. Need some last-minute sustenance? Fairway Market (2127) is one of the best local full-service grocers in the city, while New Yorkers literally are made in the shade at Sunglass Hut 28 • www.sokolmediaonline.com
Find some of the best ethnic cuisine in the world here, particularly close to Lincoln Center. Sapphire (1845) is one of the city’s better alternatives for Indian food, while Daniel Boulud’s Bar Boulud (1900) is a perfect bistro and wine bar. Want Italian instead? Visit Café Fiorello, also at 1900. Another Italian option is Luce (2014). Look for healthy alternatives at Nanoosh (2012), a Mediterranean hummus bar, then get a sweet treat at Screme Gelato Bar (2030). Barcibo Enoteca (2020) offers small plates and fine wines. Maoz Vegetarian (2047) has great salads, with ingredients from local producers. Passionate for pizza? Find it at Two Boots Upper West Side (2547).
STAY ON BROADWAY The heavily residential character of the Upper West Side limits the hotel selections in the area. Most visitors stay close to Lincoln Center or the Museum. But one of the most interesting hotels in the city is the Hotel Beacon NYC (2130 Broadway), the official hotel of the Beacon Theatre, with oversized guest rooms and suites. The Lucerne (201 West 79th Street) has an old world charm – it’s a landmark from 1904! You could spend a lifetime exploring the Upper West Side – many of us do. Take some time to visit New York City’s mall on Broadway! Happy Shopping!
Congratulations to Paramount Group for its history of success. TPG is proud to be a long term service provider and trusted advisor.
NEW YORK CITY 360 Park Avenue South, New York, NY 10010
LONG ISLAND 1300 Walt Whitman Road, Melville, NY 11747 LONDON 89 Worship Street, London, United Kingdom EC2A 2BF
corporate interiors retail education health sciences & wellness broadcast & technology architecture branding & graphics
www.tpgarchitecture.com
Able Engineering Services wishes to congratulate Engineering Services
www.ableserve.com
for their commitment to sustainability and Reducing the Carbon Footprint within their buildings throughout New York, San Francisco and Washington, D.C.
Service at Work.
Services
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
INTRODUCTION
MNS is proud to present the February 2012 edition, and the 6th year of our Manhattan Rental Market Report ™, the only research on the city’s rental rates published on a monthly basis. There must be something in the warm air that kept rents hovering around the same averages as last month, down just 0.1% from last month overall. Across the board, 1 bedroom apartments had a 1.43% decrease ($54), while studios and 2 bedrooms crept up with the temperature, up 0.64% ($16) and 0.33% ($14) respectively. Where last month the overall decreases translated to about $12, this month it was just $8, and if that groundhog is correct, we may officially be leaving the low point of the season. Compared to last February, numbers are up 6.5% and the average Manhattan lease-signer will now see a $200 increase in both doorman and non-doorman buildings. On an annual basis, the largest increase in rents is occurring downtown, up 7.6% from last year. Middle Manhattan neighborhoods are experiencing a 6.7% rent growth from last February, and uptown just 4.2%. In terms of inventory, the pricing is reflected in the supply. A slim 26% of the listings in Manhattan are downtown, while 38% of rental inventory is uptown.
MNS
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212.475.9000
INFO@MNS.COM
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WILLIAM KREMER RICK FROIO
Atlas-Acon Electric Service Corp. STI_Green Matters Magazine_fin.pdf 1 3/1/2012 2:12:53 PM
Licensed Electrical Contractors & Engineers 283 Hudson Street New York, NY 10013 PH 212-741-0600 Fax 212-243-9626
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
A QUICK LOOK
Uptown Savings: On an annual basis, the largest increase in rents occurred downtown, up 7.6% from last year. Middle Manhattan neighborhoods are experiencing a 6.7% rent growth from last February, and uptown just 4.2%. One-bedrooms down: Across the board, one-bedroom apartments had a 1.43% decrease ($54) from January, while studios and two-bedrooms crept up with the temperature, up 0.64% ($16) and 0.33% ($14) respectively. Annual temperatures and rents are up: While the temperature is up 10 degrees from last February, rents are up 6.5%. The average Manhattan lease-signer will now see about a $200 increase in both doorman and non-doorman buildings.
