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A Blessed Pair: Two Manhattan Townhomes Owned by Nuns Sell for $18.8 Million

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Built in 1850, the houses were later combined to create a mega-mansion

BY GINA FARIDNIYA

ORIGINALLY PUBLISHED ON AUGUST 18, 2016 | MANSION GLOBAL|

The Greek Revival-style townhomes, located at 236 and 238 East 15th St. in Gramercy, were acquired by the Missionary Sisters of the Immaculate Heart of Mary in the early 1940s. -COMPASS

Two Manhattan townhomes occupied by nuns sold for $18.8 million in a deal that closed Wednesday, Mansion Global has learned.

The Greek Revival-style townhomes, located at 236 and 238 East 15th St. in Gramercy, were built in 1850. The Missionary Sisters of the Immaculate Heart of Mary acquired the property in the early 1940s, according to listing agent Lisa Kobiolke of Compass.

The townhomes were later combined to create one 52-foot-wide mansion with 18,720 square feet of living space. There are a total of 20 bedrooms and 20 bathrooms. The property includes a garden.

By the 1960s, the sisterhood’s ranks had dwindled, and it began renting rooms to young women and other congregations, as reported by the New York Times. By June, only one sister lived there, and so the order put the property up for sale. It listed at $19.75 million about two months ago.

The buyer intends to live in one of the townhomes with her family and transform the other into student housing to generate income, according to Ms. Kobiolke.

The homes were originally occupied by Lewis L. Squires, a local ship chandler, and Mahlon Day, a printer and seller of children’s books, before they were acquired by the sisterhood.

Some of the proceeds of the sale will pay for the sisters’ relocation to the Bronx, while the remainder will be donated to missions around the world, according to Ms. Kobiolke.

Write to Gina Faridniya at gina.faridniya@dowjones.com

 

This Week’s 5 Most Expensive Listings

In the past seven days, 10 new listings priced at $10 million and above hit the market, according to StreetEasy. From that list, these are the crème de la crème, otherwise known as the five most expensive residential listings to hit the Manhattan market.

 

70 Vestry #12N

Address 70 Vestry #12N
Price $29,500,000
Type/Size Condo: five bedrooms and five-and-a-half bathrooms
This week’s most expensive list should really be called, “The best of 70 Vestry.” Sales launched at the pre-construction Tribeca building just four days ago – unless you’re Tom Brady and Gisele Bundchen, in which case you’re allowed to start shopping a little early. This unit, the most expensive at the building so far, comes with 4,647 square feet of internal space plus 1,892 square feet of outdoor space.

70 Vestry #9s

Address 70 Vestry #9s
Price $21,000,000
Type/Size Condo: four bedrooms and four-and-a-half bathrooms
Here’s the second most expensive unit so far to hit the market at 70 Vestry. This one’s a little smaller and a little cheaper than the residence above, but it still comes with two river-facing private terraces, Hudson River views and a pretty sizable master suite.

70 Vestry #11s

Address 70 Vestry #11s
Price $19,000,000
Type/Size Condo: five bedrooms and five-and-a-half bathrooms
And here’s another unit at the Robert A.M. Stern-designed 70 Vestry. Like its neighbors above, 11S comes with river views, plus a library, an oak-paneled eat-in-kitchen and access to all of the building’s swanky amenities which include a billiards room, a cafe and a squash court.

435 East 52nd Street #1415D

Address 435 East 52nd Street #1415D
Price $14,400,000
Type/Size Co-op: three bedrooms and three-and-a-half bathrooms
This week’s fourth most expensive listing this week is not at 70 Vestry, but at the ever-so-exclusive River House. The Art Deco tower was built in 1931 and has currently houses the likes of Henry Kissinger, Uma Thurman, Boston Bruins owner Jeremy Jacobs and Sir Evelyn de Rothschild and plenty more. No word on this owner, but we’re suitably impressed by it’s three levels and private elevator entrance.

70 Vestry #4B

Address 70 Vestry #4B
Price $11,950,000
Type/Size Condo: four bedrooms and four-and-a-half bathrooms
Last but not least is an apartment at – you guessed it – 70 Vestry. Unlike the other units featured here, this one doesn’t come with a terrace, but does come with a huge great room, a ton of closet space and an impressive master suite.

Where the Ladies of RHONY Live in NYC

I’ll admit, my obsession with Bravo and its “Bravolebrities” is a bit embarrassing — I passed Ramona Singer on Third Avenue once and nearly jumped out of my skin with excitement at seeing those trademark wide eyes in the flesh. But anyone who’s invested in just a few episodes of the Real Housewives of New Yorkunderstands that watching these ladies is like eating an Oreo — you know you shouldn’t, you know it’s not good for you, but you can’t stop after just one. Bravo is addictive. Just ask my (very macho) male roommate who, prior to living with me, was blissfully unaware of the Housewives franchise, and now has an opinion on whether or not Luann should have told Ramona she was dating Tom.

