Monthly Update - October 2016

Bubbles, Bubbles, Bubbles 

If you watched the last presidential debate, there was talk of bubbles. In fact, bubbles have been on the minds of many lately.

During the debate, Trump told us there’s a "big, fat, ugly market bubble, folks." But Wall Street doesn't necessarily agree. Meanwhile, billionaire Wang Jianli, one of the largest real estate investors in China, was quoted as saying that market faces the "biggest bubble in history."

Top real estate brokers have looked at the possibility of  a future surge of Chinese investment into the U.S. And UBS Group’s Global Real Estate Bubble Index also shows New York City well-positioned. The ranking of 18 major cities by their housing bubble risk categorizes New York City as "fairly valued," close to bottom of list, while Vancouver and London are placed at the top of the list and deemed at risk.

Again, this market is anybody's guess. Despite the frequent talk of bubbles, owners need to be most aware of buyer trends. Buyers are still not forking over any amount of dough just for the sake of "getting into the market." That being said, bidding wars are happening, and buyers are calling the shots. When buyers perceive a property as a "value," they will act with reckless abandon to "win" it, and, consequently are setting new record prices in buildings across the city.

Things to look out for:

  • The Fed has yet to increase interest rates.
  • Every few months, it seems the house market holds its breath. Sometimes, these ebbs and flows are simply cyclical.
  • The presidential election, and reactions to the election, will have an impact, no matter who's elected, one month from now, and there's plenty of pent-up demand from buyers waiting on that outcome.
  • Continued low resale inventory combined with new development condo and rental building units set to release in 2017, will continue to have an impact on the New York City real estate landscape.

For now, we should sit back, make smart decisions based on facts, not paranoia, and see what the next few weeks bring.

Buckle up!

 

The Numbers:

In September we saw a large increase in inventory, which means everyone is finally back from summer vacation. Overall there was an increase of 47%, with the biggest additions in the 2 and 3+ bed categories. 

There was a 75% increase in new inventory for the 3+ beds, and an increase of 53% for new 2 bed listings. 

The Hoffman Team Listings 

COMPASS Press:

 

Think You Know What Your Home Is Worth?
 

Lets see about that, click HERE and receive a comprehensive up-to-date CMA Valuation Report.

The Hoffman Team at COMPASS  |  90 5th Ave. 3rd Fl. NY, NY 10011  |  646.519.4490

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REVEALED: Plans New Penn Station-Moynihan Train Hall Complex

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In a presentation (pdf) Tuesday at the Association for a Better New York, Governor Andrew Cuomo announced that plans for transforming a revamped Penn Station-Moynihan Train Hall complex into a “world-class 21st century transportation hub” were back on track and ready to roll, complete with a slew of new renderings and the selection of a developer-builder team including the Related Companies, Vornado, and Skanska AB, to redevelop the Farley Building.

With more than twice the passenger traffic of JFK, LaGuardia, and Newark airports combined, the governor called the current Penn Station, “overcrowded, decrepit, and claustrophobic” and promised the new Moynihan Train Hall “will have more space than Grand Central’s main concourse, housing both Amtrak and LIRR ticketing and waiting areas, along with state-of-the-art security features, a modern, digital passenger experience, and a host of dining and retail options.”

In the first of the project’s two major parts, McKim, Mead & White’s 1913 Beaux-Arts James A. Farley Post Office will be the site of a newly-constructed 255,000-square-foot train hall that will serve both Amtrak and Long Island Rail Road passengers. Moynihan Train Hall, as it will be known, will hold more than 112,000 square feet of retail and 588,000 square feet of office space in addition to ticketing and waiting areas for the two train lines.

The new hall will employ state-of-the-art security measures and high-tech additions like free wifi and charging stations. Renderings have been based on designs by the architecture firm of Skidmore, Owings & Merrill (SOM) who have been attached to the project since its earliest stages. The Governor’s presentation states that, “A number of design concepts, including those received through the RFEI process, are under review that would add retail and improve passenger experience and station function.” It is possible that the selected team could proceed with a different firm.

In addition to the new hub, the MTA will thoroughly revamp the existing Penn Station’s 33rd Street LIRR concourse. This redesign will nearly triple the width of the existing corridor and result in higher ceilings, brighter lighting and new way-finding, ticketing and informational systems.

Also included in the plan is a complete renovation of both Penn Station subway stations—the A/C/E at Eighth Avenue and the 1/2/3 at Seventh Avenue–as per MTA plans, announced earlier this year, to update dozens of subway stations throughout the system.

Similar to the renderings released in January, the plans show a new glass skylight above the concourse, meant to reference the original Penn Station design, integrated into the building’s historic and architecturally dramatic steel trusses. From the architect’s description: “SOM’s design establishes a grand civic space that celebrates the unique history of the Farley Building while evoking the vaulted concourse of the original Penn Station.”

Cuomo has said the cost of the Train Hall project will be about $1.6 billion; $600 million will come from the developer of the hall’s retail space, $570 million will come from the Empire State Development Corporation and $425 million will come from Amtrak, LIRR, the Port Authority, and the federal government. The Penn Station LIRR corridor revamp will ring in at $170 million; the subway station facelifts will cost $50 million and could happen “as early as 2018.”

