Brooklyn Heights Co-op • $1,300,000 • BROOKLYN • 129 Columbia Heights, No. 42
An 1,100-square-foot, two-bedroom, one-bath with a formal dining room, in a Beaux-Arts elevator building. Scott Sobol, Compass, 917-502-2375; compass.com
If you’ve ever tried to research an old building–to find out the history of your home for renovation purposes or just to see what it used to look like–you may have found yourself tasked with a trip to the Municipal Archives for an in-person search or having to order up a large, glossy photo by mail, sight unseen. Access to one of the city’s most thorough documentation efforts, the black-and-white tax photos taken of every building in the city between 1939 and 1941, just got a lot easier, as Brownstoner reports. The New York City Department of Records & Information Services has released 720,000 digitized images made from the original negatives, meaning that a photograph of every building in the city that was standing at the time is now available to look up online.
Beginning in 1939, photographers covered the five boroughs for the tax photo project, undertaken by the Works Progress Administration and the New York City Department of Taxation. The idea was to use the photos to determine property value assessments; the resulting collection would prove to be immensely valuable in the long term as well.
Aside from providing a view into the streetscapes and storefronts of a bygone era, the photos are an important part of determining what a building used to look like when planning historic renovations and working in landmarked neighborhoods. A similar set of photos from the 1980s has been available online for some time, but the period between the two was a time of transition in many neighborhoods and lots of alterations were made.
You’ll need to know the block and lot number of the building in question to access the photos online, which you can find here. Then check out the archives here.
2 Bed | 2 Bath | Co-op
Nestled on one of Brooklyn Height's most picturesque tree-lined blocks, this turn-key two-bedroom home offers you the perfect blend of modern convenience and pre-war charm. Rarely available, the current owner has lovingly maintained the unit's original hardwood flooring and wainscoting, but fully upgraded the chef's kitchen and bathroom, for a clean and welcoming feel. The gracious layout and over-sized living spaces, including a formal dining room, allow you plenty of space to entertain or to simply enjoy a quiet day lounging at home. Classic architectural details include 9’ beamed ceilings, parquet flooring with original inlays, and decorative moldings throughout. Plus, wonderful natural light. Ability to add an additional half-bath too. Storage locker available. Low maintenance. 129 Columbia Heights is an idyllic Beaux Arts elevator co-op, in prime Brooklyn Heights, located directly across from the beautiful Brooklyn Heights promenade.
October 22-28, 2018
21 Contracts Signed
Twenty-one contracts were signed last week at $4 million and above, fueled once again by discounts. The average price was slashed by 17% off the original asking price before a property went to contract. The average days on the market swelled to 541.
The No.1 contract was 58/59B at 252 East 57th Street, asking $13.875 million, reduced from $14.875 when it was listed off of floorplans in September 2014 by the developer. Now completed, the duplex condo has 4,516 square feet with 5 bedrooms and 5.5 bathrooms, and a 40-foot living room featuring spectacular views of Central Park and the East River. It also has 11-foot-high ceilings. The building was designed by Skidmore, Owings & Merrill, and amenities include a concierge, garage, fitness center, a children’s playroom, a 75-foot swimming pool, a library, billiards and screening rooms, a catering kitchen, dining room, bicycle and storage rooms, and furnished guest suites. A play space and grooming station for dogs are also available.
The No. 2 contract was a townhouse at 30 Sullivan Street, asking $12.5 million, reduced from $13.95 million when it went on the market in April. The owner paid $8,233,333 in August 2016. The house is 25 feet wide with 5,900 square feet plus terraces totaling 1,525 square feet. The house is in mint condition with 11-foot ceilings, 4 bedrooms, 4 bathrooms, a staff room, and 3 powder rooms.
Total Weekly Asking Price Sales Volume: $156,559,500
Average Asking Price: $7,455,214
Median Asking Price: $6,500,000
Average Discount from Original Ask to Last Asking Price: 17%
Average Days on Market: 541
*Condop is a co-op with condo rules.
CLICK HERE TO VIEW 17 CONTRACTS SIGNED ON APARTMENTS
CLICK HERE TO VIEW 4 CONTRACTS SIGNED ON TOWNHOUSES
3 Bed | 3.5 Bath | Condo | 24Hr Doorman
This sprawling three-bedroom, three-and-a-half bathroom delivers style and comfort at the Galleria Condominium, one of Midtown East's most revered buildings.