To me, one of the best parts of watching the Real Housewives of New York is trying to figure out where these ladies live. Yes, we know Sonja, Ramona and Luann are Uptown girls while Bethenny and Carole are Downtown Julie Brown — but where? In honor of the upcoming season finale, we did some serious sleuthing to bring you the answers. Get ready, because it’s turtle time.

Bethenny Frankel

Two-bedroom condo, Soho

Purchased 2015 | $4.25M

Dedicated Bravo fans will remember Bethenny’s epic apartment hunt that took place throughout Season 7, when she complained about being “the richest homeless person in Manhattan.” The Skinny Girl mogul left behind her four-bedroom, $4.995M condo in Tribeca (and neighbor Jay-Z) in favor of her current digs on Mercer Street, as reported by Curbed.

Sonja Morgan

Five-bedroom townhouse, Lenox Hill

Purchased 1998 | $9.1M

Lady Morgan’s five-story townhouse on East 63rd Street should probably be some sort of historical landmark. It is, after all, the place where the idea for a toaster oven cookbook was born. According to The Real Deal, the townhouse has been on and off the market since 2008, with prices fluctuating as much as Sonja’s lifestyle brand; from $12 million in 2009 to $7.2 million in 2015. For now, the townhouse is off the market and Sonja’s (unpaid) interns have plenty of space to “learn.”

Dorinda Medley

Two-bedroom condo, Carnegie Hill

Purchased 2006 | $1.2M

Dorinda Medley’s Upper East Side home was purchased in 2006, the same year StreetEasy was created, so its listing page is tragically devoid of photos — but fear not! BravoTV.com has us covered with an exclusive video tour, led by Dorinda and her daughter Hannah. Because we don’t have any listing photos to share (and because I can’t resist a good RHONY gif), I’ll throw this in for good measure:

Carole Radziwill

One-bedroom condo, Soho

Purchased 2002 | $975K

When Carole first joined the cast in Season 5, her King Street apartment had yet to be redesigned, and her tiny kitchen saw more takeout containers than experimentation with a watermelon radish.

Jules Wainstein

Three-bedroom condo, Flatiron

Purchase date unknown | Rumored $2.7M

While information on Jules’ home is missing from both StreetEasy and ACRIS, you can tour her apartment via BravoTV.com here. Though we don’t get to see daughter Rio’s bedroom, the apartment appears to be a three-bedroom condo that the Daily Mail reports to be worth $2.7 million. Daily Mail also reported that in addition to being in the midst of a bitter divorce, Jules is also facing legal trouble from Apthorp Condo on the Upper West Side for allegedly dodging more than $25,000 in condo fees. ACRIS data shows that the housewife purchased the one-bedroom condo in 2011 for $217,997.

Ramona Singer

Four-bedroom condo, Yorkville

Temporarily listed, 2015 | $4.95M

Ramona Singer’s ex-husband Mario put their apartment on the market for $4.95 million following their divorce, only to hand it back over to Ramona at no cost, according to ACRIS data. Whether this was an olive branch or a stipulation of the divorce settlement is unclear, but one thing we know for sure is that Ramona Singer Pinot Grigio is definitely still flowing at this Upper East Side apartment.

Luann de Lesseps

Condo, Upper West Side

Purchase date and listing value unavailable

In a bizarre twist of events, I was unable to track down any specifics on the Countess’s former Upper West Side apartment. I was betting she’d be the easiest one to find given all of the digs from her castmates this season over her constantly “leaking” her own stories to the press. Since I couldn’t find anything in ACRIS with her or the Count’s name, I can only assume she’s been renting all these years… kidding, but what would a post about the Housewives be without a little pot-stirring? Apparently money can’t buy you class, but it can buy you privacy. The most I was able to dig up is that Luann is living in a three-bedroom home in Sag Harbor.

NYC’s Tallest Buildings

Nowhere to go but up: That’s long been the motto in New York, the city that never sleeps, the city that promises people if you can make it here you can make it anywhere. Big talk and hyperbole are part of the Big Apple deal. Never has it been more demonstrably true then it is now, as a blistering spate of super-tall skyscrapers are being built and redefining the New York City skyline.

In an examination of this high-rise era, The New York Times in June 2016 produced an entire special magazine dedicated to examining the “high-altitude archipelago” being expanded by developers who won tax abatements seeking to build luxury residences and office buildings catering not to New Yorkers, but to the world’s richest who want a place to live and invest. Right now, NYC has 21 buildings exceeding 800 feet — seven completed in the past 15 years, and three of those in the past 36 since months, the NY Times noted.

StreetEasy set the bar a little higher. We looked at commercial and residential NYC skyscrapers that top 1,000 feet, including existing buildings and newcomers that have financing or are already under construction. This list includes the iconic Chrysler and Empire State buildings as well as newcomers slated for the Hudson Yards mega-project and the rebirth at the World Trade Center.

