The Monthly Update - April 2018

Spring Forward!

 

The spring market is here. And while the first week of spring brought snow and more snow, it also brought buyers. Buyers are coming out in strong numbers so far, spurred by rising interests rates and good inventory supply. However, many house hunters might debate that fact since there is a significant chasm between “inventory” and correctly priced inventory that they would actually consider buying.

Year over year, March 2017 vs March 2018, we’ve seen a 9.3 percent increase in total available units and a median price point that has dropped 6.3 percent. Numbers like these, plus those rising interest rates, are bringing buyers out of the woodwork and on to open houses and showing appointments.

Only time will tell if the sales volume will be just as strong this spring too, but there is a mix of the right ingredients that I think has the makings for a robust Q2 market.

Now, only if we could get rid of this snow!

 

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123 Baxter Street, Unit 3B

123 Baxter Street, Unit 3B

DOWNTOWN, MANHATTAN

3 Beds  |  2.5 Baths | Condo

Offered At $2,250,000

Taxes: $2,105  |  MM: $1,917  |  24/7 Doorman  

 

Enjoy vibrant downtown living at the axis of Manhattan’s most dynamic neighborhoods in this gorgeous three-bedroom, two-and-a-half-bathroom condominium with two private outdoor spaces in an exclusive, full-service boutique building. 

Sunlight welcomes you home in this spacious 1,753-square-foot residence, with an additional 259 square-foot of outdoor space, thanks to oversized west-facing windows and two terraces facing north and south and fantastic finishes throughout. Arrive in a gracious entry and take in the great room's fantastic proportions paved in Brazilian cherry hardwood floors. Chefs will delight in the open granite kitchen's long list of features, including a vented five-burner gas range, double oven and built-in cappuccino maker by Miele; LG refrigerator and Marvel wine cooler. 

This home's desirable split layout places two complete bedroom suites on either side of the great room. In the master, you'll find plenty of room for a king-size bed, plus private terrace access, a walk-in closet and an en-suite bathroom featuring a double sink and separate soaking tub. The second bedroom suite shares a terrace with the great room, and the spacious bonus room near the entry is suitable as an interior bedroom or home office. Additional closets, a powder room with in-unit washer-dryer, and central air ensure year-round comfort and convenience in this Little Italy/SoHo gem. 

Located on a serene, tree-lined street at the corner of Hester Street, 123 Baxter Street sits at the intersection of SoHo, Nolita, Tribeca, Little Italy and the Bowery. The building is a modern, full-service, boutique condominium comprised of only 23 units, establishing a sense of privacy and exclusivity. It offers 24-hour concierge service, on-site AutoMotion parking accessible directly from the building lobby, a gym and gorgeous roof deck. World-class shopping, dining and entertainment venues are found on every nearby block, steps away from a la mode shopping such as Opening Ceremony, Rick Owens and Reformation, Hot Spot hotel, 11 Howard and furniture/design boutiques BDDW, Henry Built and Michelle Varien. Take advantage of the access to every part of the City with abundant transportation options, including N/Q/R/W, J/Z, 6, B/D and A/C/E trains all within minutes of your front door.

JLo & Rodriguez Purchase $15.3 Million Condo at 432 Park Avenue

Singer-actress Jennifer Lopez and her boyfriend, retired Yankees slugger Alex Rodriguez, paid $15.316 million for an apartment at 432 Park Avenue, the world’s tallest residential tower, in a deal that closed in February, according to two people with knowledge of the deal.

Ms. Lopez and Mr. Rodriguez’s new home measures about 4,000 square feet with three bedrooms and 4½ bathrooms. The building, located on Park Avenue between 56th and 57th streets, has sweeping views of the city and Central Park.

Residents have access to about 30,000 square feet of amenities, including a lounge, a private restaurant, a 75-foot indoor swimming pool, a fitness center and a screening and performance venue, according to listings website StreetEasy.

The couple bought the unit through a limited-liability company. The listing agents were Shari Scharfer-Rollins, Richard Steinberg, Sabrina Saltiel and Roger Erickson of Douglas Elliman. Adam Modlin of the Modlin Group represented the buyer.

Meanwhile, Ms. Lopez is listing her former Manhattan home, a penthouse at the Whitman building just north of Madison Square Park. She purchased that unit for $20.161 million in 2014, records show, and is listing it for $26.95 million.

It has four bedrooms and about 3,000 square feet of outdoor space across four terraces and two floors, according to the listing. That building is also home to Chelsea Clinton, the daughter of Bill and Hillary Clinton.

A spokesman for the developers, CIM Group and Macklowe Properties, declined to comment. A representative for Ms. Lopez declined to comment.

