Entries from July 2009
SOMETHING FOR THE WANNA HAVES.
It’s difficult to be a developer today and especially in Williamsburg where some have seen their precious buildings foreclosed on by the lenders. And according to Miller Samuel it’s not from lack of interest from buyers but the strict guidelines by Fannie Mae and soon to be by Freddie Mac expecting a building to be sold by 70% before they approve buyers for financing. So, what do you do if you’re a developer in 2010 and you’re building has to compete against an estimated almost 3000 units coming to market? I smell huge discounts in the future. Either that or lots of shiny, beautiful rentals hoping to attract a wave of renters that at this point in time is difficult to assess whether there will be any as job losses continue.
Good luck Williamsburg.
Categories: Real Estate News · Something for the wanna haves
SOMETHING FOR THE HAVES.
Nick Hetherington
Uber-broker Dolly Lenz has been courted by The Apthorp development team and she has accepted to help them sell their supreme residences. How many does she need to sell to declare the condo plan effective by the September deadline? Only 8. This is exciting news to follow. She has the month of August and until the September 15 deadline date to sell 8 apartments to the wealthiest members of planet earth. Doesn’t sound to difficult for someone like Dolly who just rented Brangelina the Rupert Murdoch estate on The North Fork of Long Island for $100,000 a month. So, all she has to do is make a few calls right? I think she will do it. Whoever purchases will obviously be offered a sweet to the taste discount. Stay tuned to see which masters of the universe help save the day. Check The Real Deal article for more on this.
Categories: Celebrity Real Estate · Something For The Haves · The Apthorp
SOMETHING FOR THE HAVES AND WANNA HAVES.
Vegas homes no longer a bad gamble
Slide in Home Prices Is Slowing Down, Index Shows
[NY Times]
Categories: Real Estate News · Something For The Haves · Something for the wanna haves
SOMETHING FOR THE WANNA HAVES FROM THE HAVES.
Nick Hetherington
If you are a developer in today’s market and the original vision you had was to sell luxury condos at a high price psf but your sales office opened in 2008 or worse later, today you are being forced to restrategize.
There are several options open to you depending on the category for which your building falls under. So, which way do you go? Well, according to the Wall Street Journal [a pilot program, which aims to convert as many as 400 units, is designed to provide grants to real-estate developers and lenders to subsidize the completion of developments if the owners agree to turn the building into rental units for middle-income families. City officials said New York's effort would target neighborhoods that are being hard hit by the condo construction bust, including Harlem in upper Manhattan and New York's outer boroughs].
Ok, so some relief there for a few developers. What other options are there if you have a building outside these parameters? What if you’ve sold the requisite 15% of your inventory to be declared effective by the city? You could decide to create a rent to own program like 75 Wall street, Sutton Manor on East 53rd Street, 99 John Street, the Revere on East 54th Street and Morgan Court on Madison Avenue. In Brooklyn, the BridgeView Tower. Northside Piers and the Decora are among those with this option.
For more on this go to The NY Times article that appeared in December 2008.
For those of you that have been less than fortunate in moving your condo product, there is another option. Turn your building into a full rental property. This vehicle is reserved for projects that could not sell the requisite 15% that the city demands before they can declare the building effective as a condo property. The buildings that fall into this category so far are The Milan on west 23rd street and 6th avenue, The Remy on 6th Avenue and 27th street, rental prices here are quite moderate, so renters should take advantage while the developers are on the ropes. Others that may follow suit could include the high profile property with a great deal of celebrity traffic The Apthorp. The sponsors have until September 15th to make the grade. How much rentals would go for here is another question entirely.
But considering the drama that has surrounded The Apthorp, it will surely continue to make the real estate headlines.