6sqft reported in December of last year that “… after a promise to close this year on the deal [with Related and Vornado] was left empty, Governor Cuomo seems to have had enough” of the long-stalled project, and in January posted renderings and an outline of the governor’s plans for a reboot with possible new partners on board.

650,000 people travel through Penn Station every day, more than the traffic at Newark, JFK, and LaGuardia airports combined. And if all goes according to plan, Governor Cuomo projects that number will double over the next 15 years. The project is scheduled to be completed in 2020.

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432 West 52nd Street, Unit 6F

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432 West 52nd Street, Unit 6F

HELL'S KITCHEN, MANHATTAN

1 Bed  |  1 Bath

Offered At $1,080,000

Taxes: $950 / mo.  |  CC:$847 / mo.  |  New Development  |  24hr Doorman  |  Roof Deck & Gym

 

Spectacular views and stunning finishes line this brand-new, penthouse-level home providing a rare opportunity to live in a spectacular new-construction building without paying the sponsor’s transfer taxes and closing cost fees!

Beautiful views from a long row of oversized north-facing windows make this one of the most desirable apartments in the building. The light-filled one-bedroom, one-bath home is topped by 9-foot ceilings while white oak hardwood floors run underfoot. The great room provides ample space for living and dining areas while the nearby open kitchen is a model of efficient, attractive design with integrated refrigerator, stainless steel appliances, lacquer cabinets and sleek Caesarstone countertops.

The large windowed bedroom is a serene space with a large closet, and two more large closets throughout the home ensure that storage is never an issue. The sleek bathroom features a custom vanity, frameless glass walk-in shower, gorgeous floor-to-ceiling tile and radiant heat flooring. Central climate control, energy-efficient windows and an in-unit washer-dryer provide the ultimate in comfort and convenience.

432 W 52 is a boutique condominium with extensive amenities including a 4,200-square-foot common landscaped roof deck, spacious residents' lounge, fully equipped fitness center and 24-hour doorman. Situated in Midtown within walking distance of Central Park, the Theater District, Columbus Circle and Times Square, the location is quite literally at the center of it all! Nearby access to the A/C/E, B/D, 1 and N/Q/R subway lines puts the rest of the city at your feet.

Neighborhood Guide HERE

This Week’s 5 Most Expensive Listings

In the past seven days, 18 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.

19 West 12th Street

Address 19 West 12th Street
Price $28,500,000
Type/Size Townhouse: six bedrooms and six-and-a-half-bathrooms
This red-brick townhouse has the honor of being this week’s most expensive listing. The five-story home comes with 12-foot ceilings, a lush looking garden, a roof deck, a flawless Calacatta marble bathroom, and a very snazzy orange kitchen.

33 East 74th Street #5A

Address 33 East 74th Street #5A
Price $18,000,000
Type/Size Condo: four bedrooms and three-and-a-half-bathrooms
33 East 74th Street started life as a row of brownstones, but a recent conversion saw them turned them into this 10-unit condo building. This 3,851-square-foot unit has an open-plan living and dining area, hardwood floors, a custom kitchen and oversized windows.

160 Leroy Street South14a

Address 160 Leroy Street South14a
Price $16,500,000
Type/Size Condo: four bedrooms and four-and-a-half-bathrooms
This week’s third most expensive listing is at Ian Schrager’s 160 Leroy Street, a building which is still under construction. When completed, this apartment will have an abundance of wall space for art, floor-to-ceiling windows, some impressive views and of course some very sinuous walls.

514 West 24th Street #8

Address 514 West 24th Street #8
Price $16,500,000
Type/Size Condo: four bedrooms and five-and-a-half-bathrooms
Not only is this West Chelsea spread the same price as the above, the two also both have an estimated completion date of 2017. This 4,512-square-foot apartment comes with a private elevator landing, twin terraces, a library, and a master bathroom featuring a copper soaking tub. It’s located in the art-deco style Fitzroy building; and if this was a ranking of LLNYC’s favorite facades, this would be top of the list.

57 West 88th Street

Address 57 West 88th Street
Price $15,995,000
Type/Size Townhouse: five bedrooms and seven bathrooms
Built in 1900, this 20-foot-wide townhouse is both landmarked and renovated. The house is home to a gym, a wine cellar, a private elevator, an eat-in kitchen, multiple terraces and a garden. The master bathroom might be the main attraction though, just look at that wall of Styra marble.

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Park Avenue Apartment Proves That Beautiful Things Come In Tiny Packages

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Most tiny New York apartments are terrifying. But in the right hands, they can be turned into something amazing. That’s the case for this Park Avenue South condo, which is owned by interior designer Amir Khamneipur and which he listed today for $1.775 million.

