Bill and Melinda Gates Purchase Southern California Mansion for $43 Million

Now that they’ve bought the ultimate beach house, Bill and Melinda Gates are certainly ready for summer.

The billionaire philanthropist couple purchased a jaw-dropping property in Del Mar, California, a beach town just outside of San Diego. The Microsoft cofounder and his wife paid $43 million for the home—surpassing San Diego County’s previous record home purchase record by $8 million—according to Brian D. Guiltinan from the Guiltinan Group. The deal closed on March 27, 2020. [Source: T&C]

The pair purchased the six-bedroom, four-bathroom home from Madeleine Pickens, the former wife of Texas oil tycoon and billionaire T. Boone Pickens. Ms. Pickens put the 5,800 square foot home on the market in early 2019, listing it for $48 million.

According to the San Diego Reader, the home is not your average beach house. It features “a family residence, a health spa, theater, pool, tennis court, greenhouse, and two guest houses.” All of these amenities push the total square footage to over 10,000.

The article also notes the home’s luxe mahogany wood, limestone flooring, sandstone patios, and Getty stone accents. The patio features a 10-person spa, gas fire-pit, and glass-tiled pool. Not to mention the property’s stunning 120 feet of direct oceanfront views.

The property has a sizable, ocean-facing patio, perfect for entertaining.Indeed, this home is yet another addition to the Gates family’s stacked real estate portfolio. While the family is based at their Medina, Washington compound, according to Architectural Digest, the couple also owns an $18 million equestrian estate in Rancho Santa Fe, California, and two properties for their daughter, Jennifer: a $16 million Westchester horse farm and $5 million New York City condo.

Even among the Gates’s other stunning homes, though, this unforgettable property certainly stands out.

NYC Fun Fact - May 1st Was Moving Day

Moving Day 1827

Moving is always hell. Now imagine if a million fellow New Yorkers were also schlepping their stuff to new living quarters on the same day you were. Crazy, right? But this was a tradition in New York since colonial times, lasting until World War II.

1869, a customer asks a cartman: "Can't you take a few things more?" (Harper's Weekly)

On February 1 of every year, landlords let tenants know how much their rent increase would be, to take effect three months later. If they couldn’t afford the new price, tenants had that time to scout new digs within their budget.

With the new rent due May 1, tenants waited until that day to vacate their old premises. Moving van (pulled by horses) companies and warehouse owners jacked prices; getting around the sidewalks was a serious chore.

“Old beds and rickety bedstands, handsome pianos and kitchen furniture, will be chaotically huddled together,” The New York Times reported in 1855.

“Everybody in a hurry, smashing mirrors in his haste, and carefully guarding boot boxes from harm. Sofas that go out sound will go in maimed . . . bedscrews will be lost in the confusion, and many a good piece of furniture badly bruised in consequence.”

The May moving day custom began to die down in the 1920s, as new rent laws gave tenants increased protection, and more Manhattanites decamped for new neighborhoods in the outer boroughs.

NYC Subways Will Shut Down From 1am-5am For Nightly Cleanings

After Governor Cuomo asked the MTA to step up its subway disinfecting schedule from every 72 to 24 hours, the agency came back with what it’s calling the “Essential Connector Program.” This initiative will stop service from 1:00am to 5:00am every night during the pandemic, starting Wednesday, May 6. New York City is one of the few cities in the entire world (and the only one in the U.S.) that has a public transit system that runs 24/7, but the governor has said that it is the city and state’s responsibility to disinfect more frequently in order to keep our essential workers safe and ensure that they feel comfortable riding the subway.

As the governor explained, the disruptions are coming at a time when overall subway ridership is down 92 percent. These hours, 1am to 5am, are the lowest ridership times, with about 11,000 riders using the system during that time. For those essential workers who rely on public transportation during these hours, the city will provide buses, for-hire vehicles, and compliant “dollar vans” at no cost.

Trains on MetroNorth and the Long Island Railroad, as well as city buses, will also be disinfected every 24 hours; because of their ridership numbers, this can be done with no disruptions to current service schedules.

In addition to disinfecting each night, the MTA will have time to continue testing innovative cleaning solutions that include UV, antimicrobials, and electrostatic disinfectants.

The entire initiative is a partnership among the city, state, and MTA, as it will require a “robust and sustainable NYPD presence to secure the stations and manage closure of train service.”

Governor Cuomo did admit that this is a task that “nobody had ever imagined before” and explained that we clean trains, but how do you disinfect? “This is a whole new process, these are new chemicals, this is new equipment for workers, it’s new methods.” He added the challenge of needing to disinfect “every place that a hand could touch on a subway car,” such as every rail, pole, door, as well as any place that a droplet could land for sneezing or coughing. “So you have to disinfect that entire interior of the car, and then you have to disinfect the stations, the handrails, everything that people could be touching.”

According to a press release, “The MTA will resume overnight service between the period of 1-5 a.m. when customer demand returns, and innovative and efficient disinfecting techniques have been successfully deployed systemwide.”

The Monthly Update - May 2020

Priority One: Health and Safety, Then Real Estate. 

As New York State prepares to gradually lift the stay-at-home order starting around May 15, there are many pressing questions on the minds of New Yorkers. Specifically, how will reopening affect specific industries and our way of life as a whole? 