Step into this 2,050-square-foot high-floor residence and take in fantastic city views and in a wealth of fine finishes. Luxurious wainscoting, wall treatments and designer lighting set an elegant tone throughout living spaces, and each bathroom features stone and designer fixtures. Classic tile flooring greets you in the entry, while rich herringbone hardwood paves the great room and lush carpeting adds calm to bedrooms.
With a gracious flow and layout for entertaining, the welcoming foyer ushers guests to the expansive living and dining areas where a built-in bar is hemmed by frameless glass doors. The foiled tray ceiling adds a touch of glamour in the dining room, and the nearby kitchen, accessed both from the dining room and the foyer, features deep-stained cabinetry, granite counters and premium stainless steel appliances.
The master suite boasts a massive walk-in closet and an en suite bathroom awash in marble. The second bedroom includes a private bath and walls of windows on two exposures, and the third bedroom is situated directly across from the third full bathroom. A large foyer closet and powder room, plus an in-unit washer-dryer, add comfort and convenience to this contemporary Midtown residence.
The Galleria offers attentive full-service staff including full-time doorman, concierge, elevator attendant and live-in super. Residents also enjoy a phenomenal list of amenities, including a state-of-the-art health club with pool and spa and a 54th-floor sky terrace lounge with a breathtaking views of Central Park and the city skyline. The lobby offers direct access to the building's parking garage, Nare Sushi, a beauty salon, seamstress, food stores and dry cleaners.
Located near the corner of Park Avenue and 57th Street, the building straddles the border of Midtown East and the Upper East Side. World-famous shopping, dining and cultural institutions are found in literally every direction. Central Park is just four short blocks away, and MoMa and the Museum Mile are at your disposal from this central Manhattan enclave.
Amazon will open its first cashier-less store in New York City in Battery Park City, Recodereported on Monday. Amazon Go is like a futuristic convenience store, offering ready-to-eat meals and groceries without having to wait in line. According to the company, “Just Walk Out Technology” is used, which automatically keeps tracks of products taken or returned via a virtual cart. With no lines or checkout, once you find an item you want, you can just leave.
Amazon plans to open the store in the Winter Garden atrium inside Brookfield Place, a shopping center across from the World Trade Center. Amazon Go is currently only open in Seattle, on the ground floor of the company’s headquarters, Chicago, and San Francisco. Amazon has said it hopes to open 3,000 Amazon Go stores by 2021, as reported by Bloomberg.
The store uses the same technology found in self-driving cars, like computer vision and sensor fusion. Shoppers must use the Amazon Go app to enter the store. All products will be charged to the Amazon account, with a receipt sent after.
Items offered do differ among stores, but products like grocery staples, snacks, and ready-to-eat meals are available. Plus, there are even “Amazon Meal Kits,” which are designed by chefs and include all of the ingredients needed to make a 30-minute meal for two (à la Blue Apron).
Last month, Amazon opened a brick-and-mortar store in Soho that only sells items rated 4-stars and above. Aptly called Amazon 4-star, the store, located at 72 Spring Street, features products that are top sellers and “trending,” with actual customer reviews next to them.
[Via Recode]
1 Bed | 1 Bath | Co-Op | 24Hr Doorman
Flooded with sunlight and open-sky views, this one-bedroom, one-bathroom home is the perfect high-floor retreat in a full-service Yorkville co-op.
A gracious entry hall opens to an expansive and sunny great room offering plenty of room for living and dining areas surrounded by stunning skyline views to the south and east. The updated kitchen is well-stocked with gloss white lacquer cabinetry, stainless steel appliances and breakfast counters. Gleaming hardwood floors lead to the extra-large king-size bedroom with a roomy closet, and the tiled bathroom features a large tub/shower. Two more closets near the entry provide ample storage space, and central air ensures year-round comfort in this high-floor oasis.
400 East 85th Street is a well-managed, pet-friendly cooperative offering 24-hour doorman service, a live-in superintendent, laundry, fitness room, bike room and storage. Subletting, pieds-à-terre and co-purchases allowed.