Ms. Lopez, 48, is currently performing in Las Vegas as part of her ongoing residency at Planet Hollywood. Mr. Rodriguez, 42, retired in 2016 and has worked in broadcasting for ESPN and Fox Sports.

Nearly 250,000 NYC Rental Apartments Sit Vacant

Early numbers from the Census Bureau’s Housing and Vacancy Survey show that the number of unoccupied apartments throughout New York City has grown significantly over the past three years–a whopping 35 percent to 65,406 apartments since 2014, when the last survey was taken. As the Daily News puts it, “Today, 247,977 units — more than 11% of all rental apartments in New York City — sit either empty or scarcely occupied, even as many New Yorkers struggle to find an apartment they can afford.” One reason for the growing vacancy rates, as the article states, is the city’s high rent, which has risen twice as fast as inflation.

Of the 247,977 empty units, almost 28,000 have been rented or sold but not yet occupied, or are awaiting a sale. Nearly 80,000 are getting renovated, 9,600 have been tied up in court, and 12,700 are vacant because the owner is ill or elderly. Still, that leaves over 100,000 units, and the census finds 74,945 are only occupied temporarily or seasonally, with 27,009 held off the market for unexplained reasons.

Many of the 75,000 temporary apartments are pied-à-terres–think weekend or vacation homes for the rich–a number that’s expanded from 9,282 in 1987. As for that unexplained 27,009 units, housing advocates believe that landlords are deliberately holding apartments off the market, perhaps in order to rent them out on services like Airbnb.

Then, of course, the vacancy rate for the ever-pricier luxury pads hitting the market is growing. According to the News, almost half the apartments available for rent cost more than $2,000 a month, and the vacancy rate for them is above 7 percent.

The city’s vacancy rate has long been a controversial–and somewhat elusive–number. Last year, the online real estate marketplace Ten-X predicted a threefold spike in New York City’s apartment vacancy rate that could exceed 11 percent by the end of 2018, as thousands of new apartments hit the market. But their data was questioned, and it was believed that the vacancy rate would continue to hover around four percent.

Regardless, growing vacancy is a problem in a city with an ever-growing affordability and homelessness crisis. One suggestion to lessen the percentage of empty, or rarely used apartments? Moses Gates, of the Regional Plan Association, suggested to the News that the city slap a surcharge on temporary occupancy. “Either the person moves in full time, the person pays the charge, or the person gives it up,” he told the paper.

[Via the NY Daily News]

201 East 37th Street, Unit 5H

201 East 37th Street, Unit 5H

MIDTOWN EAST, MANHATTAN

Studio  |  1 Bath | Co-op

Offered At $500,000

MM: $673  |  24/7 Doorman  |   Roof Deck

 

Be the first to live in this beautifully gut-renovated, sunny and spacious studio with fantastic storage, located in a full-service Midtown East cooperative.

No expense was spared or detail overlooked in this lovely home's stunning transformation. From brand-new deep-stained wood flooring to skim-coated walls, every surface and finish is flawless. A wide east-facing window floods the home with light, providing sunny living and sleeping quarters. The completely reimagined kitchen far surpasses those typically found in studio homes, with rows of tall high-gloss cabinets, glass tile backsplashes, quartz countertops, under-cabinet lighting, deep sound-deadening sink, and top-of-the-line stainless steel appliances and fixtures, including a dishwasher and gas convection oven, by Fisher + Paykel, Blanco and GE. A spacious dressing room and floor-to-ceiling mirror leads to the entryway of the white-on-white bathroom, where you'll find stunning wide format Porcelanosa tiles and modern fixtures, including a roomy Fresca vanity, recessed medicine cabinet, and an insulated Kohler cast-iron tub with rainfall shower and spa-like sliding glass doors. Designer lights with dimmers adorn every room, and three extra-large closets, including a massive walk-in, provide superlative storage space. Through-the-wall air conditioning provides year-round comfort, and this unit is adjacent to a stairwell for extra peace and quiet..

The Wingate is a postwar co-op building known for its attentive staff, including 24/7 doorman/concierge service and live-in superintendent. Residents of this elevator building enjoy central laundry, common storage, a bike room and a lovely furnished rooftop deck with breathtaking city and river views. Building financials are excellent with low monthlies. Bulk electricity and discounted cable TV are available for extra savings, and residents have the option of installing Fios. Pieds-à-terre, parental and co-purchases, guarantors and sublets are permitted upon board approval. Cats, but not dogs, are allowed. No flip tax..