1. One World Trade Center: 1,776 feet

This behemoth is the largest among several buildings being brought to the 16-acre “Ground Zero” site left in the aftermath of the September 11, 2001 terrorist attacks on the Twin Towers. The site already includes the National 9/11 Memorial, which honors victims of both the 1993 and 2001 attacks. If the height of this super-tall sounds patriotically familiar, that’s because it is. In the rebuilding of this commerce center in lower Manhattan, One World Trade was given added symbolism by referencing the Declaration of Independence through its epic 1,776-foot reach. The only catch is that the final 408-foot spire placed on top of the building back in 2013 was threatened to be called “phantom height,” aimed to give One World Trade the slight advantage over Chicago’s Willis Tower (1,451 feet). The floor-to-roof height of the building is 1,368 feet. However, the spire has been ruled an essential architectural detail of One World Trade, so its height has been certified. It is the highest in New York City, the U.S. and the Western Hemisphere. The interior contains 3.5 million square feet of space, including an observation deck.

2. Nordstrom Tower: 1,550 feet

(To be completed 2019)

Located at 217 West 57th Street, Nordstrom Tower (also known as Central Park Tower) is being developed by Extell. It was originally planned to be 1,775 feet including a spire, which would have put it exactly one foot below the record height at One World Trade Center. However, the commercial/residential super-tall is now slated to stand 1,550 feet, making it the second-tallest building in New York City and the U.S. It is being anchored by Nordstrom, the West Coast-based department store, and will boast $4.4 billion in condo residences on the upper floors. It will be the tallest residential tower in the U.S. at 130 floors.

3. 111 West 57th Street: 1,428 feet

(To be completed 2018)

Not just super-tall, but super slim, 111 West 57th Street will be an 82-story building from JDS Development Group and Property Markets Group and is being designed by SHoP Architects. In spring of 2016, the beginning stages of development were underway for this residential tower that feature 42 full-floor apartments starting on the 16th floor, with lower floors holding as many as five units. Retail outlets will occupy the first four floors with office space on the fifth floor. Of note, 111 West 57th is using the tallest freestanding crane (220 feet) ever in the history of New York City construction.

4. 432 Park Avenue: 1,395 feet

Until Central Park Tower and 111 West 57th Street are ready for occupants, 432 Park lays claim to being the highest residential tower in the Western Hemisphere. Built on the site of the former Drake Hotel and designed by Rafael Vinoly, the building is located on Park Avenue between 56th and 57th Streets. The 96-story tower contains 125 units, including a bevy of full-floor penthouses, some of which fetched over $80 million. All windows measure an expansive 10 feet by 10 feet — better to see some of the most amazing views of Central Park, the Hudson and East Rivers, Atlantic Ocean, and many iconic Manhattan buildings.

5. 30 Hudson Yards: 1,287 feet

(To be completed 2019)

In the Hudson Yards project by Related on 11th Avenue between 30th and 33rd streets, 30 Hudson Yards is the tallest of the Hudson Yards buildings and will be the second-tallest office building in NYC. The building will contain 2.5 million square feet of commercial space and includes an observation deck at 1,000 feet, complete with something called a “thrill device.” Hearty souls with no fear of heights can walk out onto a glass walkway that slants to induce greater sense of thrills, chills and possibly vertigo.

 

6. Empire State Building: 1,250 feet

The Empire State Building is the granddaddy of them all, even if it’s no longer the tallest! Built in 1931, this Art Deco dandy still ranks among the tallest after nearly 100 years of defining the NYC skyline. 

7. Bank of America Tower: 1,200 feet

Also known as “One Bryant Park,” this commercial tower was developed by the Durst Corporation and was completed in 2010. It is home to Bank of America and the Durst Corporation and runs 55 stories and contains 2.35 million square feet of interior space. Sit in Bryant Park any lunchtime and this tower dominates the view.

 

8. 3 World Trade Center: 1,079 feet

(To be completed 2018)

3 World Trade comes up a bit short against 1 World Trade, the No. 1 tallest building in NYC, U.S. and Western Hemisphere. Under construction since 2008, 3WTC entered a hiatus during the financial meltdown before finding an anchor tenant. Its original plans were for a building at 1,240 feet. The original building at 3 World Trade Center was a Marriott, destroyed in the attacks of 9/11.

9. 53W53: 1,050 feet

(To be completed 2018)

Designed by Pritzker Prize-winning architect Jean Nouvel, 53 West 53rd Street, also known as 53W53 and MoMA Tower, is due to be completed in 2018. This striking building will rise 82 stories and house 145 residences designed by interior architect Thierry Despont. The Museum of Modern Art will have three floors of gallery space in the new building.

 

 

10. Chrysler Building: 1,046 feet

This Art Deco dandy once held the distinction for a few months of being the highest building in the world, until 11 months later when the Empire State Building opened in 1931. Located at 42nd Street and Lexington Avenue, it was once the home of the Chrysler Corporation through the 1950s, and is now owned by Abu Dhabi Investment Council. It is tied with the NY Times Building at 1,046 feet tall.

11. New York Times Building: 1,046 feet

Renzo Piano designed this tower for the New York Times Company and its development partner, Forest City Ratner Companies. Finished in 2007, it is a significant addition to the NYC skyline at just over 1,000 feet. The 52-story glass and steel structure is made of floor-to-ceiling glass windows, exposed steel columns and accents of red and marigold.