Nestled in the heart of the Upper East Side's Yorkville neighborhood, this location is surrounded by fantastic parks, shopping, dining and nightlife on all sides. Central Park and riverfront Carl Schurz Park are minutes away. Nearby 86th Street is lined with great shops, cinemas and both Whole Foods and Fairway Market. Transportation couldn't be easier with Q and 4/5/6 trains and both M86 and M15 SBS bus lines all nearby.
The first phase of the Hudson Yards megaproject, including the public square and gardens and its centerpiece, Vessel, as well as The Shops & Restaurants at Hudson Yards, which will be anchored by NYC’s first Neiman Marcus store, is preparing to open this March. Now, Fifteen Hudson Yards has announced that that Neiman Marcus fashion director Ken Downing has designed and styled the interiors for a new model home at the 88-story luxury condominium. Furthering the connection between the upper-crust department store and the development’s high-end aspirations is a freshly-launched Neiman Marcus microsite that will allow people to purchase select items in the residence.
Fifteen Hudson Yards, designed by Diller Scofidio + Renfro in collaboration with the Rockwell Group, is one of a trio of skyline-redefining additions to the largest private real estate development in the U.S. The new tower is the development’s first building to offer condominiums for sale; sales launched about a year ago, and Fifteen Hudson Yards quickly became Manhattan’s fastest selling condo.
In designing the model home, Downing was inspired by his years of travel to the world’s fashion capitals, his passion for art collecting and the building’s dramatic skyline vistas. According to a press release, his design interprets Neiman Marcus’ distinct, luxury jet-set style for New York City and provides a peek into the new luxury environs on offer at the condo. The retail department store will anchor the development’s seven-story retail center with 250,000 square feet; Fairway grocery store will occupy about 45,000 square-feet on a lower floor.
It’s certainly worth mentioning that 15 Hudson Yards just launched an affordable housing lottery for 107 of its nearly 300 units. Listings for the market-rate condos have ranged from a $3.8 million two-bedroom to a $32 million penthouse. By comparison, the affordable rentals, available to New Yorkers earning 50 or 60 percent of the area median income, range from $858/month studios to $1,350/month two-bedrooms. And in addition to the uncharacteristically accessible price point, rental residents will have access to all of the mega-development’s amenities, including new parkland, The Shed performance space and retail and restaurant space which will include the new Neiman’s, of course.
Whether those residents will be excited to purchase the shoppable catalog‘s offerings, which include a $1,495 “John-Richard Collection Escher Perspective Cube Sculpture” and a more affordable plush “Venice Punch Knife-Edge Pillow” for $98, remains to be seen.
15 Hudson Yards also has a 24-hour attended lobby, two floors of wellness offerings including a gym, yoga studio, and swimming pool, and a skytop lounge with views of the Hudson River and Thomas Heatherwick’s huge climbable installation, Vessel.
It’s hard to believe actress Mariska Hargitay has been starring as NYPD Lieutenant Olivia Benson on “Law & Order: SVU” for nearly two decades, but when it comes to her living situation, she likes to change things up a bit more. She and her husband, actor Peter Hermann, bought a stunning Upper West Side brownstone for $7 million in 2012, and they’ve now put it on the market for $10.75 million. Hermann told the Wall Street Journal that they’ve decided to sell because their “family needs have changed,” but they’d remain in the neighborhood. The six-story, 6,000+ square-foot home is located at 45 West 84th Street, between Central Park West and Columbus, and is “loaded with color and vibrancy,” according to Hermann, thanks to a collaboration with designer Jeffrey Bilhuber.
The home boasts an elevator, five bedrooms, six bathrooms and three powder rooms, and a vented laundry room. The main parlor floor has a gas fireplace and a modern, mirrored wall. Past here, is a dining room/library that overlooks the kitchen below and the rear garden.
The garden level has another living area, as well as the uber-contemporary (and very yellow) eat-in kitchen in the rear, where the renovation added floor-to-ceiling casement windows to created a double-height space that leads to the landscaped garden. The third floor is dedicated to the master suite and includes a double walk-in closet and dressing room, small terrace, and marble en-suite bath. The fourth and fifth floors each have two bedrooms, all with their own bathrooms and one with its own terrace. Perhaps the best part of the house is the top-floor sun room, which has both north- and south-facing terraces. Back in 2008, Hargitay sold her equally stylish Chelsea penthouse for $8.15 million. She reportedly makes upwards of $500,000 per “Law & Order” episode now, so we don’t think finding a spectacular new family home will be much of an issue.