Located on a tree-lined block, this home offers fantastic proximity to nearby shopping, dining and nightlife with easy access to Midtown, NoMad, Chelsea and Kips Bay. NYU Medical, the United Nations, Trader Joe’s, Shake Shack, the Ginger Man, and Wolfgang’s Steakhouse are all nearby. Grand Central Terminal puts 4/5/6, 7, S subway lines and Metro-North trains minutes away, and the 34th Street Ferry Landing and Midtown Tunnel provide direct access to Queens, Brooklyn and beyond.

Newark Airport's $1.4B New Terminal

With major renovations underway at both JFK and LaGuardia Airports, Newark is the latest to join the crew. Grimshaw Architects has just announced its involvement building a new terminal at Newark Airport, the third airport serving New York City. According to dezeen, Grimshaw will serve as lead design architect, alongside design firm STV and contractor Tutor Perini/Parsons, to build a two-leveled, T-shaped building spanning one million square feet with 33 different gates.

The design of the new Terminal One is “intended to accommodate the airport’s growing capacity while meeting the changing demands of passengers and airlines for years to come,” Grimshaw said in a statement. The $1.41 billion addition will replace the airport’s adjacent Terminal A. With the new terminal, there will be more passenger amenities and a more efficient check-in system and security screening process. Grimshaw also designed it to be modified and expanded in future, in anticipation of increased airline demand and passenger volume.

Newark Liberty International Airport currently has three terminals, A, B, and C, constructed back in the 1970s and 80s. This shiny new addition is expected to begin construction in April of this year and wrap up in 2022. “Newark has a rich architectural history dominated by the modular concrete structures of the existing terminals,” said Grimshaw partner Mark Husser. “Relating to this context while creating a light, modern, steel and glass building with open sight lines and natural light, the new Terminal One will be a world-class gateway serving an ambassadorial role for the New Jersey and New York region, and establish a new trajectory for the future.”

New York, too, is in the midst of upgrading its woefully-outdated airports. LaGuardia is currently being replaced in stages with new terminals, with construction kicking off last summer on Delta’s new $4 billion facility. Last year, a $10 billion overhaul was revealed for JFK Airport, and the airport’s fancy TWA Flight Center Hotel is expected to open next year.

403 East 62nd Street, Unit 14A/15A

403 East 62nd Street, Unit 14A/15A

LENOX HILL, MANHATTAN

1 Bed  |  1.5 Bath | ~1,150SqFt. | Condo

Offered At $1,200,000

CC: $1,598  |  Taxes: $1,203 |  24/7 Doorman  |   Roof Deck

 

Enjoy fantastic open-sky views, two outdoor spaces and expansive interiors in this high-floor corner duplex in a premier Lenox Hill condominium.

With 1,100 square feet of living space spread across two levels, this one-bedroom, one-and-a-half-bathroom home features plenty of room to stretch out and relax while basking in wide-open views to the north and west. Enter on the lower level to find a fantastic corner great room paved in dark-stained walnut hardwood. Fill the space with living and dining areas to create the perfect flow for entertaining flanked by the first of two large private balconies. The roomy kitchen is filled with stainless steel appliances, and a half bathroom and closets on this level add convenience. The entire upper floor is devoted to an expansive master bedroom suite and convenient home office. The custom-built desk provides the perfect work space framed by breathtaking northern views, while huge bedroom boasts another roomy balcony and easily accommodates a king-size bed. Extra-large closets pave the way to the en suite marble bathroom featuring a dual-sink vanity and large tub shower.

Nestled in Lenox Hill, one of the most prestigious neighborhoods in Manhattan, Le Domaine is a premier boutique condominium offering peace, quiet and convenience. The friendly and attentive staff includes 24-hour doorman service and a full-time superintendent, and residents of the pet-friendly building enjoy a lovely interior courtyard, a common laundry room located on the ground floor and a gorgeous roof deck surrounded by some of the most dazzling views in Manhattan. There are no more than four apartments per floor in this modern 19-story brick building, ensuring optimal discretion and privacy.

Centrally located on 62nd Street near First Avenue, Le Domaine offers the perfect blend of residential serenity and effortless accessibility. There are five-star restaurants and world-class shopping destinations nearby, and the glorious East River Promenade provides fantastic waterfront outdoor space and a dog run just minutes away. Abundant transportation options include F, N/R/Q/W and 4/5/6 trains plus M15-SBS bus service all nearby.

MTA Will Most Likely Raise Fares In 2019

Without another option to bring in revenue to the cash-strapped Metropolitan Transportation Authority, straphangers will most likely have to pay higher fares next year. The fare hike would be the sixth since 2009 when the state legislature approved a financial rescue plan that included increasing fares every other year. While funding for the financially-troubled authority continues to be negotiated among lawmakers before the state’s budget deadline next month, MTA Chairman Joe Lhota told the Daily News he did not see a scenario where the fares could remain the same.

