Billionaires Are Gobbling Up Basquiats Like There Is No Tomorrow!

The global art market has more than tripled in value since 2003, pushing auction sale prices sky high. And right now, no artist is hotter than Jean-Michel Basquiat.

In May, “Untitled” by Basquiat sold for $57.3 million, setting a short-lived record for the artist’s work. But soon after, the same Japanese collector dropped another $110.5 million on a different Basquiat.

And so naturally, at this year’s Art Basel, Basquiat was the name of the game. Some 90 private jets landed in the small Swiss town carrying billionaires like Steve Cohen, Leon Black, Eli Broad and Dmitry Rybolovlev. There’s no word on whether Ian Schrager, who once gave away a Basquiat, was among them.

For their collecting pleasure, some nine works by Basquiat were brought to the fair by galleries, according to Bloomberg.

“People realize this is a moment to cash in on Basquiat,” Phyllis Hattis, a New York private dealer told Bloomberg.

Basquiat’s “Three Delegates” sold in the first hour on Tuesday at Acquavella Galleries, Bloomberg reports. The piece was asking $18 million. And his 1982 piece “Baby Boom” from 1982 may have also found a buyer. Levy Gorvy gallery was asking $32 million for the work owned by newsprint magnate Peter Brant.

“The market feels stronger,” Russian collector Maria Baibakova said. “Many things I wanted to buy were already sold.”

10 Small Towns Near NYC To Visit This Summer

Plan a day (or weekend) trip to one of these charming destinations, all of which are just a stone's throw from New York City

BY LILIT MARCUS, JESSICA WAKEMAN, AND AMY PLITT  MAY 22, 2017, 10:00AM EDT

It is a truth universally acknowledged (by New Yorkers, anyway) that summer in the city can be something of a beast, what with the ridiculous heat in subway stations, and that smell (you know what we're talking about) that permeates city streets until October. But instead of stewing in the heat, why not get out of town for a day or two? Thanks to our fair city's location—close to New England, the Jersey Shore, Long Island's beaches, and the Hudson River—there's a bevy of charming towns you can visit the next time you need a break from NYC.

These towns in New York, Connecticut, and New Jersey offer a little something for everyone. But the best part is that they're all just a few hours from NYC, so it won't be hard to drop everything, pack a bag, and get outta town.

#1 Phoenicia, NY

It's only a matter of time before Phoenicia becomes as popular among NYC expats as towns like Beacon or Hudson—and if you ask some people, it's already there. (How many Phoenicia Diner t-shirts have you seen in Brooklyn lately?) But the town's location deep within the Catskill Mountains has helped it retain a laid-back feel, and there's a lot to do there: Main Street is full of charming and quirky shops (including the Mystery Spot, a vintage lover's haven), there are outdoor activities aplenty, and lodging options range from hip hotels (The Graham & Co.) to quaint B&Bs (The Phoenicia Belle). Oh, and the Phoenicia Diner is actually well worth a visit.

#2 Lambertville, NJ

The so-called “antiques capital of New Jersey” is worth a visit if you’re in the market for vintage treasures: It’s home to the People’s Store, a well-known antiques market located in a 19th-century building in the center of town. (And that’s just the best-known spot—the town is brimming with smaller stores and dealers selling vintage wares.) Lambertville is also close to New Hope, Pennsylvania, which Curbed Philly calls "a hot spot for artists and creatives"—so it's worth hitting both towns in one trip.

#3 Mystic, CT

New England maritime history is center stage in Mystic, where the Charles W. Morgan, the country's oldest surviving whaleship, is docked at the Mystic Seaport. The site of a recreated 19th-century seafaring village, the seaport shows off big ships and offers exhibitions on lighthouses, figureheads, and other maritime objects. But if you know the town, it may be for Mystic Pizza, the pizzeria made famous by the 1988 Julia Roberts flick. And no visit to the town is complete without enjoying scoops from Mystic Drawbridge Ice Cream while watching boats pass under the drawbridge.

#4 Kingston, NY

Thanks to its location on the banks of the Hudson River, there's a lot of nautical history in Kingston. It's home to both the Hudson River Maritime Museum, which hosts exhibits and leads tours about the area, as well as the quaint and Instagrammable Rondout Lighthouse. But Kingston also has the sort of hip shops and restaurants that wouldn't feel out of place in, say, Brooklyn—spots like Clove & Creek, with its selection of home goods and accessories, or Brunette, a wine bar opened in 2015 by two Queens residents who fell in love with the town.

#5 Cape May, NJ

Cape May prides itself as a quaint Victorian village nestled in the southern tip of New Jersey. It also happens to also be a prime beach location with miles of beaches directly on the Atlantic Ocean (however, access is not free — guests must pay a fee at beach entrances). There's a vibrant, family-friendly downtown featuring shopping, mini-golf, an arcade, frozen custard, and a couple of fudge shops. When the sunburn starts to set in, visit the picturesque Cape May Lighthouse, the World War II Lookout Tower, or the Emlen Physick Estate, a 19th-century Victorian home complete with gardens and a tearoom. If adventure is more your speed, check out Cape May Parasailing, the Cape May Whale Watcher cruise, or even surfing lessons.

#6 Greenport, NY

If you want to check out Long Island's North Fork, Greenport is an excellent home base—and has plenty of charms of its own. The town is known for having some of the North Fork's best restaurants, including American Beech, a new American spot that does double-duty as a small, but lovely, hotel. Brix & Rye and Greenport Harbor are two excellent options for those seeking quality cocktails or craft beers, respectively. And, of course, there are beaches where you can kick back and relax. There's also a ferry that takes folks to Shelter Island, should you want to check that out on your trip.