Greatest Changes S inc e Ja nu ar y: Non-doorman studios – Chelsea – Up 6.6% ($129) Non-doorman one-bedrooms – Harlem - Down 3.0% ($54) Non-doorman two–bedrooms – Murray Hill – Down 2.4% ($97) Doorman studios – Murray Hill – Down 3.0% ($81) Doorman one-bedrooms – Upper West Side – Down 4.8% ($175) Doorman two-bedrooms – Upper West Side– Up 1.4% ($86)
Year-over- y ea r Changes : Manhattan Non-Doorman Rents: Feb '11 vs Feb '12 Feb '11
Feb '12
Change
Studios
2,093
2,193
4.8%
One-Bedrooms
2,787
2,920
4.8%
Two-Bedrooms
3,812
4,212
10.5%
Manhattan Doorman Rents: Feb '11 vs feb '12 Feb '11
Feb '12
Change
Studios
2,472
2,639
6.8%
One-Bedrooms
3,560
3,692
3.7%
Two-Bedrooms
5,414
5,782
6.8%
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Congratulations
Paramount Group from your friends at
Power Cooling, Inc. Central System Installation & Service
Reciprocating • Absorption • Centrifugal • Machining (718) 784-1300
Pleased to Honor THE PARAMOUNT GROUP
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
A QUICK LOOK
Notable Tre nds : Non-Doorman Buildings (Average Prices) Most Expensive
Least Expensive
Studios
TriBeCa $4,000
Harlem $1,391
One-Bedrooms
TriBeCa $4,680
Harlem $1,739
Two-Bedrooms
TriBeCa $8,049
Harlem $2,250
Doorman Buildings (Average Prices) Most Expensive
Least Expensive
Studios
TriBeCa $3,238
Harlem $1,428
One-Bedrooms
SoHo $4,650
Harlem $2,080
Two-Bedrooms
SoHo $8,349
Harlem $3,314
Where Prices Decre a sed : Harlem – Non-doorman studios (-0.5%), doorman studios (-0.35%), non-doorman one-bedrooms (-3.0%) Upper West Side – Non-doorman one-bedrooms (-0.4%), doorman one-bedrooms (-4.8%), non-doorman two-bedrooms (-0.4%) Upper East Side – Non-doorman one-bedrooms (-3.0%), non-doorman two-bedrooms (-1.2%) Midtown West - Doorman studios (-0.4%), doorman one-bedrooms (-0.9%), non-doorman two-bedrooms (-1.1%) Midtown East – Doorman studios (-2.0%), non-doorman one-bedrooms (-2.7%), doorman one-bedrooms (-0.9%) Murray Hill – Doorman studios (-3.0%), doorman one-bedrooms (-2.5%), non-doorman two-bedrooms (-2.4%), doorman two-bedrooms (-0.2%) Chelsea – Doorman studios (-1.0%), doorman one-bedrooms (-4.6%), doorman two-bedrooms (-0.2%) Gramercy Park – Non-doorman one-bedrooms (-1.2 %), doorman one-bedrooms (-0.1 %), doorman twobedrooms (-1.2%)
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Disaster and Environmental Professional
DEGMOR, INC.