Though the place comes in at less than 700 square feet (669 to be exact), cleverly placed windows and mirrors make it seem much, much bigger. The home was featured in the July issue of “House, Beautiful” and a 2014 article in the “Wall Street Journal,” where Khamneipur described all the tips and tricks he used to give the small apartment the feeling of space.  “I would rather live in a custom jewel box than a badly designed mansion,” he told “House, Beautiful.” “This apartment brings me such joy.”

The apartment has one bedroom, one and a half bathrooms, 14-foot ceilings, 10-foot doors and custom, double-height cabinetry. Everything in the space was custom-designed by Khamneipur, and listing agent Claudia Saez-Fromm of Town Residential tellsLLNYC that a buyer may be able to negotiate with Khamneipur to include the furniture with the sale.

Saez-Fromm says Khamneipur decided to sell because he received  interest in the apartment after the “House, Beautiful” piece and he wants to upgrade to a two-bedroom.

Check out NYPL’s New $2.6M ‘Book Train’ Conveyor System

Last week, the New York Public Library released stunning photographs of the renovation of its historic Rose Main Reading Room and Bill Blass Public Catalog Room, along with news that the spaces would be reopening to the public on October 5th. As of this day, when guests request research materials, they’ll come from a new, $23 million state-of-the-art storage facility below Bryant Park. To bring the materials up, the library installed an innovative conveyor system known as the “book train,” which, according to a press release, “consists of 24 individual red cars that run on rails and can seamlessly and automatically transition from horizontal to vertical motion,” transporting up to 30 pounds of materials at a time in just five minutes.

 

New York Public Library Rose Main Reading Room, NYPL restoration, Stephen A. Schwarzman Building, Rose Reading Room
The renovated Rose Main Reading Room via Max Touhey Photography

The $23 million storage facility came after a previous, controversial plan to move the research collection to New Jersey. As 6sqft explained, “The new space will hold 4.3 million research volumes, allowing the Library to ‘fill over 90 percent of research requests with materials located on-site.'”

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200 East 57th Street, Unit 7M

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200 East 57th Street, Unit 7M

MIDTOWN EAST, MANHATTAN

3 Bed  |  2 Bath

Offered At $2,495,000

Maintenance: $2,864 /mo.  |  Co-op  |  24hr Doorman  |  Roof Deck, Gym & Garage 

 

This brand-new apartment has just emerged from a year-long, top-to-bottom renovation to bring you a triple-mint three-bedroom, two-bathroom home like no other in the building or neighborhood.

The massive, west-facing great room is almost 40 feet long — perfect for entertaining — paved in wide-plank flooring and topped by a lovely tray ceiling and custom lighting. In the nearby open kitchen, you'll find an extra-large window capturing Third Avenue views, and filling both the kitchen and dining room with great light. The custom cabinetry is chic with solid dark wood lowers contrasting the high-gloss white upper cabinets while pristine Caesarstone countertops surround top- of-the-line appliances. 

All three well-appointed bedrooms are spacious and feature a great closet space. The master bedroom is lined with custom built-ins and a luxe en suite marble bathroom. Surround sound, in-unit Bosch washer and dryer, and ample storage and custom closet space round out this beautiful and comfortable home. As an added bonus, all utilities are included in the maintenance.

200 East 57th Street is a full-service, 24-hour doorman building offering a fitness center, planted roof deck, private storage, bike storage and parking garage. There's a Whole Foods Market just down the block, and the world-renowned Madison Avenue and 57th Street shopping corridors are minutes away. New York's best restaurants surround the neighborhood, while Rockefeller Center and Radio City Music Hall provide unlimited entertainment options. Subway access is superb with 4/5/6, N/Q/R and E/M service nearby.

More Information Here

Unit 7M Floor Plan

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200 East 57th Street, Unit 7L

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200 East 57th Street, Unit 7L

MIDTOWN EAST, MANHATTAN

3 Bed  |  2 Bath

Offered At $1,950,000

Maintenance: $2,974 /mo.  |  Co-op  |  24hr Doorman  |  Roof Deck, Gym & Garage 

 

This highly sought-after three-bedroom, two-bath corner home offers stunning city views, a roomy layout and great finishes throughout.

Step into this beautiful home and take in a giant great room stretching 50 feet from the foyer to sunny west-facing windows. Topped with lovely tray ceilings with recessed lighting and paved with new Brazilian plank floors, this space offers a great flow for lively entertaining with lovely midtown views as your elegant backdrop. There's plenty of room for seating and dining areas, and the attached den offers a great location for a home office, library or playroom filled with great southern sunlight. Two bright windows and chic design make the nearby kitchen a joy to cook in. Top-of-line appliances line the space including a Sub-Zero refrigerator, Viking stove and beverage center, Wolf convection microwave oven and Miele dishwasher.

The bedrooms are large and sunny thanks to more south-facing windows, and the master is outfitted with massive built-ins, ensuring storage is never a concern. Both bathrooms are luxurious, awash in marble and featuring lovely Robern vanities and medicine cabinets. A Bosch washer-dryer and custom closets add to this sophisticated home's appeal. Maintenance includes all utilities, including basic cable with internet access, and is 55 percent tax deductible.