Categories: Real Estate News · Something For The Haves · Something for the wanna haves
SOMETHING FOR THE HAVES-
Former Bear Stearns exec cuts townhouse price
-As Per The Real Deal
Jeff Urwin, former co-head of investment banking at Bear Stearns and now JPMorgan’s head of investment banking coverage in the Americas, has cut the price of his Upper East Side townhouse to $26 million from $32.8 million. The listing, with Corcoran Group’s Carrie Chiang and Loy Carlos, says the mansion is in the low 80s between Fifth and Madison avenues. The five-floor townhouse has 640 square feet of outdoor space. The home first went on the market in mid-February, then went off the market, was re-listed in March, removed from the market in May and re-listed later that month, according to Streeteasy.com.
Categories: Real Estate News · Something For The Haves
SOMETHING FOR THE WANNA HAVES-
Nick Hetherington
The delicious Jill Urban ran a report today on ‘What Can You Rent In NYC For $1000 A Month?’. Well, you can’t live in Manhattan is the hard cold fact with that price point. So, what are the cheapest rents in Manhattan? Well that’s a relative question if it means you don’t mind living in a 5th floor walk-up in a building that has been renovated in over 20 years and it’s a 20 minute walk to the subway. But what if you want more? What if you want a doorman?
What if you want to have every convenience right on your doorstep but you have a very tight budget?
Well, we have found the lowest price doorman building in Manhattan below 40th street. It’s a pleasing very easy on the wallet $1650. Where is this hidden gem? It’s in the perennial fastest growing neighborhood The Financial District.
The building is on Gold Street and they have large studios for $1650, 1 bedrooms for $2100 and 2 bedrooms for $2385.
To live here you must call NY Living Solutions 212 777 7100.
Categories: Something for the wanna haves
SOMETHING FOR THE HAVES-
Nick Hetherington
According to Streeteasy there are 6 condo developments that have risen near The Highline. 1 of the 6 is The Caledonia which sold out in record time back in 2006/7 when, well, you know when we young and innocent. The median price of these properties is $1,350,000. The median price per square foot of these properties is $1,276. Compare that now to say The Chelsea Enclave who is commanding $1500 psf for it’s cheapest 1 bedroom unit and $3,114 psf for it’s most expensive unit and we could argue that news of the global meltdown didn’t reach West of 9th avenue. Just to note how are sales doing at this new development? Well, there are 7 in contract so far out of a possible 53 units since the sales office opened in January. Then there’s 456 west 19th street-which is composed of 22 duplex residences each with open floor plans and soaring double height living rooms to almost 20 feet. Prices range from $1400 psf – $2650 psf. Sales began here in November 2008. To date 1 sale has been recorded.
There are some sales at 350 west 23rd that don’t reach the stratosphere and you can pick up a space for under $1000 psf if you don’t mind living on the 1st or 2nd floor. Otherwise it’s back to $1300 psf. Sales here at this collection of 15 floor-through homes with fireplaces and private outdoor space are less than steady with only 2 contracts signed to date.
So, what does this all mean? Well, if you want to live close to The Highline, developers say ‘show me the money.’ People with this kind of money may be saying ‘We’re not convinced’. We’ll stay tuned to see how this all plays out.
Categories: Something For The Haves · The Highline Project
845SF Loft for $620,000
SOMETHING FOR THE WANNA HAVES-
Nick Hetherington
The adorable Jill Urban reports on one option in Manhattan in a co-op.
And now for The NYLS top pick. In an uncertain market where new condo developments can be a risk if the building has not sold the requisite 30-40 percent, 90 William Street can offer the piece of mind a purchaser needs.
The listing broker, Barbara Helm explains the listing-”Be the first to enjoy this stunning apartment with exquisite architectural details. Post-war modern design melds with classic pre-war features such as beamed 9’6″ ceilings and structural corinthian column”.
It’s important to note that this is not one of our listings and we stand to not make one dollar if the apartment sells. This is simply fair reporting that Jill Urban did not cover. She can’t cover every listing under
$700K but this deserves some coverage because the price of this apartment in a new condo development that has sold 90% on it’s entire portfolio is remarkable. Plus the 421g tax abatement was approved this month, so the purchaser will pay zero taxes for the next ten years.
