Views From NYC’s Highest Outdoor Residential Space At 15 Hudson Yards

Skytop includes an outdoor terrace that is wrapped in a 60-foot tall glass screen. The space includes 3D-carved wooden planters that hold 14-foot-tall white oak trees. Inside, there is a private dining room that can seat up to 18 guests and a full catering kitchen and bar, as well as a lounge with floor-to-ceiling windows.

“Skytop is the moment where Fifteen Hudson Yards morphs into its deepest and most dramatic inflection point, so our intent was to take advantage of the tower’s energy and celebrate its extraordinary views,” David Rockwell, founder of the Rockwell Group, said. “The amenities are conceived of as fluid spaces that open up to the rooftop, creating the feeling of an extension of a penthouse with a vast window onto the city.”

15 Hudson Yards, which was the development’s first residential building, contains 88 stories and 285 apartments. Other amenities can be found on the building’s 50th floor, like a 75-foot indoor swimming pool, privates spa, fitness center designed by The Wright Fit, a beauty salon, and a children’s playroom.

On the 51st floor, residents have access to a club room, wine storage and tasting room, business center, workspace, sound-proof screening room, and two corner private dining suites. According to CityRealty, there are 13 apartments currently available at the building, ranging from a $2.75 million one-bedroom to a $32 million penthouse.

Hudson Yards has not shied away from sky-high amenities. Restaurant and bar “Peak” on the 101st floor of 30 Hudson Yards, the development’s tallest tower, will open next month, along with “Edge,” the building’s 1,100-foot-tall outdoor observation deck.

Starting March 1, 2020, Single-Use Plastic Bags Are Banned In NYC

Starting March 1, 2020, single-use plastic bags are banned, with limited exceptions, in New York State. In addition, businesses will begin collecting a five-cent fee on paper carryout bags in New York City. NOTE: This fee will not apply to any customers using SNAP or WIC.


How can I get a free reusable bag?

DSNY is distributing reusable bags across the city. These bags fold into a built-in pouch with a carabiner clip so they’re always handy - and the bags are made of 90% recycled material.

Take the Zero Waste Pledge and get a free reusable bag or cutting board.

Go to a reusable bag distribution event in your neighborhood.

 

I'm a business. How do I comply with the plastic bag ban? 

Any retailer that is required to collect New York State Sales tax (with limited exceptions) will no longer be able to provide plastic carryout bags. To learn about the exceptions and how to comply, please visit the New York State Department of Environmental Conservation.

 

I'm a business. How do I comply with the paper bag fee? 

In New York City, all businesses covered by the ban must charge a five-cent ($0.05) fee on paper bags. Please visit the New York State Department of Environmental Conservation to learn how to comply.

 

Why did New York State pass this law? 

New York State created a task force that analyzed the impacts of single-use plastic bags and issued the report: An Analysis of the Impacts of Single-Use Plastic Bags. 

In New York City, residents use more than 10 billion single-use carryout bags every year and it costs the City more than $12 million annually to dispose of these bags.

 

Where can I recycle my plastic bags?

New York State's plastic bag recycling law requires large retailers to take back all types of film plastic for recycling, including single-use plastic bags. Bring your used plastic bags to any participating store for recycling.

Macy’s Reveals Proposed 900+ Foot Tower To Rise Above Herald Square Flagship Store

Macy’s, which recently announced plans to close 125 department stores over the next several years, is still hoping to cash in on the thriving office market by building an office tower above its Herald Square flagship store in Midtown. The retail icon revealed that it has proposed the construction of 1.5 million square feet of office space, a sky lobby, and public improvements to the surrounding area, the Wall Street Journal reports. The proposed tower would rise between 700 and 950 feet with, according to renderings revealed by YIMBY, a glass façade, setbacks, and a crown. The department store below could confer it with supertall status (984 feet or taller).

As 6sqft reported last April, the retailer had raised the possibility of building an 800-foot-tall office tower above the Herald Square store with 1.2 million square feet of office space.

Macy’s had previously been headquartered at 11 Penn Plaza and in a Cincinnati office that it will vacate, according to the recent announcement of store closings and layoffs. The company has also been seeking tenants to occupy the 640,000-square-foot Penn Plaza space it has agreed to lease through 2035. According to Crain’s, Macy’s will leave 11 Penn Plaza by May.

In January, the New York Post reported that Macy’s had added 300,000 more square feet to the 567,000 square feet of space it planned to lease at Tishman Speyer’s 1.2 million-square-foot Long Island City project known as The JACX. The company plans to use that property for its merchandising organization, currently based in 11 Penn Plaza, as well as for its Bloomingdales division’s offices.