Piano designed the building with a dramatic double-skin curtain wall with ceramic rods that act as a sun screen, and an inner wall of floor-to-ceiling water-white glass. Piano has opened the lobby space by spreading the elevator shafts so that one can see more than 350 feet through the space.

12. 3 Hudson Boulevard: 1,034 feet

(To be completed 2019)

Moinian Group

Foundation work is underway in this stand-alone project from the Moinian Group. Located just a block north of the Hudson Yards mega-project, but located in the Hudson Yards Special District, 3 Hudson Boulevard will rise up between 11th Avenue and Hudson Boulevard between West 34th and West 35th streets. The $2 billion tower will stand 66 stories and contain 1.8 million square feet in interior space.

13. 125 Greenwich Street: 1,017 feet

(To be completed 2018)

Shvo Group rendering

125 Greenwich Street is a mixed-use super-tall being built in the Financial Districtand slated for completion in 2018. Plans call for 91 stories and 275 condominiums at this location, otherwise known as 22 Thames. It is being developed by Michael Shvo, Vector Group and Bizzi & Partners based on Rafael Viñoly Architects’ design.

14. 35 Hudson Yards: 1,009 feet

(To be completed 2018)

35 Hudson Yards is the squarish building in the middle.

This Hudson Yards mixed-use tower will stand at 11th Avenue and West 33rd Street. Part of the Related Companies and Oxford Properties Group’s tower grouping, this will contain 137 condo units that start on the 31st floor, along with office space, stores and an Equinox hotel and fitness club. The cool cylindrical shape will rise 72 stories and is designed by David Childs and SOM. at 11th Avenue and West 33rd Street will rise to 1,009 feet and 72 stories. The mixed-use project designed by David Childs and SOM.

15. One57: 1,004 feet

Located at 157 West 57th Street, One57 is an elegant glass building was designed by Pritzker Prize-winning architect Christian de Portzamparc with interiors from Thomas Juul-Hansen. Residents have access to the Park Hyatt Hotel amenities in this Midtown gem.

$9 BILLION HEDGE FUND: There's one big problem with Netflix

Netflix has a problem: It's you.

That's according to Crispin Odey, one of London's biggest hedge fund managers.

Voracious consumers are watching Netflix's content more quickly than the online streaming service can replenish it, Odey said during his hedge fund's second-quarter phone call, a 53-minute recording of which was obtained by Business Insider.

Odey's observation is interesting since Netflix already produces a lot. This year alone, the company plans to release 600 hours of content, which would take 25 days to binge-watch straight through.

Odey's $9.3 billion hedge fund held a short position in Netflix as of hte July phone call, meaning that the firm would earn money if the stock price drops. 

Here are Odey's key points from his firm's call:

  • Investors need to see the potential for yield in Netflix.
  • Odey thinks that Netflix needs $17.5 billion of sales by 2020 and $8.7 billion of sales by this year.
  • Revenues in the past four quarters total $7 billion.

Here's the key quote (emphasis added):

"It's a great business but the fact is you watch their programs faster than they can make them...Their need to buy in basically new content...is so much faster than their subscriber growth. So in fact we would say, this is absolutely impossible for them to achieve. And what you can see is their cash flows, which are on a quarterly basis are negative, and remain negative, so we think actually it's a good short."

Netflix missed its earnings big time last month, as Business Insider previously reported. Its stock price plummeted the day the company announced its disappointing second-quarter results on July 18, though the shares have since regained most of the losses.

Netflix regains its stock price after disappointing earnings results in July. Google Finance

Odey wasn't the only fund manager set to gain on Netflix's bad news. Other short sellers made nearly half a billion just in trading in the after-hours of Netflix's stock drop. It's not clear how much Odey made off of Netflix's drop and whether the firm still holds its short position.

He gained the spotlight earlier this summer after making money off of the Brexit, but his firm has since nursed deep losses.

One of Odey's funds, the $476 million Swan fund, has dropped -24.7% this year through the end of June, according to an investor update viewed by Business Insider. Odey's European fund dropped -30% through July 14, according to Financial News.

 

This Week’s 5 Most Expensive Listings

In the past seven days, 11 new listings priced at $10 million and above hit the market, according to StreetEasy. From that list, these are the crème de la crème, otherwise known as the five most expensive residential listings to hit the Manhattan market.

535 West End Avenue #Hiflr

Address 535 West End Avenue #Hiflr
Price $22,750,000
Type/Size Condo: seven bedrooms and seven-and-a-half bathrooms
This week’s priciest listing is a full floor residence in a building just off West 86th Street. The sprawling 8,450-square-foot spread comes with, well, a lot: herringbone hardwood floors, a formal dining room, a family room, wine storage, a butler’s pantry, a ton of custom finishes, and a library with flawless arch windows.

157 West 57th Street #46C

Address 157 West 57th Street #46C
Price $19,700,000
Type/Size Condo: four bedrooms and five-and-a-half bathrooms
Over on Billionaire’s Row this 3,466-square-foot apartment is up for grabs at One57. Like all the units in the tower, it comes with floor-to-ceiling windows so you really get the most out of those rolling views. And seeing as it’s located directly above the Park Hyatt hotel it of course comes with hotel amenities aplenty.

