The Story Behind ‘Scabby The Rat’

Despite a nationwide decline in union membership, New York City continues to defy this trend. The number of city workers who belong to unions has risen for the last three years in a row, growing from 21.5 percent of all workers to 25.5 percent in 2016. And because of this high number of unionized employees, city residents have become even more familiar with Scabby the Rat–one of the most recognizable symbols of unions. The giant inflatable rodent, with its sharp buck teeth and beady red eyes, has been a staple of union construction protests in NYC and across the country for decades, and if there’s a development project that enlists nonunion labor in New York, expect to see Scabby out on the street.

For over 40 years, NYC unions have used rats as a symbol of protest. Workers who used to replace union workers during a labor strike were historically called “rats” or “scabs,” explaining the origins of the moniker. The first reference in print of using an inflatable rat at a union protest appeared in a 1976 New York Times article about a sanitation worker strike. However, it wasn’t until 1990 that the inflatable Scabby the Rat as we know it today came about.

Peggy and Mike O’Connor, who own Big Sky Balloons and Searchlights Inc., can be credited with designing the menacing looking rat. The Illinois-based company owners told Vice about the first time an organization called them seeking an inflatable rat. The idea first came from organizers Ken Lambert and Don Newton from District Council 1 of the International Union of Bricklayers and Allied Craftworkers. “Mike and the organizers were going back and forth, saying, ‘We need it more snarly,’” Peggy said. “They wanted a mean, ghastly looking kind of rat.” Since then, the design of Scabby remains the same.

While the original Scabby design is the most popular, the O’Connors have developed a variety of protest balloons for unions to employ. There are currently seven different sizes of Scabby; a six-foot rat costs $2,585 and a 25-foot rat costs $9,295. In addition to customizing Scabby–customers can choose different colors and long or short claws–Big Sky Balloons sell “fat cats,” “greedy pigs,” and “union bug” inflatables.

And Scabby isn’t going anywhere. In 2011, the National Labor Relations Board ruled that Scabby represents a form of symbolic speech protected by the First Amendment. Later in 2014, a federal judge in Brooklyn backed the right of local laborers’ union to use the rat in a protest. Today, Scabby (who has Twitter account devoted to him @ScabbyTheRat) can be found at strikes, protests and outside of places where unions want to direct their message.

5 Surprisingly Spacious Manhattan Two-Bedrooms For Under $750K

5 surprisingly spacious Manhattan two-bedrooms for under $750K

The two-bedroom apartments offer space at a relatively low price

BY AMEENA WALKER  JUL 7, 2017, 1:15PM EDT

Welcome to a semi-regular feature, Price Points, in which we pick a relatively low asking price and a type of apartment, then scour StreetEasy to find the best available options around the city. Today's task: Manhattan two-bedrooms asking under $750,000.


↑ If you’re willing to take the trek up to Washington Heights, this 987-square-foot condo delivers bang for your buck. The two-bedroom, two-bathroom home, asking $750,000, features massive windows, dark hardwood floors, a sleek windowed kitchen, and a balcony that overlooks Highbridge Park. [Floorplan]


↑ On the Upper West Side, a 700-square-foot co-op is going for $745,000. The listing description touts this as an “affordable starter” home with 10-foot ceilings, oak floors, a small but modern kitchen, and a washer/dryer. The two-bedroom, one-bathroom unit is also less than a block away from Riverside Park. [Floorplan]


↑ For $735,000, there’s this prewar co-op in Morningside Heights with lovely period details. Exposed brick walls, high ceilings, a stylish kitchen, and plenty of windows are among its details. We’ll admit that the second bedroom is small but it could make a good kid’s room or home office. [Floorplan]


↑ A colorful two-bedroom condo located on Harlem’s Striver’s Row is asking an even $600,000. The 760-square-foot apartment comes with large windows, hardwood floors, a sizable kitchen, and the option to install your own washer/dryer machine.


↑ Finally, in Yorkville, a simple and spacious co-op wants $695,000. The living room boasts lovely arched entryways and decently-sized rooms; the kitchen, while small, is clean and efficient. [Floorplan]


Manhattan Resale Inventory Fell For The First Time In 3 Years

Listing inventory for Manhattan slipped in the second quarter of the year, with the steepest drop at the high end of the market.