The proposed Herald Square space is near Penn Station as well as being central to nearly all subway lines and the PATH train and one of the city’s biggest hubs of office, retail and tourist traffic. Public filings show the retailer has been in discussions since last year with officials in order to get approval for the project.

[Via WSJ]

Have A Sleepover At IKEA In Red Hook Next Month

Lull yourself to sleep surrounded by ready-to-assemble furniture and Swedish meatballs during a sleepover at Ikea’s showroom in Brooklyn next month. The home goods store is launching a raffle to give shoppers a chance to spend the night at its Red Hook store on March 13. Coinciding with World Sleep Day, the “Swede Dreams” event aims to help the “tired, weary and sleep-deprived fans” of the store, according to a press release.

The first-ever sleepover experience involves sleep-themed games and activities. An “insomniac lounge” will feature ASMR, a silent disco, and exercises about creating the ideal sleep scenario.

Open only to members of IKEA Family, which is free to join, the raffle will officially kick off on Tuesday. Randomly selected winners will be contacted starting the week of Feb. 24. Winners are allowed to bring one guest to the sleepover.

The store will also offer an “IKEA After Dark” event on Feb. 22, from 3 p.m. to 9 p.m. for an abbreviated version of the sleepover. Workshops focus on ways to overcome sleep barriers through yoga and meditation, as well as organizational solutions. To help achieve optimal conditions for sleep, IKEA is offering sales on a number of bedroom items, like mattresses, pillows, and comforters.

Starting Tuesday, those interested in the sleepover can enter the raffle at IKEA.US.com/SwedeDreams.

227 East 12th Street, Unit 2C


227 East 12th Street, Unit 2C

EAST VILLAGE, MANHATTAN

1 Bed  |  1 Bath | Co-op

Offered At $850,000


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.

The Monthly Update - February 2020

Welcome to 2020! 

How much can we read into real estate activity in the first month of the year? And more importantly, does it predict market conditions for the rest of 2020?

Through the end of December and into January, we saw a welcome resurgence of activity in the marketplace. Whether it was due to pent-up demand or fueled by frustration over the  never-ending doom-and-gloom economic forecasts, the relentless “It’s a buyers market!” war cry seems to have finally broken through to the minds of the purchasing community. At least for the time being.

Many agents are reporting the same results, and there is a perceptible sigh of relief around the water cooler as things turn from stagnant to active in the overall New York City market. Lower-than-ever interest rates indeed helped give us a strong end to 2019 and an active start to the year. But, if you’re a seller, listen to this optimistic good news with an air of caution. This isn’t the time to reach for a sky-high sales price! The market is still extremely price-sensitive and dollar-motivated. Instead, the adage “more flies with honey” should be your marching orders. Make sure your listing is priced competitively and do everything you can to make the property stand out from every listing in your neighborhood and price category. That approach will ensure strong demand both now and in the event of a slowdown.

The best move you can make as a potential seller is to call us, of course. The Hoffman Team put 11 properties into contract in December and another 13 in January! How? We work as a team, and we know how to price for success in any market conditions.

In today’s fickle environment — and yes, you can expect more tumult as the presidential election approaches — clients require the most experienced and professional real estate agents to reach their goals, whether buying or selling.


Q4 Compass Market Reports

Curious to learn how the NYC real estate market wrapped up in 2019? 

Peruse Compass' quarterly market reports for commentary on trends and key developments! Get the full scoop on Manhattan, Brooklyn, and Queens insights here.

Have questions about the market and 2020 predictions? Reach out!


Chinese New Year Parade and Festival

February 9th 1:00pm

Attend the Chinese New Year Parade and Festival on February 9th in Chinatown! The parade kicks off at 1:00pm going through Mott Street, Canal Street, East Broadway, and around D. Roosevelt Park. Don't forget to continue celebrating at one of the many incredible local restaurants. Learn more here! 

Westminster Dog Show

February 9th-11th 

Are you a dog lover looking for a large dose of cuteness? Get tickets to see some of the best in show at the Westminster Dog Show! The three-day event will take place at Madison Square Garden and Pier 84 on February 9th, 10th, and 11th. Learn more here and get your tickets today!