#7 Kent, CT

Visiting the tiny town of Kent (it has fewer than 3,000 residents) is an excellent excuse to book a night or two in one of Litchfield County's many B&Bs. Visitors typically flock to Kent Falls, the scenic 250-ft waterfall found in the state park in Kent. For history lovers, the Seven Hearths Museum is a pre-Revolutionary War home that gives guests a peek into life during the colonial era and the Connecticut Antique Machinery Association is a museum dedicated to old-timey agricultural equipment. If you do visit Kent Falls, check out the nearby Kent Falls Brewing Company, located on the site of a former dairy farm.

#8 Hudson, NY

Hudson is best loved for its farm-to-table food scene and its antiques, which have interior designers from the city scrambling up the Amtrak for great deals. But don't ignore the culture scene: bar-slash-bookstore Spotty Dogmerges two of the world’s most perfect things, and Hole bassist Melissa auf der Maur has converted a former cathedral, Basilica Hudson, into a concert venue and event space.

#9 Maplewood, NJ

A visit to the suburb of Maplewood is all about hiking the South Mountain Reservation to see the Hemlock Falls waterfall, a rocky trail that may be tough for novice hikers. Consider a planned hike through the South Mountain Conservancy. Along the way you might catch a glimpse of some "fairy houses" made of natural materials and built into the landscape by a local woman. Finish the day with a tour of Melovino Meadery in the neighboring village of Vauxhall to learn how mead is made—and of course, enjoy a tasting.

#10 Ridgefield, CT

Ridgefield is a thriving artistic community with institutions like The Aldrich Contemporary Art Museum, started from late fashion designer Larry Aldrich’s private collection. The Ridgefield Playhouse is a movie theater/performing arts center featuring acts like comedian Marc Maron and musician Loretta Lynn, while the Ridgefield Theater Barn is a playhouse located in—you guessed it—a big, red converted dairy barn. For those who aren't artistically inclined, the Keeler Tavern Museum is dedicated to the area’s Revolutionary War history. Guests can even see a cannonball fired by the British still embedded in the tavern’s wall.

Construction To Begin On The NEW Penn Station

Just a day after Penn Station‘s long-awaited West End Concourse revealed itself to the public, for the first time allowing Amtrak, Long Island Rail Road, and NJ Transit passengers to enter and board trains through the historic James A. Farley Post Office across 8th Avenue, Governor Cuomo has announced that Empire State Development signed the final financial agreement with Related Companies, Vornado Realty LP, and Skanska AB for the $1.6 billion Penn-Farley Complex. After decades of delays, construction will now begin to transform the historic post office into the Moynihan Train Hall, a new 255,000-square-foot train hall housing both Amtrak and LIRR ticketing and waiting areas, as well as 70,000 square feet of new commercial, retail, and dining space. But a development announcement from the Governor is never complete without a fresh set of renderings, and Cuomo did not disappoint this time.

The 1913 Moynihan Train Hall–designed in the Beaux-Arts style by McKim, Mead and White, the architects of the original Penn Station– will increase Penn Station’s total concourse floor space by more than 50 percent, creating “an iconic civic space for Manhattan’s West Side.” Cuomo said in press release, “Fifty years after the loss of the original Penn Station structure, passengers will once again experience a world-class rail hub worthy of New York. “The Farley Building’s Moynihan Train Hall is two decades in the making, and we are proud that this project is finally a reality. With better access to trains and subways and state-of-the-art infrastructure, the Moynihan Train Hall seamlessly joins history, architectural design and function, bringing the nation’s busiest rail station into the 21st century.”

The main feature of the new train hall is a 92-foot-high skylight “to be built above the building’s historic and architecturally dramatic steel trusses” and reference the original Penn Station design. From here, passengers will have access to nine platforms and 17 tracks, as well as direct access to the Eighth Avenue subway and the existing Penn Station across the street. To that end, Cuomo’s overall $3 billion Penn Station overhaul also includes a redesign of the existing LIRR concourse at 33rd Street and the Station’s subway stations, the A-C-E at Eighth Avenue and the 1-2-3 at Seventh Avenue. Lighting will be upgraded, and digital screens will make for easier navigation.

If yesterday’s unveiling of the West End Concourse is any indication as to how the completed Penn-Farley complex will look, New Yorkers can expect big, bright spaces with high-tech features like LED screens and charging stations. (Take a tour of that new space HERE).

The $1.6 billion project is being funded with $550 million from the state, $420 million from Amtrak, the MTA, the Port Authority and federal grants, and $630 million from the joint venture developers. It’s expected to be complete by the end of 2020.

New Study Says Mexico City Is Less Affordable For Renters Than Manhattan...

Out of all of the world’s cities, New York City surprisingly does not have the most unaffordable rental market. In a report released by RENTCafe, Mexico City beats Manhattan as the worst urban area for renters, with 60 percent of their income being spent on housing. However, Manhattan continues to be extremely unaffordable, with residents putting 59 percent of their income toward rent. Affordability levels are not much better in the three other U.S. cities that made the list; Chicago, San Francisco and L.A. have rent-to-income ratios of 38, 41, and 47 percent respectively.

Cities of Opportunity, via PwC and RENTCafe

RENTCafe used a report by the global professional services firm PwC that ranked the world’s best cities to work and live. The report, called Cities of Opportunities, ranked the 30 best by analyzing at indicators like infrastructure, intellectual capital, sustainability and ease of doing business. Then RENTCafe took this information and found out the amount of money people earn in these cities and whether their salaries were enough for them to afford rental apartments. They examined the average rent of each market and median incomes to calculate the rent-to-income ratio for every city of opportunity.