157 West 57th Street

Address 157 West 57th Street #45A
Price $19,150,000
Type/Size Condo: three bedrooms and three-and-a-half bathrooms
Another One57 unit makes the top five this week. This one is one floor below, a little smaller, and just a touch cheaper than its neighbor above. But other than that it comes with all the same perks, including the ultimate luxury amenity, a pet wash-room. We assume it probably looks pretty similar too, although there is a woeful lack of listing photos.

110 Central Park South #17AB

Address 110 Central Park South #17AB
Price $15,500,000
Type/Size Condop: four bedrooms and four-and-a-half bathrooms
According to its listing, this building, built in 1925, was completely renovated in 2005 and converted to a condop aka a co-op with condo rules. It comes with 70 feet of Central Park frontage, and from the look of the photos seems to successfully combine elements of both modern and classic interior design.

610 Park Avenue #2B2C

Address 610 Park Avenue #2B2C
Price $14,950,000
Type/Size Condo: three bedrooms and three-and-a-half bathrooms
This Park Avenue spread is pretty as a picture. Along with its landscaped terrace it comes with a full butlers pantry, a library, two walk-in closets, a library, a wood burning fireplace and best of all – a 132 bottle wine cooler.

99 John Street, Unit 1106

99 John Street, Unit 1106

Financial District, Manhattan, NY, 10038

1 Bed  |  1 Bath  |  Washer/Dryer  |  Terrace

Offered at $1,150,000

 

Outdoor lover's dream - don't miss this open, airy loft style one-bed with washer & dryer and private terrace!

Apartment features 10 foot beamed ceilings and wide oak farm flooring, has large windows facing north and west letting in an abundance of light and tons of closet space. The kitchen is outfitted with stainless steel appliances, soft close drawers and Caesar stone countertops. The large, 220 square foot private terrace faces both north and east with views of the East River making it a great extension to your already large living space.

99 John Deco Lofts was constructed in 1933 by the same architects as the Empire State Building and was converted to condominiums in 2008. The abundance of amenities include 24-hour doorman and concierge, valet services, landscaped rooftop with breathtaking bridge and water views, state of the art fitness center and a billiards lounge complete with patio and barbeques. The prime location is conveniently located near almost every subway line imaginable at the brand new Fulton Street transit hub, 24 hour Jubilee market next door, the new Fulton Street Grocery and nearby Seaport. 

2002 Fifth Avenue, Unit 5B

2002 5th Avenue, Unit 5B

Manhattan, NY, 10035

2 Bed  |  Home Office/Den  |  2 Bath  |  Private Storage

Offered at $1,100,000

 

Sunny and spacious two-bedroom CondOp with home office/den, and two full bathrooms and deeded private storage. Unit 5B is a south facing corner unit, with fantastic hardwood flooring throughout, open ;large marble kitchen and an abundance of closet and storage space. The private balcony overlooks Marcus Garvey Park and the tree lined block in the heart of Mt. St. Morris Historic District.

2002 Fifth Avenue is a beautiful doorman building, directly across from Marcus Garvey Park. In addition to the apartments private balcony the building has shared outdoor space. Marcus Garvey Park offers a tremendous amount of cultural, recreational and leisure activities. The New York Public Library is right next door. The thriving and lively neighborhood offers excellent dining, shopping, and transportation, close to the 2,3,4,5,6 and Metro North trains.

500 Square Inches - NYC’s Smallest Piece of Private Land

If you’ve ever walked by the busy intersection of 7th Avenue South and Christopher Street, you’ve likely seen people snapping photos of the iconic corner-facing Village Cigars, but what you probably didn’t realize is that many of these eager photographers were standing on top of New York City’s smallest piece of private land.

The Hess Triangle sits in the sidewalk at the southwest corner of thisGreenwich Village crossing, a small concrete slab with an imbedded mosaic that reads “Property of the Hess Estate Which Has Never Been Dedicated For Public Purposes.”

Seventh Avenue was laid out as part of the Commissioner’s Plan of 1811, but terminated at Eleventh Street. Starting in 1910, the avenue was extended southward to connect with Varick Street in order to accommodate the construction of the IRT Broadway-Seventh Avenue subway line and link the Village with Tribeca. Over 300 buildings were demolished under Eminent Domain.

One of the razed buildings, a five-story apartment building called the Voorhis, belonged to David Hess. He fought the city in hopes of saving his building, but by 1914 all that remained of his property was a small triangle of sidewalk. The city assumed Hess would donate the tiny tract to the public sidewalk, but they were wrong. He took the city to court and was allowed to retain ownership of his prized triangle.

Village Cigars courtesy of wallyg via photopin cc

On July 27, 1922, Hess had his infamous mosaic message installed in his 500 square inches of land. In 1938, he sold the triangle to Village Cigars for $1,000, and the store has left it intact, a permanent reminder of city history and the resiliency (and stubbornness!) of New Yorkers.

Monthly Update - August 2016

The Hoffman Team Monthly Update - August 2016

My news app is on fire! 

