Families looking to buy apartments in the Big Apple often have a standard list of demands: safe area, family-friendly neighborhood, and space to accommodate their children. But perhaps most important is the desire to be close to a top school. Though not a new idea, this trend appears to be growing among international buyers who are actively seeking homes close to international private schools, hoping to preserve their native language and culture within their children’s upbringing. One area where new apartment buildings are benefitting from this trend is the Upper East Side, specifically in Lenox Hill, which is host to Lycée Francais de New York and La Scuola d’Italia. And downtown in Nomad, the Ecole Internationale de New York and the United Nations International School are having a similar effect.
All posts by Katy Cornell
Elite international schools are attracting buyers to new developments on the Upper East Side and Nomad, Wed, October 26, 2016
View to the southwest of the Empire State Building with a conceptual 928-foot-tall tower at the site of 262 Fifth Avenue.
A near supertall skyscraper is coming to Nomad, according to a recent Department of Buildings filing for 262 Fifth Avenue. Boris Kuzinez, an Israeli-Russian billionaire, submitted plans last week for a 54-story, 928-foot-tall mixed-use tower on the southwest corner of Fifth Avenue and 29th Street where a trio of pre-war buildings currently stand. The tower will certainly make a dent on the NYC skyline, and will be the tallest structure between Midtown and Downtown if it wraps before several other projects now in the works.
Architecture firm So+So Studio has proposed a new vision for New Jersey’s Bergen Arches, an abandoned four-track cut of the Erie Railroad that runs one mile through the Palisides. The site has remained unused, overgrown, and forgotten since the last train ran in 1959. So+So, however, sees a much more lively vision for the tracks, and they’ve teamed up with Green Villain, a Jersey City place-making organization, and local residents to turn the unused space into a locale for artistic and leisure activity.
Dubbed “The Cut,” the project is both architectural and landscape-based, calling for an elevated system of ramps and walkways that will take participants under canopies, through sculpture gardens, and into graffiti-tunnels more than 60 feet below ground. With the public park, So+So hopes to promote contemporary local artists as well as expose decades of preserved graffiti and art that line the forgotten landscape.
“There’s some crazy stuff going on in New York.” David Neithercut, President and CEO of Equity Residential, told Bloomberg in April during the company’s Q1 Earnings Call. COO David Santee sums up why: “We had to join the concession party to close deals.”
Equity Residential is following a growing trend of many other New York City landlords, and is doing so out of necessity. They are under immense pressure to keep their buildings full in the face of increasing vacancy rates. According to the June 2016 Elliman Report, in Manhattan, “The vacancy rate rose from 2.07 percent to 2.3 percent when compared to the same month a year ago, and is the highest vacancy rate for June in four years.” The report also notes that the median rental price is up 2.2 percent since last June, and the number of new leases is up 33.5 percent as tenants continue to push back against increases applied at the time of renewal. Tenants were offered concessions on 9.7 percent of all new leases, up from 3.9 percent last June. While this has become a point of stress for landlords (Equity Residential alone gave an estimated $600,000 in concessions during the first quarter), as you may have guessed, this is great news for prospective renters.
Co-developers Kuafu Properties and SCG America have fully launched their website marketing 151 Jamie Drake-designed condos called Manhattan View. For those in search of an upscale home in Midtown West, it’s unlikely that Manhattan View can escape your radar for long. The residences are perched on 13 floors atop the Arquitectonica-designed MiMA Tower at 460 West 42nd Street, and the exclusive collection of apartments will provide richly appointed amenities and far-reaching views of the city and waterways. The new website leads with a fun and quirky film of the building that tours its apartments and amenities and grants a view of the lifestyle it hopes to provide its residents.