Overall in the borough, listing inventory fell by just under a percent, according to the quarterly report from Douglas Elliman. Resale inventory, which represents 83 percent of the Manhattan market, dropped by more than 1 percent in the first decline since the start of 2014. In the luxury market — which represents sales above $4.8 million — inventory dropped by 11 percent, with resale inventory in that sector falling by nearly 23 percent.

Jonathan Miller, CEO of appraisal firm Miller Samuel and author of the report, said inventory is falling because overpriced listings are now expiring.

“It’s a good development for the high end because you don’t have this heavy volume of incorrectly priced listings,” he said. “There’s less of that distraction on the market.”

It’s more evidence that prices are shifting to reflect the market, according to Miller, who said over the past few quarters sales in the borough have increased, indicating that sellers are becoming more willing to meet buyers.

Manhattan’s median apartment price hit almost $1.2 million in the quarter. It was not only a year-over-year increase of more than 7 percent but also a record. The new development median price was $3.3 million, a 23 percent jump over last year, while the resale median price was $975,000. For condominiums, the median price was nearly $1.9 million, a 19 percent increase on last year, while the median price of a co-op was $793,750. For the luxury market — the top 10 percent of all apartment sales — the median price was $6.8 million, a nearly 4 percent increase over last year.

About 14 percent of all market transactions had bidding wars, showing the market is still “tight” — though the majority of bidding wars are at the lower end of the market. In the studio market, 16 percent of the sales closed above the list price, while just 7 percent homes with four or more bedrooms sold for more than their list price. In the third quarter of 2015, 31 percent of sales closed above their list price, a record of at least nine years.

“The market is nowhere near as insane as it was in 2015. But it’s still brisk … which makes sense because inventory is falling and sales are rising,” said Miller.

Overall, the listing discount from last list price was just over 6 percent, according to the report. However, at the luxury end of the market, the listing discount was much steeper at more than 10 percent. That’s the highest it’s been since the fourth quarter of 2010.

“It doesn’t mean that market is coming down,” said Miller. “The aspirational prices era is over.”

WATCH: NYC Real Estate’s Week In Numbers

A 478,000-square-foot lease at 4 World Trade Center, a $200 million bridge loanfor 520 Fifth Avenue and a $271 million loan package for the Moynihan Train Hall. In real estate, it’s all about the numbers.

This past week, The Real Deal reported on New York City’s score in a new report looking at the barriers to commercial real estate supply, the amount that Chinese investment in overseas real estate could drop by in 2017 and the price for which Banco Santander is looking to sell a 51 percent stake in its $34 billion portfolio.

To see some of the biggest news of the past week in 10 numbers, watch the video above.

Rebel Wilson Moves Into Celebrity-Packed TriBeCa Building

Rebel Wilson has joined the likes of Jake Gyllenhaal, Meg Ryan, Justin Timberlake, Jennifer Lawrence and Blake Lively and moved into what appears to be Manhattan’s most celebrity-filled building.

The Australian-born “Bridesmaids” and “How to Be Single” actress has picked up a two-bedroom apartment for $2.95 million at 443 Greenwich Street, a luxury condominium in TriBeCa that is attracting an endless stream of A-listers.

Property records listed The Blue Bay Trust as the buyer of the apartment, the same vehicle that Wilson used to buy her two homes in L.A. In addition to her acting and business skills — she just launched her own clothing line — she must be a savvy negotiator as she paid $1 million less than the asking price.

Of her decision to buy on the East Coast, she said last week at a party marking the debut of her Rebel Wilson x Angels collection, which caters to a plus-size consumer: “I just love New York and since I’m filming a movie here this summer I thought I may as well buy a place.”

443 Greenwich Street’s amenities include a 71-foot indoor swimming pool, children’s playroom, a 5,000-square-foot roof terrace, a fitness center, a hamam and a temperature-controlled wine cellar.

The building has also been dubbed paparazzi-proof thanks to its underground motor court — perhaps that’s why it is attracting all these celebrities.

In the last two months alone, Ryan, Gyllenhaal and Harry Styles have all been revealed as buyers at the building, each paying in the region of $9 million for their new homes.