The fare hike options in 2017 via MTA

The exact percentage of increase in fares remains unclear as of now. Increases are expected on all subway, bus and commuter rail fares. Last year, the MTA voted not to increase per-ride costs, but instead upped the price of weekly and monthly MetroCard prices, from $31 to $32 per week and from $116.50 to $121 per month.

MTA board members do not support another fare and toll hike, especially because of the system’s poor service. One board member, Mitchell Pally, told amNY: “In these times of difficulties on the system…to ask our riders to pay more now, in my opinion, would be a grievous mistake. It’s March. We have time ’til December to solve that problem in some way — hopefully with our funding partners.”

A congestion pricing plan, advocated by Governor Andrew Cuomo, is an option currently being debated in Albany that could raise revenue quickly for the MTA. While the authority’s board considered approving a resolution to call for a congestion pricing plan, it never came to a vote.

227 East 12th Street, Unit 2C

227 East 12th Street, Unit 2C

EAST VILLAGE, MANHATTAN

1 Bed  |  1 Bath  |  Co-Op

Offered At $940,000

MM: $1,297 

 

Welcome to a tranquil East Village one-bedroom retreat, featuring loft-like proportions and gorgeous renovations, on one of the prettiest blocks in the city.

This approximately 725-square-foot co-op home is situated just a quick two flights up where you'll find refinished hardwood floors, 11-foot tall ceilings, exposed brick and gorgeous natural light thanks to huge north-facing windows. The oversized open-plan great room is a stunning space for entertaining or relaxing thanks to enchanting garden views and an expansive footprint for living and dining areas. Whip up Sunday breakfast or dinner for 10 with ease in the renovated open kitchen equipped with stone counters and breakfast bar, ample cabinet space and top-notch stainless steel appliances, including a gas range, dishwasher and built-in microwave. In the pin-drop-quiet king-size bedroom, a wide pocket door and clerestory windows allow sunshine to roam unimpeded. There's a beautifully equipped dressing area with spacious floor-to-ceiling fitted closets, and the serene bathroom is a vision in classic octagonal and subway tile, a glass-enclosed tub-shower and modern fixtures.

227 East 12th Street is a red brick townhouse co-op with a private, planted forecourt entry, voice intercom and a common laundry room. Flexible sublet policy with board approval. Sorry, cats only; no dogs. Set on a peaceful East Village block lined with trees and historic townhouses, this home is a delightful oasis surrounded by the best of Downtown living, just seconds from Greenwich Village and Union Square. Half a dozen Michelin-starred restaurants are within walking distance, and the East Village's renowned nightlife scene offers endless entertainment at every turn. Enjoy tremendous access to transportation with N/Q/R/W, 4/5/6 and L trains all nearby.

Empire State Building Gets A New, Nightly Sparkling Light Show

If you’re lucky enough to be blessed with Empire State Building sightlines, your views will, as of this week, include a five-minute sparkling light show every hour, on the hour, between sunset and 2 AM nightly. As Time Out New York reports, this latest addition to the iconic spire’s light show repertoire joins a lighting tradition that began in 1932 and includes holiday flair–red, white, and blue lights on the Fourth of July, the green and orange of the Irish flag on St. Patrick’s Day–music-enhanced light shows, and color changes to salute occasions and organizations every night of the year.

The building’s lighting tradition started when a searchlight was used to hail the election of New York-born President Franklin D. Roosevelt. In 2012, a new digital LED light system was installed with the capability of bringing 16 million colors, all able to change in an instant, to the city skyline.

The tower has sparkled before on special occasions or partner requests, but not as a regular gig. Now, New Yorkers will have yet another way to mark the passing of every hour. Of the glam new lighting feature, Anthony E. Malkin, Chairman and CEO of Empire State Realty Trust, said, “Just as the world defines the New York City skyline by our famous silhouette, our iconic tower lights are the globally recognized icon of the New York City skyline at night. We are excited to unveil the new sparkle effect which will permanently enhance the New York skyline.”

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280 Park Avenue South, Unit 24JL

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280 Park Avenue South, Unit 24JL

FLATIRON, MANHATTAN

3+ Bed  |  3.5 Bath | Condo

Offered At $4,500,000

CC: $2,425  |  Taxes: $4,142 |  24/7 Doorman  |  Pool  |  Roof Deck  |  Gym

 

Bring your contractor to finish this already combined, 2,400-square-foot Gramercy/Flatiron condominium to your exacting specifications in a full-service, amenity-rich building.