Follow Us

Gallery Block
This is an example. To display your Instagram posts, double-click here to add an account or select an existing connected account. Learn more

Times Square Arts’ 2020 Valentine’s Day Heart

Times Square Arts debuted the 2020 Times Square Valentine Heart yesterday, a tradition that started in 2009. This year’s installation, Heart Squared, was selected by the Cooper Hewitt Smithsonian Design Museum and designed by MODU and Eric Forman Studio. The sculpture is composed of a 10-foot-tall cubic steel lattice structure that approximates the form of an anatomical heart and 125 mirrors that are suspended within and tilted at various angles to create a kaleidoscopic collage of the urban environment. The arrangement of the mirrors might seem random at first but they’re precisely calibrated to form an anamorphic projection—meaning that the mirror array creates a surprise image when viewed from a specific vantage point, which is marked on the ground with white paint.

When viewed from that spot, the mirrors form the image of an “emoji” heart surrounded by a border of sky. “Fundamentally inclusive, Heart Squared brings people together to discover the heart within, a heart that reflects anyone and everyone who engages with it,” the designers explain.

In addition to sparking moments of connection between those passing through the bustling area (and, let’s face it, plenty of selfies), the artwork will serve as the backdrop for all Love in Times Square events taking place over the next month. If you’re planning a surprise proposal, wedding, or vow renewal, you can find out more information about how it all works and register here by February 2.

Heart Squared will be on display in Duffy Square (46th Street and Broadway) through March 1.

250 West 21st Street, Unit 7


250 West 21st Street, Unit 7

CHELSEA, MANHATTAN

1 Bed  |  1 Bath | Co-op

Offered At $599,000


 

Welcome home to this unique and character laden 1 bedroom in prime Chelsea. This gorgeous apartment has been lovingly maintained by its current owners. Step into a spacious living room with decorative fireplace, built in bookshelves, dark hardwood floors, and 10 ft. ceiling heights. Both the living room and windowed kitchen are bathed in southern light. The kitchen has great storage space, and features a butcher's block countertop. The bedroom is separated by a hallway and has double exposures through three windows facing both east and south overlooking gardens. There is also a large built in customized closet with a lovely window seat, and room for a home office area. The bright bathroom is quite large with an oversized soaking tub and clean white tiling. This is a small Coop with a laundry room in the basement, a super, and voice intercom system. The building is extremely well maintained and quiet, and is on one of Chelsea's best blocks. Close to the F, 1, C, and E trains, near some of the neighborhood's best restaurants, and close to Trader Joe's and Whole Foods. Please note this unit is a three flight walk up.

Fairway Confirms Bankruptcy Filing, Will Sell Off Stores

Earlier this week, the New York Post reported that beloved grocery chain Fairway would be filing Chapter 7 bankruptcy and closing all of its stores, but on Wednesday, Fairway took to Twitter to deny the claims. “Despite reports, Fairway Market has no intention to file for Chapter 7 or liquidate all of its stores,” the grocer tweeted. It’s unclear why the grocer made these statements since it’s now confirmed that they have filed for Chapter 11 bankruptcy, under which they will engage in a supervised sale of their remaining stores, reports the Times.

The chain is no stranger to financial woes. The original 74th Street and Broadway store became a Manhattan destination known for quality produce and well-curated gourmet brands, but as the chain expanded to other boroughs and the suburbs, the company incurred significant debt and struggled to stay afloat. Increasing competition from Whole Foods (especially after their purchase by Amazon), Trader Joe’s, and most recently, Wegman’s, coupled with overall rising costs only made matters worse. Per the bankruptcy filing, the company also points to increasing labor and pension costs and reports that their cash is down to just $1 million and they have debt amounting to $227 million.

In a foreshadowing statement on Wednesday, Fairway spokeswoman Rica Hermosura revealed that a soon-to-be-announced transaction “will provide for the ongoing operation of its stores.” So far, this seems true, and Fairway says its stores will remain open during the sales process thanks to a $25 million loan from its lenders.

Fairway has received an offer from Village Super Market, which runs 30 ShopRite and Gourmet Garage locations in the northeast, to buy the five Manhattan stores and their distribution center in the Bronx for around $70 million. However, other businesses are still able to bid for these locations, as well as Fairway’s nine others, until February 28th, at which time the U.S. Bankruptcy Court in New York will decide on a sale.

In a statement obtained by the Wall Street Journal, Village Supermarket chief executive Robert Sumas said, “If we are successful in our bid, we are committed to keeping Fairway, including its name, unique product selection and value, a part of this community.”

Editor’s Note: This story was originally published on January 22, 2020, and was updated with new information.