200 East 57th Street is a full-service, 24-hour doorman building offering a fitness center, planted roof deck, private storage, bike storage and parking garage. There's a Whole Foods Market just down the block, and the world-renowned Madison Avenue and 57th Street shopping corridors are minutes away. New York's best restaurants surround the neighborhood, while Rockefeller Center and Radio City Music Hall provide unlimited entertainment options. Subway access is superb with 4/5/6, N/Q/R and E/M service nearby.

More Information HERE

Unit 7L Floor Plan

Joy Behar buys Sag Harbor Mansion With No “View”

Longtime co-host of “The View,” Joy Behar has bought herself a pretty and historic mansion in Sag Harbor for $4.75 million. Sadly, judging at the listing photographs, the house itself does not seem to have a view.

It is, however, within walking distance to the Bay Street Theater, a regional theater which Behar sits on the board of. It also has an absolutely fabulous garden and a heated gunite pool on .65 acres of land. The historic 4,500-square-foot home — that according to the listing, “[evokes] days of whalers and simpler times” — has four bedrooms, three and a half bathrooms, two grand staircases and a separate back cottage, with its own kitchen and living space.

Behar was a cohost on “The View” from 1997 until 2013, when she kind of retired (though she made regular guest appearances). In 2015, she announced that she would be returning to the show full-time, saying to Dan’s Papers “Just when I thought I was out, they pulled me back in,” adding, “I’m happy to be back home.” [Realtor.Com]

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Stairway to Hudson: $150M Sculpture In The Works

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More than three years after he boasted that the centerpiece of Hudson Yards’ public plaza would be New York’s Eiffel Tower, Related Companies  chairman Stephen Ross Wednesday unveiled the design for a 16-story web of interconnected staircases that will rise among the mega-projects glass-and-steel towers.

The structure, titled “Vessel” and designed by Thomas Heatherwick, comes with a price tag of $150 million and will be in place at the Far West Side campus’ public square in two years.

“I wanted to create a 365-day Christmas tree,” Ross explained, comparing the copper-colored spectacle to Rockefeller Center’s holiday attraction during an unveiling ceremony.

Heatherwick’s structure, currently under construction in Italy, is made up of 154 interconnected staircases – some 2,500 steps – and 80 landings designed to offer various views of the new live-work-play neighborhood, which opened its first building in late May.

Several hundred onlookers gathered outside the 7 train subway station entrance to get their first glimpse at the long-awaited landmark as the sounds of construction buzzed on the surrounding towers.

Heatherwick noted he and his team felt “enormous pressure” to create a centerpiece that could compete for attention with the skyscraper around it where “the height wasn’t the main thing.”

“Vessel” can accommodate 1,000 people at a time within its lattice of staircases, which rises from a base measuring 50 feet in diameter that will widen to 150 feet as it climbs.

Ross had long wished to make a big splash with the centerpiece, and Related insiders had joked that there existed one picture of the sculpture that the chairman kept in his wallet.

Mayor Bill de Blasio, who was on hand for the unveiling ceremony and had seen early inspiration photos of the project, confirmed that Ross did “a very good job of keeping it close to the vest.”

“[That] added to the excitement,” he said.

432 West 52nd Street, Unit PH7H

432 West 52nd Street, Unit PH7H

HELL'S KITCHEN, MANHATTAN

1 Bed  |  1 Bath

Offered At $1,150,000

Taxes: $918 / mo.  |  CC:$814 / mo.  |  New Development  |  24hr Doorman  |  Roof Deck & Gym

 

Spectacular views and stunning finishes line this brand-new, penthouse-level home providing a rare opportunity to live in a spectacular new-construction building without paying the sponsor’s transfer taxes and closing cost fees!

Beautiful views from a long row of oversized north-facing windows make this one of the most desirable apartments in the building. The light-filled one-bedroom, one-bath home is topped by 9-foot ceilings while white oak hardwood floors run underfoot. The great room provides ample space for living and dining areas while the nearby open kitchen is a model of efficient, attractive design with integrated refrigerator, stainless steel appliances, lacquer cabinets and sleek Caesarstone countertops.


The large windowed bedroom is a serene space with a large closet, and two more large closets throughout the home ensure that storage is never an issue. The sleek bathroom features a custom vanity, frameless glass walk-in shower, gorgeous floor-to-ceiling tile and radiant heat flooring. Central climate control, energy-efficient windows and an in-unit washer-dryer provide the ultimate in comfort and convenience.


432 W 52 is a boutique condominium with extensive amenities including a 4,200-square-foot common landscaped roof deck, spacious residents' lounge, fully equipped fitness center and 24-hour doorman. Situated in Midtown within walking distance of Central Park, the Theater District, Columbus Circle and Times Square, the location is quite literally at the center of it all! Nearby access to the A/C/E, B/D, 1 and N/Q/R subway lines puts the rest of the city at your feet.

Neighborhood Guide HERE

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421 Hudson Street, Unit 718/19

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421 Hudson Street, Unit 718/19

West Village, Manhattan

2 Bed  |  3.5 Bath

Offered At $4,250,000

 

This immaculate loft duplex offers glorious Hudson River views, endless designer touches and a breathtaking double-height living room, all set in Manhattan's most sought-after neighborhood — the West Village. 