Mind boggling voter referendums, unprecedented and historic presidential runs and awful acts of violence at home and overseas. This past month has brought a whirlwind of astonishing current events almost daily. These incredible stories have incredibly high stakes for every walks of life. Inconceivable headlines, which seem to be bringing our country and the world right to history’s edge, seem to be happening more frequently and with regularity.  Everyone is fully invested in what seems to be new terrain for all of us. I click on my news app with both apprehension and anticipation, ready to see what life changing event will appear in the headlines this hour. These times seem historic and momentous.

 And while all this turmoil and change is in our midst, people ask me, casually but hesitantly, "So, how’s the real estate market?” And I have think … How is it?

It’s a lot like my news app, frankly. I hold my breath for the next turn, for the next big news and for the next historic event. Some facts haven’t changed — like the shadow inventory of new rental buildings and high-end new developments set to hit the market in next year or so. And on the other hand, some things continue to keep me guessing.

Many pundits are predicting a doom and gloom market, but the numbers at the open houses for smartly priced properties don’t say doom or gloom. These buyers are aggressive, and they are buying. Whatever happens this fall with the Fed or the election, and no matter what profound stories continue to roll in from overseas, I’ve learned in this market to stay focused on the here and now.

Whether it be the property my buyer is committed to buying or the apartment we’re strategically pricing, staying in the here and now drives out the noise and chatter of the pundits and my news app.

And things are happening that are positive for this market in the here and now.

The COMPASS Markets App Is Here

Being able to access the smartest and most relevant real estate data at just the right time is critical to sellers and buyers. With COMPASS Markets App, buyers, sellers and agents can build market-specific reports and get real-time information on the go.

Compass Markets is:

  • Custom and specific: Create market comparisons using just the data you need. 
  • Real-time and relevant: Access the latest market activity as well as long-term trends from multi-year transaction histories. 
  • Instant and immediate: Empower yourself with data at your fingertips, when and where you want it.

Click HERE to download

 

 

The Numbers:


July saw a dip in new listings down from 1,600 in June to 1,597 in July. 

Two-bedroom listings were the only group to gain inventory. In July 73 new two-bedroom listings came to the market. 

All other categories fell in inventory. 
  

Our Active Listings

More HERE

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Former Verizon Building At 375 Pearl Street Gets A New Look

The monolithic former Verizon building at 375 Pearl Street is finally getting an upgrade. The 32-story telephone switching building is still outfitted with tiny, three-foot-wide windows, but big pieces of the upper floors have been removed and replaced with glass. Photographer Tectonic recently swung by to document the progress.

While this renovation hasn’t pleased most New Yorkers—who say the 1.1 million-square-foot structure is one of the city’s ugliest—it does make the limestone facade a little easier on the eyes. Most of the new floor-to-ceiling glass curtain wall has been installed, and now we can imagine the property’s future as an office building.

Taconic Partners picked up the building for $172 million in 2007, and then Sabey Data Centers and Young Woo and Associates purchased a controlling interest in the property for $120 million four years later.

A handful of city agencies have signed on as tenants in the past year. The NYPD is leasing 18,000 square feet on the 32nd floor, the Post’s Lois Weiss reported last year, and the Department of Financeinked a deal for 175,000 square feet of office space a few months ago. Transit Wireless, the firm responsible for installing wi-fi and cell service in 279 of the city’s subway stations, also has a 15-year lease in the building. 375 Pearl “provides access to an enormous energy and cooling system for Transit Wireless’ computers,” according to the Commercial Observer. Asking rents there hover around $43 a square foot.

The 540-foot-tall tower, which sits at the foot of the Brooklyn Bridge, was constructed in 1975 and designed by architecture and engineering firm Rose, Beaton, and Rose.

$3 Subway Fare By 2017

Start saving your quarters; the MTA all but definitively announced at its board meeting yesterday that it will raise subway and bus fares by 2017 in an effort to raise more than $300 million annually. This is part of their four-year financial plan that includes fare and toll hikes every two years to

Jamison Dague of the nonprofit Citizens Budget Commission told the Daily News that if past increases are any indication, the MTA will likely raise fares from $2.75 to $3, a four percent increase that would bring in roughly $308 million through 2020. And if another increase was implemented in 2019, the cash-strapped agency would pull in an additional $594 million over two years.

This is the agency’s fifth fare hike since 2009. The last increase came just this past March, when rides went up from $2.50 to $2.75. And a month later, in April, top transit officials warned that if the MTA wasn’t able to bridge its $15 billion budget gap, fares could’ve been raised to $3.15. But this was before the state and city finally reached an agreement to keep the MTA’s $26.1 billion, five-year capital plan on track, which will partly fund Governor Cuomo’s recently unveiled high-tech subway cars and stations.

According to the Daily News, “In 2015, the MTA pulled in $7.7 billion in fare and toll revenue, which covers half of what it costs the MTA to run its system.” And this past year saw a record-breaking annual ridership of 1.7 billion, the highest since 1948.

The MTA noted that the hikes are part of a budget projection and could change when the numbers are reevaluated in November. A final vote is planned for December.