[Via NYT and WSJ]

MTA Unveils First Look At New Open-Gangway Subway Cars

Straphangers will soon be able to move freely between some subway cars. The Metropolitan Transportation Authority on Tuesday released photos of the city’s newest subway fleet which features an “open-gangway” design, or accordion-like walls located at the ends of cars. The R211 car design is meant to increase capacity by allowing for better movement and “customer flow.” Expected to be partially delivered later this year, the new subway cars are part of a nearly $4 billion contract awarded to Kawasaki Industries in 2018.

The open-gangway design replaces the door between subway cars to create more space, safely. Other new design elements include wider doors to let more customers on and off more quickly, digital displays and advertisements, and a blue and gold exterior.

The new cars will eventually replace the MTA’s fleet of R46 cars, which were built in the late 1970s and run on the A, F, R, and C lines, as well as the Staten Island Railway.

“We are very excited about these latest developments in our R211 car production because these new cars represent the future of the New York subway and will be the new standard for all new NYC Transit subway cars going forward,” Frank Jezycki, the chief operating officer of the Department of Subways, said in a statement.

The roughly $3.69 billion contract is set up in three phases for a total of more than 1,600 cars, with the first batch of cars scheduled to be delivered by Kawasaki this year. The first phase involves $1.4 billion for 535 R211 cars, but it’s unclear as of now how many of them will feature the open gangway design.

According to the MTA, 30 pilot R211 cars, 20 of them with open-gangways, will be delivered to NYC Transit for testing this year. Following the test of pilot cars, the production of the base R211 order will begin, which is expected to take two years, by August 2023.

The MTA says the production process is “on schedule and on budget,” unlike the contract the MTA has with Bombardier. The Canadian company delivered the last fleet of new cars two years behind schedule, with many of the cars having mechanical issues. The agency pulled 300 of the Bombardier-manufactured subway cars from service earlier this month after reports of the doors opening while moving.

15 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2020

Report on Contracts Signed
Manhattan Residential Properties
$4 Million and Above

January 13-19, 2020


15 Contracts Signed

Fifteen contracts were signed last week at $4 million and above, 4 more than the previous week---but still another lackluster performance in the luxury market since the start of the New Year.

The No.1 contract was 50C at 157 West 57th Street, asking $16.5 million, reduced from $21 million when it was listed in October 2018. The seller purchased the unit from the sponsor for $19.35 million in April 2015. The apartment has 3,466 square feet including 4 bedrooms and 4.5 bathrooms. A 43-foot corner living room and master suite face Central Park. 157 West 57th Street was designed by Pritzker Prize-winning architect Christian de Portzamparc, with interiors by Thomas Juul-Hansen. The 90-story, 90-unit condo was built above the 5-star Park Hyatt Hotel that has a separate entrance for its 210 rooms. Amenities include use of hotel services, fitness center, pool, private dining, a library lounge, performance space, and a garage.

The No. 2 contract was 11S at 88 Central Park West, asking $13.495 million; it was listed in September. The apartment has 3 bedrooms and 3 bathrooms. The living room, music room, and library span almost 50 feet facing Central Park. The seller paid $11.225 million in August 2011. Monthly maintenance is $10,360. The 28-unit co-op was built in 1910, and features period details and ceilings close to 11 feet. Building amenities include a doorman and storage.

Will Hudson Yards Developer Swap Promised Public Green Space For Walled Private Park?

Related Companies is gearing up for the second phase of Hudson Yards—the Western Yard—but there’s uncertainty about what exactly the developer has planned. To balance the addition of another batch of towering skyscrapers, the Western Yard promised to open itself up to the public with a new school and accessible, High Line-adjacent green space. Now Related appears to be considering walling that part of the development off with a 700-foot-long structure “that would overshadow the High Line, accommodate a parking garage and help make the site more like a quasi-gated community,” as the New York Times reports.

Plans for the Western Yard (which spans the area from 11th to 12th Avenues between West 30th and West 33rd Streets) were submitted as part of the city’s environmental review process and showed the remaining tracks paved over and open green spaces (designed by Nelson Byrd Woltz) creating a connective network among the towers that will inevitably rise. “This was the image sold to the public: the yard as accessible, hospitable and open to everyone,” architecture critic Michael Kimmelman writes in the Times.

In recent private meetings with community officials, Related has pushed the idea of elevating the yard deck to accommodate a parking garage underneath. In this scenario, “the site would no longer decline toward the river but rise up, as it moved east to west, creating an immense wall, some 700 feet long, just next to the High Line and towering some two stories above it,” as the Times describes. This would obscure public access between the High Line and the yard and reinforce the perception of Hudson Yards as a wealthy enclave within the city.