511 Canal Street, 3rd Floor, New York, NY 10013 T (212) 431-0696 F (212) 431-5764
MORRIS NAPOLITANO & DANNY FONTANA www.degmorinc.com
“A complete remedial company”
Asbestos and Lead Abatement • Mold Remediation Flood Recovery and Structural Drying Humidity Control and Moisture Testing Fire Damage Recovery • Duct Cleaning UV Ozone Treatment • AirS anitizing Air Scrubbing and Deodorization
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
A QUICK LOOK
Greenwich Village – Doorman studios (-1.9%), non-doorman one-bedrooms (-1.4%), doorman one-bedrooms (-1.1%), doorman two-bedrooms (-1.3%) East Village – Doorman studios (-2.1%), doorman two-bedrooms (-0.9%) SoHo – Non-doorman one-bedrooms (-1.7%), doorman one-bedrooms (-2.1%), doorman two-bedrooms (-0.5%) . Lower East Side – Non-doorman studios (-0.9%), doorman one-bedrooms (-1.1%), non-doorman two-bedrooms (-1.3%), doorman two-bedrooms (-0.7%) TriBeCa – Doorman one-bedrooms (-1.1%) Financial District – Doorman studios (-1.8%), doorman one-bedrooms (-2.5%), non-doorman two-bedrooms (-0.6%), doorman two-bedrooms (-1.4%) Battery Park City – Doorman one-bedrooms (-2.4%), doorman two-bedrooms (-0.8%)
Where Prices I nc re a sed : Harlem – Doorman one-bedrooms (2.8%), non-doorman two-bedrooms (1.4%), doorman two-bedrooms (0.4%) Upper West Side – Non-doorman studios (2.9%), doorman studios (2.6%), doorman two-bedrooms (1.4%) Upper East Side – Non-doorman studios (0.8%), doorman studios (0.9%), doorman one-bedrooms (0.4%), doorman two-bedrooms (0.3%) Midtown West – Non-doorman studios (0.7%), non-doorman one-bedrooms (0.4%), doorman two-bedrooms (0.2%) Midtown East – Non-doorman studios (2.6%), non-doorman two-bedrooms (0.4%) Murray Hill – Non-doorman studios (2.6%), non- doorman one-bedrooms (0.4%) Chelsea – Non-doorman studios (6.6%), non- doorman one-bedrooms (0.7%), non-doorman two-bedrooms (2.3%) Gramercy Park – Non-doorman studios (2.3%), doorman studios (2.2%), non-doorman two-bedrooms (0.7%)
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Is Pleased to Honor
THE PARAMOUNT GROUP www.us.issworld.com 1221 Avenue of the Americas New York, NY
IMS EMERGENCY 24-HOUR SERVICE: 212.714.6099 IFP EMERGENCY 24-HOUR SERVICE: 212.626.9083
HVAC • Mechanical Installation Mechanical Contracting • Maintenance 24/7 Emergency Service • Service Repair Union Affiliated Licensed NYC Master Fire Suppression Piping Contractor #980-B Fire Standpipe System Installation Inspections & Maintenance 24/7 Emergency Service • Pre-Action Systems
INTERSTATE Mechanical Services and Fire Protection Inc.
NEW JERSEY
NEW YORK
CALIFORNIA
51 Railroad Avenue Closter, New Jersey 07624 Ph: 201.767.1192 Fax: 201.767.1198
1271 Avenue of the Americas New York, New York 10020 IMS Ph: 212.282.1785 IFP Ph: 212.282.1638 Fax: 212.282.1796
3008 Passmore Drive Los Angeles, CA 90068 Ph: 323.845.0850 Fax: 323.845.0848
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
A QUICK LOOK
Greenwich Village – Non-doorman studios (0.9%), non-doorman two-bedrooms (0.9%) East Village – Non-doorman studios (1.3%), non-doorman one-bedrooms (0.7%), doorman one-bedrooms (1.6%), non-doorman two-bedrooms (0.4%) SoHo – Non-doorman studios (1.0%), doorman studios (0.4%), non-doorman two-bedrooms (1.9%) Lower East Side – Doorman studios (1.8%), non-doorman one-bedrooms (0.5%), non-doorman twobedrooms (3.8%) TriBeCa – Non-doorman studios (0.1%), doorman studios (1.2%), non-doorman one-bedrooms (1.7%), nondoorman two-bedrooms (1.6%), doorman two-bedrooms (0.2%) Financial District – Non-doorman studios (2.9%), non-doorman one-bedrooms (0.8%) Battery Park City – Doorman Studios (1.8%)
Ti p s f o r R e nte rs: Where to renew: Year-over-Year rents in Upper Manhattan are up only 4.6% ($124 average) while middle Manhattan and downtown are experiencing 6.7% and 7.6% rent growth from last year’s leases, an average of $240. If you’re looking uptown, you’ve got your pick of about 40% of the listings on the market. Head to the Hill: Doorman apartments in Murray Hill are down 1.9% from last month, a savings of about $60. One-bedrooms here will give you the most options, where 60% of the inventory on the market is for solo-living and averaging $3,474, a price not seen since last October. Best Deal: Compared to other neighborhoods, the upgrade to a doorman building this month averaged about $1,175. In both FiDi and Harlem, just an additional $500 a month will get you into a doorman building with great amenities.