This expansive duplex was taken down to the studs and reimagined by designer Catherine Denaes and Dom Interiors NY as an industrial chic loft incorporating top-of-the-line materials and superior workmanship. The overall design scheme accentuates an open flow between spaces while emphasizing the home's unimpeded views. A tautly curated palette of textures — solid oak, steel, stucco and Venetian plaster — create lively juxtaposition and interest throughout. 

Enter the main level and be drawn to the soaring, double-height great room lined with massive wall-to-wall windows framing jaw-dropping Hudson River views. Motorize shades control light and temperature while 15-foot-tall ceilings rise over DuChateau Fine Sawn wide-plank floors. Venetian plaster and stucco walls create a striking organic contrast to the boldly modern Artemide chandelier. A gracious dining area leads to the professional chef's kitchen. Lined in stainless steel, this chic spaces combines form and function effortlessly with state-of-the-art appliances, including a Sub-Zero refrigerator, Miele dishwasher, Alpes-Inox cooktop and Verona wall oven. A spacious den outfitted with a walk-in closet and full bath is ripe for conversion to an additional bedroom, should your needs dictate, while the oversized laundry room includes full-size Miele washer and dryer, plus a Sub-Zero wine refrigerator and sink.

Bedrooms are situated on the upper level accessed by individual steel staircases — each designed to capture the buildings industrial Printing House roots — providing the rooms an excellent sense of privacy and separation while basking in the home's western views. The master suite features carbon oak finish Lema cabinetry and a massive walk-in closet with floor-to-ceiling storage suspended on a truly unique custom catwalk. Bathrooms are lined with Montauk gray slate with lava stone fresco creating a raw, serene environment. In the master bathroom, the relaxing shower features a Balearic rain shower head shower spray and lateral hydro-massage sprays, while antique Burmese temple doors serve as vanity tops supported by custom stainless steel, once again creating a purposeful synthesis of organic and modern forms.

Throughout this flawlessly designed home, livable space has been maximized while ample storage creates an uncluttered environment suited to showcasing the meticulous attention to detail and intentional choice of materials. 

The Printing House is a full-service condominium known for its impressive scale and classic good looks. Amenities include full-time doorman and concierge services, landscaped private mews, and access to the flagship on site Equinox health club offering world-class training facilities, a rooftop pool and sun deck. Set in the heart of the West Village, coveted restaurants, nightlife and entertainment surround the home. James J. Walker Park is just across the street, providing a playground and sports fields, and transportation is effortless with 1, A/C/E, B/D/F/M and PATH trains all nearby.

This Week’s 5 Most Expensive Listings

In the past seven days, 20 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.

50 East 69th Street

Address 50 East 69th Street
Price $72,000,000
Type/Size Townhouse
This week’s most expensive listing is a gargantuan 21,070 square foot Upper East Side townhouse in need of a little TLC. Formerly the Center for Specialty Care, an outpatient facility for plastic surgery, the home was built in 1917 by the cotton tycoon Otto Louis Dommerich, who demolished two houses in order to build this 44-foot wide spread. It comes with three elevators, 14 fireplaces and a stained glass dome at the top of the curved main staircase.

269 West 11th Street

Address 269 West 11th Street
Price $26,000,000
Type/Size Townhouse
The listing describes this home as, “a mansion in the making.” And that seems accurate. The Greek Revival townhouse comes with approximately 8,540 square feet of interior space plus an impressive 1,200 square foot garden. Built in 1836 it has high ceilings, multiple fireplaces and grand proportions.

63 East 82nd Street

Address 63 East 82nd Street
Price $23,750,000
Type/Size Townhouse: seven bedrooms and eight-and-a-half-bathrooms
Townhouses are dominating this weeks most expensive list, and here’s another one belonging to the Upper East Side. Built in 1899, this six-story spread comes with high ceilings, a sweeping staircase, a landscaped garden, a Juliet balcony and some bold design choices.

1125 Fifth Avenue #9FL

Address 1125 Fifth Avenue #9FL
Price $19,000,000
Type/Size Co-op: five bedrooms and four-and-a-half-bathrooms
With 50-feet of Fifth Avenue frontage, it’s not surprising that this sizable co-op has impressive Central Park views (even if they do seem to be obstructed by scaffolding in the listing photos). It comes with a bedroom wing, a formal dining room, a library, staff quarters and we’re sort of in love with its old school charm.

53 West 53rd Street #50A

Address 53 West 53rd Street #50A
Price $18,700,000
Type/Size Condo: three bedrooms and three-and-a-half-bathrooms
Last but by no means least is this condo at the Jean Nouvel-designed “MoMA Tower”. When the building is completed this 3,952-square-foot spread will have interiors designed by Thierry Despont, a master suite with Central Park views, hotel-like amenities, and best of all – Museum perks.