 

In real estate, there’s certainly no shortage of questions. How are we going to move forward with the business of buying and selling homes in New York City, which will likely reopen well after less-densely populated areas Upstate.

 

  1. Open Houses & Showings Safety: We’ll definitely be following a host of new rules when it comes to these cornerstones of the real estate process. Masks, gloves and booties will become the standard as buyers have consistently shown during the lockdown that they want to actually see the properties (in-person) before they offer or sign. 

  2. Pricing & Market Activity: When will the industry rebound and/or how will prices be affected? This happens to be the elephant in the room! Frankly, it’s too early to say at this time, but there is sure to be some reduction in price and activity, at least in the short term. How much and for how long? No one really knows. 

  3. Bank Financing/Lending & Rates: The industry will most certainly need interest rates to stay extremely low to help spur the real estate market along. Banks will also need to ease restrictions and ensure a wide range of lending options are available after people return to work.

  4. Board Package & Sales Application: A month ago, some of our team members were buying printers for their home offices. Others were mastering the art of the Adobe PDF or learning to navigate online board package portals and third-party applications, such as BoardPackager. Bottom line: Real estate professionals need to be nimble and adapt to the industry’s evolving best practices. At this point, I’m convinced that digital packages will be more of the norm moving forward. 

  5. Appraisals: Drive-by or desktop appraisals could also be the wave of the future.

  6. The Wet Notary & Closings: A silver lining in all of this is the hope that, just maybe, the notary and closing process will all be done virtually and digitally in the future. The cost savings have the potential to be enormous with little to no downside!

 

All these issues need time to play out before the industry decides on our new normal. The upcoming summer months will most likely see a thinly traded adjustment period in the market. If you are a buyer and expecting a 50 percent reduction in pricing, you will be disappointed. If you’re a seller hoping to pick right up where we left off in February, when the housing market was very strong, you will also be disappointed. The dust needs to settle, and expectations must remain in check. This summer is going to be proving ground for the sellers and buyers who are first to wade into uncharted waters. 

 

But, none of these adjustments will matter until we can contain the virus in New York City. For now, let’s focus on making sure our friends, families, neighbors and co-workers are safe.

Virtual Happenings

Parks@Home

You can enjoy NYC parks from home! While you're socially distancing and/or staying home, explore our city's parks — online. Experience live park tours, meditation, fitness, art classes, fun activities for kids, and more! Learn more here to virtually connect with the parks we know and love. 

Brooklyn Brainery Virtual Courses 

Brooklyn Brainery is accessible education, crowdsourced to our local community.  They host affordable classes on anything and everything! From dumpling and pie-making to watercolors and screenwriting, there is something for everyone. Peruse the course calendar here! 

NYC's Virtual Nightlife 

Dancing is a major part of NYC nightlife, so if you miss hearing a thumping baseline on a Saturday night, don't fret! There is an entire nightlife ecosystem that's still happening through the digital ethers. Read-on here for the best virtual clubs where you can dance off your pent-up quarantine energy. 

News, Tips & Tricks

In April, Compass Welcomed Greg Hart, Our New Chief Product Officer

Hart comes to us from Amazon where over the course of his 23-year tenure he built, launched, and scaled some of Amazon’s most successful ventures. A true entrepreneur, Greg helped build Alexa and Amazon Music, and led both Books and Prime Video. 

Greenify Your Home With These Online Plant Delivery Services 

The benefits of indoor plants are impossible to deny, from scrubbing the air of toxic pollutants to the incredible psychological benefits. As we continue to social distance, you can still turn your home into an oasis thanks to these plant delivery companies! 

50 Small Patio Design Ideas for a Dreamy Outdoor Oasis 

Your new favorite hangout is likely just outside your door. As sunny days and warmer nights approach, Elle Decor lists some tips you can utilize to spruce up your patio. Your patio is an extension of your home, so make sure to give it some love!

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As Seen On TV: The American Dream NYC

The American Dream is the only TV show that goes against the negative sensationalist style of journalism often seen in media. The American Dream’s mission is to Educate, Empower, and Engage its audience across the country with business leaders, accomplished entrepreneurs, finance experts, and top producing realtors. The show is produced by Ignite Now Media in San Diego, California in conjunction with hundreds of partners, videographers, and studios. Featured Guests: Benjamin Dixon, Matthew Mackay, Dylan Hoffman, Matthew Melinger & Michael Shapot

To subscribe to The American Dream TV YouTube Channel please use the following link: http://tinyurl.com/lv33g4h

The Met Opera Will Live-Streamed A Gala With 40+ Artists

The show must go on. The Metropolitan Opera on Monday announced plans to host a virtual “At-Home Gala” this month with over 40 artists participating around the world. On Saturday, April 25 at 1 p.m., leading Met artists will perform live from their homes for a free three-hour concert. The event comes after the venue was forced to cancel the rest of its season because of the coronavirus pandemic.

Peter Gelb, the general manager for the Met, will be producing the event from his Upper West Side apartment alongside music director Yannick Nézet-Séguin, from his home in Montreal.

“While the Met is famous for its high-definition transmissions into cinemas, this will be a great artistic but low-tech operation, Gelb said in a press release. “We will be providing operatic uplift to our audiences, as well as for our singers, who are eager to connect with their fans.”