If housing costs exceed 30 percent of a household income, they considered this rent-burdened. If cities boast an average rent of 30 percent or less of the median than the report says the household income is burden-free. The group then divided the remainder into moderately burdened at 31 to 50 percent rent to income and severely rent burdened at over 51 percent of a household’s income.

According to the data, Kuala Lumpur, Moscow and Johannesburg are the three most affordable cities of opportunity. In the original ranking, these cities sat at 20th, 22nd and 24th place respectively. Overall, the data shows that renting an apartment in more than half of the world’s greatest cities of opportunity won’t cost you more than 30 percent of your income. And while affordability is obviously a draw for many, unfortunately, the economic opportunity may be greater in cities with higher rents, like New York, London, and Singapore.

Discover more about the most affordable cities of opportunity here.

133 Years Ago, America’s First Roller Coaster Opened At Coney Island

On this day in 1884, the country’s first roller coaster opened at Coney Island, sparking Americans’ obsession with amusement rides. Invented by LaMarcus Thompson, the ride, called the Switchback Railway, spanned 600 feet and traveled just six miles per hour. Unlike today’s coasters, the Switchback did not make a round trip loop, and passengers exited at the end of the track. The one-minute long ride cost only five cents.

Photo courtesy of Entertainment Designer

Thompson was inspired by the Mauch Chunk Gravity Railway, a nine-mile downhill railway in Pennsylvania that was designed to carry coal out of the mountains. Later, amused onlookers took it for a spin, making it the first roller coaster-type ride. After riding the Mauch Chunk, Thompson was determined to build an actual roller coaster and found a design by inventor Richard Knudsen called the “Inclined Plane Railway.” The Switchback Railway consisted of two parallel wooden tracks that descended in opposite directions. The ride became so popular it brought in an average of $600 per day, paying for itself within three weeks.

Interestingly, the first design of the cars had the seats facing backward, instead of forward. Changes were later made for more practical, forward-facing cars that could fit more passengers. Plus, the track design was later replaced with an oval complete-circuit to make rides more efficient. Thompson went on to design more roller coasters across the country that included dark tunnels and painted scenery.

Following the Great Depression and World War II, the popularity of roller coasters and amusement parks dropped as Americans had less money to spend for entertainment. But after Disneyland in California opened in 1955, roller coasters and their theme parks began to modernize. While a lot of major amusement parks shut down in Coney Island by the mid-1960s, it continues to be a popular tourist attraction. The boardwalk’s Cyclone roller coaster, which made its debut in 1927, is one of the country’s oldest coaster still in operation.

As 6sqft reported a few months back, Coney Island may add 150,000 square feet of amusement rides, games and other attractions expected to be up and running by the summer of 2018. Plus, a brand new food and drink space opened last month that will hold five different beach-friendly restaurants. The rehabilitation of the space is part of the city’s plan to revitalize and expand Coney Island’s amusement area to support new businesses, employment, and affordable housing.

221 East 50th Street, Unit 6D/7D

221 East 50th Street, Unit 6D/7D

MIDTOWN EAST, MANHATTAN

Offered At $1,750,000

Monthly Maintenance: $3,205/mo.

3 Bed  |  3  Bath  |  Co-op

 

Welcome to a meticulously executed, sun-filled duplex in the heart of Midtown East/Turtle Bay. 

This stunning combination of two units has created an airy three-bedroom, three-bathroom residence that maximizes the units' space. Whitewash oak flooring invites you inside to take in a full-width southern exposure and views that skim over the rooftops of the adjacent buildings. Custom lighting enhance the open plan great room's sense of space and light, while the nearby windowed kitchen offers state-of-the-art appliances by Bosch, Bertazzoni and Fisher & Paykel. At the rear of this level, a large bedroom with an impressive walk-in closet stands next to a gleaming full bathroom. 

Acting as both focal point and conveyance, the custom staircase unifies the two levels with blackened steel supports, white oak tread boards and chic vertical slats. Upstairs, the luxe master suite includes another walk-in closet, a spacious windowed master bathroom, and innovative full-height electrolytic glass panels that draw natural light into the hallway or provide complete privacy at the flip of a switch. The third bedroom is situated at the rear of the floor, and the home's third full bathroom includes an in-unit washer-dryer. Custom closets, recessed lighting, HVAC units enclosed in custom cabinetry, under cabinet lighting, high-end hardware and custom millwork illustrate the care and attention that's gone into this designer home's thoughtful reimagining.

221 East 50th Street is a well-maintained postwar co-op building offering a live-in superintendent, central laundry, bike storage and private garden. Set on beautiful, tree-lined 50th Street near Third Avenue, this delightful home is in the heart of one of Manhattan's most convenient and enjoyable neighborhoods offering residential ambiance combined with incredible accessibility. Fantastic restaurants, including Dos Caminos, Smith & Wollensky, Sofia Wine Bar and The Smith are just steps away, and transportation options are abundant with 6, E and M trains within three blocks and 4/5, S and 7 trains at Grand Central Terminal.

East Village Gas Explosion Sites Sell For $9.15M

More than two years after a gas explosion leveled several buildings on the corner of Second Avenue and Sixth Street in the East Village, two of the sites that fell as a result of the blast have sold.

The New York Post reports that the empty lots that were once home to buildings at 119 and 121 Second Avenue sold to Nexus Building Development Group (which has properties in the Lower East Side and East Village), with city records showing that the two properties went for a combined $9.15 million. It was speculated that they could nab as much as $12 million earlier this year. An adjacent site not owned by the Hyrenkos at 123 Second Avenue (once home to East Village late-night institution Pommes Frites) sold for $9.7 million last year.