There are seven homes at the building for sale, according to Streeteasy, with the most expensive being marketed for $55 million, $4 million more than when it was first put up for sale in 2014.

Wilson also owns two homes in Los Angeles. She bought a four-bedroom house in the Hollywood Hills in 2014 for $2.2 million and a brand new five-bedroom West Hollywood property two years later for just shy of $3 million, according to PropertyShark.

432 West 52nd Street, Unit 5A


432 West 52nd Street, Unit 5A

HELL'S KITCHEN, MANHATTAN

2 Bed  |  2 Bath  |  1,189SqFt. 

Offered At $1,365,000

Taxes: $1,654 / mo.  |  CC:$1,476 / mo.  |  New Development  |  Doorman  |  Roof Deck & Gym


 
  • NO Transfer Tax
  • NO Sponsor Closing Fees

Stunning finishes await in this brand-new, two-bedroom home providing a rare opportunity to live in a spectacular new-construction building without paying the sponsors transfer taxes and closing cost fees!

This beautiful two bedroom corner unit features a light-filled master with en suite bathroom, as well as a spacious great room. The 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 master is a serene space with a wall of closets, plus additional closets throughout the home ensure that storage is never an issue. The sleek bathrooms features 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. 

The Monthly Update - July 2017

Not to Sound Redundant, But … It’s All About The Price!

And ain't that the truth! But, while pricing is the biggest motivating factor in today’s market, other factors as well are at play when it comes to today's buyer.

The strongest, fastest and highest selling apartments in the current market are the ones demonstrating the utmost quality with tangible renovations and top-notch finishes. Another major factor for success are buildings that are situated within the most desirable neighborhoods or destination locations.

So, you ask, what the secret sauce is for today's marketplace? It HAS to be price first. We are in a climate where the buyers' market rejects the seller's asking price more often than not, BUT when the market does spot an enticing asking price, buyers act almost irrationally to win the bidding! In fact, and I've seen this time and time again, these well-priced scenarios will often result in bidding wars that ultimately drive the final price well over what the buyers' market would've rejected resolutely as an initial asking price! This is a near-illogical overreaction by the buyers' market — a feeding frenzy, if you will.

So, if you combine the right price with a nicely renovated apartment in a desirable building and sought-after location, you have the recipe for a fast and high-priced sale. The hottest segment of the market seeing this kind of reaction is the $1M and below sector. It’s so competitive in this category, that if you didn’t know better, you would think it was 2006 all over again. As you move up the price-point ladder, the market gets tougher and tougher for sellers, and better and better for buyers.

But, and I can't stress this enough, no matter which end of the ladder you're selling in — it’s all about the price.


STREETEASY: 5-Most Popular Open Houses in NYC

On the hunt to buy in NYC? Take a look at the five most popular open houses on StreetEasy this week. If you’re short on time this weekend, we highly recommend visiting these five places, but if you’ve got more time be sure check out StreetEasy for more open houses in NYC this weekend.


160 9th Avenue, #4R

SPACE: 1 bedroom, 1 bathroom
PRICE: $550,000
NEIGHBORHOOD: Chelsea
HIGHLIGHTS: The average median asking price for a one-bedroom in Chelsea is nearly $1.2M, so this place is a steal (in relative terms!) On top of good value, the apartment also features exposed brick, a decorative fireplace and a bedroom that can fit a queen-sized bed.

 

100 West 57th Street, #4A

SPACE: Studio
PRICE: $365,000
NEIGHBORHOOD: Midtown
HIGHLIGHTS: It might be studio, but the building amenities will have you living large with a doorman, concierge, valet, private garden and laundry in building.

 

301 East 63rd Street, #16F

SPACE: 2 bedrooms, 1 bathroom
PRICE: $525,000
NEIGHBORHOOD: Lenox Hill
HIGHLIGHTS: A Manhattan two-bedroom for under $600K! Need we say more? If you’re not sold on the price alone, the apartment offers some solid perks including a recent renovated kitchen with stainless steel appliances and hardwood floors. The building also features a roof deck and laundry room.