With an expected loss of $60 million due to the COVID-19 forced closure, the virtual gala is part of an urgent fundraising campaign, “The Voice Must Be Heard,” that aims to support the company in the future.

The gala will start at 1 p.m., the time of the Met’s regularly scheduled Saturday matinee performances, on the Met website. The program will be available to view until 6:30 p.m. the following day. Featured artists hail everywhere from New York and New Jersey to Latvia and South Africa. See the line-up here.

The Met is also offering free virtual performances every night of the week. Streams go live on its website each night at 7:30 p.m. and remain up until 6:30 p.m. the next day. “We’d like to provide some grand opera solace to opera lovers in these extraordinarily difficult times,” Gelb said. “Every night, we’ll be offering a different complete operatic gem from our collection of HD presentations from the past 14 years.” More details on this week’s screenings can be found here.

Jon Bon Jovi Puts Waterfront NJ Mansion On The Market For $20M

Fifteen acres, an 18,000-square-foot main house designed by Robert A.M. Stern, a dock and boat lift, a pool with two cedar cabanas, a personal pub, a recording studio–and that’s just the beginning of what you’ll find at Jon Bon Jovi’s incredible Central Jersey mansion. First spotted by Mansion Global, the rocker’s property on the Navesink River in Middletown has just hit the market for $20 million, and as Christie’s listing agent Kathleen Coumou told MG, “He’s looking for the right buyer, someone who will appreciate what he’s done to the house.”

The New Jersey native enlisted famed architect Robert A.M. Stern to design this home for his family in 1999. Known as High Point Estate, the stucco and limestone house is an “elegant French-inspired chateau,” writes the listing. It is “rich in architectural symmetry” and boasts a brick courtyard with a double-wide entrance driveway, oversized windows with French balconies, arched alcove windows, wrought iron accents, and a slate roof.

The home comes with 750 feet of river frontage, which can be enjoyed from the large slate patio, complete with an outdoor fireplace. Off the patio is a French-inspired courtyard that leads to the three-car heated garage.

Under another pergola, you’ll find a second patio, this one overlooking the heated in-ground pool. The area around the pool has two full cedar bath cabanas, a separate kitchen, and a laundry room.

In total, there are four outbuildings on the property. One is a 1910, three-bedroom carriage house. The second is called the “Shoe Inn” Pub and comes complete with a pool table, “a period designed imported bar from France,” and a one-car garage. The original stables have been converted to a recording studio above with a seven double-door garage on the first floor. There’s also a separate stable building with a laundry room, workshop, and storage area.

The 15 acres of professionally landscaped grounds include gardens, open lawns, stone walkways. Another major perk of the property is its private dock and boat lift.

Inside, Bon Jovi’s love of French furniture is on full display. He enlisted internationally acclaimed painter Pierre Finkelstein to take on the entire house, adding realistic wood graining, 18th- and 19th-century patinas, gilding, plaster finishes, custom-cut stenciling, architectural trompe l’oeil (a technique that uses realistic imagery to create 3D illusions), and hand-painted Venetian plaster, which is on display in both the first- and second-floor foyers.

The 50-foot living room has 12-foot ceilings, a marble fireplace, and painted woodwork. There is also a custom-designed movie theater.

Off the living room is “the elegant river view bar,” which has a large French mirror reflecting the water and hand-painted carved wood details done by Pierre. The dining room also has beautiful river views and can fit a table of 18.

The kitchen very well might be the home’s true gem. It’s highlighted by handcrafted brick barrel-vaulted ceilings with hand-painted beams. There is an incredible amount of cabinet space, as well as honed alabaster counters, an enormous center island with a prep sink, and multiple ovens and refrigerators.

Off the kitchen is a charming breakfast room with a vaulted brick ceiling.

More hand-painted ceiling beams are in display in the family room. The fireplace here is the inside of the outdoor fireplace.

Up the curving staircase with a wrought-iron rail is the large second floor. Though not pictured, it consists of two wings–the family wing and the guest/staff wing. The former has four bedrooms, all with en-suite bathrooms. This includes the master suite, which has a balcony, his-and-hers walk-in closets, a seating area, a private hallway, and a kitchenette. The other wing has a private entrance, two bedrooms, a full bathroom, and a kitchen. The house also benefits from an elevator that goes from the basement to second floor.

The Monmouth County location is considered quite exclusive (Bruce Springsteen lived nearby in Rumson for many years). It’s just an hour to Manhattan and close to the SeaStreak Ferry.

A little over two years ago, Bon Jovi sold his West Village duplex for $16 million, soon after he purchased a $19 million condo nearby. We’re not sure why he’s selling this gorgeous property, but we can’t imagine he’ll completely leave the NJ area as he and his wife Dorothea run two nearby locations of JBJ Soul Kitchens, non-profit community restaurants that operate on a cash-only donation model.

Q1 2020 Manhattan Market Report

Your Q1 2020 Manhattan 

As we continue to experience these unprecedented times, we are here to provide valuable insights into the real estate market so you can stay educated and informed. We are pleased to share Compass' Q1 2020 Manhattan Market Report, highlighting the prevailing trends shaping the market.

Please remember we are always here to talk and or answer any questions you might think of.

The Monthly Update - April 2020

Love + Peace. Health + Safety.