With $500 million in sales to date, top-producing broker David Margolies sets the standard for service in the industry and is known throughout the city for his discretion, finesse, and foresight that sets him apart. An encyclopedic knowledge of New York's residential buildings, combined with the most expansive marketing platforms, make David the obvious choice for sellers and buyers alike.
Achieving the highest price in any given market in the buildings where he sells goes hand in hand with his consistent delivery of outstanding customer satisfaction. David always follows through for anyone he represents, becoming lifelong friends with many of his clients. His dedication is matched by his charismatic personality that ensures smooth dealings with attorneys, mortgage brokers, other agents, and clients from all walks of life. David's large referral business and accolades from many happy clients are a testament to his impressive professional accomplishments. David's press coverage includes such diverse publications as The New York Observer, The New York Times, New York Magazine, The Real Deal, The Wall Street Journal, and a number of international publications.
Utilizing his boutique customer service skills that earned him the #1 agent in gross sales at his previous firm, David then joined the Corcoran Group where he spent 7 years as a consistent member of the Multi Million Dollar Club. David's move to Compass maximized his effectiveness with the best tools and technology in the business. A downtown resident since 1989, David has traveled the world extensively, and previously lived in Greece for four years where he ran his own business. He is a magna cum laude graduate of New York University with a degree in Psychology.
Dear Reader,
Sorry for the delay in the monthly update, I was waiting for the Q3 data to arrive. After reading and re-reading Compass Q3 report, Bloomberg's, The New York Times, StreetEasy and Miller Samuel by Johnathan Miller. Rather than giving you a long drawn out explanation of the current state of the Manhattan markets, I'll just sum it up in two easy-to-read charts by Bloomberg (below) entitled, "More Pain for Sellers and More Choices for Buyers."
Compass has now officially opened in Austin! Press
We are excited to announce the latest $400M funding round and plans for international expansion! Press
Starting this month Compass has partnered with WAZE, Compass pins will pop up on the Waze Map, indicating listings equipped with our groundbreaking reimagined real estate sign. Press
The overall number of active listings totaled 6,987 units in Manhattan at the end of Q3 2018, representing an 8% Y-o-Y increase compared to the same period in 2017. The increase was driven by both condo and co-op inventory at smaller unit types, which also indicated lower price segments, with listings asking below $1M up 24% Y-o-Y and listings asking between $1M-$3M up 10% Y-o-Y. In contrast, listings asking above $10M declined 26% Y-o-Y to 317 units in Q3 2018, mainly attributable to a few reasons: 1) stale and aggressively priced inventory finally getting absorbed as sellers become realistic regarding price expectations and 2) developers delivering units that have attainable price points as they capitalize on the shift in market demand from ultra-luxury large units to more efficient units.
The overall Manhattan median asking price continued to decrease in Q3 2018 by 11% Y-o-Y to $1.55M compared to the same period in 2017. As aforementioned, sellers reduced asking prices and accepted further discounts to seal the deal; we see these factors as positive signs for prospective buyers. Condo median asking price declined 9% Y-o-Y to $2.2M, registering the lowest asking price in 4 years since 3Q 2014. While co-op median asking price declined 13% Y-o-Y to $995K, registering the lowest asking price in 3 years since 3Q 2015.
* Q3 2018 inventory as of September 15, 2018
The number of contracts signed totaled 1,948, reflecting a slight 1% Y-o-Y decrease during Q3 2018. The 4% Y-o-Y increase in the number of co-op contracts signed (1,081 units) almost balanced out the decline in the number of condo contracts signed (-7% Y-o-Y, 867 units). Aligning with the aforementioned decrease in ultra-luxury inventory, the best performing price segments were $5M-$10M and $10M+. The 30% Y-o-Y increase in the $5M-$10M category was primarily driven by contracts signed in several new development buildings such as The Belnord at 225 W 86th Street and 100 E 53rd Street. With regards to contracts signed last asking $10M+, co-op sales on the Upper East Side primarily contributed to the 10% Y-o-Y increase in this price segment. As of Q3 2018, there were 8.5 Months of Supply to be absorbed in Manhattan, indicating a relatively healthy market.