 

169 West 73rd Street, #9

SPACE: 1 bedroom, 1 bathroom
PRICE: $599,000
NEIGHBORHOOD: Upper West Side
HIGHLIGHTS: This triplex features high ceilings and large windows, as well as your own private patio. The median asking price for a one-bedroom in the neighborhood is $825,000. So boom! You’re getting a deal.

 

354 West 12th Street, #5CD

SPACE: 1 bedroom, 1 bathroom
PRICE: $895,000
NEIGHBORHOOD: West Village
HIGHLIGHTS: In a neighborhood where the median asking price for a one-bedroom is $1.1M, this apartment translates to a “good deal”. Situated on the top floor of a 19th Century townhouse, this co-op was originally two studios and was later converted into a one-bedroom. The newly renovated unit now includes two decorative fireplaces, custom built-ins and a shared garden.

Cuomo Declares A ‘State Of Emergency’ For NYC....

Cuomo declares a ‘state of emergency’ for the NYC subway, gives MTA $1B for repairs

POSTED TODAY, JUNE 29, 2017BY DEVIN GANNON

During a press conference Thursday, Governor Cuomo declared a state of emergency for the Metropolitan Transportation Authority and announced that he would sign an executive order to expedite the process of fixing the system. The governor’s announcement comes just two days after a subway train derailed at 125th Street, injuring over 30 people. His plan includes committing an additional $1 billion in the MTA’s capital plan and reviewing the system’s decades-old equipment.

Speaking at the MTA Genius Transit Challenge Conference, Cuomo described the subway system as “decaying rapidly.” Cuomo recently hired Joseph Lhota as the chairman of the authority which oversees the subway, a position that hasn’t been filled since his predecessor left in January.  Lhota previously held the same role from 2011-2012. The governor said Lhota will provide a reorganization plan for the agency within a month to fix the “long-standing bureaucracy that has evolved over time” at the MTA. The governor also wants a review of the capital plan, the cars and the physical equipment, which he wants to be completed within 60 days.

Cuomo hopes to accelerate the MTA procurement process, saying: “We want to do business, we need to do business, and we will do it quickly.” According to the governor, New York State will commit an additional $1 billion to the capital plan so the MTA has necessary resources. He said that subway cars are made to be on the tracks for 40 years, but that more than 700 cars have been used for longer. Some of the oldest subway cars now have been in use for over 50 years.

As 6sqft recently covered, the main cause of the subway dilemma’s is overcrowding. As more and more people move to New York, the outdated subway system cannot handle the dramatic increase in ridership. Overcrowding now accounts for more than one-third of the nearly 75,000 subway delays across the system each month. To really address the subway’s problems, in addition to upgrading its decades-old infrastructure, the system needs to expand its capacity to stop train delays and disruptions

Curbed NY Press: 160 9th Avenue, Unit 4R

A no-frills Chelsea walk-up a block from the High Line seeks $550K

The one-bedroom, one-bathroom unit measures 550 square feet

BY TANAY WARERKAR  JUN 27, 2017


Welcome back to The Six-Digit Club, in which we take a look at a newish-to-market listing priced under $1 million, because nice things sometimes come in small packages. Send nominations to the tipline.

If you can get past the fact that this is a fourth-floor walk-up in a five-story building, the 550 square foot one-bedroom seems like a pretty good deal considering the price, and the fact that it’s just a block away from the High Line.

Located within the Chelsea Historic District, the co-op is part of an eight-unit building built in 1860. The apartment has still managed to hold on to some historic flourishes including the exposed brick and the decorative fireplace.

The apartment also gets a good amount of light courtesy of the two windows in the living room, and one in the bedroom. As per the brokerbabble, the bedroom can accommodate a queen size bed. Where the co-op does lack however (aside from the walk-up aspect) is the shortage of closet space—there are just two tiny closets in the entire apartment.

As for the building, it’s pet friendly, has washers and dryers, and has low maintenance charges.

 

Amazon Just Patented A Drone Skyscraper

The massive online retailer company Amazon, which recently acquired the grocery chain Whole Foods for $13.4 billion, is attempting to push even further into the future of internet commerce. The company has recently patented a “multi-level fulfillment center for unmanned vehicles,” or in simpler terms, a drone skyscraper. As co.design discovered, while patents do not necessarily mean this tower will be created, the plan has detailed sketches showing a giant beehive from where drones would fly in and out.