First of all, I hope everyone is well, healthy and safe. Three agents on The Hoffman Team have caught COVID-19 thus far, but thank goodness, they are almost at full recovery. 

Hats off to all the doctors, nurses, physicians assistants, staff, orderlies and volunteers who are working so hard during this daunting, uncharted time. There is a shortage of meals for these heroes of ours, and a friend of mine started www.meals4heroes.org to help. Please check it out. These hospital heroes are doing selfless, miraculous work for all of us. So let’s feed them!

The head-spinning about-face on not just the markets but on life as we know it. 

During the strong real estate activity in December, January, and February, buyers (finally) made a real push to buy. Sellers (finally) adjusted price points to meet those buyers. And the New York City real estate market was (finally) coming back … and then the coronavirus began wreaking havoc on life as we know it.

So, where do we stand now? In New York City real estate — as with everything — it’s too early to tell. It's day by day. 

The first week of the lockdown showed almost 1,200 apartments taken off the market by agents. At the time I am writing this newsletter, sales inventory in New York City shows about 5,600 units on the market. Normally at this time, we would have about 7,500 units available, a figure that would grow rapidly through April and May as the spring market plowed ahead. But not this spring. 

 Currently, some contracts are still getting signed. However, we won’t have details on discounts or percent off asking price for these deals until late Q3 2020. 

 The industry is acclimating to virtual listings and virtual showings. It’s learning how to orchestrate virtual board packages, virtual board interviews, and virtual closings. It’s all new territory. Everything is fluid. All aspects of life are day by day. We’re all learning as we go — and we’re doing it safely, from a distance, in our homes. As the days, weeks, months go on, we will get a clearer picture of things to come. 

But one thing is for sure — when we get this coronavirus under control (and we will!), we will be on the road to what many say will be a swift recovery! And we’ll also have a lot of knowledge and tools that we can use if trouble should arise in the future.

However, for now, all we can do is focus on our immediate goals, which are to stay safe, stay quarantined, and show love and patience to your family, friends, neighbors, and strangers. We will get through this together. #worldstrong

Virtual Happenings

Travel the World...From Your Couch!

Although we may be temporarily grounded, thanks to the internet, we can tour the world right from our living rooms! Explore our country's beautiful National Parks, zip over to Chile to explore its Natural Wonders, and even get a glimpse of the Northern Lights. Read Thrillist's full list of virtual travel experiences here. No passport needed!  

Virtual NYC

Experience the best of NYC virtually! NYC & Company has launched Virtual NYC, an online resource that rounds up museums, galleries, comedy clubs, theaters, and other venues that you can experience virtually. Click here for dozens of ways to connect with your favorite NYC attractions from home or wherever you’re socially distancing right now.

Virtual Family Attractions Across the US

Visit your favorite zoo, aquarium, or theme park — and explore new ones — virtually with the whole family! Forbes has rounded up a list of destinations across the country that you can explore today. Click here to view the full list.  

Keep New York working!

By donating, you are not only providing a much-needed service to the medical professionals but also keeping New York City's small businesses alive.


Why meals?

Every hospital in the city has been transformed by the coronavirus and the overwhelming number of patients in need.

With the long hours and endless need, the hospitals are overwhelmed and the medical professionals have little time to care for themselves to meet their own basic needs. By providing meals, we are caring for their health and showing we appreciate the work they do to help keep us safe. 

News; Tips & Tricks

Congratulations, Compass! 

Last month, The Wall Street Journal / REAL Trends, named Compass the #1 independent brokerage in the United States and the #3 brokerage by sales volume for the second year in a row. See the rankings here. 

Trend Alert: Mixing Neutrals With Emerald and Aqua

Whether you're looking for the light brightness of aqua or the rich dimension of emerald, these two jeweled hues are guaranteed to amp up your. While designers often suggest sticking to neutrals for your main furniture pieces, one statement piece in a bold color choice takes your living room from ho-hum to dazzling. HGTV's trend alert is everything we needed and more.

Missing Restaurant Quality Dining?

Check-in with your favorite restaurants and see if they offer 'cook at home' meals or meal kits like The Capital Grille.

Which now offers their finest wine and prime steaks for pick-up or delivery which can be ready-to-eat or prepared for cooking at home. More information here.

This Is How to Set the Most Beautiful Springtime Tablescape

Spring has finally sprung; the robins are emerging, and leaves and blossoms are beginning to unfurl on trees. U.K. illustrator Robin Lucas takes Architectural Digest into his abundant garden to find inspiration for the perfect seasonal party backdrop. 

Stay Connected!

@HoffmanTeam

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Edge Observation Deck at 30 Hudson Yards Officially Opens to the Public

Edge observation deck, the most anticipated public-facing component of the Hudson Yards megaproject, is finally open. Perched 1,131 feet above Tenth Avenue on the 100th floor of Kohn Pedersen Fox’s 30 Hudson Yards, Edge galvanizes the new mixed-use neighborhood with an attraction unlike any other in New York.

YIMBY got an early tour of the highest outdoor observation deck in the Western Hemisphere, a cantilevering steel structure that protrudes nearly 80 feet outward from the sloped profile of the 1,296-foot-tall commercial office supertall. Rockwell Group designed the interiors that include Peak, a restaurant, bar, and event space operated by hospitality group RHC. Peak will open tomorrow and is accepting reservations. Related Companies and Oxford Properties Group are the developers of the skyscraper, which is the tallest in Hudson Yards and the third-tallest completed building in the city overall.