Why live with someone else's design choices when you can fashion a three- or four-bedroom, high-floor retreat in this spectacular layout surrounded by breathtaking facing views? This incredibly rare opportunity to live in a combination of the sought-after J and L lines has never been done before at Gramercy Place. Move into the recently updated home as is and adjust the layout as your needs evolve, or create a mint-condition showplace in the sky. Current features include a recently remodeled open kitchen with top-notch appliances and a large great room wrapped in south and west views of the iconic MetLife Clocktower, Madison Square Park, the Flatiron building and the Hudson River. Don't miss this amazing opportunity to pick up the most sought-after layout in the most sought-after building in the most sought-after neighborhood in the city!

Gramercy Place is a full-service postwar condominium boasting an endless list of premier amenities and a friendly, attentive staff. Residents enjoy full-time doorman and concierge service; a stunning rooftop with 360-degree views of Manhattan, two sundecks and a swimming pool, Jacuzzi, and his/her locker rooms with sauna and steam access.; a state-of-the-art fitness center; children’s playroom; central laundry; private storage and bike room. Located at the intersection of the Flatiron District and Gramercy, with easy access to NoMad and Union Square, this home is at the center fantastic Manhattan living. Michelin-starred restaurants and great nightlife destinations line the nearby streets, and transportation options are unmatched with N/R/Q/W, 6, F/M and PATH trains all nearby. 

Please note this is a smoke free building.

CRAIN'S: Manhattan landlords race to fill apartments in declining market

Apartment rents are dropping in Manhattan. So is the patience of landlords.

Units that found tenants in February spent an average of just 34 days on the market—the shortest stretch since October 2011—as owners cut rents, offered incentives and did whatever else they could to fill vacancies, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

“Landlords, they’re not playing around,” Jonathan Miller, president of Miller Samuel, said in an interview. “They’re being more aggressive in terms of time. They just want to get them in.”

Rents fell from a year earlier for the third consecutive month in February as landlords competed for tenants in a market that’s overflowing with choices. Owners cut an average of 2.4% off their asking prices, then sweetened deals with incentives, such as rent-free months, on 48% of new leases, Miller Samuel and Elliman said. The median rent, with concessions subtracted, dropped 2.8% from a year earlier, to $3,168.

Concessions are getting more creative. Publicly traded landlord Equity Residential is reducing security deposits to $1,000, instead of the usual full month’s rent, for tenants who sign leases at most of its Manhattan towers by the end of March. Signers at Stuyvesant Town–Peter Cooper Village, the borough’s biggest apartment complex, will get a year of free Wi-Fi and cable.

At one Upper East Side property, a letter from owner Hakim Organization was slipped under residents’ doors, offering half a month of free rent if they help find occupants for vacant units by April 1.

“If you have a friend or relative looking for an apartment, we are willing to rent to them through you,” read the letter, signed by Ely Samuels. He didn’t return calls for comment.

Landlords seeking the advice of brokerage Citi Habitats have been calling regularly to ask, “What else can I do?” said Gary Malin, the firm’s president, who tells them that ingenuity helps. That’s translated into some owners lifting restrictions on pets and others offering to pay a portion of a new tenant’s moving costs, he said.

“A lot of owners take the wait-and-see approach, but unfortunately, the market has changed and the sentiment of tenants has changed,” Malin said. “Landlords realized that what they were doing wasn’t getting the right results.”

About 5,630 newly built apartments will be listed for rent in Manhattan this year, according to data compiled by Citi Habitats. That’s on top of the 4,270 units that reached the market in 2017.

MTA Hit With Federal Lawsuit Over Lack Of Accessibility

The MTA has found itself on the wrong end of a lawsuit by the feds for failing to make its subway stations wheelchair-accessible. On Tuesday, U.S. Attorney  Geoffrey Berman joined a lawsuit accusing the agency of not adding assistance for disabled riders when renovating stations, the New York Post reports. The suit began in 2016 when a civic agency in the Bronx accused the MTA of violating the Americans with Disabilities Act by not creating wheelchair access at the Middletown Road station. The suit should come as no surprise; as 6sqft previously reported, fewer than 1/4 of New York City’s subway stations are fully wheelchair-accessible–only 117 out of 472. In fact, NYC ranks the least accessible out of the country’s ten largest metro systems–all of LA’s 93 stations and DC’s 91, for example, are fully accessible.

Berman said, “There is no justification for public entities to ignore the requirements of the ADA 28 years after its passage. The subway system is a vital part of New York City’s transportation system, and when a subway station undergoes a complete renovation, MTA and NYCTA must comply with its obligations to make such stations accessible to the maximum extent feasible.”