Designed for densely populated areas, the tower would have robotic arms that would be able to grab drones from the sky. Inside, the core contains layers of spokes around the central hub, which would repair the drones or load them with goods. Then elevator systems would move drones to their launch points along the building’s facade, channeling air upwards through the building to reduce damage to any drones that fall. The launch points would be spaced in an alternating pattern making a clear path for each drone.

Last spring, 6sqft wrote about a similar project that reimagined New York City’s tallest and most expensive tower, 432 Park Avenue, as a terminal for drones. Called the Hive, the building would provide personal and commercial services to city residents. The facade would be covered in docking and charging stations, with drones hovering around the tower like buzzing bees. The Hive Proposal won second place in eVolo’s 2016 skyscraper competition.

Kim Kardashian Spent $380K On Jackie Kennedy’s Watch

On Wednesday night in New York City, a gold Cartier watch once owned by Jackie Kennedy hit the auction block. Expected to fetch $120,000, the time piece sold for $379,500 to an (at the time) anonymous bidder.

Surely the buyer would turn out to be a pillar of poise and grace, just like Kennedy herself? The gossip queens over at TMZ spoke to auction sources who revealed the identity of the buyer shortly after the sale. It was none other than… Kim Kardashian West.

But don’t expect to see it being flaunted on Instagram any time soon, Kardashian West is reportedly being far more careful about flaunting her assets since being robbed at gun point last year.

The watch, a gift from Kennedy’s brother-in-law Prince Stanislaw “Stas” Radziwill, is engraved “Stas to Jackie, 23 Feb. 63. 2:05 AM TO 9:35 PM.” According to the lot, the times refer to the start and stop times of the famous 50 Mile Hike that Radziwill completed in Palm Beach in 1963.

After Jackie received the watch from Radziwill, she created an original painting depicting Radziwill and Chuck Spalding on the hike. It’s captioned, “February 23, 1963 2:05 am to 9:35 pm Jackie to Stas with love and admiration”. The painting accompanied the sale of the watch.

The Snazziest Pads That Were Snatched Up Last Week

Thanks to our friends over at StreetEasy, we’re rather on top of this city’s real estate comings and goings — emphasis on goings.

This past week, a handful of highly priced pads left the market for an assortment of reasons, but these are the most expensive residences that have found loving new owners.


212 Fifth Avenue #19AB | In Contract

Two-hundred twelve Fifth Avenue — the ultimate New York City status building — is one of our favorite developments right now, so we’re not surprised that a unit at the Flatiron building is top of our list this week. The 4,089-square-foot spread was last asking $28.2 million, and for their money its new owners are getting soaring ceilings, tons of charm and views galore.


212 West 18th Street 14A (credit: Douglas Elliman)

212 West 18th Street #14A | In Contract

Chelsea’s Walker Tower is just one of Ralph Walker’s pre-war deco towers in the city to find a new calling as a swanky residential building. This two-and-a-half-bedroom unit was most recently asking $15.2 million. Amenities at the building include a concierge, a children’s playroom, a gym, a sauna and roof deck.


319 East 51st Street (credit: Douglas Elliman)

319 East 51st Street | In Contract

Since 2011, this townhouse has been home to interior decorator Deborah Greatorex and her hedge-fund husband, which explains why the home is so gosh darn pretty. They bought the place in 2011 for $4.6 million, city records show, and gut renovated the place. It was most recently asking $12.9 million.


45 Park Place 38 (credit: Stribling)

45 Park Place #38 | In Contract

Forty-five Park Place, an under construction glass tower at the juncture of Tribeca and the Financial District, launched their sales earlier this month, according to Curbed. And already they’re being snapped up. Last asking $12.35 million, this unit comes with three bedrooms, a great room with three exposures, and floor-to-ceiling windows.


45 Park Place 24 (credit: Stribling)

45 Park Place #24 | In Contract

Waiting on construction to finish at 45 Park Place obviously isn’t a problem for this buyer either. This four-bedroom spread was last asking $10.5 million, and comes with all of the amenities its neighbor above does, along with a private key locked elevator.