Here are the details-
Asking: $620,000
Square Footage:845
Price per SF:$734
Common Charges:$739
Taxes:$Zero
Call Barbara Helms at Corcoran for details.
Categories: Real Estate News · Something for the wanna haves
SOMETHING FOR THE HAVES-THE DIRTY ROBBER BARON HAVES.
Nick Hetherington
I took this statement from the always super insightful and pithy Matt Taibbi-Taken altogether, what all of this means is that Goldman’s profit announcement is a giant “fuck you” to the rest of the country. It is a statement of supreme privilege, an announcement that it feels no shame in taking subsidies and funneling them directly into their pockets, and moreover feels no fear of any public response. It knows that it’s untouchable and it’s not going to change its behavior for anyone. And it doesn’t matter who knows it.
Yes, we should all we outraged and there are fingers to point at many of the culprits that steered Goldman to safety while millions have been shipwrecked, left jobless and homeless. For those guilty please stand up, Tim Geithner, Hank Paulson, Lloyd Blankfein and the list continues.
My only question is will the employees who will be receiving their big, fat bonuses spend it in a wise and love of The Country style manner? Maybe they will help prop up the local economy where they live and shop. Maybe they will purchase real estate in and around New York City giving us a positive 1st quarter in 2010. Let’s follow the money and hope that those of us who are at the bottom of the food chain with arms outstretched asking their government
for a handout will be seen by the fat cats who received billions and will stop to help a brother out.
Categories: Something For The Haves
SOMETHING FOR THE HAVES-
Nick Hetherington
east 71st street townhouse
Investment banker Lewis van Amerongen has slashed the price of his five-story townhouse at 13 East 71st Street. First listed last September for $24.95 million, the 8,766-square-foot manse can now be yours for $16.95 million.
[Cityfile]
• But that hasn’t stopped Dr. Richard Kaul, an anesthesiologist and spine specialist, putting his 7,200-square-foot townhouse at 69 West 83rd Street on the market for $14 million. Kaul bought the home for $3.6 million back in 2005. His broker must be selling him a pipe dream. Agreed, the townhouse has undergone an extreme makeover but let’s face the facts Doc, anyone in their right mind would not pay 4 times what you paid for it in the height of the market in 2005. This will be an interesting listing to follow. My prediction is you will see it drop to $9.75 million sometime in January 2010 if not before.[Nick Hetherington]
• Yankees slugger Alex Rodriguez hasn’t had much luck selling off his mansion in Coral Gables. He just dropped the price from $14.9 million to $9.9 million. But he’s also said he’d be happy to rent it for $25,000 a month.
[Real Deal]
Categories: Real Estate News · Something For The Haves
SOMETHING FOR THE WANNA HAVES & THE HAVES-ALMOST, KIND OF…
Nick Hetherington
The persona for this blog as you may have noticed is split into two categories. ‘Something For The Haves’ and ‘Something For The Wanna Haves’. There can be a great deal of synergy between the two especially in a market where everybody is making money and benefits from each others trade-able product.
But in this type of market the relationship is a little more opaque. Certainly for the ‘Wanna Haves’ they finally have the opportunity to get their own back at the landlords that have been charging rental rates in the nosebleed section. And if you are a first time home-buyer then there are more opportunities for you to enter the market with the mortgage rates still very low and with prices dropping. It’s clear that the person who benefits here is the ‘Wanna Haves’, in all aspects. Of course if you’re one of ‘The Wanna Haves’ who happens to be selling their place under duress to the purchasing ‘The Wanna Have’ then you have ‘The Wanna Haves’ seller obviously getting mugged.
And so the same is true of the relationship between ‘The Haves’.
The excellent Miller Report details how the luxury sales market is coughing and spluttering from excess inventory and under absorption. The luxury rental game was hot during the Spring as luxury buyers pulled out of the market. Sounds great if you’re a luxury rental landlord, that is until you realize that you would have got 17.5% more for your unit last year as compared to now. And if you happen to be one of ‘The Haves’ who is thinking of purchasing in this market, well, lucky you. The city is your oyster and there are plenty of large ones to shuck and enjoy with huge discounts. Take the story of ‘The Apthorp‘ and possibly you could be one of the 25 lucky millionaires that could buy with as much as a 50% discount.