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Donnelly Mechanical Corp. Congratulates Cassidy Turley on the success they’ve had in providing unique sustainable solutions to clients.
JB&B Congratulates
Paramount Group LEED Green Construction / Service Specialist * Custom Maintenance Contracts * Commissioning & Retro Commissioning Indoor Air Quality & Duct Cleaning * Energy Management Solutions/Audits * Leak Detection & Conversion Specialist LEEDRefrigerant, GreenManagement, Construction / Service Specialist
for its commitment to reducing the carbon footprint of the built environment
Custom Maintenance Contracts
96-59 222nd Street, Queens Village, NY 11429 (718) 886 1500 Fax: (718) 886 7727
Commissioning & Retro Commissioning Indoor Air Quality & Duct Cleaning Energy Management Solutions/Audits Refrigerant, Management, Leak Detection & Conversion Specialist
96-59 222nd Street, Queens Village, NY 11429 (718) 886 1500 Fax: (718) 886 7727
Joseph Neto & Associaties, Inc. warmly congratulates
PARAMOUNT GROUP on their commitment to
REDUCE THE CARBON FOOTPRINT Joseph Neto & Associates, Inc. is a leading resource for vertical transportation consulting services New Construction • Modernization Design Layouts • Specifications Maintenance Evaluations • Test Witnessing Due Dilligence • Traffic Analysis • Expert Witness 1065 Avenue of the Americas • Suite 820 New York, NY 10018 Tel: (212) 596-4690 • Fax: (212) 596 4689 www.josephneto.com
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
MME A N HM AA T TNAHNA P T TRAI C N ER TERNETN ADL SP R I C E S The Mean Rental Price graphs illustrate average monthly rents for studios, one-bedrooms and two-bedrooms in doorman and non-doorman buildings for the month of February 2012. Graphs tracking citywide and neighborhood price changes over a rolling 13-month period follow.
FEBRUARY 2012 MEAN MANHATTAN RENTAL PRICES 6,000 5,000 4,000 3,000 2,000 1,000 Studio
Doorman Non-doorman
Studios
One-Bedrooms
Two-Bedrooms
2,639 2,193
3,692 2,920
5,782 4,212
FEBRUARY 2012 MEAN STUDIO RENTAL PRICES 5,000
4,000
3,000
2,000
1,000 Harlem
Doorman Non-doorman
1,428 1,391
Upper West Upper East Side Side
2,469 1,899
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2,500 1,915
Midtown West
Midtown East
2,637 2,102
2,405 1,842
Murray Hill
2,646 2,090
Chelsea
Gramercy
2,777 2,079
2,778 2,150
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Greenwich Village
2,642 2,378
212.475.9000
East Village
3,078 2,089
SoHo
2,938 2,423
Lower East Side
2,545 2,141
INFO@MNS.COM
TriBeCa
3,238 4,000
Financial District
2,690 2,200
MNS.COM
Battery Park City
2,809 N/A
8
Apollo Security is pleased to honor the Paramount Group
APOLLO SECURITY 50 Broad Street Suite 1501 New York, NY 10004 212.742.8600
www.apollosecurity.com
Congratulations to
Paramount Group Waldorf Demolition Interior & Exterior Demolition
Tel: 201-541-0030 www.waldorfdemolition.com 50 E. Palisade Ave Englewood, NJ 07631
Building Value For Paramount Group ABM congratulates the Paramount Group for their Green Efforts! Gain value for your building and business with ABM as your facility solutions partner. Our technology-enabled workforce brings ABM expertise to any type of property‌ from neighborhood banks and schools to the largest office parks, stadiums and airports. Call us today at 800-874-0780 for standalone or integrated facility services, always customized to your needs.
abm.com
Š2012 ABM Industries, Inc.