160 9th Avenue, Unit 4R


160 9th Avenue, Unit 4R

CHELSEA, MANHATTAN

Offered At $550,000

Maintenance: $760/mo. 

1 Bed  |  1  Bath  |  Co-op


 

Enjoy pin-drop quiet and ample sunshine in this lovely one-bedroom, one-bathroom home in the perfect Chelsea location.

Three oversized, east-facing windows wrap every room of this well-planned 550-square-foot home in golden sunlight and delightful city and garden views. The open-plan layout maximizes space and light while historic touches like exposed brick and a decorative fireplace add warmth and charm. The spacious main living space provides plenty of room for living and dining served by the nearby open kitchen. The windowed bedroom features a large closet, and there's another in the entry.

An Italianate building constructed in 1860, 160 9th Avenue is a boutique co-op offering relaxed rules and very low maintenance. Pets, in-unit washer-dryers and subletting allowed. Set within the Chelsea Historic District, fine examples of New York's early architecture surround the home along with tree-lined streets, eclectic restaurants and lively nightlife. The High Line is just a block away, with Chelsea Piers and the exciting Pier 57 "megapier" project just beyond. Nearby Chelsea Market and Whole Foods provide spectacular access to gourmet delights, while the Whitney and Rubin museums, plus the neighborhood's revered art galleries, provide a feast for the eyes. Transportation is effortless thanks to A/C/E, 1/2 and PATH trains, plus multiple CitiBike stations, within blocks.

The Hoffman Team is #8 in Manhattan!

Full Artical Here

It’s been about a decade since The Real Deal began ranking Manhattan’s top residential agents. But this year, the ranking looks a little different.

That’s because rather than evaluating agents based on the dollar volume of their listings, this year our beefed-up research team created a methodology to evaluate brokers based on what they actually sold. And in a market where inventory is up and buyers are swimming in choices, particularly on the high end, closing deals is no small feat.

While TRD’s methodology has changed, one key thing that hasn’t is that the brokers who worked on new development projects trounced their resale counterparts. But to get a clear sense of which agents dominated in both areas, we compiled two separate rankings. The undertaking was not easy. We sifted through thousands of condo, co-op and townhouse listings and cross-referenced them with sales that hit public records last year.

The final rankings — which include only sell-side transactions — are based on deals that closed between January 1 and December 31, 2016, and that the agent had as a listing. Oh, and agents had to have at least $50 million in deal volume to make the cut.

NYC Pride March 2017: Route & Street Closures

NYC Pride is officially underway, and while there are a bevy of events happening to commemorate the 48th anniversary of the Stonewall Riots (and plenty of historic sites to visit if you’re in town for Pride), the big shebang—the Pride March—happens on Sunday.

This year, the theme is “We Are Proud,” which the organizers say reflects the LGBTQ community’s “unwavering ability to rise and be proud, even while under attack by a hostile political environment.” The Grand Marshals this year are trans advocate and NYC firefighter Brooke Guinan; Gay Men’s Health Crisis activist Krishna Stone; the American Civil Liberties Union; and Chinese LGBT activist Geng Le.

And given the fact that last year’s march saw the largest crowds in the event’s history—with 32,000 marchers and more than 2 million spectators—it’s all but guaranteed that this year’s will also be a blowout.

So what do you need to know if you want to attend? The march, which begins at noon, will follow the same route as in years past. Crowds will form in Midtown around Fifth Avenue and 37th Street, and follow Fifth Avenue down to 8th Street, before turning west, following Christopher Street, and ending at Greenwich Street (where a huge street fair/celebration, Pridefest, will be happening).

Street closures have yet to be announced, but it’s safe to assume that driving—or taking the bus—in Midtown or the West Village will be a bad idea on Sunday.

If you still want to watch without being amid the crowds, the march will be broadcast live, from noon to 3 p.m., on ABC for the first time in the event’s history.

Sunday’s march will be preceded by the Dyke March on Saturday, which will begin at 5 p.m. on the north side of Bryant Park at 42nd Street and Sixth Avenue. The march then continues down Fifth Avenue until arriving at Washington Square Park.

Luxury Listings: The biggest Price Chops Last Week

Pop art? More like chop art.