The clock is ticking for the partners of this Upper West Side Jewel but as much as it vexes them as the money made on this venture will only be enough for 2 lifetimes instead of three they have no choice but to allow themselves to have little to no advantage in the negotiations. Here ‘The Haves’ win and lose. Seems to be a lot of that happening these days.
For more on The Apthorp-Visit the hysterical Celebrity Real Estate Blog- [The RealEstalker]
Categories: Real Estate News · Something For The Haves · Something for the wanna haves
SOMETHING FOR THE HAVES-
211 east 61st Sells For $6million
Michael Targoff, the Loral Space & Communications CEO who paid $10.25 million for a penthouse at 778 Park Avenue last year, has finally sold off his old spread—a 3,800-square-foot townhouse at 211 East 61st Street (left). The four-story manse which was listed for $6.8 million sold for $6 million.
[Cityfile][Streeteasy]
Categories: Real Estate News · Something For The Haves
Jill Zarin- Housewife
SOMETHING FOR THE HAVES-
Jill Zarin from ‘Real Housewives of NYC’ lists her home for $3.2million. What do you get for that?
1956SF that’s what. Have a look at the interiors and if you likey you’ll probably also love 1970′s European porn.
[CityFile]Dorris Carr Bonfigli, the Upper East Side hostess and Bernie Madoff victim, has dropped the price of her penthouse apartment at 930 Fifth for the second time since listing it for $11.3 million last December. The elaborately-designed spread is now priced at $9.8 million. Nobody gets out of this mess untouched.
Categories: Celebrity Real Estate · Something For The Haves
SOMETHING FOR THE WANNA HAVES-
2009 Rental Graph By The Guru
[Graphic via Prudential Douglas Elliman.]
This graph tells us it’s great news for bargain renters across the Manhattan land. For those that felt exiled to the other suburbs because of the increase in rental rates from 2007-2008 you are now no longer banished. Return to the isle immediately the landlords require your dutifull 1 year lease commitment.
In return they will bestow upon you not 1 but possibly 2 months free rent on top of the already decreased rates of 17.5%.
For those that chose to stay and take the high rate beating it is now time to tell your landlord that you are now king and what you feel the apartment you are staying in is worth. Ask for 17.5% off and you may receiveth. If not leave for a larger space for less money. Once in a while the masses do receive fair treatment. This is that time. Take full advantage while you can.
Categories: Real Estate News · Something for the wanna haves
[CityFile]Mortgage company founder Steven Schnall and his wife Sherri have dropped the price of their massive townhouse at 2 North Moore Street less than three months after putting it back on the market for $33 million. The 11,000-square-foot mansion is now listed with Deborah Grubman for the bargain price of $29 million. Get it while it’s hot! [Corcoran]
Categories: Celebrity Real Estate · Price Cuts · Real Estate News
The Apthorp Courtyard
NY Apartment Updates: THE Apthorp, one of New York’s grandest apartment buildings with a sprawling interior courtyard and vaulted limestone arches has been wracked with contentious disputes, feuding partners, lenders threatening to foreclose but now there’s calm after the storm.
[NY Times]Asking prices on the condominiums fell to an average of $1,950 a square foot from $2,400 to $3,000, at least for the buyers of the first 25 or so apartments that must be sold before the condo plan can be declared effective.
Will the many celebrities that have been considering a purchase at this noble establishment Alec Baldwin, Sarah Jessica Parker, Matthew Broderick, Tommy Mottola, return now that the dust has settled? Will they be seduced now the prices are even more affordable despite the fact that they are the only one’s who could afford them in the first place?
