Monthly Archives: June 2009

Madonna’s $40M Townhouse Now Just a $32.5M Townhouse

Curbed-

One Of Only 26 rooms

One Of Only 26 rooms

It’s official: Madonna is an Upper East Sider, having just closed on the 57-foot-wide Georgian-style townhouse at 152 East 81st Street. Yes, yes—eww, east of Lexington Avenue, the horror, blah blah blah. The lingering mystery was how much the Material Girl shelled out, with initial reports putting her bid at $40 million (the asking price was $42 million, down from $45M). Not so, the Times’ Josh Barbanel reports.

Madge paid only $32.5 million, or $1.25 million per each of its 26 rooms. Of course, there’s also a pair of garages to preserve a bit of privacy and a 3,000-square-foot garden for the brood to stretch their legs. It’s the biggest townhouse deal of the year, but will the discount silence brokers who criticized Madonna’s big-money move to the wrong side of Lex?

Let the Bernie Madoff Penthouse Sweepstakes Begin!

Aerial View Of The Madoff Penthouse

Aerial View Of The Madoff Penthouse

The Upper East Side may have gained a famous new resident in Madonna, but it’s also losing one of its most infamous—Ponzi schemer Bernie Madoff, who just got handed a century-and-a-half of prison time. Despite previous reports that the Madoffs’ penthouse at 133 East 64th Street is on the market, for a while it looked like Ruth Madoff would be hanging around. That’s no longer the case, as news broke over the weekend that the apartment would be among the homes given up by the couple, with sale proceeds going to pay back the fraudster’s victims. (Today the Post reported on Ruth Madoff’s rental troubles.) We can’t recall any other recent U.S. Marshals-led sales of tony pre-war Upper East Side real estate, so this might be uncharted territory. The penthouse has often been said to be worth between $7 million and $8 million, but will it sell for that much? One resident of the building sure hopes not.

Bob Weinstein Lowers The Asking Price For His Beresford Duplex

The Plaza on New York's South East Corner of Central Park

The Beresford on Central Park West

SELLER: Bob Weinstein
LOCATION: Central Park West, New York, NY
PRICE: $29,750,000
SIZE: 6,500 square feet (approximately), 6 bedrooms, 7.5 bathrooms
DESCRIPTION: …A grand stairway leads to six large bedrooms, seven and one-half bathrooms, a paneled library, huge family room, formal dining room, superb kitchen, laundry room, two terraces, three fireplaces and four exposures. The numerous custom details include three zoned air conditioning and Crestron system for sound and lighting…

Hot Hollywood Mama Jessica Alba Could Have Her Eyes Set On North TriBeCa.

Stars in Tribeca

Stars in Tribeca


Last time NY Post reported, Alba, hubby Cash Warren and adorable baby Honor Marie were house-hunting in the West Village. But they have since become enamored with some penthouses they visited at the Fairchild, a chic, 21-unit TriBeCa building with condos that could accommodate a growing brood — should the couple decide to have more children.

What New York Real Estate Can Buy For $400K

If you’re looking to buy real estate, there’s plenty of inventory out there these days.
But just how far will your dollar go? NY1′s Jill Urban filed the folling report on what’s on the market
for $600,000 or less.

Williamsburg Armageddon: Parents Pull Plug on Financial Aid

Williamsburg Inventory Expected To Double

2009_6_npiersfire.jpgAccording to brokerage Apts & Lofts, an estimated 2,818 new apartments will enter the Williamsburg market by the end of the year, and 2,766 apartments are slated to pop up in 2010. The prediction is that rising inventory combined with new mortgage guidelines will mean many more developments falling into foreclosure. “It used to be enjoyable, exciting to open a new building. Now it’s nerve wracking,” Apts & Lofts prez David Maundrell tells The Real Deal. Only parents can save the ‘hood now. [Real Deal]

What Is Happening On The Corner Of Washington & Albany?

Washington and Albany Looking North

Washington and Albany Looking North

I took a trip to this part of downtown on Sunday June 21st. You can stand looking North from this corner and the sheer volume of projects that seem to have come to a grinding halt has everyone wondering how long will it be before completion?

Remember the ads for 2010 from the LMDC?

It’s a stark reminder that even the super wealthy can be affected in drastic economic times.

Take for example Joe Moinian. A prestigious developer and #2,139 on Cityfile’s New York’s Most Notable List.