“We remain committed to building a public school, 50 percent open space (a zoning requirement), community space, and fulfilling all of our obligations to the city as part of the existing plan,” a spokeswoman for Related told the Times in an email. “As with phase one of the project, connectivity to surrounding neighborhoods and the High Line will be critically important.”

The proposal may be preliminary—and will ultimately require approval by the City Planning Commission to move forward—but many sources Kimmelman spoke to were already familiar with and explicitly against it, even calling it a betrayal of “what public officials negotiated a decade ago,” as City Council Speaker Corey Johnson did.

“Related’s proposal to build a 720-foot-long, 20-foot-high concrete wall to cut off the High Line from new open space is an absolute disgrace and violates the original plan approved by the community board,” said State Sen. Brad Hoylman. “No company has benefited more from the High Line than Related, which has used the High Line to sell luxury condominiums and populate its mall with customers. Now they want a private garden for their residents? The last thing New Yorkers need is a wall.”

“We thought the whole point of the original zoning agreement was to have a visual connection so that you could see the Western Yard’s lawn from the High Line to let people know it was there and built for them,” Robert Hammond, executive director and co-founder of the High Line, remarked.

“Hudson Yards is already considered elitist,” Manhattan Borough President Gale Brewer added. “People wonder, is that for me? Getting people of color to utilize these places is hard enough. This is the worst sort of planning.”

Brewer and other local leaders and city officials intend to organize opposition to the proposal. “We want a public space that announces itself as public and makes the public feel ownership,” said Burt Lazarin, chairman of Community Board 4, which represents the area.

[Via New York Times]

136 Waverly Place, Unit 11D


136 Waverly Place, Unit 11D

WEST VILLAGE, MANHATTAN

1 Bed  |  1 Bath | Co-op

Offered At $1,550,000


 

From its stunning views, to its spacious proportions, unique layout, gorgeous upgrades and architectural details, everything about this beautifully renovated, high floor, one-bedroom, one-bathroom Greenwich Village cooperative conveys prewar perfection made modern.


Arrive through a rare formal foyer entry to find an expansive living room featuring hardwood floors, tall beamed ceilings dotted with recessed lighting, and west-facing windows that deliver open-sky outlooks of the Manhattan sunset. Custom wallcoverings and fresh paint highlight stately millwork and built-ins. Stretching nearly 21 feet long, the living room provides a generous footprint for sitting and dining areas, and smart pocket doors reveal a masterfully planned, windowed kitchen where glass-front cabinetry surrounds premium appliances by Miele and Liebherr. A wall of large closets lines the long hallway to the corner bedroom where northern exposures and additional west-facing windows frame commanding views of the Empire State building and Christopher Street Park. Three more bedroom closets with custom built-ins ensure storage will never be a concern. The hallway bathroom features classic black-and-white tile and a large bathtub/shower.


Welcome to The Waverly, a pet-friendly cooperative building within the Greenwich Village Historic District. Here, residents enjoy 24-hour doorman service, live-in superintendent, laundry, storage and a bike room. From its position, where the West Village meets central Greenwich Village, The Waverly is surrounded by the best of Manhattan living. Outstanding restaurants line the nearby streets, including the original Joe’s Coffee, cozy brunch spots like Jeffrey’s Grocery and Michelin-starred restaurants like Blue Hill. Spectacular open space awaits at Washington Square Park, Jefferson Market Garden and sprawling Hudson River Park. Nearly every subway line in the city is within minutes, if not seconds, of this central location, including A/C/E, B/D/F/M, 1/2/3, L, N/Q/R/W, 4/5/6 and PATH trains.

Gov. Cuomo Revives Plan To Overhaul Penn Station

Gov. Andrew Cuomo is returning to one of his favorite infrastructure proposals: the overhaul of Penn Station. During an event on Monday hosted by the Association for a Better New York, the governor announced plans to build the Empire Station Complex, a station that would link a modernized Penn Station, the soon-to-be-open Moynihan Train Hall, and a new terminal one block south of the existing site. The plan, first introduced by the governor in 2016, would add eight new tracks and increase train capacity by 40 percent at the station, which currently serves more than 650,000 passengers each day.

The Empire Station Complex plan includes acquiring a stretch of property south of Penn Station and building a new terminal, allowing for eight new underground tracks. The new property is currently owned partly by Amtrak and the Archdiocese of New York.

The expansion would be the first at the station since its foundation was completed in 1910. According to the governor, the state is also looking to obtaining the Madison Square Garden Theatre (now known as the Hulu Theater) in order to make a new entrance to the complex on 8th Avenue.