Much like the redesigned visitor flow at the Empire State Building, Edge was designed to educate and entertain visitors while they wait for the elevators, making the queue process feel less like waiting in line. As they progress through the lower levels, guests pass through immersive audiovisual presentations that explain the process of creating a modern urban neighborhood from scratch. “This really a story about optimism and the future of cities,” said Melissa Hoffman, principal, studio leader of The LAB at Rockwell Group. “Along with the incredible views, we’re going to take you on an immersive experiential journey that celebrates the thrill of transformation.”

Once inside the elevator, it only takes 52 seconds to ascend to the top. On the ride up, the video-lined walls play an animation that begins with an architect’s sketch of the skyline and gradually becomes filled in and rendered as the car rises.

After arriving at the 100th floor, guests pass through an interior section before stepping outside onto the 7,500-square-foot outdoor platform that juts out to the East. On the northern end of the platform are granite bleachers and stairs where visitors can sit and take in the view to the south of the Hudson River, Lower Manhattan, and the Statue of Liberty. Towards the outermost corner of the platform is the 225-square-foot triangular glass opening that looks all the way down to the streets below. This will certainly be one of Edge’s most popular photo opportunities.

Edge provides views in all directions, including north to the George Washington Bridge, Central Park, the supertalls of Billionaires’ Row; east to the beloved Empire State Building and Chrysler Building, and One Vanderbilt; and south to One World Trade Center and the Financial District, Downtown Brooklyn, Jersey City, and the Atlantic Ocean past the Verrazano-Narrows Bridge.

The Edge is made of 15 sections that were preassembled in Italy, each weighing between 35,000 and 100,000 pounds. The platform is lined with 3,000 square feet of nine-foot-high glass divided into 79 panels that weigh 1,200 pounds apiece. They were manufactured in Germany and finished in Italy, and were installed with a 6.6-degree outward tilt so people can get a better view down.

Edge officially opens to the public today at 1pm, with access located on the fourth floor of The Shops & Restaurants at Hudson Yards.

Battery Park City’s Hurricane Maria Memorial Revealed

Puerto Rico-based architect Segundo Cardona and artist Antonio Martorell will design the Battery Park City Hurricane Maria memorial to honor the Puerto Rican community, Gov. Andrew Cuomo announced Friday. The pair’s design is the result of a review and selection process by the Hurricane Maria Memorial Commission, which selected the winning submission. Over one hundred proposals were submitted in response to a call for entries that began last August.

As 6sqft previously reported, Cuomo announced plans for the project last September, on the one-year anniversary of Hurricane Maria’s landfall. He established the Hurricane Maria Memorial Commission to solicit designs for a memorial honoring the victims and to stand as an international symbol of the resilience of the Puerto Rican community. The commission is overseen by Reps. Nydia Velazquez and Jose Serrano, Assembly Member Marcos Crespo, Assembly Member Maritza Davila and New York Secretary of State Rossana Rosado.

The Esplanade and the Chambers Street Overlook in Battery Park City were chosen as potential sites, and applicants were invited to submit a design for one or both, or as many as two distinct ideas for each site. The memorial will be completed and on public view by the first quarter of 2021.

Cardona and Martorell’s design is comprised of an “ascending glass spiral,” which brings to mind both a hurricane and a shell, “a symbol of protection for living organisms against a hostile environment.” At the apex of the spiral is an upward rotating star–the star of the Puerto Rican flag. The poem “Farewell from Welfare Island” by one of Puerto Rico’s most beloved poets, Julia de Burgos, is painted on the memorial’s glass panels. The poem tells of the resiliency of the Puerto Rican people. The piece is an organic combination of art, architecture, and literature.

Segundo Cardona is a Puerto Rican architect and developer focused on “bringing the urban landscape, nature, architecture and art together to create accessible and impacting spaces.” Antonio Martorell is a longtime artist-in-residence at the University of Puerto Rico in Cayey and a member of the Academia Puertorriqueña de la Lengua Española who has had work exhibited around the world.

“We witnessed firsthand the terrible experience of Hurricane Maria and its aftermath,” Cardona and Martorell said in a joint statement. “It was an honor to collaborate on the creation of our proposal for the memorial. Our idea was that the memorial needed to be visually strong, accessible and sensitive to the site. We felt committed to work hard to bring together architecture, art and literature into one single powerful message that we hope will engage and invoke reflection on the fate of the many victims.”

The Hurricane Maria Memorial is part of Governor Cuomo’s broad response to a series of natural disasters in Puerto Rico. New York State has dedicated approximately $13 million to help displaced victims of Hurricane Maria who are living in New York. Governor Cuomo has also directed critical resources to communities in need following Hurricane Maria’s landfall in September 2017.

505 West 47th Street, Unit 3AS

505 West 47th Street, Unit 3AS

HELL’S KITCHEN, MANHATTAN

1 Bed  |  1 Bath | Condo

Offered At $750,000

 

Perfect for homebuyers or investors, this sleek one-bedroom, one-bathroom home features fantastic southern light and unrivaled building amenities in the heart of Hell's Kitchen.