In terms of overall median contract price, it increased 4% Y-o-Y to $1.2M this quarter from $1.15M during Q3 2017. The slight upswing was primarily attributable to a 9% Y-o-Y increase in co-op median contract price. However, the increase in median contract price was combined with significantly prolonged median days on market (104 days in Q3 2018 vs. 83 days in the same period prior year). It is notable that this Y-o-Y increase in days on market was driven by contracts signed below $3M as opposed to contracts signed above $5M. With regards to the Y-o-Y increase of contracts signed between $5M-$10M this quarter, it is comforting to see median days on market shortened significantly by 79 days to 126 days from 205 days in Q3 2017.
* Q3 2018 contracts signed as of September 15, 2018
The total number of closings decreased 18% Y-o-Y during Q3 2018 to 2,616 transactions, consisting of 1,163 condos (44% of total) and 1,453 co-ops (56% of total). Furthermore, all price segments exhibited Y-o-Y sales price declines ranging from 6% to 33%. Closings above $10M saw the lowest Y-o-Y percentage decline of 6% from 55 closings in Q3 2017 to 52 closings in Q3 2018. Closings between $5M - $10M declined by the highest percentage (-33% Y-o-Y), which was attributable to 34 clustered closings at Madison Square Park Tower in Q3 2017.
Median sales price declined by 3% Y-o-Y to $1.1M during Q3 2018 from $1.2M in Q3 2017, attributable to a 4% Y-o-Y decrease in condo median sales price ($1.6M), slightly offset by a 1% Y-o-Y increase in co-op median sales price ($855K). However, it is notable that this has been the 12th consecutive quarter since Q4 2015 that the median condo sales price has surpassed $1.6M. Negotiability, the median variance between last asking prices and closing prices, was -3.2% this quarter vs. -2% in Q3 2017. Notably, the $3M-$5M price segment had the deepest median negotiability at -6.6%. Median days on market for city-wide closings increased from 63 days to 70 days this quarter.
* Q3 2018 closings as of September 15, 2018
Seventeen contracts were signed last week at $4 million and above, sluggish activity that mirrors the same total in the same week last year. The average days on the market was a dismal 521. Prices on average were reduced by 8% off the original asking price before a property went to contract. The top 2 deals were sold by sponsor/developers.
For the seventh time this year, the No.1 contract was at 432 Park Avenue. This time, it was 41C, asking $17.175 million. The condo has 3,575 square feet including 3 bedrooms and 3.5 bathrooms, and features a 29’ x 29’ corner living room. The building is 96 stories high, a concrete-and-glass edifice designed by Rafael Vinoly that can be seen from almost anywhere in the 5 boroughs. Amenities include a fitness center, a 75-foot swimming pool, private dining room, parking, a garden, and a children’s playroom.
The No. 2 contract was 5E at 21 East 61st Street asking $12.5 million, reduced from $15 million when it went on the market in May 2014. It has 4,060 square feet and includes 5 bedrooms and 5.5 bathrooms. A living room, formal dining room, and kitchen with a family room---all face Madison Avenue. The apartment is in the Carlton House, a 16-story building that was built as a hotel in 1950, and was converted into a 69-unit condop by Extell Development. (A condop is a co-op that leases the land and has condo rules.) Amenities include concierge, doorman, a fitness center with a swimming pool, and bike and storage facilities. Many of the units have terraces.
Total Weekly Asking Price Sales Volume: $128,130,000
Average Asking Price: $7,537,059
Median Asking Price: $6,495,000
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 521
*Condop is a co-op with condo rules.
Most New Yorker don’t spend $75,000 a year on rent, but a hotel room on the Upper East Side is asking that hefty sum for just one night. First reported by Bloomberg, the duplex penthouse suite is at the swanky Mark Hotel and boasts six bathrooms, five bedrooms, two wet bars, a 25,000-square-foot rooftop terrace overlooking Central Park, and a living room under the landmarked building’s cupola that can be converted into a full-sized Grand Ballroom. In addition to being the country’s most expensive hotel suite, it’s also the largest at 10,000 square feet.
As Bloomberg notes, the Mark gets is share of high-rollers thanks to its Jean-Georges restaurant, Frédéric Fekkai salon, and reputation as the go-to meetup spot before the Met Ball.
The hotel was originally built in 1927 in the Renaissance Revival style at 25 East 77th Street. It was renovated in 2009 with new interiors by designer Jacques Grange and has 100 hotel rooms and 56 suites. It also has 10 co-ops, which the penthouse was originally offered as. As 6sqft previously reported, since its renovation, it has been “fraught with buyer back-outs, lawsuits, and heavy price cuts.”