Restaurants In China Are Replacing Waiters With Robots

Chinese restaurants started to replace their workers with robots as early as 2006. Though some have proven pretty incompetent, they're still cheaper than human wait staff — the approximate $1,200 up-front cost per robot is just a couple months' salary for an average server in China (though robot prices vary).

Robot waiters seem to have taken off in China because they're novel and fun, rather than for their efficiency. Many robots in Chinese restaurants appear anthropomorphic and toy-like — The Wall Street Journal writes that the Chinese even refer to their robots as jiqiren (机器人), literally meaning "machine people."

Here's a look at seven Chinese restaurants that have replaced some of their staff with robo-waiters.

These ten robot waiters serve customers in Chengdu, China, carrying dishes around and giving simple greetings to customers.

They cost around $11,310 each when they were bought in 2014.

Rupert Murdoch Sells West Village Townhouse For $27.5M

Last August 6sqft reported that News Corp. head and Fox News founder Rupert Murdoch had put his West Village townhouse–the one he’d boughtjust five months prior for $25 million–on the market. Now, just five months after listing the 25-foot-wide, four-story brick home for $28.9M, the house has found a buyer, the New York Observer reports. Whomever is behind the entity known as West 11th Street, LLC has purchased the 6,500-square-foot Greek Revival manse for $27.5 million. The deal represents a $2.5M profit for Murdoch (and we all know how much he needs a few more million).

The grand historic townhouse at 278 West 11th Street has definitely been an easier sell, even for eight figures, than a $72 million triplex trophy pad at Flatiron skyscraper One Madison; the media mogul’s 6,850-square-foot penthouse in that high-profile building has remained unsold since Murdoch listed it in April of 2015 (even with Tom Brady and Gisele Bundchen as neighbors). What–besides the ridiculous price difference and 350 square feet–makes a West Village townhouse so much easier to sell? In addition to location, the house–thoroughly renovated when Murdoch bought it–is gorgeous inside and out, starting with the three-level landscaped patio.

The home’s previous owner, who bought the property for $8.2 million in 2011, restored the former purple bed-and-breakfast to its original single-family mansion glory, restored the home’s façade, and modernized it by replacing south-facing walls with glass to let in more light and adding a roof deck, elevator, 1,200-bottle wine cellar, smart home technology and a gym.

In addition to the elevator, there’s a grand elliptical staircase for making the kind of entrances you can’t make in a lift.

 

The roof deck has Empire State Building and One World Trade Center views, limestone pavers and a Spanish cedar pergola.

The billionaire octogenarian recently wed former model (and Mick Jagger’s ex) Jerry Hall (his fourth wife), and even more recently saw Fox News embroiled in a sexual harassment scandal involving co-founder Roger Ailes, so having one less property to worry about might be a good thing.

Kelsey Grammer Lists His Riverfront Chelsea Apartment for $10M

Actor Kelsey Grammer will list his 3,076-square-foot condo in New York’s Chelsea neighborhood for $9.75 million.

Mr. Grammer purchased the property for $6.4 million in 2010 through a limited-liability company, according to public records. A representative for Mr. Grammer confirmed that the actor owns the apartment. 

The three-bedroom, 3½-bath apartment is located on an upper floor of a glassy 23-story tower designed by Pritzker Prize-winning French architect Jean Nouvel. The unit has 11-foot ceilings and roughly 100 linear feet of glass walls overlooking the Hudson River and Manhattan landmarks such as the Empire State Building.

Mr. Grammer’s publicist, Stan Rosenfield, said his client is selling the apartment because he feels that he and his family “have outgrown it.” Mr. Grammer has six children and is married to Kayte Grammer, a former flight attendant.The apartment has an open layout with a combined living, dining and kitchen area, with terrazzo flooring throughout. Completed in 2010, the building is known for its unusual glass facade with morethan 1,600 differently shaped window panes.

Mr. Grammer, 61, is best known for his roles on the sitcoms “Cheers” and “Frasier.” He now stars in the Amazon drama “The Last Tycoon,” based on the unfinished novel by F. Scott Fitzgerald.

Rent vs. Buy

Rent vs. Buy

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The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal. 

To help you answer this question, or others with buying an apartment. We are here to help.

 

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Under Armour Is Taking Over Old FAO Schwarz Space

Under Armour is opening a new store in Manhattan, in the building FAO Schwarz used to call home, the company announced on Tuesday morning.

According to CNBC, the company will take hold of the 53,000 square-foot space in 2018.  

While the opening of one store doesn't always make headlines, CNBC notes that this new store will fuse experiences, such as work-out classes, with traditional shopping.

CEO Kevin Plank said on a recent earnings call that the new space will be "t he single greatest retail store in the world."

Under Armour already has a boost in that it sells activewear, one of the few categories for which consumers will pay a premium.

Under Armour posted another quarter of sales growth, making it the 25th consecutive quarter with over 20% revenue growth, the company noted.

734 East 5th Street, Unit 3R

734 East 5th Street, Unit 3R

Kensington, Brooklyn

2 Bed  |  2 Bath  |  Parking  |  Private Storage

Offered At $795,000

 

Full Listing HERE

DEEDED PARKING and STORAGE!!