A wide expanse of windows draws you inside this perfectly arranged home to find a large living surrounded by tall ceilings and gleaming bamboo floors. A symphony of form and function, the open Pullman kitchen features Mastri La Cucina cabinetry, Calacatta Gold marble countertops and top-notch appliances by Miele, LG, Bosch and Fisher & Paykel, including an in-unit washer-dryer. The king-size bedroom offers more great southern light and a roomy reach-in closet, while the contemporary bathroom is finished in premium stone and fixtures with a large rain shower/tub. Another large closet and central heat and air make this home the perfect Midtown West retreat.


At The 505, you'll enjoy attentive full-time concierge service, a live-in superintendent, storage, bike room, a state-of-the-art fitness center topped in atrium windows, and Wi-Fi in all common areas. The modern condominium features abundant outdoor space in the landscaped Zen courtyard or up on the two roof decks flanked in magnificent skyline views. This pet-friendly enclave permits unlimited subletting with board approval and features ultra-low common charges and 421a tax abatement until later this year.


Nestled in vibrant Hell's Kitchen/Midtown West, this home is surrounded by fantastic venues for dining, nightlife, entertainment, shopping and open space. The Theater District unfolds right outside your door, amazing Hudson River Park offers miles of waterfront outdoor space and recreation, and dozens of Michelin-starred restaurants fill the nearby blocks. Make a beeline straight down to the phenomenal Hudson Yards and Manhattan West developments, and enjoy fantastic access to transportation with A/C/E, N/R/W and 1 trains all nearby.

  • Sublet Policy: unlimited subleasing allowed. 12-month+ leases only.

To offset Coronavirus-related dips in attendance, tickets for six Broadway hits will be only $50

As Coronavirus fears begin impacting Broadway attendance, producer Scott Rudin is slashing ticket prices to keep theatres full, Deadline reports. Starting this Thursday at noon, all remaining March tickets for Rudin’s popular productions—To Kill a Mockingbird, West Side Story, The Lehman Trilogy, Who’s Afraid of Virginia Woolf?, and The Book of Mormon—will be available for only $50.

“As long as New York City is open for business, its beating heart remains the Broadway stage. This is an unprecedented opportunity for everyone to see a show that they otherwise might not have had easy and affordable access to,” Rudin said in a statement. “I can’t pretend that great theater is the panacea we’ve been waiting for, but in the meantime, I think we could all use a few hours away from the evening news.”

Rudin’s shows have held very stable attendance numbers so far (West Side Story and the preview of The Lehman Trilogy sold out last week) but that might quickly change in the days and weeks to come.

As the Wall Street Journal reported, box office dips have mostly impacted Disney musicals like The Lion King, Aladdin, and Frozen which rely more heavily on tourist traffic. In response, Disney Theatrical Group announced it would begin waiving its $15 exchange fee through the end of the month and refunding tickets through April 19.

The $50 tickets will be available for performances taking place between March 12 and 29 at Telecharge.com and Ticketmaster.com.

[Via Deadline]

27 Contracts Signed At $4M+ Last Week

LUXURY MARKET REPORT 2020

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

March 2-8, 2020

27 Contracts Signed

Twenty-seven contracts were signed last week at $4 million and above, tying last week’s total. Which begs the question: What’s the reason for the recent strong performance in the Manhattan luxury market? The lowest interest rates in 50 years–since Freddie Mac started keeping track in 1971---perhaps outweigh an extremely volatile stock market that has been sliding rapidly off its highs. Yes, asking prices have been dropping, but they can’t completely account for the past few weeks of healthy sales.

Stat Geek Alert: The total number of contracts signed in the past 2 weeks (54) tied the best 2-week performance since the end of June 2019, when 54 contracts were also signed.

The No. 1 contract was TWNHW at 601 Washington Street, asking $19,942,500. This triplex condo has 7,977 square feet including 4 bedrooms and 5.5 bathrooms. The lower level has a screening room, fitness room, yoga room, and wine cellar. The middle floor features an entertainment space with a living room and fireplace, plus a 1,018-square-foot courtyard. Upstairs are 4 bedrooms. The unit has its own elevator. Amenities in this new 9-story, 10-unit condo building, designed by BKSK Architects, include a concierge, fitness room, rooftop terrace, and storage.

The No. 2 contract was 31A at 2 Park Place, asking $19.45 million, reduced from $26.4 million when it was being sold off of floorplans in July 2015. The condo has 5,991 square feet including 4 bedrooms and 4.5 bathrooms. It has a 73-foot entertaining expanse, plus 2 terraces --off the kitchen and bedroom—that total 632 square feet. Amenities in the building known as The Woolworth Tower Residences include a concierge, fitness center, pool, residents’ lounge, wine cellar and tasting room.

Museum of Natural History’s New Halls of Gems Will Open This Fall

The American Museum of Natural History announced this week that the new Allison and Roberto Mignone Halls of Gems and Minerals will be opening in fall of 2020. Named for longtime museum supporters Roberto and Allison Mignone, the long-awaited redesign will be a dazzling showcase for one of the greatest collections of its kind. The new Halls will be connected to Studio Gang’s 235,000-square-foot Richard Gilder Center for Science, Education and Innovation.