The penthouse first hit the market in 2008 for $60,000 (plus $44,645 per month in common charges) and tried unsuccessfully for the next seven years to find a taker. Interestingly, the hotel’s general manager, Olivier Lordonnois, told Bloomberg that someone was renting it during this time, though it was never publicly listed as such.
In addition to the aforementioned perks, the penthouse has a library room, a dining room to seat 12, and 26-foot ceilings in the living room.
The kitchen has a custom island, breakfast room, wine fridge, and double ovens.
Off a sky-lit conservatory is a custom-designed staircase by Eric Schmitt that leads to the roof terrace, complete with its own fireplace and dining area.
The master suite has a double-sided fireplace, sitting room, walk-in closets, and his-and-hers bathrooms with a steam room.
When asked about the astronomical price, Lordonnois said he thinks it’s fair based on the competition, citing the Four Seasons’ Ty Warner penthouse, which is only 64,000 square feet with no outdoor terrace and asks $64,000 a night. The Plaza’s 4,500-square-foot Royal Suite–with 24-carat gold bathroom fixtures and a full gym–asks $40,000 a night, and the Mandarin Oriental’s 3,300-square-foot suits goes for $36,000 a night.
[Via Bloomberg]
Compass is officially a $4.4 billion brokerage.
The New York-based firm said Thursday it closed another mega-round, raising a $400 million Series F led by SoftBank’s Vision Fund and Qatar Investment Authority. Wellington, IVP and Fidelity also participated in the deal, which gives Compass a total capital raise of nearly $1.2 billion, the company said.
Compass said the latest funding, first reported by Bloomberg, will enable it to accelerate plans to control 20 percent market share in 20 U.S. cities by 2020, and to double down on its technology. The firm, which was founded in 2012, also said it plans to expand internationally.
“Real estate is the largest asset class in the world,” founder Ori Allon said in a statement, “and we are excited to bring Compass technology to international markets.”
News of Compass’ latest funding comes less than a year after Softbank poured $450 million into the company in December 2017, at the time valuing the brokerage at $2.2 billion. That round closely followed a $100 million funding from investors including Fidelity Investments.
With nearly $1 billion in new money over the last year, Compass has been on an unabashed growth spree, scooping up agents and brokerage firms nationwide. (On Thursday, SoftBank also announced a $400 million investment in the iBuying platform Opendoor.)
Over the past year, Compass said it has tripled its agent headcount to 7,000 nationwide. On Thursday, one brokerage head who has lost a substantial number of agents to Compass said the latest round was nothing short of terrifying. “This is going to be a killer for us,” the CEO said.
Last month, Compass told The Real Deal it is on track to hit $35.6 billion in sales volume this year, up from $14.8 billion in 2017. This summer, it picked up Pacific Union International, a $14 billion firm in San Francisco. Compass is also projecting $1 billion in 2018 revenue up from $370 million in 2017.
In addition to brokerage revenue, Compass is banking on new tech products, licensing and other money-making ventures to hit that target.
The firm plans to roll out title and escrow services, and this summer it announced its first tech licensing deal — though the partnership fell apart soon after. Some of the latest tools it has introduced to brokers include a CRM (customer relationship management) system and illuminated real estate signs that feature QR codes.
At $4.4 billion, Compass’ valuation blows other residential firms out of the water. Realogy — the New Jersey conglomerate that owns Coldwell Banker, the Corcoran Group and Sotheby’s International Realty — has a market cap of $2.5 billion. Its stock is down 25 percent since the start of the year, with a closing price of $20 per share on Wednesday.
Compass has stayed tight-lipped about its own plans to go public, but some speculated that the Series F would be the last one before an IPO.
Location: La Quinta, Calif.