According to the Post, the two sites were, before the sale, still owned by Maria Hrynenko, who is currently awaiting trial on manslaughter charges related to the 2015 explosion. As we previously reported, “Manslaughter charges were brought in February [2016] against several parties involved with and privy to the illegal gas line, including against the owners of the building at 121 Second Avenue, Maria Hrynenko and her son Michael Hrynenko.”

But lawyers for the victims of the explosion—there are dozens of lawsuits, including one from actress Drea de Matteo brought against the city, Con Edison, and several other companies—have expressed concernthat a sale could make it harder for their clients to see any financial remuneration from the Hyrenkos. “Let’s say she sells the property and takes the cash and stashes it away in the Canary Islands, there’s no way for us to recoup that,” one lawyer working on a case against the Hyrenkos told the Post.

The National Debt Clock Will Move Back To Bryant Park

While the debt continues to grow, the ticker that estimates the current national figure is temporarily coming down this month. The National Debt Clock at 1133 Sixth Avenue will be moved on June 8 to make way for a new entrance at the Durst Organization’s building just one block away to One Bryant Park (aka the Bank of America Tower), the spot where the original clock first stood, as the Post reported. Real estate developer Seymour Durst first put up the ticker on the corner of Sixth Avenue and 42nd Street in 1989, when the debt was a mere $3 trillion. Today’s debt totals over $19 trillion, with each family’s average share more than $168,000, according to data from the US Treasury.


One Bryant Park, on the right

The original clock was made up of 306 old-fashioned light bulbs and when the debt started falling, the ticker was unplugged and draped with a red, white and blue curtain in 2000. Then as the debt started rising again in 2002, it was reactivated. Durst promised the clock would stay up “as long as the debt or the city lasts…if it bothers people, then it’s working.”

The old-fashioned clock was replaced by a more digital version after the Dursts demolished a low-scale building to make way for One Bryant Park. Douglas Durst, Seymour’s son who took over the company after his father’s death in 1995, had to add another digit to the clock after the debt soared past $10 trillion in 2008. The clock is moving to make way for the building’s tenants, Take-Two Interactive, a software company who created “Grand Theft Auto” and recently signed a 15-year-lease in the building.

53 West 11th Street, Unit 4R/5R

53 West 11th Street, Unit 4R/5R

GREENWICH VILLAGE, MANHATTAN

Offered At $1,795,000

Monthly Maintenance: $2,226/mo.

1 Bed  |  2 Bath  |  Co-op

Live on the most exclusive stretch of Greenwich Village in this impressive, loft-like convertible two-bedroom duplex situated in a charming and historic brownstone building.

After just three flights up you'll be greeted by bright light and premium finishes in this beautifully designed duplex wrapped in windows facing west, north and east. The expansive 18-foot by 20-foot great room is handsomely appointed with flawless herringbone floors and a wood burning fireplace while soaring ceilings are dotted with recessed lighting. Beautiful views of the townhouse gardens provide a serene backdrop to daily living and lavish entertaining, and the incredibly chic kitchen, equipped with top-of-the-line Wolf and Miele appliances stands ready for whatever culinary demands you may have. A full bathroom and extra closets round out this lovely lower level, while the sculptural cantilevered stair ascends to the flexible top floor. Currently configured as a grand full-floor one-bedroom with gorgeous marble bath and ample custom closets, this level's large layout can easily accommodate the addition of a second bedroom/den plus home office as depicted in the alternate floor plan.

53 West 11th Street is a stately brownstone co-op built in 1891. The well-maintained boutique building welcomes pets, pied-à-terres and guarantors. Monthly maintenance 55 percent tax deductible.

Part of the Greenwich Village Historic District, ideally located in the Gold Coast area, this lovely block has been called "one of the finest streets in The Village" by city historians. From here, the attractions, dining, shopping and entertainment of Greenwich Village, the West Village, Union Square and Chelsea are all within easy reach. Visit the city's best year-round greenmarket at Union Square and head to the new Whitney Museum of Art. Enjoy green space and fresh air on the High Line or along the spectacular Hudson River Greenway. Transportation couldn't be easier with PATH trains and nearly every subway line in the city within easy reach, including A/C/E, B/D/F/M, L, 1/2/3, 4/5/6 and N/Q/R/W trains.

Central Park Lampposts Have ‘Secret Codes’ To Help You Find Your Way

We can think of worse fates than getting lost in Central Park. With its winding pathways, lovely bridges, stunning gardens and a magical lake, it’s the most visited urban park in the United States. But a few of those visitors are bound to take a wrong turn every now and again, and if you find yourself in that predicament, Central Park’s 1,600 lampposts bear a secret code that will help you get your bearings and find your way.

The lights were designed by Beaux-Arts architect Henry Bacon in 1907. Each one has an embossed or painted set of numbers on its base. The first two or three digits tell you the closest cross street. The last number tells you whether you’re on the east or west side. Odd numbers correspond to the west side of Manhattan and even numbers point to the east side. One way to remember the code: Both “east” and “even” start with E.

The city has been making things easier by adding metal plaques that provide the name of the cross streets as well, but the old-fashioned way is definitely more of an adventure.

80 Riverside Blvd. Unit 12A

80 Riverside Blvd. Unit 12A

UPPER WEST SIDE, MANHATTAN

Offered At $1,750,000

CC: $1,003/mo.  |  Real Estate Taxes: $931/mo.

2 Bed  |  2 Bath  |  Condo  |  24/7 Doorman  |  Gym & Pool

Greet each day with open-sky views in this immaculate two-bedroom, two-bathroom condominium in an elite, amenity-rich Lincoln Square building.