The 11,000-square-foot halls will feature recently acquired specimens and a world-renowned collection including two stunning amethyst geodes that are among the largest in the world, a gallery of gems that features treasures like the 563-carat “Star of India” sapphire and 632-carat Patricia emerald, a wall-sized panel of fluorescently glowing rock, and the halls’ first temporary exhibition gallery, which will open with “Beautiful Creatures,” a celebration of historic and contemporary jewelry inspired by animals. The redesigned space will also offer the current Science of Mineral Formation exhibition.

Through interactive and touchable displays and media, the new Halls will introduce visitors to the remarkable diversity of mineral types—how they came to be, how scientists classify them, and how people have used them throughout history. The renovation is part of the initiatives that mark the museum’s 150th anniversary celebration, which will culminate in the opening of AMNH’s $340 million expansion.

Ralph Appelbaum Associates is handling the renovation of the 11,000-square-foot space. The Halls previously ended in a cul-de-sac, but the new Halls will connect to Studio Gang’s 235,000-square-foot Richard Gilder Center for Science, Education and Innovation.

Ellen V. Futter, President of the American Museum of Natural History, said in a statement, “The opening of the Mignone Halls of Gems and Minerals will be a milestone in a wide range of capital and programmatic enhancements commemorating the Museum’s 150th anniversary. By telling the fascinating stories of the complex processes that gave rise to the extraordinary diversity of minerals on our dynamic planet and describing how people have used them throughout history for personal adornment, tools, and technology, the Halls will not just be glittering but also intellectually engaging.”

The Monthly Update - March 2020

Bidding Wars Are Back

We may never have predicted it just a few months ago, but right now, the New York City real estate market is sizzling! Buyers have returned in abundance to take advantage of historically low-interest rates, and sellers seem much more amenable to reasonable pricing (after three years of being hit over the head with news reports reiterating that it's a buyer's market.) All of this has led to huge numbers at open houses and bidding wars, bidding wars, bidding wars.

The Hoffman Team was involved in eight bidding wars on the buyer side and six bidding wars on the selling side in February alone. That's a total of 14 bidding wars! Numbers I didn't think I was going to report for at least another five to 10 years!

The activity is confirmed on the mortgage side as well. We invited our favorite Wells Fargo rep to our sales meeting two weeks ago, and he reported that his firm filed more purchase applications for the 30 days spanning mid-January to mid-February than in any 30-day period in the last three-and-a-half years!

So, what's causing this sudden rush of activity?

I think it's mostly due to sellers who are serious about pricing their properties accordingly. And when they do, savvy buyers respond briskly. We recently accepted four bids, on four different properties, all of which were $100,000 over their respective asking prices, and that was by design. Sellers who are ready to sell are reaping the benefits of hungry buyers — buyers who will beat each other up for a chance to get a "well-priced" property.

And, frankly, they should beat each other up for great prices. Money hasn't been this cheap for a very, very long time with some rates dipping below 3 percent for interest-only loans. It's just incredible.

I can't stress how important it is to take advantage of this market if you are a buyer. Many reported that the bottom of the market was at the tail end of last summer, so there's no time to waste. And, if you're a seller, be aggressive with your pricing. If you take the time to prep your property for sale, buyers will respond in a very positive manner.

And always, please call us if you have any questions about today's market, whether you're looking to buy or sell New York City.

News To Know

March 1st New York's Plastic Bag Ban Goes Into Effect

Starting March 1, all New Yorkers will have to bring their own reusable bags to the grocery store or pay five cents for a paper one. Article here.

How Compass Tech & AI Empower Luxury Agents and their Clients

Forbes spoke to Compass CTO Joseph Sirosh and NYC agent Michael Davis about how artificial intelligence is empowering luxury agents and their clients. Read the full Forbes article here.

Brooklyn Chocolate, Wine & Whiskey Festival | March 7

Back for its second year, this incredible festival lets you indulge in chocolate in a multitude of decadent presentations. Quench your thirst with champagne, whiskey, wines, and craft beers, and non-alcoholic options, and taste savory bites like artisan cheese and charcuterie. Hungry yet? Get your tickets here. 

Architectural Digest Design Show | March 19-22 

Celebrate design at the 19th annual Architectural Digest Design Show as the world's leading brands along with today's top talent come together in a carefully curated presentation of design. Get inspired and buy your tickets here. 

The Month In Numbers

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420 East 51st Street, Unit 2A

420 East 51st Street, Unit 2A

SUTTON PLACE, MANHATTAN

2 Bed  |  2 Bath | Co-Op

Offered At $695,000

 

Discover your private indoor-outdoor hideaway in this two-bedroom, two-bathroom home with a fairytale garden in Midtown East's storied Beekman neighborhood.

Wrapped in windows on three exposures, this spacious approximately 1,375-square-foot home is a bright and airy haven in the heart of the city. In the expansive great room, you're greeted by hardwood floors, a decorative fireplace and beautiful built-in cabinetry. The windowed dining area welcomes gracious entertaining while the adjacent updated kitchen is filled with ample cabinet space, quartz countertops and full-size stainless steel appliances.

Enjoy plenty of space for a king-size bed and additional furniture in the extra-large master suite featuring two California closets and an en suite marble bathroom. Just outside, the serene landscaped garden provides a delightful backdrop for outdoor dining and relaxation. This home's second bedroom features more smart built-ins and easy access to the second full bathroom. Plenty of additional closets and resident storage attend to wardrobe and belongings in this peaceful Beekman residence.