This week, one of the biggest price chops was on a townhouse owned by the son of pop art icon Roy Lichtenstein. The home, which was first listed for $25 million in April, has now been reduced by $3 million.

In total, six homes in the over-$10 million market were reduced by more than 5 percent last week, according to data from StreetEasy.

Here’s a look at the biggest price reductions:


7 West 16th Street

7 West 16th Street
Previous Price: $24 million ($1,956 per square foot)
Current Price: $18 million
Percentage Drop: 25 percent

This 33-foot-wide townhouse hit the market in January, asking just under $24 million. Six month later, it’s been cut back by 25 percent to $18 million.

The entire home spans 9,200 square feet, and includes additional air rights that are expandable up to 18,475 square feet with the Landmarks Preservation Commission approval. Though it’s currently a multifamily property with eight separate units, it’s being marketed with the potential to be converted into a single-family home. It has 11 bedrooms and seven bathrooms, and features a double-height entry gallery, ornate mantles and plaster work.

The Corcoran Group’s  Laurie Lewis and Peter Comitini have the listing.

“The property was initially priced on its unusual quality. We understood that it was extremely ambitious at $24 million,” said Lewis. “We do want to sell the property and we thought $18 million is a price that was viable. We encouraged it and that’s where we’re at. … It’s a much more palatable price.”


118 West 12th Street

118 West 12th Street
Previous Price: $25 million
Current Price: $22 million
Percentage Drop: 12 percent

This home, which belongs to the son of artist Roy Lichtenstein, was first listed for sale back in April for $25 million. But filmmaker Mitchell Lichtenstein and his husband Vincent Sanchez have now reduced the home by 12 percent down to $22 million. It’s the first time the Greek Revival townhouse has been publicly sold in 170 years, according to the listing. Built in 1847, the house features four bedrooms and three-and-a-half bathrooms across four stories. There’s also a south-facing garden with a set-back terrace above. Lichtenstein paid $2.5 million for the home in 1997, according to records.

Stribling’s Vals OsborneLee Ann Jaffee and Steven Sumser have the listing.

“The townhouse market has definitely slowed over the past year. So the slowing down requires a pricing adjustment,” said Sumser.


432 Park Avenue, #65B

432 Park Avenue, 65B
Previous Price: $32.5 million
Current Price: $29.5 million ($7,340 per square foot)
Percentage Drop: 9 percent

Once asking $32.5 million, this 4,000-square-foot apartment has just had 9 percent shaved off the ask. The apartment at the Macklowe Properties and CIM Group-developed ultra-luxury building has heated floors, a steam shower and views of the Empire State Building and the Chrysler Building from all south-facing bedrooms. There are three bedrooms and four-and-a-half bathrooms, as well as a chef’s kitchen and a library.

The apartment — which is being offered for sale with an accompanying service and a private wine cellar — last sold in March 2016 for $25.6 million. Why The Face LLC was the buyer, records show.

Kyle Blackmon of Compass has the listing. He couldn’t be immediately reached for comment.


85 Grand, #2

85 Grand Street,2
Previous Price: $11 million
Current Price: $10 million
Percentage Drop: 9 percent

General Motors president Dan Ammann, who bought this apartment for $5 million with his wife Pernilla in 2008, has just cut the home’s asking price by $1 million. First listed back in May, it’s now on the market for just under $10 million.

The apartment has four bedrooms, three bathrooms, 15 windows in the main room, 14-foot ceilings, a sauna and exposed brick. There’s also an open kitchen with a 7-foot marble island and a 6-foot pantry.

Julia Hoagland of Compass has the listing. She wasn’t immediately available for comment.


242 East 58th Street

242 East 58th Street
Previous Price: $20 million
Current Price: $18.5 million
Percentage Drop: 8 percent

Listed for $20 million in January, this 12,280 square-foot property is now on the market for $18.5 million. Built in 2009, it spans seven stories and includes “numerous” bedrooms and bathrooms. The property can be used for both residential and retail. It features a chef’s kitchen, and can also be converted into three separate homes, according to the listing.

Outdoor furniture company Oasiq has its showroom at the Lanson Properties-owned building, but announced it is moving to Soho because of the sale, the Commercial Observer reported.