Disability advocates have spoken up on the subject at every monthly MTA board meeting for the past year. The agency’s official response is that they are, in fact, working to add more accessibility, but that the cost of making every station wheelchair accessible has proven insurmountable. MTA spokesman Shams Tarek said, “The MTA and NYC Transit are committed to adding and maintaining accessibility for the century-old subway system, and working hard to do so by investing more than a billion dollars over the current five-year capital plan alone.”

An aging system is often to blame when cities fail to offer sufficient accessibility. The London Underground, which dates to 1863 and is the world’s oldest metro, has only 50 fully accessible stations out of 260. Paris, where the metro opened in 1900, is even worse with only nine fully accessible stations. Barcelona, considered the most accessible system in Europe, boasts 129 of 156 stations classified as fully accessible. The metro there began operation in 1924, and as of 1992 all stations built there must be made accessible.

170 West 23rd Street, Unit 4V

170 West 23rd Street, Unit4V

CHELSEA, MANHATTAN

1 Bed  |  1 Bath | Condo

Offered At $875,000

CC: $715  |  Taxes: $957  |  24/7 Doorman

 

Enjoy large, light-filled living and private outdoor space in this lovely one-bedroom gem in prime Chelsea.

East-facing windows frame quintessential New York City rooftop views in this well-planned, 585-square-foot home. Stretching a full 26 feet long, the bright great room provides plenty of space for living, dining and even home office areas, all with access to your private balcony with a view of The Empire State Building. The separate kitchen, flanked by convenient closets, boasts tons of cabinet and counter space plus great full-size appliances, including a gas range, dishwasher and built-in microwave. The queen-size bedroom features a huge closet and bright views, and the spacious bathroom includes a granite-topped vanity and large tub-shower. A fifth closet in the hallway ensures storage will never be concerned in this delightful Chelsea condo.

The Chelsea 7th is a pet-friendly elevator building offering full-time doorman service, live-in superintendent, updated common areas and a newly renovated smartcard laundry room. Located in vibrant, central Chelsea, at the corner of 23rd Street and 7th Avenue, there's no shortage of great dining, nightlife, shopping and open space in the surrounding area. Foodies will love the immediate access to Whole Foods, Trader Joe's and Eataly. Two blocks away, Madison Square Park provides verdant outdoor space and a year-round calendar of events, while both the High Line, Hudson River Park and Chelsea Piers sit just over a half-mile to the west. Transportation couldn't be easier with 1 train service just downstairs, plus F/M, C/E and PATH trains all within blocks.

*Please note there is an $89 monthly assessment in place.

Justin Timberlake Wants To Sell His Soho Penthouse For $8M

A year ago, Justin Timberlake, his wife Jessica Biel, and their young son Silas decided to call Tribeca home with a $20 million penthouse buy at 443 Greenwich Street. That left Timberlake with an unwanted penthouse at the Soho Mews, which the singer/actor/all-around celeb paid just over $6.5 million for in 2010. Curbed now reports that he’s listed the sleek spread on the market for $7.995 million with Stribling broker-to-the-stars Jared Seligman. Any interested party will be buying into a celebrity-friendly condo that Meg Ryan and Jake Gyllenhaal have also called home.

The penthouse spans 2,600 square feet and holds three bedrooms, three-and-a-half bathrooms, and a wraparound 853-square-foot terrace. His new Tribeca pad is larger, with four bedrooms, four bathrooms and a massive terrace.

The listing brags that the apartment features over 10-foot ceilings, floor-to-ceiling windows with an electronic shade system, a gas fireplace and custom wood paneling for art displays. The kitchen, designed by Soho Mews architect Gwathmey Siegel, boasts cabinetry of striated elm and smoked glass, Jet Mist granite and a Sub-Zero refrigerator and wine storage. Wood-lined walls hold storage space and match the six-inch-wide plank oak flooring. Then much of the apartment perimeter looks out toward the wraparound terrace.

The master features floor to ceiling windows and a fancy bathroom, while the second and third bedrooms also feature en-suite baths. The master bath is lined in marble and boasts a radiant heat floor, oval freestanding tub and frameless glass-enclosed shower. JT’s latest digs at 443 Greenwich is known for being amenity loaded and papparazzi proof. The Soho Mews isn’t too shabby, either, with a concierge, private parking with a private entrance and its own fitness center.

Real Estate Investor Wants Amazon To Build Second Headquarters On The Hudson River Landfill

After landing on Amazon’s list of 20 potential cities for its second headquarters in January, New York City is one step closer to securing $5 billion in city investment and 50,000 high paying jobs. Although the city pitched four neighborhoods for the tech-giants’ HQ2 (Midtown West, Long Island City, the Brooklyn Tech Triangle, and Lower Manhattan), one investor has a different, less grounded location in mind. Real estate mogul Charles Urstadt took out an ad in the New York Post on Friday detailing his plan to bring Amazon to a landfill in the Hudson River.