The Morad Beekman is a lovely postwar co-op where residents enjoy 24-hour doorman service, a stunning double-height marble lobby, cold storage, bike room, a fantastic new roof deck and onsite parking garage. In addition there is a communal grilling patio and newly updated gym. This co-op offers incredible value and generous board policies that permit pets, co-purchasing, subletting and pieds-à-terre. The building even offers free 5G wifi and discounted cable packages for shareholders.

Located just inches from beautiful Peter Detmold Park and the East River promenade, this location combines Beekman residential serenity with Midtown accessibility. Great shopping and dining lines the nearby streets, and transportation is effortless with easy access to E, M and 6 trains, the Midtown Tunnel and 59th Street Bridge.

Judge Upholds $6.75M Judgement Against Developer Who Destroyed 5Pointz Graffiti

An appeals court on Thursday upheld a $6.75 million judgement against a real estate developer who whitewashed 5Pointz, the former graffiti-covered complex in Long Island City. The 32-page decision confirms the decision made by the Federal District Court in 2018 that said developer Jerry Wolkoff of the Wolkoff Group illegally destroyed the building’s colorful murals. In 2014, Wolkoff razed the iconic graffitied warehouse, which had been visible from passing trains since the 90s as a studio and exhibition space for artists. The artists, who unsuccessfully attempted to sue to stop the demolition, filed a second lawsuit in 2015 against Wolkoff, claiming their artwork was of “recognized stature” and protected by the Visual Rights Act.

In the Second Circuit Court of Appeals decision released Thursday, Judge Barrington Parker said that temporary artwork is not excluded in the VARA. “Although a work’s short lifespan means that there will be fewer opportunities for the work to be viewed and evaluated, the temporary nature of the art is not a bar to recognized stature,” Parker wrote.

The decision awards more than $6.75 million to 21 graffiti artists who had their work destroyed. It follows the decision made by Judge Frederic Block in 2018 to award the maximum amount of statutory damages or $150,000 for each of the 45 works destroyed.

Attorney for the artists Eric Baum called the decision a win for artists across the country. ‘The artists are humbled by and thankful for the ruling,” Baum said in an email to Artnet News. “The 2nd Circuit affirms Judge Block’s thoughtfully reasoned decision that our clients’ art is to be cherished and protected and not destroyed. This decision ensures that future artists and their moral rights will have the protections that they and their works of art rightfully deserve.”

The building has been the subject of heated controversy since the artists’ colorful exterior murals disappeared overnight in 2013, and renderings surfaced of the luxury residential towers that would replace it. The pair of towers, located at 22-44 Jackson Avenue, contains more than 1,100 units.

Graffiti and other street art have gained prominence–and monetary value, an important component of the case–in recent years, and celebrity artists like Banksy have at various times joined the effort to avenge the 5Pointz creators. In the beginning, Wolkoff had given the artists, including Jonathan Cohen, his permission to turn the building into a graffiti mecca.

Parker credited street art as a “major category of contemporary art” and deserving of cultural recognition. He wrote: “For example, noted street artist Banksy has appeared alongside President Barack Obama and Apple founder Steve Jobs on Time magazine’s list of the world’s 100 most influential people. Though often painted on building walls where it may be subject to overpainting, Banksy’s work is nonetheless acknowledged, both by the art community and the general public, as of significant artistic merit and cultural importance.”

251 West 98th Street, Unit 4A

251 West 98th Street, Unit 4A

UPPER WEST SIDE, MANHATTAN

3 Bed  |  2 Bath | Condo

Offered At $1,750,000

 

Lovely prewar detail and classic modern updates converge in this stunning three-bedroom, two-bathroom home in a historic Upper West Side condominium.


Spanning a luxurious 1,400 square feet, this beautifully arranged home features soaring ceilings, a complete central A/C system, hardwood floors and charming millwork and trim. A gracious entry lined with closets nods to the convenience to be found throughout. The updated open kitchen is a chef's wonderland filled with custom wood cabinetry, granite countertops and premium appliances by Fisher Paykel, Viking and Subzero and a wet bar. Enjoy casual meals at the long breakfast bar, or plan your next dinner party in the spacious dining area. Ahead, the living room invites you to relax and unwind in front of the decorative marble fireplace.


The semi-split layout places the master suite along the southern exposure, where you'll find tons of closet space and an en suite bathroom. There's another large bedroom next door, and the third bedroom is located near the home's second full bath, updated with floor-to-ceiling tile and a jetted tub. Central air, and a side-by-side in-unit washer-dryer add comfort and ease to this lovely Upper West Side abode.

Built in the Renaissance Revival Style in 1912, The Andrew is a well-maintained condominium located within the Riverside/West End Historic District. Residents of the handsome building enjoy video intercom/virtual doorman entry, full-time superintendent, laundry, bike room plus basement storage at an additional fee. The investor-friendly condo permits pieds-à-terre, subletting, pets and in-unit washer-dryers.

Situated on a pristine tree-lined block, this home offers the best of Upper West Side living. Riverside Park and Central Park provide acres of glorious outdoor space and recreation. Broadway and nearby Columbus Square offer every type of shop you could need, including Westside Market, Whole Foods, Michael's and HomeGoods. Transportation is a breeze with 1/2/3, B and C trains all within reach.

Your new home awaits.