Gov. Andrew Cuomo announced yesterday that New York City’s Central Park-adjacent monument to Christopher Columbus has been listed on the State Register of Historic Places by the New York State Board for Historic Preservation. Cuomo also recommended the 76-foot rostral column statue, erected in 1892 by the city’s Italian-American community, for listing in the National Register of Historic Places. The statue was the subject of controversy earlier this year after violent white supremacist groups in Charlottesville, Virgina protested the city’s plan to remove a statue of Robert E. Lee. Mayor Bill De Blasio announced the statue would remain, following a 90-day review of the city’s monuments by a mayoral advisory commission.
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The race to build the tallest residential building in the world has long been underway along Billionaires’ Row, but 111 West 57th Street not only boasts height (at 1,428 feet it’ll surpass the current record holder, 1,396-foot 432 Park Avenue until the 1,500-foot Central Park Tower tops out) but a frame that is so slender (a ratio of 1:24) it garners it the title of skinniest skyscraper in the world. And after six years watching the development unfold, listings have finally gone live for the 46-unit condo, first spotted by Curbed. The first batch includes seven units, six of which are three-bedrooms ranging from $18 to $30 million, along with a $56 million penthouse.
To make Central Park your front yard, you’ll have to fork over $277,000 more than the median sale price of every bordering neighborhood. A new report by Property Shark looks at just how much more New Yorkers are willing to spend to be near the 843-acre oasis, a real estate trend which the group calls the “Central Park effect.” According to the analysis, the median sale price of units along the first row of blocks across the park was 25 percent more expensive than that of every nearby area. And in the priciest section, the Upper East Side’s Lenox Hill, that rose to a 93 percent difference.
Image: Hayes Davidson
Despite a long history of financial and legal woes, Property Markets Group, Spruce Capital Partners and JDS Development’s tall and slender tower at 111 West 57th Street is gearing up to begin sales (for real this time) according to the New York Times. After years of lawsuit threats, reports that construction had stalled over budget overruns and a potential foreclosure, the 1,428-foot, 86-story tower will kick off sales, to be handled by Douglas Elliman, on September 13.
Before the stretch became known as Billionaires’ Row, Al Pacino called 301 West 57th Street home. The Oscar-winning actor, best known for his roles in “Scarface” and “The Godfather,” lived in different units in the building between 1988, when the building was built, and 2013, including a 14-floor corner condo that just hit the market for $2.7 million, reports the Post.
Photo via Wally Gobetz/Flickr
In May, the minority owners of the iconic Plaza Hotel, Ashkenazy Acquisition Corporation and Saudi Prince Alwaleed bin Talal, went into contract on the landmarked building, matching the $600 million offer made earlier in the month by a separate group of investors. However, reports out today tell us that the deal closed on Monday, with Katara Hospitality, a subsidiary of Qatar’s sovereign wealth fund, buying the minority owners’ 25 percent stake, along with Indian business group Sahara’s 70 percent stake and hotelier Sant Singh Chatwal’s five percent stake. Katara is the Qatar Investment Authority’s hotel division and this is their first foray into the NYC market. According to sources referenced by The Real Deal, the minority group decided to drop its bid because Katara offered greater “certainty” of closing.
Photo via Creative Commons
Update 5/8/18: Saudi Prince Al-Waleed Bin Talal and Ashkenazy Acquisition Corp. will buy the Plaza Hotel for $600 million, besting a previous offer made less than a week ago, according to the New York Post. While it was reported White City Ventures and the Kamran Organization were in contract to buy the iconic building, the prince and Ashkenazy, as the minority owner, had the option to acquire the hotel if they matched the $600 million offer. The deal is expected to close this summer.
A deal to sell the historic, 111-year-old Plaza Hotel has finally been reached, after the New York City landmark sat on and off the market for years and changed hands numerous times. As the Real Deal reported, a group of investors including Shahal Kahan of White City Ventures and Kamran Hakim of the Hakim Organization, are in contract to buy a majority share of the hotel for $600 million. While reports in March said the group was considering paying for part of the purchase with cryptocurrency, the deal instead is being made up of equity from investors and a $415 million loan from a pair of British billionaires, David and Simon Reuben.
Photo via Wally Gobetz/Flickr
Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.
Sure, Michael Dell has bragging rights to buying One57‘s $100 million penthouse, the most expensive home ever sold in New York City, but Bill Ackman’s $91.5 million buy a few floors down came with a coveted terrace. Only two units in the Billionaires’ Row building claim “private outdoor space on the park,” and the second has just come on the market for the first time, asking $28.5 million. Dubbed the Spring Garden Residence (as opposed to Ackman’s “Winter Garden Penthouse,” as Curbed notes), the 41st- and 42nd-floor duplex boasts a 43-foot-long great room wrapped in floor-to-ceiling windows that lead to a 671-foot solarium and a terrace with views of the park and skyline.
Photo of Lady Gaga via Wikimedia
The former penthouse of singer-songwriter superstar, Lady Gaga, has hit the rental market for $33,000 per month. Located in prestigious 40 Central Park South, the two-bedroom, two-bathroom features a sunken living room, two wood-burning fireplaces and a whopping four terraces. As the New York Post first reported, the sprawling duplex has been home to other celebrities like Liza Minnelli and Lance Armstrong. The apartment was featured in Lady Gaga’s recent documentary, “Gaga: Five Foot Two,” which is currently streaming on Netflix.