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734 East 5th Street, Unit 2R

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734 East 5th Street, Unit 2R

Kensington, Brooklyn

2.5 Beds  |  2 Bath

Offered At $775,000

 

New to market! 2 BD, 2 BA, convertible 3, CONDO with extremelty LOW monthlies! Apt features 2 Private Balconies and a deeded large private storage room. This spacious 2 bedroom 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

This Week’s 5 Most Expensive Listings

In the past seven days, 15 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.

33 East 74th Street

Address 33 East 74th Street 
Price $44,000,000
Type/Size Townhouse: five bedrooms and six bathrooms
Just like last week, this week’s most expensive listing is a townhouses; and just like last week, this one is part of a larger condo building. Unfortunately there’s not much in the way of listing photos, but according to the listing the 10,088 square foot space is being delivered as a white box and, “purchasers should bring their designers/architects.”

151 East 58th Street #Ph53w

Address 151 East 58th Street #Ph53w
Price $37,500,000
Type/Size Condo: three bedrooms and four-and-a-half bathrooms
This Sutton Place penthouse is the first listing LLNYC has seen that gives a square footage for the windows: 2,500. Along with that impressive amount of glass, this spread comes with views (of course), a master suite including his and hers bathrooms and walk in closets, a loft-like corner living-room with an open dining area, and an eat-in kitchen with state-of-the-art appliances.

785 Fifth Avenue #17AB

Address 785 Fifth Avenue #17AB
Price $27,500,000
Type/Size Co-op: two bedrooms and two-and-a-half bathrooms
This co-op made headlines last week thanks to its owner – billionaire media mogul David Geffen. His 5,000-square-foot apartment was designed by Charles Gwathmey and comes with Central Park views, a chef’s kitchen, an oversized great room, and a sound proofed screening room with a state-of-the-art projectionist booth. Geffen is reportedly moving because he has finished renovating another apartment in the building — likely the co-op he purchased in 2012 for $54 million.

45 East 30th Street #Phb

Address 45 East 30th Street #Phb
Price $18,950,000
Type/Size Condo: three bedrooms and three bathrooms
Here’s another apartment with an interesting owner – this time it’s Al Kahn, and although the name might be unfamiliar, he’s the man responsible for bringing pokémon to the US. His four-story apartment comes with a full-floor master suite, seven outdoor terraces, and a private outdoor pool. Alas no pokémon, though.

520 West 19th Street #Phb

Address 520 West 19th Street #Phb
Price $18,500,000
Type/Size Condo: five bedrooms and five-and-a-half bathrooms
According to its listing, this colorful Chelsea duplex offers, “an indescribable living experience.” Spread across 4,054 square feet, the home comes with a library, fireplaces, teak wall panels, and a large private terrace.

Monthly Update - September 2016

The Hoffman Team joined Compass seven months ago now, and I have to say that the culture, technology and energy of the company is an incredibly potent combination — and one that our Manhattan market sorely needed. The genius idea of bring 21st century technology to our industry and also setting a culture of respect and admiration for your fellow colleagues is a powerful combination. A combination that, when cultivated with the right touch, can produce an amazing work environment that makes success easy to achieve.

In that spirit, the Hoffman Team has just celebrated over $75 million in closings and contracts signed in our seven-month tenure at Compass. We worked very hard in our early weeks — establishing ourselves in this new system and learning new technology — but when April 1 rolled around, we hit the ground running!

Recently Compass achieved what very few three-and-a-half-year-old startups have ever achieved — a $1-billion-dollar valuation thanks to a new round of funding. That milestone makes Compass what's known as a "unicorn" investment circles.

When Compass CEO Robert Reffkin was asked on Bloomberg West what led to the successful round, he responded, "This is a $75 billion broker commission market we play in, and we're already profitable in several of our offices. I think [investors] found that compelling." Phil Libin, General Catalyst managing director, added "I really like what Compass is doing because they're adding a lot more data and information to a process that traditionally has been fairly closed-loop … ."

"This funding will provide us with additional resources to accelerate our growth into new markets and inject transformative technology to improve the experience for consumers and agents," remarked Ori Allon, Compass co-founder and chairman. To that end, Compass has launched its much-anticipated presence in San Francisco, expanding our reach into another tremendous real estate market.

Thank you to all our buyers and sellers who continued trust us with your most valued asset. We look forward to wrapping up the year with huge expectations for ourselves and a continued focus on satisfying our No. 1 team member — YOU!

Hoffman Team Listings

Coming To Market Later This Month:

  • 200 East 57th Street  |  3 Bed  |  2 Bath  |  $2,495,000
  • 200 East 57th Street  |  3 Bed  |  2 Bath  |  $1,950,000
  • 90 Riverside Drive  |  3 Bed  |  2 Bath  |  $1,850,000
  • 432 West 52nd Street  |  2 Bed  |  2 Bath  |  $1,575,000
  • 432 West 52nd Street  |  1 Bed  |  1 Bath  |  $1,150,000
  • 432 West 52nd Street  |  1 Bed  |  1 Bath  |  $1,080,000
  • 734 East 5th Street  |  2.5 Bed  |  2 Bath  |  $775,000

COMPASS Press

  • Compass becomes real estate’s newest billion-dollar startup

HousingWire  |   Read Full Article

 

  • Compass Launches Ninth Luxury Market In San Francisco


Yahoo! Finance  |  Read Full Article



The Numbers:

 

In August we saw a slight dip in new inventory, which is normal for August. 