Situated in the A-line layout, this gorgeous home is highlighted by open eastern views overlooking the adjacent park. Indoors, premier finishes and designer touches make this a luxurious and comfortable escape from the city. Beautiful white oak flooring ushers you into the large great room, offering the perfect spot for entertaining or serene relaxation. The enviable chef's kitchen features sleek lacquer cabinetry, stone countertops and top-notch appliances by Sub-Zero, Viking and Miele.

Bathed in more eastern light, the master suite offers a large closet and plenty of room for a king-size bed and furniture, while the gorgeous stone en suite bathroom features fixtures and fittings by Kohler, Toto and Waterworks. The second bedroom includes a large closet while an in-unit washer dryer, a second well-appointed full bathroom and an extra-wide hall closet round out this perfect floor plan. Unit 12A currently owns two storage units which can be purchased for $25,000 each.

The Rushmore is a modern twin-towered building offering elegant living surrounded by lush parks and waterfront. Residents are spoiled by a long list of resort-like amenities, including a LIVunLtd. Wellness Center with indoor swimming pool, billiards room, screening room, garden lounge and a Kidville gym. The glorious rooftop sundeck faces east and provides a gazebo and patio furniture, perfect for relaxing or entertaining. Complimentary shuttle service to transportation hubs at Columbus Circle and 72nd Street is provided during weekday mornings and evenings. Set in prime Lincoln Square, this home is surrounded by the best of Manhattan dining, shopping and, above all, entertainment. Head to Lincoln Center to take in the city's best performing arts and enjoy world-class restaurants and gourmet shops of the Upper West Side. Sprawling Riverside Park South and miles of riverfront paths provide tremendous outdoor space, and access to transportation is a breeze with 1/2 trains nearby and A/C and B/D lines further on.

The Monthly Update - June 2017

The Jane Street Effect

FAILED TO SELL — the words every owner dreads and hates to hear. Yet, in today’s price-sensitive market, these words are uttered over and over again.

A little over a month ago, we took over a Jane Street condo in the West Village from the largest brokerage house in the city who failed to sell. It had languished on the market for almost six months, so giving the property a complete rebranding and facelift was our first priority. The owner agreed to pay us to completely restage the property and to give it a deep cleaning. We brought in our best photographer, floor plan renderer and copywriter, and we made the property a “new listing” with over 100 days “on market” according to StreetEasy, NYC’s No. 1 public real estate website.  We got Compass’ public relations team to get a some press on the unit, and we went ahead with the relaunch. But, there was the issue of price. The property had been listed for $3.395 million. Clearly, we had to bring it to market with an improved price, so we all agreed that  $3.25 million  was a fair market value with a little room for negotiation. Just a bit lower than our predecessor’s asking price, but low enough to spark renewed interest — and that it did.

Over the next three weeks, we brought in over 50 buyers to the property, but alas no offers. It would seem the market had rejected the new asking price, again! But this time, the owner’s agents took action. Instead of letting the property sit there, the market forced us to adjust. The owner was convinced just a small adjustment would do for now, and if that didn’t work we’d move the price again in three more weeks. There was just no way that was healthy for the life of the listing if we wanted to sell it for top-of-the-market value. With much debate we adjusted the price down to $2.995 million and immediately got three offers: one below the asking and two just above.

We commenced with a best and final and signed a contract a week later for $3.15 million all cash. Why didn’t one of the original 50 interested buyers offer $2.95 million when we were at $3.25 million? We could have easily settled on a price of roughly $3.15 million then. This is today’s market — ultra price-sensitive — and this is what is leading to massive days on market for some listings or the dreaded failed to sell label for others.


Find your property’s sweet spot, and the market will respond genuinely. It doesn’t care how long you’ve been on the market or for what price. Once you find the right number, your property will  have the Jane Street Effect!

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CONDO PICK OF THE WEEK | A perch over South Harlem...

A Perch Over South Harlem, Complete With A Wraparound Terrace & Your Own Parking Space

This four-bedroom, 2.5-bath duplex condo is already sizeable, and feels extra spacious thanks to its 1,200-square foot wraparound terrace and large windows, which make the most of the unit's high floor position. Perched over South Harlem, the apartment is in an amenity-packed building right beside Marcus Garvey Park, is close to the 2, 3, 4, 5, and 6, trains, and comes with a deeded parking spot. It's listed for $3.2 million by Compass, and saw a price drop of $295,000 just last week, so there may be some room to negotiate. 

Upon entering the lower level, you'll find a sun-drenched living room, adjacent to the wraparound balcony. A spiral staircase separates it from the dining area, roomy enough for small dinner gatherings and made striking by a copper lighting fixture overhead. As can be expected with high-end, newish developments, the open kitchen is equipped with high-end appliances, including a 50-bottle wine fridge. 

Upstairs, the master bedroom is in a private corner of the apartment, and includes three large closets and an en suite bath, but a second bedroom across the hall hits the vistas jackpot, its corner position allowing for expansive views. This shares a bath with a third bedroom; a fourth is downstairs, but is quite narrow and necessitates a Murphy bed, so this may be better off as a guest room.  

The terrace is a clear standout, with ample room for entertaining this summer; the building itself has a live-in super and offers a gym, pool, and bike room, in addition to that parking space. Plus, there's a tax abatement in place that brings down the monthly charges. 

Tribeca’s Most Star-Studded Building - 443 Greenwich

It’s become New York’s answer to the Chateau Marmont for some of the world’s biggest stars.

An abandoned book bindery turned high-end condominium at 443 Greenwich Street in Tribeca is making headlines for the steady stream of A-list stars who have purchased units there. Some of the biggest celebs to have signed on so far include Blake Lively and Ryan Reynolds, Jennifer Lawrence, Justin Timberlake, Formula One star Lewis Hamilton and Harry Styles, sources told The Real Deal.