Urdstadt, best known as the founder of the state-agency Battery Park City Authority, calls for Amazon to pay a nominal amount for underwater land measuring 2,000 feet from north to south, stretching 1,000 feet into the river.

Urdstadt first revealed his ambitious vision for HQ2 in an op-ed published last month in the Broadsheet. He recommends New York use landfill to create the property in the Hudson. He wrote: “Using fill to extend Battery Park City beyond its current northern border (roughly at Chambers Street) by half a mile (to a point just below Canal Street) would create more than 60 acres of additional new land in Tribeca, one of the most desirable residential and business districts in the United States.”

In exchange for the new acres of waterfront land, Amazon would pay a “nominal annual ground rent,” which Urdstadt says would be a fraction of the cost if the company had to purchase it instead. And the staff of the Battery Park City Authority, which is made up of architects and engineers, would be in charge of overseeing and maintaining the landfill.

“Only New York can offer Amazon benefits that such a scheme would make possible,” Urdstadt wrote. “And only in Lower Manhattan do all of these possibilities come together in a single place.  A creative partnership between the public and private sectors to bring Amazon to the Hudson River waterfront will benefit both, but the best reason for doing it is that it will (in more ways than one) enrich the City and its people.”

[Via NY Post]

380 Rector Place, Unit 3R

300 Rector Place, Unit 3R

BATTERY PAK CITY, MANHATTAN

2 Bed  |  2 Bath  |  1,014SqFt  |  Condo

Offered At $1,398,000

Real Estate Taxes: $1,542/ mo.   |   Common Charges: $1,384/ mo.   |   Doorman  |  Roof Deck

 

A breath of fresh air, 3R is everything you are searching for in your Battery Park City 2 BD / 2BA home. Expansive Hudson River views, a renovated kitchen, shower in the master en-suite, extra tall ceilings and plenty of closet space make this unit a stand out. 

Rarely available, this 2 BD / 2BA home is over 1000 sqft. As you enter the apartment, a gracious dining area and serene living room greet you along with breathtaking Hudson River views. The kitchen has been renovated with new cabinets and appliances. A king sized master suite easily accommodates all of your furniture and offers the same stunning river views. The master bath has also been renovated with a new vanity and shower stall!

The queen sized second bedroom, currently configured as an office, faces the river. Completing this well-thought out floor plan are closets throughout and a large second bathroom. 

Liberty Terrace offers residents a 24 hour doorman/concierge and laundry on every floor. The Terrace Club is a privately owned gym within the building that residents can join for a nominal membership fee. The Club includes classes, a gym that overlooks the Hudson River, and a pool with retractable roof and outdoor lounge chairs. 

Perfectly situated in Battery Park City, grocery stores (Gristedes, Battery Place Market, Whole Foods), restaurants (Mir-a-mar, El Vez, Parm, PJ Clarkes, Treadwell, Hudson Eats, Inatteso), parks, the riverfront esplanade, entertainment (Battery Park Conservancy, Regal Cinemas), and shopping (the Westfield Mall, Barnes and Noble, Bed Bath and Beyond, Target). Getting around couldn't be easier – take advantage of the free Downtown connection, M20, M9, and all trains close by!

As Of Today, The MET Will Start Charging Non-New Yorkers $25 For Admission

At the beginning of the year, the Met announced that it would begin charging non-New Yorkers (i.e. those without a state ID) $25 for admission, waiving its pay-what-you-wish policy that had been in effect since 1970. And as of today, that policy is officially being implemented through signs at all entrances, 14 new kiosks in the Great Hall, roaming museum staff with iPads, and a brochure that explains the new fee system, reports the Times.

When the Met put its pay-as-you-wish policy into effect nearly 50 years ago, it was one of the very few museums to do so. However, Daniel Weiss, president and chief executive officer of the Met, said that the new policy is necessary because “people assume that The Met is free when, in fact, it depends on the support of its visitors to open its doors every day.” To that end, over the last 13 years, despite attendance growing from 4.7 to 7 million, those who pay the “suggested” donation has dropped from 63 to just 17 percent. And the average person contributed between $9 and $16, still less than the suggestion. Admission currently makes up 14 percent, or $43 million, of the Met’s $305 million annual operating budget, but the new policy which the Met estimates will impact 31 percent of visitors, will increase that amount to roughly $49 million a year.