Douglas Elliman’s Raymond DillulioLisa InterdonatoFredrik Eklund and John Gomes have the listing. Dillulio declined to comment on behalf of the team.

Please Join Us In Welcoming Andrew Klima To The Team!

About Andrew

An entrepreneur at heart, Andrew has always been an independent businessman and felt a true connection to the real estate industry at a young age. Having lived in a variety of neighborhoods throughout Manhattan, Andrew is well positioned to educate and advise his clients on a wide array of areas and property types. He finds fulfillment by connecting to each client on a personal level to best aid in selling or finding their home. 

Throughout his professional career, Andrew's repeat clients have remained unwavering due to his his tireless work ethic, fun spirit, creativity, and efficiency. In the sometimes hectic NYC real estate market, Andrew aims to be a reliable source and shepherd for his customers, making sure they receive the best service available. 

Andrew has lived on the Upper West Side, Upper East Side, and is now a resident of Battery Park City with his wife, Molly and their Chocolate Lab, Elly. Andrew has regularly set new price records in the area, and has his finger on the pulse of this specific market and its ever-growing values. His expertise and familiarity with the local community helps to position his buyers and sellers with a competitive edge. Coupled with strategically developed marketing plans, Andrew consistently gets over ask offers for the properties he represents. 


A recent graduate of the Manhattan School of Music, Andrew is a professional Operatic tenor and has sung internationally. He has also taught chorus at a public middle school to 435 singers and currently maintains a private studio. All of Andrew's experiences have helped him learn that whether on the streets of New York with customers, on the Operatic stage with audience members, or in a classroom with students, his clients must be at the center of focus.

Specialties

Battery Park City, Downtown Manhattan and Long Island City.

Education

Bachelor of Vocal Performance and Bachelor of Music Education from Ithaca college; Masters in Opera Performance from the Manhattan School of Music.

Charity

Andrew is on the Board of his Condo; on the Ithaca College Alumni Board, the Director of Engagement for Ithaca College Alumni in NYC and mentors through Big Brothers and Big Sisters. Andrew provides music for St. Peter's Church, the oldest Catholic Church in Lower Manhattan and brings music to seniors at a facility in Riverdale.

Its All About The Price....

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!

1641 Third Avenue, Unit 16G


1641 Third Avenue, Unit 16G

UPPER EAST SIDE, MANHATTAN

Offered At $850,000

Common Charges: $721/mo.  |  Real Estate Taxes: $756/mo.

1 Bed  |  1  Bath  |  Condo  |  Doorman


 

Enjoy high-floor views and innumerable building amenities in this spacious one-bedroom condominium home in a full-service Yorkville high-rise. 

The G-line is one of the most coveted one-bedroom layouts at the Ruppert Yorkville Towers complex thanks to its open plan great room and kitchen allowing total flexibility for living, dining, even home office spaces. Extra-wide north-facing windows capture high floor views in the living area while the kitchen offers great cooking space and ample cabinetry. Two-extra-large closets line the spacious bedroom, additional hall closets ensure storage will never be a concern in this fantastic 835-square-foot Upper East Side abode.

Yorkville Tower 2, part of the sprawling Ruppert Yorkville Towers complex, is 34-story tower offering 24-hour doorman, concierge, housekeeping, dry cleaning and valet services; two private playgrounds and an outdoor terrace with barbecues; bike room; central laundry and on-site parking with Zipcars. Discounted access to the New York Sports Club and swimming pool on the property is also available. This home offers incredibly low common charges that include heat/AC, electricity, gas and water. Spectrum Cable or FiOS offered at a reduced rate. Condo policies are flexible in this well-managed building; unlimited subletting for leases of at least one year, pied-à-terres and 90 percent financing are permitted. Sorry, no new dogs. This section of Yorkville has seen an amazing resurgence in the last few years, welcoming an array of great new restaurants, a new Whole Foods location, and the long awaited opening of the 2nd Avenue subway. Central Park is just four blocks away, and transportation options are abundant; the 2nd Avenue (Q) and Lexington Avenue (4, 5, and 6) subway lines are steps away and many nearby bus lines including the M86 and M96 Crosstowns, and the M1, M2, M3, and M4 Madison Avenue lines on 91st Street