Nathan Berman’s Metro loft Management, the developer of the building, which has an “paparazzi-proof” underground motor court, declined to comment on any of the big name buyers, but conceded that it’s become a magnet for the entertainment crowd. He’s previously said that 90 percent of the buyers in the 53-unit building are “household names.”

Most buyers purchased under the guise of limited liability companies, so deciphering their true identities — and which buyers bought which unit — is tricky, and some of the biggest name buyers haven’t yet closed on their deals. Here’s a look at who has:

3J
A trust that appears to be linked to former “One Direction” crooner turned solo artist Harry Styles signed on for a 2,868-square-foot, three-bedroom unit way back in 2015, paying $8.71 million. A woman by the same name as Styles’ personal assistant, Emma Spring, is listed as the trustee on the deed, records show.

6F
“Hunger Games” actress Jennifer Lawrence snapped up a 3,184-square-foot, three-bedroom pad for $9.03 million earlier this year — and is now looking to rent it out for $27,500 a month. She purchased under the LLC New Bedford, though the significance of the name wasn’t obvious. It’s no surprise she wants to rent it out, since Lawrence is currently on set in London filming the movie “Red Sparrow,” in which she plays a Russian spy, according to news reports.

1A
Fashion mogul Kobi Halperin was among the first buyers at the building, plopping down $6.11 million for a 2,644-square-foot, three-bedroom pad on the first floor. Halperin is the former creative chief at Elie Tahari, though he has since struck out on his own.

PHF
Fashion mogul Serge Azria, the brains behind brands like Joie, Equipment and Current/Elliot, appears to be the buyer of a $14.26 million pad atop the building. The deal came about a year after Azria scooped up another penthouse nearby, at 60 White Street. He bought the property under an LLC registered to his home in Los Angeles.

2C
A buyer with a flair for the dramatic used the entity Big Bad Wolf LLC to skewer a 2,965-square-foot two-bedroom apartment at the project for $6.56 millionearlier this year. The LLC is linked to Prakasit Phornprapha, son of Thai car tycoon Phornthep Phornprapha. The Phornprapha family owns Siam Motors, which produces Nissan cars and trucks in Thailand. Forbes pegs their net worth at $935 million.

PHC
Japanese singer and actress Juri Jinnai is listed as the signatory on a $14.24 million sale for another of the building’s penthouses. Jinnai grew up in Tokyo, though the source of her family fortune was not immediately clear.

2J
Enrique Alonso, an executive vice president at real estate investment firm SJP Properties, nabbed an $8.25 million pad in 2016. The three-bedroom unit totals 2,868 square feet.

5A
“Austin Powers” comedian Mike Myers closed on an apartment in the building for $15 million in December but actually took a $675,000 loss when he abruptly resold his 4,241-square-foot unit in March. The buyer disguised his or her identity with an LLC.

Watch Mila Kunis Surprise Her Parents With A Condo Makeover

Mila Kunis has proven to be the perfect daughter with her latest endeavor: A complete overhaul of her parents’ Los Angeles condo. Working with Houzz, as part of their “My Houzz” makeover series, Kunis surprised her parents with a newly renovated home, taking it from “Miami Vice” circa 1994 to a new modern, open-plan apartment.

Before

After

Kunis and her family immigrated to Los Angeles from the Ukraine in 1991 at the age of 7, with only $250 in their pockets. Kunis said in an interview with The Telegraph, “That was all we were allowed to take with us. My parents had given up good jobs and degrees, which were not transferable. We arrived in New York on a Wednesday and by Friday morning my brother and I were at school in LA.”

At the age of 9, Kunis moved into the condo in Los Angeles, where her parents have lived ever since. In the video, out today on Houzz.com, a very pregnant Kunis notes that her biggest live moments happened in that home, including graduating high school, getting her first dog and, of course, the start of her booming career.

Take a peek at the makeover in the video below and watch the full episode (executive produced by Kunis’ husband, Ashton Kutcher) at Houzz.com.

Last Night A Taco Sold For $27K

Last night in Cabo San Lucas, Mexico, a guy bought a taco and a shot of tequila. Unusually though, the pairing cost him $27,960. And for Cinco de Mayo, you can too.

The single taco — created by chef Juan Licerio at Cabo’s luxe Grand Velas resort  — included a gold-infused corn tortilla filled with Kobe beef, langoustine, the most expensive caviar in the world, and a black-truffle Brie cheese. An “exotic” salsa created from chiles, ultra-premium tequila, and kopi luwak, a rare coffee “made from partially digested cherries that are gathered from the excrement of the civet, a wild cat found throughout Asia.”

The extra-aged tequila was no less lavish, poured from a $3.5 million “Ley Diamante” bottle which took 10 months to craft and is encrusted with 4,100 diamonds.

Though, much like the $10,000 burger that sold in Dubai in March, the proceeds went to charity.

The funds will go to the Los Cabos Children’s Foundation, and will be used for the non-profit’s programs of oncology, cardiology and pediatric intensive care.

If you are looking for other insanely priced Tex-Mex consumable to celebrate with tomorrow, check out our recipe for a $750 margarita.

The World's 10 Smallest Apartments

Some people love small spaces, while others make themselves adjust to save some money. They’re not for everyone, though. Claustrophobics, beware—these tiny apartments around the world will definitely make your jaw drop.

Minimalism is definitely on trend, but it usually applies to the type of objects people keep or how many things they keep lying around. When you live in a big city, however, minimalism takes on a whole new meaning as people struggle to find a space that they not only enjoy but can easily afford. For some people, though, their goal is to use only the space they need, and they definitely make the most of it. Could you picture yourself in any of these tiny apartments in some of the world’s biggest cities?