MANHATTAN RENTAL MARKET REPORT FEBRUARY 2012
M E A N M A N H AT TA N R E N TA L P R I C E S
FEBRUARY 2012 MEAN ONE-BEDROOM RENTAL PRICES 5,500
4,000
Non-doorman
Doorman
2,500
1,000 Doorman Non-doorman
Harlem
2,080 1,739
Upper West Upper East Side Side
3,438 2,557
3,479 2,486
Midtown West
Midtown East
Murray Hill
3,634 2,473
3,560 2,665
3,474 2,799
Chelsea
Gramercy
3,901 3,182
3,966 2,718
Greenwich Village
4,270 3,251
East Village
3,993 2,807
SoHo
4,650 3,842
Lower East Side
3,815 2,530
TriBeCa
Financial District
Battery Park City
4,339 4,680
3,624 3,147
3,151 N/A
TriBeCa
Financial District
Battery Park City
FEBRUARY 2012 MEAN TWO-BEDROOM RENTAL PRICES 9,000
7,000
5,000
3,000
1,000 Doorman Non-doorman
Harlem
3,314 2,250
Upper West Upper East Side Side
6,123 3,642
43 • www.sokolmediaonline.com MNS 115
5,551 3,129
Midtown West
Midtown East
5,493 3,390
5,651 4,645
Murray Hill
5,404 3,950
Chelsea
6,245 5,162
E A S T 2 3 RD S T R E E T , N E W Y O R K , N Y 1 0 0 1 0
Gramercy
Greenwich Village
6,285 4,074
6,433 4,339
212.475.9000
East Village
SoHo
5,117 3,341
8,349 4,584
Lower East Side
4,813 3,623
INFO@MNS.COM
6,821 8,049
5,307 4,785
MNS.COM
5,817 N/A
9
Congratulations to
Paramount Group, Inc. for their continued commitment to building a greener future
T: 201.438.3883 / 212.594.3014 F: 201.438.0816 www.columbiafiltersusa.com
Columbia Filters, Inc. 255 Highland Cross Rutherford, NJ 07070 COLUMBIA FILTERS
Est. 1974 Authorized 3M Prestige Window Film Dealer
Congratulations and Best Wishes to
THE PARAMOUNT GROUP John Dockery and Cambridge Corporate Services
26 Broadway, Suite 929, NY, NY 10004 (212) 425-7799 www.cambridgeservices.com
Calendar of Events
UPCOMING IN APRIL & MAY APRIL Tuesday, April 19, 2012 REBNY Residential Insides Secrets of Top Brokers “How to Pitch for an Exclusive in the ‘New Normal’” Panelists: Reba Miller, CORE; Michael Moran, Prudential Douglas Elliman; Jason Saft, Citi-Habitats, Inc. Moderator: Steven James, Prudential Douglas Elliman 5:30 pm – 7:00 pm REBNY Mendik Education Center 570 Lexington Avenue Free, Members Only Contact: 212-532-3100
Thursday, April 26, 2012 The NYU Schack Institute of Construction Management Graduate Program and the Real Estate Synergy Club presents: Off-Site Construction & Modular High-Rise Speaker-Series Kick-Off 7:30am – Breakfast 8:00-10:00am – Panel Discussion Shorin Performance Center @ The Kimmel Center 60 Washington Square South, New York City This event is FREE of charge RSVP: nyumodular@gmail.com
MAY Tuesday, May 1, 2012 REBNY Sales Brokers Deal of the Year Cocktail Party Most Ingenious Deal of the Year Awards Presentation 5:30 pm – 7:30 pm 101 Club 101 Park Avenue Tickets are $60 Contact: Desiree Jones, djones@rebny.com
Wednesday, May 2, 2012 REBNY Residential Rental Committee Roundtable 8:30 am – 11:00 am REBNY Mendik Education Center
570 Lexington Avenue Free for REBNY Members Only Contact: Angela Donovan, adonovan@rebny.com
REBNY Mendik Education Center 570 Lexington Avenue Contact: Angela Donovan, adonovan@rebny.com
Friday, May 4, 2012
Friday, May 11, 2012