The new policy has faced its fair share of disapproval. In fact, shortly after the announcement, a petition went live to keep the museum free for all. It currently has 27,655 of its 30,000 signature goal. Artist Ai Weiwei likened it to “taking the jacket off a poor person.” He said, “I will never go to the Metropolitan. Am I calling for a boycott? No. But I myself will not go.” Chicago-based artist and architect Amanda Williams agreed: “What are we valuing in this difficult political and economic moment? And for young people, especially little black and brown bodies, they are receiving more and more messages that they don’t belong.”

But nonetheless, the Met remains committed to the fact that the change is necessary for its future survival. So far, more than 20,000 Met employees, from the main 5th Avenue location, the Cloisters in Washington Heights, and the Met Breuer, have been trained in “customer service techniques as well as communications and technical issues” as related to the new policy. The new ticket will be good for three days at any of the three locations. Students with a valid ID from a university in New York, New Jersey, or Connecticut will still be able to pay what they wish. Students from elsewhere will be charged $12 and seniors $17.

[Via NYT]

The Waldorf Is Going Condo And Pieces Of It Are For Sale

More affordable items include steak knives ($25 each), silver-plated doorbells ($45) and towel racks ($250).

Anbang bought the famed Art Deco hotel in February of 2015 for $1.95 billion, a record sum for a single U.S. hotel. Last week, the Chinese government announced a year-long ownership period during which it would consider “all or partial” sales of the company’s assets. Anbang will be overseen for one year by a group that includes China’s central bank, the country’s securities and banking regulator, the regular of foreign exchanges and other government agencies. Hilton Worldwide Holdings Inc., which holds a long-term management contract with the Waldorf, and construction firm AECOM Tishman issued statements saying that work on the condo conversion was indeed underway.

The New York Landmarks Preservation Commission voted in March of 2017 to protect a number of the Waldorf’s public spaces like the hotel’s grand ballroom, a large floor mosaic by the French artist Louis Rigal that adorns an entry hall and the entire main lobby bedecked in black marble pillars and ceiling reliefs.

Shortly after the landmark designation went into effect, trucks owned by Olde Good Things began loading out items from guest rooms, according to members of the nonprofit Art Deco Society which has been tracking the project.

Olde Good Things has arrived to rescue interior effects at several New York City landmarks, including the Plaza Hotel, John F. Kennedy International Airport and the old New York Times headquarters. The salvage outfit is also known for being owned by the Church of Bible Understanding (COBU). The group says it uses profits from the salvage business to fund an orphanage in Haiti.

The Monthly Update - March 2018

Rent vs. Buy in 2018:

A Debate Reignited

With rental prices the lowest they've been in a while and with landlords and developers offering huge discounts and incentives, why even buy at all? It’s a fact that you can now get a nice rental in a new building for hundreds, or even thousands, less than what a mortgage + monthlies + taxes would be for a comparable co-op or condo. So why not stockpile your money and wait for sale prices to fall? We are hearing this more and more from buyers, so let’s address it.

Currently, Manhattan rents are stagnant. But, as we all know, they will go up. Landlords might give you a break this year, but as soon as they have the chance to raise your rent to the new "market" rate, they will. And if you don’t agree to the drastically higher new rate, they'll easily get a new tenant who will, and all that cash you thought you'd saved will be flushed down the toilet on moving expenses, broker fees plus a higher rent in a lower quality apartment (not to mention if interest rates go up, as they are slated to, that monthly mortgage payment will go up significantly).

Today’s lower rents won’t be low for long, so if you plan to stay in your home for five years or more, purchasing always beats renting. You might pay more in mortgage + monthlies + taxes now, but rents will meet those monthly expenses over time. Plus, your monthly purchase nut can be greatly reduced through tax savings. Even under the new tax code, that includes deductions on interest for up to $750,000 of your mortgage and deductions of property taxes up to $10,000 per year. Sure, there might be headaches that come with property ownership, but the equity you’ll earn over five years or more will be your real windfall.

So, unless you're planning to move in two years' time — say, for example, if you're only the in city trying it out for a couple of years — then yes, take advantage of developer's discounts and lower rents today. But, if you're here for the long haul, don’t think short term! Leverage your money while it's still cheap. Interest rates are on the rise, so start building equity now — you’ll be happy in five years that you did. (Maybe even less than five years in Manhattan, where our market often sees returns faster than the national average).

Bottomline, I’ve never heard a homeowner regret their purchase if they think long term, but I've heard from plenty of potential buyers who regret not jumping into the market "back then."

COMPASS News

  • Compass expands into Westchester! Read full article
  • Compass has already concurred Washington D.C. now its time to grow into Virginia, stay tuned for more information. 
  • Our goal is for Compass to be everywhere, and by the end of 2018, we will be operating in every major metro area in the United States, bringing us to 100 offices nationwide! #CompassEverywhere 

Your new home awaits.