Hong Kong, 4 square feet

Believe it or not, this tiny cage of a “room” is actually considered to be an apartment in Hong Kong—it even costs $167 each month to rent! These living spaces came to be in the ‘50s; currently, they're most often home to single men who live on the assistance of the government. Many of them spend their days collecting change so they can not only pay their rent, but have something to live on afterwards.

As if the small cages weren’t bad enough, their surroundings are pretty dismal, too. All tenants of the “apartment building” wash their clothes in a communal bucket, and the bathroom consists of just two stalls. The shower is essentially considered a third toilet, and the kitchen is pretty much just a sink. Trust us—it gets better from here.

Hong Kong, 16 square feet

Apparently, Hong Kong isn’t playing around when it comes to the bare minimums for living space, because this apartment is smaller than the average prison cell. Sure, anything is better than living in a cramped cage, but the term “better” is used pretty loosely here.

This space costs $384 to rent for one month and is comparable to a closet rather than an actual room. Fortunately, though, most of them come with wireless internet, an air conditioning unit, and a window (though not all of them have these amenities).

The hallways leading through the buildings that house apartments like these are just as small, and the rooms are essentially just a spot to put your bed. Still, there’s a lot you can do to decorate a space even this small, and many choose to set up shelving above their beds to hold trinkets and decorations. We’ll try not to imagine how often they must hit their heads on those shelves getting out of bed each day.

London, 60 square feet

You might think these apartments are starting to look better, and that’s definitely true—just wait until you hear the price tag for this one, though. This apartment, which was formed in 1987, was formerly used as a broom closet.

The size definitely doesn’t allow for clutter of any kind but, hey, some people are into that, and this apartment has the amenities to make compressed living a little easier. It’ll come at a price, though—this apartment can be purchased for $313,000. Yeah.

If you’re still interested after hearing that, you’ll be pleased to hear that this apartment actually has a lot of amenities for something so small. It’s got a small kitchen, a shower that is also used as a closet, and a couch that converts to a bed.

Ray Barker, the former owner, said, “ I [could] wash up, answer the door, make a cuppa and go to the loo all at the same time.” We just hope he wasn’t answering the door for guests—that’s a level of cramped we don’t want to experience.

Manhattan, 78 square feet

Alright, so this apartment looks more like the entryway to someone’s home as opposed to a full living space on its own, but it’s not the worst. It’s also quite the steal, as it’ll allow you to live in Manhattan, one of the priciest cities out there, for only $800 each month, although there are a few caveats.

For one thing, the apartment has no kitchen and no running water. Instead, this apartment and three surrounding apartments all share one bathroom, which would take some getting used to for a lot of people.

When it’s not being used as a couch, the sitting area folds out into a bed—when it’s folded up, it creates an area actually suitable as a small living room.

While there’s no true kitchen, there is a refrigerator in the apartment, and there are plenty of cabinets to store a microwave, plates and bowls, cutlery, and even a printer.

Paris, 86 square feet

If you’re like us, this is an apartment you could actually see yourself being able to work with. The room was a former maid’s quarters and was converted into an apartment by the designers at Kitoko Studios, an architecture and design firm.

Previously, this room and others like it were probably used as storage. Though it was renovated by professional architects, the idea behind this type of apartment is minimalism and elegant simplicity—essentially the opposite of what you’d think they’d envision.

Clearly, the main feature of the room is the cabinets, which open to reveal a closet and a fold-down table. There’s also a small bathroom somewhere to the side, as well as a kitchen that sits next to a window.

This apartment and others like it sit right below the roof of the building, giving its tenants easy roof access for a bit of stargazing or maybe a small party from time to time.

Manhattan, 90 square feet

Though it’s still not an ideal space for most, this Manhattan apartment comes close to what you might expect from a standard studio apartment.

Not only is it an adequate size for one person, but Central Park is just a single block away, and it’s only $700 a month. In New York, it's nearly impossible to find a single bedroom, or even a studio, to rent for that little.

One former tenant, Felice Cohen, said when she lived there, she was out and about a lot, which could be why the size of the apartment didn't bother her, although it seems like there’s a lot to love about it.

The bathroom in the apartment is pretty standard and, even though there’s no designated kitchen, the apartment does have a toaster oven and fridge. The bed is located above the apartment’s entrance, which is probably what leaves so much of the floor space open.

Cohen said there’s even a small office area and, when she had people over, there was actually enough space for nine people.

Paris, 130 square feet

Call us crazy, but we could totally live here. The layout of the room gives it a feel that makes it seem a lot bigger than it really is, and there are also two different floor levels that give the small space the illusion of having multiple rooms.

The architects who designed the space, Julie Nabucet and Marc Baillargeon, said that, “Our approach to architecture is that the house is not so much a machine for living, but a tool for living well.”

And live well you will. The apartment’s current owner, Thibaut Ménard, says he notices new things about the space each day, acknowledging that Nabucet and Baillargeon designed it in a way that’s intelligent and incredibly easy to adapt to.

Aside from the kitchen that’s pictured, there’s also a bed that folds out of the upper half of the apartment. Once it’s up, the space is complete with a bathroom, living room, and even a dining room.

Poland, 140 square feet

We’re not quite sure where in Poland you can find this little gem, but we’d consider its tenant pretty lucky to have something that’s not only efficient but also adorable.

The current tenant, Szymon Hanczar, designed the apartment himself. Of the space, he said, “Extremely small flats are great for people who are minimalist, who want to enjoy the city life.” Maybe it’s just the way it’s decorated, or it could just be us, but it doesn’t feel like it’d be too hard to get used to living here.