The state has tapped FXCollaborative to lead the design team, which consists of Empire State Development officials, Amtrak, the MTA and other stakeholders.

“This expansion in the block south of Penn — combined with the soon-to-be-completed Moynihan Train Hall and the transformation of the existing Penn facility — will create an interconnected, world-class Empire Station Complex that will expand capacity by 40 percent,” Cuomo said in a press release.

“This will improve how more than half a million New Yorkers commute, travel and work every day, while transforming Penn into the world-class facility the Empire State deserves.”

The plan will be “self-funded,” according to Cuomo, due to a value-capture framework of Payments in Lieu of Taxes (PILOTs) and income from the new commercial district. This income will pay for Penn Station’s revitalization.

The Empire Station Complex proposal has been on Cuomo’s agenda since 2016. He first presented the plan to the Association for a Better New York in September of 2016 as part of his ongoing plan to create a “world-class 21st-century transportation hub.” Since then, the Long Island Rail Road corridor has been expanded with a new public plaza and the new Moynihan Train Hall is nearing completion.

The Regional Plan Association, a non-profit which included the unification of Penn Station in its Fourth Regional Plan, applauded Cuomo’s announcement. “We are pleased to see a comprehensive plan that encompasses not only the Station itself, but also the district surrounding it,” Tom Wright, the president of RPA, said in a statement. “Adding transit capacity and prioritizing safety is critical to the success of the region and for the hundreds of thousands of people that rely on the Station regularly.”

The cost for the project’s next phase has not yet been released. See the governor’s full presentation on the Empire Station Complex and the expansion of Penn Station here.

New Public Seesaw Art Installation Opens In Midtown West

Yesterday, The Garment District Alliance unveiled its latest public art installation along Broadway between 37th and 38th Streets. Titled “Impulse,” it’s a collection of 12 oversized seesaws that light up and night and become an “urban instrument” when they emit various sounds as New Yorkers play on them.

According to a press release, “When activated, the seesaws – which range from 16 to 24 feet and are augmented by LED lights and speakers – increase in light intensity and emit a randomized sound sequence. The ever-changing composition creates a dynamic light and sound wave, animating and brightening the Garment District’s Broadway pedestrian plazas.”

The piece was created by Lateral Office and CS Design in collaboration with EGP Group whose Mitchell Akiyama led the sound design, Generique Design for the mechanical elements and fabrication, and Robocut Studio for the electronic design.

Impulse will be on view through January 31. The stretch of Broadway has been temporarily closed to traffic through the Department of Transportation’s Seasonal Streets program. Expect another installation from the Alliance this summer.

The Monthly Update - January 2020

Happy New Year: A Year in Review

2019 was called “a transition year” or “a buyer’s market” or just plain “dead” by many of my colleagues. Fortunately, The Hoffman team saw strong numbers for the year, including over 90 closed sales deals in 2019 (plus another 29 in contract set to close in January) and a listing volume of closed deals totaling more than $100 million (again). 

I believe — and our team results bear out —  that there is always opportunity in every type of market. The Hoffman Team worked especially hard to find and close deals for our clients this year. We helped sellers leverage the advantages of a landscape rife with buyers with smart pricing and presentation, and we assisted them in realizing the equity they thought had washed away in what the press called the “bottom of the market” in New York City. For buyers, we navigated the bountiful listings to locate the perfect home at the perfect price. Over and over, we turned negatives into positives, giving our clients opportunities where others told them no. Therefore, this newsletter is dedicated to the clients who trusted The Hoffman Team to fulfill their needs. Thank you for taking the leap with us when most wouldn’t dare to skate out onto the ice!

Also, I need to give props and accolades to Compass. Without this company and its innovative approach and support, The Hoffman Team wouldn’t be able to care for clients as well as we do. Smart moves by the brokerage have propelled Compass to 40 percent market share in San Francisco and over 20 percent in New York City. Overall, Compass met or exceeded its goal of entering 20 major real estate markets with a 20 percent market share by 2020 in each market! Congratulations to Robert Reffkin and the rest of the executive management team that made that challenging objective a reality. 

For The Hoffman Team, 2020 will start with a bang with over 30 listings set to release after New Year’s and almost 35 set to close. Through the end of this year and into the next, we will continue to exceed expectations by capitalizing on opportunities for our buyers, sellers, renters and investors. That’s been The Hoffman Team’s recipe for success since the day we began — Focus on client needs and desires and make them the center point of our flywheel.

From everyone at The Hoffman Team, we wish you a wonderful holiday season and an auspicious New Year.