Categories: Celebrity Real Estate · Price Cuts · Real Estate News · The Apthorp
The Milan
NYC Apartments:
The Real Deal Reports-The Milan Condo on 23rd Street in Chelsea is going to need a new name.
Joining the ranks of New York City’s many “nondos,” the 42-unit conversion will remain a rental building rather than going condominium as planned.
NY Living Solutions were one of the local neighborhood brokerage houses that had attempted to help sell The Milan by bringing by dozens of potential buyers. Nick Hetherington a managing director with the East 20th Street location of NY Living Solutions stated” To date we were unable to bring about even 1 purchase at The Milan while we were successful in completing many transactions in other Chelsea condos.”
One-bedrooms in the now-vacant doorman building, where each apartment has a balcony, rent for $2,700, while two-bedroom units start at $4,100.
Nick Hetherington commented “this price structure is extremly aggressive compared to other doorman buildings in the Chelsea neighborhood. And with the new condo finishes this is an excellent opportunity for renters to find something affordable with new designs in a central location.”
Categories: Uncategorized
Irving Townhome Private 30' saltwater pool
New York Real Estate News update.
The Townhome
The Townhome at 57 Irving Place is the quintessential urban home. With three full floors, this unique residence features four bedrooms, five full bathrooms, and two powder rooms as well as private street and lobby entrances. Superb conveniences include a private garden, single-car garage, and a full floor of amenities complete with its own thirty-foot saltwater swimming pool, media/entertainment room and fitness spa.
Wow- That’s impressive. That makes me feel like I need to start getting up at 4am for my morning jog before embarking on a regular 12 hour day at the office before attending an evening gala or premiere opening. Either that or my parents really need to start helping me out a little more already. Whichever way the dice rolls I’ll be eagar to learn of this extraordinary home’s new purchaser. Stay tuned for further updates.
Nick Hetherington
Categories: Real Estate News
A queens neighborhood is boasting new recognition from a national magazine over it’s old home offering’s. NY1′s Jill Urban filed the following report.
Categories: Real Estate News
Time Warner Center- Home to The Ridiculously Rich-a-lous
Celebrity NY City Real Estate News:
Investor Gerhard Andlinger has sold his penthouse at the Time Warner Center for $37.5 million, making it the biggest residential deal the city has seen in nearly a year. Not that this should necessarily be interepreted as a sign the real estate market is back. The 8,300-square-foot apartment, which was sold to an anonymous buyer, had been listed for $65 million when it first hit the market last year. [NYO]• Keiko Ibi, the Tokyo-born filmmaker who won an Oscar her 1999 documentary The Personals, has put her condo at 15 Central Park West back on the market less than two years after purchasing it for $1.8 million. The one-bedroom is now listed for $3.75 million. [Cityfile, BHS]
Stephen Daldry-'Billy Elliot' Director
• Director Stephen Daldry has reportedly gone into contract to buy a red-brick townhouse in Chelsea with an asking price of “just under $5 million,” while British architect Lord Norman Foster has picked up the apartment next door to the one he already owns at 912 Fifth Avenue for $6.7 million. [NYM]
• Markus Kiersztan, the owner of MP Creative and Uniqlo’s creative director in the United States, has paid $1.8 million for a three-bedroom loft at 10 Leonard Street. [Cityfile]
Categories: Celebrity Real Estate
Celebrity NY City Real Estate News:
So, it all started this morning when The NY Post
ran a quick blurb on page 6 titled ‘Bargain Hunter’. Paula Froelich The Post’s mercurial gossip writer got hold of an email Kerry Washington had sent to her friends letting them know she needs an apartment while doing the David Mamet play ‘Race’. Kerry has a budget of $3000 for a furnished rental. Miss Froelich pens that is ‘a cheap apartment’. Maybe Miss Froelich could rent Miss Washington her own apartment in Soho. It’s a nice ‘cheap’ 1 bedroom in a walk up on Sullivan street.
Richard Lawson of Gawker.com also picked up on this story. His response is right on the ‘cheap’ money.
Categories: Celebrity Real Estate