The apartment has pretty much everything you could want, other than excess space. There’s a bed located right above what looks like a closet but is actually a bathroom—the only strange thing here is that the toilet and shower are essentially one in the same.

There’s a small sink that makes up the kitchen, and there’s even a washing machine. The space is complete with a wall-mounted bike that serves as both decoration and Hanczar's transportation around the city.

53 West 11th Street, Unit 1R

53 West 11th Street, Unit 1R

GREENWICH VILLAGE, MANHATTAN

Offered At $659,000

Maintenance: $1,073/ mo.

1 Bed  |  1 Bath  |  Co-op

 

Live on the best block in the heart of the Greenwich Village Historic District. This charming one-bedroom simply won't last!

Situated on the parlor floor of a gorgeous historic brownstone on a tree-lined block, this renovated apartment features windows in every room and sky-high, nearly 10-foot tall ceilings. Facing the rear garden, the home is pin-drop quiet, save for the birds chirping happily outdoors. Coveted architectural details abound, including a majestic decorative fireplace, Brazilian walnut floors, crown moldings, and exposed brick. The kitchen is outfitted with granite countertops and stainless steel appliances, including a dishwasher. The bedroom features a large, custom closet, and the bathroom is paved in marble. Don't miss your chance to be part of one of the lucky few that call Greenwich Village home! 

53 West 11th Street is a handsome brownstone co-op built in 1891 by George F. Pelham, whose father and son were also noted New York City architects. The secure and well-maintained boutique building is 80 percent owner-occupied, yet features a liberal sublet policy and welcomes pied-à-terres, co-purchasers and guarantors. Monthly maintenance is low and pets are welcome. Perfectly situated in the Gold Coast area, at the border of the West Village and Greenwich Village, the best of everything is within reach of this lovely 11th Street block, which the Greenwich Village Historic District report calls "one of the finest streets in The Village." Stroll the revered brunch spots of the West Village or take in Union Square's great greenmarket and nightlife. The sights of Soho, the Meatpacking District and the High Line are also nearby. Transportation couldn't be easier with 4/5/6/N/Q/R/W,A/C/E, B/D/F/M, L, 1/2/3 and PATH trains mere steps away.

The Monthly Update - May 2017

Which markets are better for real estate sales? Historically, spring markets have always the been the stronger market. That being said, over the past three years, I have personally noticed a larger lag between the markets than we are normally accustomed to. In 2014, the spring was strong, and fall, while a bit slower, maneuvered itself and built up to record-smashing Spring 2015.

That hot Spring of 2015 fell flat by August and never recovered after Labor Day. Fall 2015 failed to live up to brokers’ predictions and the lofty sellers’ prices that had spiked earlier that year. And while that downtrend creeped only to the end of 2015 (especially in the luxury markets) and moved its way into 2016, which was a low point for many price-points, late Spring 2016 showed us the most promise of that year.

Fall 2016 was very difficult for many price-points, and now in 2017 after contentious election, a record-setting Wall Street surge and interests rates that are defying normal logic and staying incredibly low, we are seeing many price-points come roaring back. Bidding wars are now common again. Buyers’ interests in the market is white hot. The only segment  left out in our 2017 strong spring market  is the luxury sector. Having a few good weeks early in 2017, it is still highly competitive for sellers with lots of luxury market new development and resale to compete with. And there is more yet is still to arrive.

Price is king in the sector. That said, sellers seem to be holding out and for as much as they can. The average days on market for three-bedroom condos on the Upper West Side, according to StreetEasy.com, is 293 days. But overall, the Hoffman team is seeing record numbers and a strong bounce back so far in Spring 2017. What remains for the rest of this year is completely unpredictable. History would say it could be slow …  and yet, IF the Trump tax plan passes, or is even perceived to have a good chance of passing, that could rev up the markets again for another huge push this fall. That lag might be over.

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Press Bulletin 

 

Compass Acquires Montauk's Oldest Boutique Real Estate Firm
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Sunday Bagel? If You Get It Sliced, The State Gets A Cut: Exposing The ‘Bagel Tax’

Though it’s not too hard to understand the logic behind a mansion tax, a bagel tax…oy vey! Next time you hit your local bagel shop, know that if you get your breakfast sliced–or heaven forbid, with schmear–you’ll get smacked with an 8.875 percent sales tax. If you eat it in the store, (even if it’s still whole), boom, more tax.

The folks at Turbotax explain that, “the state adds an eight-cent tax to any altered bagels,” which includes, “bagel sandwiches (served buttered or with spreads, or otherwise as a sandwich)” or even just sliced for you. According to the New York state Department of Taxation and Finance, “Generally, food and food products sold by food stores are exempt from sales tax.” That bagel loses its exemption when it is “sold heated; it is sold for consumption on the premises; or it has been prepared by the seller and is ready to be eaten, whether for on premises or off premises consumption.”

The state began enforcing this little-known legal distinction around 2010 to pump much-needed dough into its coffers. Customers were generally under the impression that getting bagels sliced was just another option, not one that came with a price hike. Bagel store owners were the first ones surprised in some cases, when they got audited and informed they’d need to start charging the tax.

The “bagel tax,” of course, has given New Yorkers yet another thing to complain about. Bagel shops reported that the roughly-eight-cent price hike resulted in a number of irate customers. Some say the law isn’t clear enough on the details–for example, while sliced bagels are taxed, a pre-sliced bakery loaf isn’t. If the thought of yet another tax gets a rise out of you, dodge the bagel tax by leaving them uncut. And if you really want to keep your bagels safe, put lox on them (We’ll be here all week).

Your new home awaits.