For the two and three bed plus categories we saw big drops, almost 25% off of July's numbers. 

Spotlight Listing: Hamptons

 

 

WATER MILL SOUTH ESTATE

Elegance defines this meticulously designed and constructed Water Mill estate section jewel.

The park-like private setting and mature landscaping are a tribute to historic Hamptons estates, framed by giant Cherry, Ginko and other specimen trees.

The classic architecture combines with striking Belgian-inspired modern interiors, echoing the study in subtle contrasts that unfolds throughout the home. Hand-bleached wide-plank oak floors and vaulted ceilings create airy living spaces that flow seamlessly, and a museum- quality LED lighting system and vintage, custom-designed and Italian light fixtures further enhance the house.

Enormous custom windows and glass doors provide broad views of the gorgeous grounds from every sight line, connecting the interior space with the outdoors in a uniquely modern way. Expansive covered and open-air patios combine with a 50-foot pergola to allow for spectacular outdoor entertaining. This is a one-of-a-kind custom property.

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Hamptons Spotlight Listing: 10 HOLLY LANE WATER MILL SOUTH, NEW YORK

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WATER MILL SOUTH ESTATE Elegance defines this meticulously designed and constructed Water Mill estate section jewel.

The park-like private setting and mature landscaping are a tribute to historic Hamptons estates, framed by giant Cherry, Ginko and other specimen trees.

The classic architecture combines with striking Belgian-inspired modern interiors, echoing the study in subtle contrasts that unfolds throughout the home. Hand-bleached wide-plank oak floors and vaulted ceilings create airy living spaces that flow seamlessly, and a museum- quality LED lighting system and vintage, custom-designed and Italian light fixtures further enhance the house.

Enormous custom windows and glass doors provide broad views of the gorgeous grounds from every sight line, connecting the interior space with the outdoors in a uniquely modern way. Expansive covered and open-air patios combine with a 50-foot pergola to allow for spectacular outdoor entertaining. This is a one-of-a-kind custom property.

 

This listing courtesy of Douglas Elliman

Scott Bartlett

c 516.383.3460

scott.bartlett@elliman.com

This Week’s 5 Most Expensive Listings

Here’s our look at the five most expensive residential listings to hit StreetEasy in the past seven days — the crème de la crème of the Manhattan market this week.

21 East 66th Street #7FLR

Address 21 East 66th Street #7FLR
Price $14,350,000
Type/Size Condo: three bedrooms and four-and-a-half bathrooms
This week’s most expensive listing is a full-floor unit at 21 East 66th Street, a home which is described as, “befitting for royalty or the like.” The listing photos provided focus very specifically on the apartment’s finishes so we can’t judge for ourselves quite how lavish the spread actually is – but we can say the tiling is superb.

251 East 61st Street

Address 251 East 61st Street
Price $14,250,000
Type/Size Townhouse: five bedrooms and five bathrooms
The second most expensive listing this week is a two-fer; one 5,000-square-foot townhouse plus a 1,148 square foot finished coach house. The two are connected by a private underground passageway. Besides two houses the spread comes with a wine room, a roof deck and an elevator.

1175 Park Avenue 12FLR-1/2A

Address 1175 Park Avenue 12FLR-1/2A
Price $9,950,000
Type/Size Co-op: five bedrooms and four-and-a-half bathrooms
At 1175 Park Avenue is this 12 room residence. Spread across over 4,400 square feet, it comes with a private elevator landing, a formal dining room, a children’s play room, a private maid’s quarters, and a paneled library with a 24-karat gold leaf ceiling.

120 East End Avenue #10B

Address 120 East End Avenue #10B
Price $9,500,000
Type/Size Co-op: four bedrooms and three-and-a-half bathrooms
This 4,100 square foot corner spread has been “exquisitely renovated,” according to the listing. It comes with East River views, marble mantelpieces, an eat-in kitchen, and a library. But we like the wooden herringbone floors most of all.

20 West 53rd Street #29A

Address 20 West 53rd Street #29A
Price $9,350,000
Type/Size Condo: three bedrooms and three-and-a-half bathrooms
Set inside the Baccarat Hotel & Residences, this 2,303-square-foot spread benefits most those swanky hotel amenities. But beyond the bar, restaurant, spa and fitness center, this apartment has floor-to-ceiling windows, Central Park views, and a customized walk-in closet.

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201 East 21st Street, Unit 10B

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201 East 21st Street, Unit 10B

GRAMERCY PARK, MANHATTAN

2 Bed  |  1 Bath

Offered At $1,075,000

 

Welcome home to this stylish and gut-renovated Junior 4 apartment that has been recently featured in home décor magazines! It offers a great layout, ample storage space and thoughtful updates, all located in one of Gramercy’s most sought-after buildings!