COMPASS News

  • Compass agents now operate out of 325 offices (87 more than last year) across 135 cities.

  • Compass agents have earned close to or exceed 20% market share in some of the most important markets in the country (eg, Manhattan, San Francisco, Marin, Danville, multiple Silicon Valley sub-markets, Beverly Hills, Malibu, Santa Monica, Cambridge, Washington D.C.).

  • We announced a raise of over $350 million of new capital at a $6.4 billion valuation this summer from a handful of investors, bringing our total capital raised to over $1.5 billion. As has always been true, we have $0 in debt. This lets us invest more in building tools and support for agents than any other company.

  • We hired more than 850 new employees out of 144,000 applicants. That makes our acceptance rate just 0.6% — more selective than Harvard. Check out our open roles to recommend great people.


Local Events

No Pants Subway Ride Day | Jan. 12

One of the best and most amusing NYC events in January is the No Pants Subway Ride created by Improv Everywhere’s Charlie Todd. In 2002, the event had only 150 participants in its first year, but now the prank is an international sensation with over 25 countries involved. More information

NYC Restaurant Week | Jan. 21 - Feb. 9

With prix-fixe meals at over 360 of the city’s finest establishments, the highly-anticipated Restaurant Week is back! From January 21st through February 9th you are invited to sample the incredible array of eateries that make up NYC’s culinary culture. Book your table here and get ready for some delicious eats! 

NYC Broadway Week | Jan. 21 - Feb. 9

One of our city's greatest traditions returns! NYC Broadway week only happens twice a year and will be running from January 21st - February 9th 2020. Get your 2-for-1 tickets starting on January 8th, and enjoy many of NYC’s best Broadway shows. Learn more here. 



Stay Connected

Gallery Block
This is an example. To display your Instagram posts, double-click here to add an account or select an existing connected account. Learn more

One Vanderbilt’s Observation Deck Will Have Two Glass-Floored Overhangs

After attending a presentation by One Vanderbilt‘s developer SL Green, the Post was able to share some juicy new details on the office building’s observation deck, which will be the fourth-highest outdoor deck in the city and is being designed by Snøhetta. Now known as the Summit, the 59th-floor deck will have “two step-out, glass floor ledges that overhang Madison Avenue.” Also on this floor will be food and beverage options, and on the floor below will be an “‘infinity room’ with 40-foot-high ceilings.” The building is set to open in August 2020, while the Summit will begin welcoming guests (who will pay $35 for the experience) at the end of 2021.

At 1,401 feet, One Vanderbilt is Midtown’s tallest office building and the fourth-tallest skyscraper in New York City (following One World Trade at 1,776 feet, Central Park Tower at 1,550 feet, and 111 West 57th Street at 1,428 feet). It broke ground in 2016 and topped out this past September. Designed by Kohn Pedersen Fox, the 77-story tower is adjacent to Grand Central, to which it will also have an underground connection. As 6sqft noted, “In exchange for zoning changes, SL Green invested $220 million in transit improvements, as well as a new 4,000-square-foot hall for commuters and pedestrian plaza on Vanderbilt Avenue.”

The $3 billion+ supertall skyscraper has a total of 1.67 million square feet. According to the Post, SL Green has only 533,657 square feet left to rent, with prices coming in between $125 and $300 per square feet and nine to 12 months of free rent. In addition to SL Green’s new headquarters, some of the tenants coming to One Vanderbilt include TD Bank, TD Securities, MFA Financial, law firms McDermott Will & Emery and Greenberg Traurig, German financial firms DZ and DVB banks, and the Carlyle Group.

The lower portion of the building will have 104,000 square feet of retail space, 11,000 square feet of which will be occupied by a restaurant concept from famed chef Daniel Boulud. As the Post reported previously, the restaurant will be on the second floor at the corner of Vanderbilt Avenue and East 42nd Street and will have a street-level entrance with 110-foot ceilings. In addition to a fine dining restaurant, there will be an outpost of Boulud’s grab-and-go option Epicurie Boulud.

As for the dining options up at the Summit, details have not yet been released. However, SL Green is partnering with co-owner Hines to oversee the public space. The observatory is 71,938 square feet, occupying the 57th, 58th, and 59th floors. At just over 1,000 feet in elevation, it will be the city’s fourth-highest outdoor observation deck, coming in behind those at One World Trade Center (1,250 feet), Edge at 30 Hudson Yards (1,100 feet), and the Empire State Building (1,050 feet). After opening at the end of 2021, the Summit is expected to pay $46.9 million in rent by 2024.