This was the latest report in ‘The Real Deal’ –

Moinian’s Tap Dance
May 01, 2009 01:34PM
Many of the properties Moinian purchased during the boom may now be underwater or are rumored to be in trouble, like his planned W Downtown Hotel & Residences.

The next example is the on going struggle of pulling down the Deustche Building on the opposite North Corner.

The Tribeca Trib’s report came out just this week.

Deutsche Demolition Could Cost $35 Million More

Officials of Lower Manhattan Development Corporation, the agency overseeing the cleaning and deconstruction of the former Deutsche Bank tower near the World Trade Center site announced they may need as much as $35 million more in public money to finish tearing down the doomed building.

Finally on the North West corner of Washington and Albany is 130 Cedar St. (It’s between Albany and
Cedar)

Who will finish first? Whoever’s last can buy drinks at the W-Hotel 5th floor lounge somewhere around 2010.

BLUE BLOOD ON THE BEACH-HAMPTON’S FORECAST

The average sales price in the Hamptons and in the nearby North Fork market plunged 36 percent from a year ago and 25 percent from the fourth quarter to $1.1 million in the first quarter, and the number of sales were down by half year-over-year, according to Prudential Douglas Elliman.

"We track bonuses pretty closely in the Hamptons," Hoffman said.

Fat bonuses whip up the market; skimpy ones flatten it.

Take one Southampton property: It offers 13,500 square feet on five beachfront acres, a pond out back, nine bedrooms, a "wine cellar/grotto" and a $20 million discount to $60 million from a previous price of $80 million, according to StreetEasy.com.

As of late May, another house was on the market for $2.6 million, which was down 40 percent from $4.4 million. And the price of a third was reduced 34 percent to just under $2 million.

It’s Just Not So Easy Being Green


Municipal codes make it harder
For builders to earn LEED certification

By Jennifer Landes

(03/12/2009) Government officials openly praise energy-efficient projects, but developers have run up against impediments in the state, county, and town codes to earning certification for green buildings.

Ari Meisel is a real estate developer and accredited professional in Leadership in Energy and Environmental Design, a rating system for environmentally sustainable buildings developed by the United States Green Building Council.

green building east hamptons

Is the housing bust about to take Manhattan?

By Helen Chernikoff – Analysis 

 

NEW YORK (Reuters) – New York City real estate prices are looking increasingly shaky as instability in two of the city’s sexier submarkets — second homes in the Hamptons, and new condos in Manhattan — register the latest signs of a housing downturn.

The Financial District’s Own Cool Place to Be-Front Street

2 blocks from Front St- South St Seaport

2 blocks from Front St- South St Seaport

What a difference a block makes

What a difference a block makes

Entering the promised land

Entering the promised land

I moved from The Financial District into the East Village to the infamous Stuyvesant Town 2 summers ago after being a downtown resident since 2001.  But I still spend a few evenings a week visiting my old haunts on Front Street. It was always considered that  The Financial District and The Seaport would never really take off as a neighborhood. Though according to the latest reports from the last quarter 2008 close to 20,000 new residents have embarked on it becoming their new home in the past five years. There must be something these residents are doing in their neighborhood. They can’t all be living there and choosing to eat, drink and have merry in the other surrounding neighborhoods?  Well maybe they can but that’s probably because they haven’t discovered Front St yet.

So other than the best rental prices plus amazing luxury buildings and lofts the reasons to live in and love The Financial District have to start with, yes, you guessed it, Front St.

It’s a hidden secret only 2 blocks North of the tourist heavy South Street Seaport. The best thing is the tourists have no idea that it exists either. I mean if the residents don’t know about it then come on. Front St had it’s rebirth once the Fish markets left for the Bronx.  And after years of negotiations the local community board, the landmark preservation society and progressive architects re-designed the street.  92 residential homes were built into the existing structures that date back to the mid 1800′s. And they had retail space available for those that wanted to be part of building a new neighborhood.

You can choose from a tapas joint, 3 Italian restaurants, a brazilian fusion restaurant, a New Zealand pub, Sushi, A Steakhouse, a Wine lounge and a bar with a stellar jukebox, sawdust on the floor and cheap ass beer.

Sawdust & a great Jukebox

Sawdust & a great Jukebox

In fact it all started with the place with the sawdust on the floor, Jeremy’s Ale House serving since 1974. America was only 198 years old.  For those that know and love McSorley’s, Jeremy’s is its close cousin.

http://jeremysalehouse.com/

Salud! came next. The Spanish Tapas Lounge-A tropical touch of Miami Beach Salud! specializes in Pan-Latino tapas and mixes a superb Caipirinha.  Come bring your Salsa moves.