Price: $12 million
Size: 11,000+ square feet, 7 bedrooms, 8 full and 2 half bathrooms
Word on the Coachella Valley celebrity real estate street is that Kardashian/Jenner family matriarch Kris Jenner shelled out $12 million for an ultra-modern mansion overlooking the lush and unnaturally verdant sixth fairway inside the manned gates of the prestigious Madison Club, a swanky golf development in La Quinta, Calif., that describes itself in marketing materials as “the modern interpretation of California’s classic old-line country clubs.” The sellers were luxury property developer Gala Asher and L.A.-based Coldwell Banker real estate broker Ginger Glass, also the listing agent, who acquired the property in May 2015 for $2.15 million, oversaw the design and construction of the über-modern eye-popper that is not “old-line” anything and set it out for sale in late June of this year (2018) with an aggressive asking price of $15 million. According to the Desert Sun, who first sniffed out the transaction, the sale price is “likely” the highest amount paid for a single family home in the Coachella Valley since late 2016 when billionaire investor Ron Burkle paid $13 million for a torus-shaped Palm Springs residential extravaganza long owned by Bob Hope.
2 Bed | 2 Bath | Condo | 1,240 SqFt
Glorious views span across the Brooklyn, Manhattan and Williamsburg Bridges, and beyond. You are presented with these views every day in this updated two-bedroom, two-bathroom duplex penthouse in a full-service Downtown Brooklyn condominium.
From the sailboats in the harbor to sunsets over the Manhattan skyline, you will enjoy iconic vistas in this fantastic 1,240-square-foot penthouse. The apartment has floor-to-ceiling windows and soaring 20-foot-tall ceilings that frame your stellar views in the large double-height living room, while a large dining area stretches out before the open designer kitchen. Chefs will enjoy deep-stained custom cabinetry and handsome granite surrounding top-notch appliances including a hooded high-capacity gas range, Liebherr refrigerator, plus a built-in microwave, dishwasher and wine cooler. A well-appointed full bathroom and bedroom with walk-in closet complete this level, while upstairs, the full-floor master suite boasts another huge walk-in closet and a beautiful bathroom with deep soaking tub, separate frameless glass shower and double-sink vanity.
Updated fixtures and handsome built-ins abound in this well-maintained home. Smart home automation controls Nest thermometers as well as the recessed lighting found throughout. Remote control automated blinds allow for convenient transformation of the space when you want privacy and quiet space. Lovely Brazilian walnut floors pave the space, and the high efficiency in-unit washer dryer adds total convenience to this stunning Brooklyn penthouse. With 16 years left on the 421A tax abatement (expires 2035) and the ability to rent directly after closing, this breathtaking home is a superb opportunity for both homebuyers and investors.
Toren at 150 Myrtle Avenue is a phenomenal Gold LEED certified condominium building offering a long list of coveted amenities, including 24-hour concierge service; two-level attended parking; 2,000-square-foot fitness center with yoga room, indoor pool and sauna; a library lounge; a multi-level roof garden with outdoor movie theater; and a gourmet food market on the ground floor.
Located at the epicenter of vibrant Downtown Brooklyn, and surrounded by Brooklyn Heights, BoCoCa, Dumbo and Fort Greene, there is no better location from which to enjoy fantastic shopping, dining and entertainment. City Point is minutes away and features a Trader Joe's, Alamo Drafthouse and the Dekalb Market Food Hall (Brooklyn's largest food hall). Pacific Park (formerly Atlantic Yards) is well underway, and BAM and Barclays Center ensure year-round access to fantastic sports and entertainment. Travel anywhere in the city with ease thanks to A/C, B/F, Q/R, 2/3, 4/5 and G trains all within minutes of your front door.
POSTED ON WED, SEPTEMBER 19, 2018BY MICHELLE COHEN
On September 12, the New York City Department of Cultural Affairs announced a search for applicants for a new pilot program called City Canvas, Archpaper reports. The program was designed to beautify New York City’s visual landscape by installing large-scale–and temporary–artwork on its endless construction fences and 270 miles of sidewalk sheds. The protective construction structures are an everyday eyesore for New Yorkers, but current building codes prohibit altering them. The City Canvas program circumvents that ban by allowing select artists and cultural institutions to add visual art to the visual affronts.
There are two main objectives for the new initiative. First, to improve the experience of strolling through the city’s streets for residents and tourists alike by turning the ubiquitous fences into beautiful works of art, and second, to increase opportunities for artists and cultural institutions to get recognized for their work and to create art that represents the surrounding community. Buildings Commissioner Rick D. Chandler said “If anyone can bring some love to the sidewalk sheds New Yorkers love to hate, it’s our city’s artists.”