The official ribbon-cutting for One Vanderbilt is scheduled to take place on August 4, 2020.

Soho Vendor Is Selling Christmas Trees For Up To $6,500 Each

A Christmas tree vendor in Manhattan is selling 20-foot Fraser firs for $6,500 each, most likely the most expensive evergreen in the city, the New York Post reported Sunday. Scott Lechner, the manager of Soho Trees, located near Canal Street, told the newspaper that the exorbitant prices aren’t slowing sales. “We’re sold out,” he said. The steep price tag includes delivery and installation.

The price of Christmas trees has been steadily climbing over the last decade, with vendors blaming a shortage of trees stemming from the 2008 recession when fewer trees were planted. Now, fewer full-grown trees are available, pushing prices higher each year. According to the National Christmas Tree Association, the average buyer paid $36.50 for a Christmas tree in 2008. In 2016, that number grew to nearly $75 and hit roughly $78 on average in 2018.

In addition to the shortage, sidewalk vendors in New York pay the city thousands in fees in order to sell their trees. They also face competition from larger companies like Whole Foods and Home Depot, which can buy trees in bulk and charge a fraction of the price.

Like in real estate, the price of a Christmas tree is tied to where it’s located in the city. According to the Post, a 20-foot tree in the East Village goes for about $2,000 and a 16-foot fir costs nearly $1,500 in Hell’s Kitchen. A Brooklyn tree delivery service delivers Fraser Firs to all five boroughs that range in price between $120 for a six-foot tree to just over $400 for a 12-foot tree, including delivery.

Despite the rising prices, New Yorkers and Christmas celebrants continue to pay the big bucks for the perfect tree. Last year, according to the association, Americans spent more than $2 billion on more than 32.8 million living trees last year.

[Via NY Post]

The Monthly Update - December 2019

What is this NYC market doing?

Newsletter after newsletter is calling the Manhattan real estate market "schizophrenic," with no real rhyme or reason behind its listing prices, offer amounts, sponsor incentives or closing figures. Where is this market going??

Many think it's the difficulty in pricing apartments that make it so hard to decipher the current market conditions or predict where they're headed. Do you price a property based on recent listings that sold in one or two days? Or do you price based on those that have been on the market for six months with 10 price reductions before they went to contract?

Appraisal firm Miller Samuel has been quoted several times recently stating that the overall Manhattan real estate market is approaching 2011 prices and that it is "inconsistent" and "uncertain." But let's stay positive here — where there is inconsistency and uncertainty, there is also OPPORTUNITY!   

One thing is sure: Pricing a property on the aggressive side WILL put you in a position to have a busy and robust showings schedules, which in turn, gives your listing a better opportunity to get offers and go into contract. Aggressive pricing may even start a bidding war for your property!

But wait, then there’s Brooklyn, where you’ll regularly find price wars and fierce competition.  

Then there’s Long Island City, where Amazon's abandonment has had minimal impact. In fact, the neighborhood is poised to reach Queens’ first million-dollar median prices.

In the Upper East Side two-bedroom/two-bath sector – get ready for a long, long haul. 

Hell's Kitchen? It’s like nobody wants to live there anymore. 

The Upper West Side is still hot. 

 South of 23rd St. (excluding the Financial District and Battery Park) is lukewarm in some areas, hot in others and a mishmash with no real logic. It’s truly a haphazard atmosphere where buyers throw multiple bids on one apartment while its neighbor just upstairs sits for six months!  

In keeping with a positive mindset, buyers are receiving historically low-interest rates, great deals and are still controlling the market. If you’re thinking about buying, today is your day! 


NYC Holiday Markets

From Bryant Park and Grand Central, to Union Square and beyond, NYC during the holiday season is a shopper and eater’s paradise. If you like unique items and fantastic food, you don't want to miss all of the holiday markets around the city! Read TimeOut's top ten holiday markets here.

NYC Holiday Entertainment

The most wonderful time of year in NYC has returned! Don't miss the iconic Rockefeller Center Tree, tickets to see the Radio City Christmas Spectacular and the Nutcracker, festive window displays, and more. Celebrate the season and plan your month by reading this list of local favorites!

Holiday Train Show

The garden lights up with its collection of trains that chug along a nearly half-mile track by 150 miniature NYC landmarks like the Empire State Building and Radio City Music Hall, all made of natural materials such as leaves, twigs, bark and berries. More information here.



Gallery Block
This is an example. To display your Instagram posts, double-click here to add an account or select an existing connected account. Learn more