This 2 BD, 2 BA, convertible 3, Condo is priced to sell QUICKLY!! Apt features 2 Private Balconies, a deeded parking spot and large private storage room room. Spacious 3rd Floor apartment is easily convertible to a 3 bedroom or home office. The East facing balcony floods apartment with morning sun and west facing balcony off the 2nd bedroom in the back is perfect for afternoon light. Also enjoy beautiful bay windows in master bedroom. The open living and dining area is perfect for lounging or entertaining. Hard-wood flooring through-out every room. Open kitchen is custom made with walnut stained cabinets, white marble counter tops, stainless steel appliances, gas stove, Sub-Zero refrigerator and double sinks. Bathrooms features deep soaking tubs and Toto toilets. Master bath equipped with jetted tub. Also includes Bosch Stackable Washer/Dryer, Central air and video intercom security.Additionally, building is wheelchair accessible with indoor/outdoor elevators. With super LOW taxes and Common Charges, this apartment is a STEAL. Tax abatement until 2026. F train close by at Ditmas Ave. Plenty of shops at 18th Ave to choose from or take a short walk to trendy Cortelyou Road. Sorry, No Pets Allowed

Public Plaza & Pedestrian Bridge Outside 50 West Street Revealed,

Now that exterior work has completed on 50 West Street – the 64-story, 191-unit mixed-use tower dubbed simply “50 West” under development in the Financial District – crews are now focused on building a 6,800-square-foot public plaza around the base of the building and a pedestrian bridge over West Street (a.k.a. the West Side Highway). Renderings of the spaces have been revealed by the Wall Street Journal. The 24-hour plaza will feature an art gallery, a café, vegetation, and seating. The pedestrian bridge, dubbed the West Thames Street Bridge, will feed directly into the plaza. It will boast steel structural supports and a glass roof and walls. The New York City Economic Development Corporation (NYCEDC) is building the new pedestrian bridge, which will replace the Rector Street bridge located a block northward. Demolition of the Rector Street bridge and construction of the new one is expected to last two years.

Rendering of public plaza at 50 West Street. Rendering by DBOX.

The 782-foot-tall, 584,277-square-foot 50 West Street hosts condominiums averaging 2,126 square feet apiece. Roughly 60 percent of the apartments, ranging from one-bedrooms to a five-bedroom penthouse, are in contract. The building also features 15 office condominium suites. Time Equities is the developer and Helmut Jahn is the design architect. SLCE Architects is serving as the architect of record and WXY Studio is behind the design of the new pedestrian bridge. Completion is expected later this year.

This Week’s 5 Most Expensive Listings

In the past seven days, eight new listings priced at $10 million and above hit the market, according to StreetEasy. From that list, these are the crème de la crème, otherwise known as the five most expensive residential listings to hit the Manhattan market.

21 East 61st Street #16A

Address 21 East 61st Street #16A
Price $19,900,000
Type/Size Condop: three bedrooms and four-and-a-half bathrooms
At the very top of the Upper East Side’s Carlton House, is this 3,500-square-foot penthouse. It comes with 1,120 feet of wrap-around terraces, and although the listing points out that the interiors are finished in “a soft, calming palette,” all we see is shades of white.

252 West 12th Street

Address 252 West 12th Street
Price $19,600,000
Type/Size Townhouse: six bedrooms and five-and-a-half bathrooms
Coming in at second place this week is this West Village townhouse. Built in 1910, it comes with wine storage, a finished basement, and a very lovely kitchen. The current owners did some smart shopping in 2010 when they snapped up this spread for a seemingly reasonable $6.8 million, which makes the current asking price an impressive 188 percent increase. And they decorate beautifully.

212 Fifth Avenue #17A

Address 212 Fifth Avenue #17A
Price $16,600,000
Type/Size Condo: six bedrooms and five-and-a-half bathrooms
212 Fifth Avenue started life in 1912 as an office building, and now, in classic New York style, its turning into luxury condos. Of the 28 units that have hit the market to date, over half are in contract, including the two most expensive units. No word on the apartment itself, but it comes with access to a host of amenities including a screening room and a fitness center.

60 Riverside Boulevard 3201/2/3

Address 60 Riverside Boulevard 3201/2/3
Price $14,900,000
Type/Size Condo: 10 bedrooms and 11-and-a-half bathrooms
This gargantuan spread takes up an entire floor at The Aldyn. The apartment itself comes with river views, Brazilian cherry floors, and three kitchens (one for each of the original apartments that made up this spread). Plus there are amenities aplenty including a pool and a basketball court.

212 Fifth Avenue #14A

Address 212 Fifth Avenue #14A
Price $12,100,000
Type/Size Condo: three bedrooms and three-and-a-half bathrooms
212 Fifth Avenue makes this list again, but this time it’s a few floors down and a couple of million cheaper. This unit comes with all the same amenities, and the apartment has features like oak floors, soaring ceilings and what looks like a whole lot of marble.

Your new home awaits.