White Hot Spanish Delight

White Hot Spanish Delight

http://saludrestaurant.net/

For those of you that read this blog and the numbers seem to be growing when you find yourself on Front St no visit is complete without popping into Nelson Blue. New York’s first New Zealand gastro pub. People rave about this beautifully designed corner joint with outdoor seating, delicious food and super friendly service.  Ask for Paulie. A burly, ruggedly handsome Kiwi, ex-rugby player who now rides his motorbike and skydives every weekend. The perfect host. And one of Front St’s great pioneers.

http://nelsonblue.com/

Maori Glory-Kia Ora!

Maori Glory-Kia Ora!

There are other venues to discuss but I’ll add just one more both because your time and attention is precious and this newest opening is worth the visit alone.

Front Street's New Jewel

Front Street's New Jewel

Onda. – Which is a Latin word for ‘vibe’ offers contemporary Latin cuisine inspired by multiple countries of that origin.  The owner Alessandro Passante of famed ‘Naima’ on west 27th street describes his newest creation best “Our team at Onda is very dedicated and enthusiastic. We want nothing more than to share this magnificent energy with the neighborhood”.

With the rich interior setting that has the feel of a jewel box adorned by ruby’s and garnets there is much attention to detail here. Master bartenders mix cocktails with flair and if you’re a fan of bold, spicy, citrus flavors with your food you’ll find great satisfaction here. Try the appetizer Flat Bread smoked duck, manchego cheese, sherry and porcini spread  or the  Snapper Ceviche agave lime essence, tapioca pearls, aji panca & mint.

http://www.ondanyc.com/

I hope you give yourself the opportunity to explore this little hidden enclave where New Yorkers wine and dine on downtown’s new restaurant row.

Nick Hetherington

Top Ten Reasons To Love The Highline-The Grand Opening

IMG_20090608_001It was a glorious day. And one highly anticipated. Will there be mixed reviews? Probably this is New York after all and here everyone has an opinion and for those of us that couldn’t get paid to write for an online newsjournal we’ll resort to the blogosphere. Fortunately for those reading I will spare you from having to read the typical droll and low blow comments about a beautiful new elevated park in which the blogger had invested zero time or money. How could they? They were too busy blogging.

IMG_20090608_013

So instead, It’s one long round of applause for the entire Highline project. Bravo. Well done. What a rare and beautiful treat the ‘Friends of The Highline’ have given New Yorkers.

The setting of course is sublime in the ever changing Meat Packing District. The walk to the entrance of the Park is full of sensory temptation from the fine perfumed mist spray of the Diane Von Furstenberg store (not sure if the mist spray is still there but is was so intoxicating) to the always full of humor Andre Balaz Standard Hotel garden bar. And now you finally arrive at the entrance, and it is stunning.  The tease is that you can see the heads of the foliage and trees 40 feet in the air on the way to entrance and like any superb tease the main attraction delivers.  Here are the top ten reasons to love The Highline.

Number 1. The perfect integration of steel, concrete, glass, railroad track and native plant species.IMG_20090608_021

Number 2. Views to the Hudson River, with the mix of the cobblestone streets, 19th century townhouses and warehouses, 21st century condos and the power of suggestion billboards asking us to enjoy Tequilla. Um, yes please.

Number 3. The Standard Hotel. Will someone please debate me on why this is not an ingenious design. I know you’re out there.

Number 4. Native plants, one in particular that is unusually beautiful.  Standing at about 4′ tall with tentacles fanning out from the stem like capillaries.

Number 5.  Wooden cabana benches. Lie down, 40′ in the air and look west.IMG_20090608_029

Number 6. The walkway cut through a redbrick warehouse with neon blue lights that shine from the steel girders where a friendly girl sells mixed berry iced tea in the opening.

IMG_20090608_006Number 7. The glass viewing platform with wooden steps that look North up Tenth Ave. If you are a street performer this is a terrific opportunity to bring your act. It makes for one hell of a stage with two dimensions.

Number 8. The highline staff and volunteers. Thankyou.

Number 9. The thought of where I’ll spend many afternoons and evenings with friends or simply by myself. I love Central Park but this is new special.

Number 10. This is just the beginning. There’s more that await us in section 2. Stay tuned.IMG_20090608_037

Nick Hetherington