Seminar: The Guide to Moving Mom Expert Panel: Matthew Abrams, Estate Attorney, Russo & Burke; Barbara Brock, President, Sold With Style; Cynthia A. Myer, President, Ridgewood Moving Services; Lori Sokol, Ph.D., Publisher, NY Residential and Work Life Matters magazines 8:00 -9:30 A.M. Alliance Bernstein 1345 Avenue of the Americas, 41st Floor The breakfast seminar is free but you must RSVP to attend Email: susan.bari@elliman.com and put “RSVP” in subject line
Tuesday, May 15, 2012 AREW May 15th Networking & Silent Auction This Year’s spring networking cocktail reception will include an exciting first for AREW - a silent auction! If you or your firm are interested in donating an item or servide, please contact Gail Goldberg at ggoldberg@ launch-solutions.com or visit www.arew.org
Tuesday, May 8, 2012 REBNY Residential Breakfast Club Seminar “What You Need to Know to Sell New Development Part II” 9:30 am – 11:00 am REBNY Mendik Education Center 570 Lexington Avenue Free for REBNY Members Only Contact: Desiree Jones, djones@rebny.com
Wednesday, May 9, 2012 REBNY Commercial New Members Ethics Course 9:00 am – 10:30 am REBNY Boardroom 570 Lexington Avenue Contact: Desiree Jones, djones@rebny.com
Thursday, May 10, 2012 REBNY Residential Ethics Course for New Members 9:00 am – 10:30 am
REBNY Residential Downtown Committee Roundtable Discussion 8:30 am – 11:00 am Brotherhood Synagogue 28 Gramercy Park South Contact: Angela Donovan, adonovan@rebny. com
Tuesday, May 15, 2012 REBNY Residential Sales Agent Boot Camp “Checklist for Working with a Foreign Buyer” 9:30 am – 11:00 am REBNY Mendik Education Center 570 Lexington Avenue Free for REBNY Members Only Contact: Angela Donovan, adonovan@rebny.com
Thursday, May 17, 2012 REBNY Commercial Negotiation Seminar 8:00 am – 10:00 am REBNY Mendik Education Center 570 Lexington Avenue Contact: Desiree Jones, djones@rebny.com
Monday, May 21, 2012 REBNY Spring Golf and Tennis Outing All day event 10:00 am Tennis, 12:00 pm Golf North Shore Country Club 500 Shore Road Great Neck, NY 11024 Contact: Kathleen Gibbs, kgibbs@rebny.com
Thursday, May 31, 2012 REBNY Commercial Management Leadership Breakfast 7:30 am – 10:00 am The Hilton New York 1335 Avenue of the Americas Registration Required Contact: Cindy Ramotar, cramotar@rebny.com
www.sokolmediaonline.com • 45
the MAJOR APPLIANCE ‘GIANT’
AMERICA’S LARGEST WHOLESALE APPLIANCE DISTRIBUTOR For OVER 100 years P.C. Richard & Son has been providing the building industry with unbeatable service, integrity and reliability.
SAVINGS
GUARANTEED LOW PRICES ALL QUALITY BRANDS FOR LESS
SELECTION
THE LARGEST SELECTION OF BRAND NAME DESIGNER KITCHEN APPLIANCES
SERVICE
THE LARGEST INVENTORY FOR NEXT DAY DELIVERY BY OUR VERY OWN DELIVERY TEAMS
P.C. RICHARD & SON ... HERE FOR YOU ... ALWAYS
PROFESSIONAL NEXT DAY DELIVERY AVAILABLE
THE COMPANY YOU CAN TRUST SINCE 1909
1.800.368.6869 Builders@PCRichard.com Fax# 1.800.479.0336 DISTRIBUTING TO: NEW YORK, NEW JERSEY, CONNECTICUT, PENNSYLVANIA, DELAWARE, MARYLAND, WASHINGTON DC, MASSACHUSETTS, RHODE ISLAND
150 PRICE PARKWAY FARMINGDALE, NY 11735