Six months ago when CityRealty released its last CR100 report — an index comprised of the top 100 condominium buildings in Manhattan — One57 surpassed long-time frontrunner 15 Central Park West as the most expensive condo, coming in at $6,010 per square foot, compared to 15 CPW’s $5,726. But this time around, 15 CPW has retaken the crown with an average sales price of $6,039 per square foot over the last 12 months. Coming in second is the Residences at the Mandarin Oriental at $5,956, and One57 falls to third at $5,175, a 13 percent drop over the last year.
CityRealty notes, however, that the Robert A.M. Stern-designed condo may have difficulty maintaining its top spot, as big-time new developments 432 Park Avenue, The Greenwich Lane, and 10 Madison Square West have now made their debut on the CR100.
More trends and data
Image courtesy of CetraRuddy
One architectural name dominating the new development scene is CetraRuddy. Nancy Ruddy and her husband Jon Cetra formed the firm back in 1987, and over the decades that followed the pair built an architectural powerhouse that’s erected countless buildings across the globe. But while their breadth of work touches everything from the educational to hospitality to the cultural, here in Manhattan, it’s their luxurious residential designs that stand out. Ahead, CityRealty catches up with co-founder Nancy Ruddy about a few of CetraRuddy’s more recent residential commissions, as well as what went into designing what might be their most recognizable tower, One Madison.
READ THE INTERVIEW HERE…
For good reason, hundreds if not thousands of articles and books have been published on 15 Central Park West, the “Limestone Jesus” designed by famed architect Robert A.M. Stern. This modern icon is credited with not only elevating the New York City luxury market to a level no one before dreamed it could reach, but it has also spurred a slew of copycats around the city and globe with developers hoping to emulate its unprecedented success (it is currently the most expensive building in NYC with apartments priced from $5.4M to $48M).
Ahead Robert A.M. Stern Architects’ partner Paul Whalen discusses why there will never be another building like 15 CPW, and why he still has a hard time containing his excitement for its architecture, interiors and the carefully calculated layout. He says to this day, he still receives letters from residents that read “When I first moved in, I knew it would be an amazing building but I keep discovering qualities of the building I didn’t understand or realize. It takes years to fully appreciate living here.”
READ THE INTERVIEW WITH PAUL HERE….
The Atlantic Yards (now known as Pacific Park) in Brooklyn where eminent domain was used to take property. Image via Atlantic Yards Report
It has been called the most coercive public policy after the draft. It has also been said that without it, construction in major cities would come to a shuddering stop. What is this powerful, controversial tool? Can both statements be true?
Eminent domain is the policy by which a governmental agency can acquire or “take” property from an owner unwilling to sell in order to build something else there, and it has been around for centuries. Some say it derives from the medieval concept of the divine right of kings, empowered by God the Almighty to be sovereign over all. And by inference, that includes the land, which individual owners occupy and trade at the king’s sufferance. When he wants it back, it is his right to take it. So under eminent domain, all land theoretically belongs to the state, which can assume control at any time.
more on eminent domain here
For the second quarter in a row, average condo sales prices in Manhattan are breaking records. The first three months of 2016 saw $4.59 billion in aggregate sales, breaking the previous record of $4.57 billion that was set last quarter, according to data from CityRealty. The average sales price topped out at $2.9 million, also significantly higher than last quarter’s $2.5 million. These figures aren’t surprising considering 24 percent of all condo sales during the beginning of this year were at or above $10 million, with new luxury developments like 432 Park Avenue, The Greenwich Lane, and 150 Charles Street accounting for the uptick.
More stats this way
It’s no secret that the NFL’s top draft picks command starting salaries well into the eight-figure range, but to really put into perspective just how crazy-big their paychecks are, CityRealty‘s latest infographic takes a look at what the last five #1 picks could buy in Manhattan with their money. And on top of that, how these hypothetical one-off property purchases translate into real estate portfolios in their hometowns. (Teaser: Quarterback Jameis Winston could either buy a $24.95M pad at The Eldorado or 107 homes in his native Tampa, FL!)
Check out the full-size infographic here
It is well known that Eloise lived in The Plaza. But the book was published in 1955, well before Manhattan real estate skyrocketed. So what would her apartment be worth today?
In fact, many children’s books have been set in New York City—think “Harriet the Spy” or “Stuart Little.” In this day and age of record-setting prices, how much would those fictional characters have to pay to live in their homes today? Who would have seen the most appreciation, Eloise or Lyle Crocodile?
Much detective work (à la Harriet) reveals the residences of a boy-mouse and a anthropomorphized girl dog span various neighborhoods including the Upper East Side, Gramercy Park, and Park Slope. What follows is a survey of six iconic picture books set in New York City and the current valuations of their fictional homes.
Check them out here
By now you’ve surely seen Tim Seggerman‘s practically iconic 240-square-foot apartment on Pinterest and on design blogs across the web. But while the architect has made a name for himself creating innovative solutions for small living in the city, what might come as a surprise is that he doesn’t really advocate squeezing into a small space. As Seggerman says, “I don’t really believe in tiny living, as ingenious as it can be. It may work if you’re older or if you’re younger but for the majority of people and families, it just cannot work.” In our interview ahead, Seggerman reflects on his celebrated tiny creation. He also discusses why living small works great in places like Japan (versus NYC) and what he believes is the minimum size an apartment can be without sacrificing comfort.
READ THE INTERVIEW WITH TIM HERE >>
Income requirements on top of lofty rents make renting in New York a formidable challenge for all, but seniors who live on limited means with little to no incoming cash face even greater obstacles when it comes to securing a home in the city. Although seniors make up one of New York’s fastest growing populations with nearly 1.5 million aged 60 or over, the city has few measures in place to lend them support when it comes to affordable housing. Ahead we look at the struggles taking hold of older folks, as well as some of alternative living situations a number of seniors have turned to in order to stay put.
READ THE FULL STORY HERE…
With deals below a million dollars few and far between, home ownership in NYC is out of reach for the majority. But what about pooling your money with a friend to make a big ticket purchase? This might come as a surprise, but taking the plunge and purchasing a property with pals—not a family member—is growing in popularity. But is this really a good idea? Ahead we go over some of the things you need to consider if you plan on buying real estate with a friend.
ADVICE FOR INVESTING IN REAL ESTATE WITH FRIENDS…