This converted two-bedroom, one-bathroom apartment features large west and south facing windows in nearly every room. The oversized rooms and flexible floorplan are ready to meet your needs while the renovated open kitchen is perfect for any chef or for entertaining. Other kitchen features include top of the line stainless steel GE appliances, single piece Carrera marble countertops and backsplash and Restoration Hardware and Moen fixtures to complete the look. You'll find abundant storage space throughout the apartment with five large closets outfitted by California Closets, built-ins lining the living room plus a wall of bookshelves in the home office/second bedroom. The gracious foyer flows into the oversized living room to provide an immense space ready to accommodate living and dining spaces. The converted second bedroom is suitable for use as a home office, nursery or can be converted back to a formal dining area. The large master bedroom provides plenty of room and boasts a massive walk in closet complete with a center island. The beautifully renovated bathroom features Carrera marble and Restoration Hardware fixtures giving it a simple yet modern look and feel.

The Quaker Ridge is known for its stellar financials and low maintenance, not to mentions its prime location just steps from Gramercy Park. The co-op includes a full-time doorman, live-in superintendent, new laundry facilities, bike storage and a residents-only parking garage with direct access to the building. The building allows co-purchasing and pets, but does not permit guarantors or pied-à-terres.

Seen HERE In NY Cottages & Gardens

Here’s Why We Celebrate Labor Day

But the Labor Day holiday has a storied past, one of violence and celebration, that’s embedded deep in the history of the American labor movement. And while it has spread around the world in different forms, Labor Day has distinctly American roots.

Here’s a quick primer on the meaning and history of the holiday.

When did Labor Day begin?

The modern holiday is widely traced back to an organized parade in New York City in 1882. Union leaders had called for what they had labelled a “monster labor festival” on Tuesday, Sept. 5, according to Linda Stinson, a former historian for the Department of Labor (the idea for a general labor festival may have originated in Canada, which today also celebrates “Labour Day” on the first Monday in September). Initially that morning, few people showed up, and organizers worried that workers had been reluctant to surrender a day’s pay to join the rally. But soon the crowds began flowing in from across the city, and by the end of the day some 10,000 people had marched in the parade and joined festivities afterward in what the press dubbed “a day of the people.”

When did it become an official holiday?

The practice of holding annual festivities to celebrate workers spread across the country, but Labor Day didn’t become a national holiday for more than a decade. Oregon became the first state to declare it a holiday in 1887, and states like New York, Massachusetts and Colorado soon followed suit. Under President Grover Cleveland, and amid growing awareness of the labor movement, the first Monday in September became a national holiday in 1896.

Why is it on the first Monday in September anyway?

Labor union leaders had pushed for a September date for the New York demonstration, which coincided with a conference in the city of the Knights of Labor, one of the largest and most influential of the unions. The first two New York City Labor Days took place on the 5th of September, but in 1884, the third annual New York City Labor Day holiday was scheduled for the first Monday in September, and that date stuck.

The September rally would soon clash with International Worker’s Day on May 1, which arose out of what is known as the Haymarket Affair. On May 4, 1886, protesters in Chicago gathered to demand an 8-hour workday. Toward the end of the day, a peaceful demonstration devolved into violence when a bomb was hurled toward the police, killing one officer instantly and injuring others. The police responded by firing into the crowd, killing a still undetermined number of people. The incident enraged labor activists but also fueled fears in America that the labor movement had become radicalized, prompting a crackdown on labors groups: the bomb thrower was never identified, but four people were hanged for their alleged involvement.

In the wake of the Haymarket Affair, Union leaders and socialists declared May 1 as International Workers’ Day, and the day was and continues to be unofficially observed in the U.S. It’s also that date that most other countries officially or unofficially observe as a holiday in honor of workers. But when President Grover Cleveland moved to create a national labor holiday, he chose to avoid the thorny history of that May date.

So what’s the difference between Labor Day and May Day (International Workers’ Day) in the U.S.?

Jonathan Cutler, associate professor of sociology at Wesleyan, described Labor Day as a “government alternative” to May Day in an informative interview with NPR about the Haymarket Affair. May Day may have helped promote the creation of a national holiday, but Labor Day is associated with a different significance. “May Day has always been linked to the demand for less work and more pay; Labor Day celebrates the ‘dignity’ of work,” Cutler said in the interview.

We have Monday off, but does the labor community still actually celebrate the holiday?

Yep. To this day there is still a major parade in New York City (and other cities across the country, large and small), and the #UnionStrong will probably make a big showing on Twitter. It’s true that union membershiphas been declining for years, but many of the challenges that faced workers more than a century ago are still being overcome today, whether by thegrowing movement for higher wages in the fast food industry or by overworked tech and finance employees calling for better hours.

“If there is anyone who needs to attend to the spirit of Haymarket, it is the American white-collar professional who works 10 hour days, including many weekends, and who has fewer paid vacation days than other white-collar professionals around the world,” Cutler said in the interview with NPR.

So, are white clothes really out?

Yes and no.

Your new home awaits.