Image via Welling Court Mural Project
During the pilot period, which will run for the next 24 months, the city is seeking proposals from at least one qualified nonprofit organization to install artwork on at least one ugly sidewalk shed/fence. The deadline to submit a proposal is Friday, October 12. Application instructions are available at the NYC Cultural Affairs website.
[Via Archpaper]
1 Bed | 1 Bath | Condo | 798 SqFt
PRICED TO SELL QUICKLY!! Don’t miss this over-sized nearly 800 SF One bedroom CONDO in the heart of Park Slope. A gracious entryway opens to a large open kitchen with a custom designed island, top-of-the-line stainless steel appliances and Ceasarstone countertops. Enjoy ample storage throughout and brand new bamboo flooring. A bright living room connects to a private North facing Juliet balcony featuring open city views. Bathroom has a deep soaking tub cherry cabinetry. Comes complete with central air/heat and an in-unit washer and dryer. Low common charges and a 25 year tax abatement in place until 2033 makes this an excellent home or investment.
The Crest is a modern condominium building offering residents a full-time superintendent, outdoor patio with free wifi, fitness center, video intercom system, package room and indoor parking garage with ZipCars. Located at the corner of 2nd Street and 4th Avenue, this home is at the epicenter of desirable Brooklyn living with the attractions of Park Slope, Gowanus, and Prospect Heights all nearby. The Park Slope Food Co-Op and Gowanus Whole Foods make shopping for great food a snap, and Brooklyn's best dining and nightlife line the nearby streets. The Old Stone House & Washington Park is on the next block, and massive Prospect Park, just five blocks east, offers acres of unbeatable outdoor space, farmers' markets and more. Transportation is a breeze with F, G and R trains all within reach. Zoned for PS118
Last summer, one of New York City’s leading real estate listing sites — Zillow’s StreetEasy — substantially changed several key features of its business model that it had previously touted as central to their primary vision. Initially, in a push to provide consumers with more truthful and factual data in an industry rife with shady, bait-and-switch practices, StreetEasy had prided itself on publishing only exclusive listings. A policy which made it easy for the consumer to reach the listing agent directly.
In July 2017, however, that all changed. The website began to charge agents to list rentals, and they launched the highly controversial Premier Agent feature. With Premier Agent, any agent could position their own name on any listing — ahead of the actual exclusive listing agent — by buying the exposure. It’s a pure pay-to-play scheme that makes StreetEasy a complicit part of the bait-and-switch industry they once railed against. Almost overnight, the number of rental listings dropped significantly and so did the sale listings.
Now, a year later, we wanted to see if StreetEasy has rebounded. With the help of the Compass data mining team, we checked in on the website’s current listing volume, and it would seem that StreetEasy never came back. According to our numbers (see figures below), StreetEasy rentals have dropped 37 percent from last year, and sales listings have dropped 38 percent. Even accounting for changes in year-over-year inventory, this is a substantial decline.
In this rapidly changing buyers’ market, it’s crucial that buyers have access to all available inventory to make the bet, most informed choices. If they’re working without a buyers’ agent and relying on a site like StreetEasy, they’re missing out on almost 40 percent of the inventory out there.
Buyers must secure the services of a quality, honest and knowledgeable agent quickly and before they make offers! Agent-to-agent sales account for over 95 percent of all transaction in New York City, and with StreetEasy’s clear abandonment of consumers in favor of profits, it’s more important that ever to work with a professional agent to help you navigate these waters again!
StreetEasy rental inventory in July 2017, prior to rental policy change
15,534 Manhattan Apartments For Rent
10,722 Brooklyn Apartments For Rent
Total: 26,256
StreetEasy rental inventory in August 2018, one year after rental policy change
10,359 Manhattan Apartments For Rent
6,170 Brooklyn Apartments For Rent
Total: 16,529
A decline of 37 percent since July 2017
StreetEasy sales inventory in July 2017, prior to Premier Agent
11,841 Manhattan Sales
5,708 Brooklyn Sales
Total: 17,549
StreetEasy sales inventory in August 2018, one year after Premier Agent
6,941 Manhattan Sales
3,958 Brooklyn Sales
Total: 10,899
A decline of 38 percent since July 2017
Source: Compass Listings Department
Click to see the future of the real estate sign, reinvented by Compass.
With over 90+ offices and 4,500+ agents Compass is the fastest growing brokerage in the world.
