Yesterday we learned that the average Manhattan sale price reached an all-time high in 2014, climbing to $1,718,531 and surpassing the pre-recession record of 2008. We weren’t totally surprised, considering the past year’s slew of new, high-end developments. We predict that this trend will continue into 2015, with even more luxury listings hitting the market. But what do you think? Was 2014 a fluke, or is it nothing compared to what 2015’s going to bring?
MTA Chairman Thomas Prendergast is hoping to squash rumors that the Second Avenue Subway (SAS) will miss its December opening date. As Prendergast told the Times on Friday, “[we want to show riders] we live up to our promises” and that they are “now within striking distance of having it done.” The chairman’s remarks incidentally coincide with some newly unearthed information from the Daily News, who also reported Friday that the agency spent a week shaving down parts of the new subway tunnel wall because 75-foot train cars couldn’t fully clear curves.
The tunnel issue, however, is much lower on the agency’s list of concerns (as the SAS will ultimately use sleeker 60-foot trains and 75-footers would only be used to move equipment through) when compared to the all the testing that still needs to be done on the fire alarm system, signals, escalators and elevators. Kent Haggas, an independent engineer for the project, told the paper that as of September, about 300 tests were still needed and “workers had to speed up the rate at which they were finishing them.”
As 6sqft reported last month, many of these tests are related to the 72nd Street station. As such, having the line temporarily bypass the 72nd Street has not been ruled out by the MTA. Prendergast, however, adds that it’s still too early to even consider skipping station, and that MTA’s main focus is delivering everything on time. “We haven’t given up on anything at this point,” he said.
Construction workers also appear to be as optimistic at Prendergast. The Times shared some local gossip via resident Bambi Kapp, who has been checking in with workers over the course of project. Some have told her the December opening date is still on, while a handful of others are saying February is more likely. Both dates, however, are pretty promising when you consider that this line has been in the works for nearly a century.
If the project does adhere to its timeline, before the year’s end, New Yorkers will be able to swipe their transit cards in stations at East 72nd, 86th and 96th streets, along a nearly two-mile extension of the Q line.
MTA Chairman Thomas Prendergast is hoping to squash rumors that the Second Avenue Subway (SAS) will miss its December opening date. ...
Back in June, the NYC legislature passed a bill that would impose fines of up to $7,500 on those offering illegal short-term Airbnb rentals, and at the end of last week, Governor Cuomo signed the bill into effect, reports the Times. The new regulation piggybacks on what’s been the state law since 2010–that apartments can’t be rented out for less than 30 days if the lease holder isn’t present. Despite the fact that a recent report estimates 56 percent of the site’s 2015 listings fell into this category, Airbnb is taking aim against the Governor, filing a federal lawsuit that says the new law “would impose significant immediate burdens and irreparable harm on Airbnb.”
At first it seemed as though Airbnb was willing to work the state; only a couple weeks after the initial legislation was announced, they pulled 2,233 NYC listings from the site that may have been illegal under the law. But a few weeks later, a group of their investors, including Ashton Kutcher, drafted a letter asking Cuomo to veto the bill, and during the Democratic National Convention they ran ads in Philadelphia cabs with the same message.
According to the Times, “the company contends that the law violates the company’s constitutional rights to free speech and due process, as well as the protection it is afforded under the Communications Decency Act, a federal law that says websites cannot be held accountable for content published by their users.” State lawmakers say that took the Act into consideration, hence why the fines are imposed on the hosts and not the company. However, in their complaint, the $30 billion San Francisco-based startup contends that “in order to be assured of avoiding liability, including potential criminal prosecution, Airbnb would be required to screen and review every listing a host seeks to publish.” As an alternative, the company offered to provide a registry of hosts who are running illegal hotels, making it easier to enforce current rules.
Back in June, the NYC legislature passed a bill that would impose fines of up to $7,500 on those offering ...
As 6sqft previously reported, sales prices in Nomad rose 43 percent over the past five years, a fact that the developers of 212 Fifth Avenue very likely had in mind when they put a $68.5 million price tag on their building’s penthouse. If the sprawling apartment sells for anywhere near its asking price, it will set a record as the most expensive sale in Nomad. This newly-minted trophy triplex atop 212 Fifth Avenue is the crown (as the listing calls it) that occupies the 22nd, 23rd, 24th floors of a recently converted 1912 condominium building. There are five bedrooms and 5,730 exterior square feet including (at least one) pool.
Spanning three floors of living space with four exposures–a private elevator stops on every floor–this undeniably distinctive residence is marked by majestic proportions and graceful arched original 1912 windows. A bespoke Pembrooke & Ives gourmet kitchen is a vision in marble, stone, wood and custom lighting.
The home’s 23rd floor terrace runs the length of the building and features lush landscaping and a pool–more than enough to be an idyllic escape from the outside world. On this floor you’ll also find a kitchenette and a massive bedroom suite. An outdoor observatory on the 24th floor is outfitted for entertaining, and boasts glittering city-wide views.
On the lowest (main) floor, a master bedroom suite begins with a foyer and boasts a bar, an adjoining sitting room and two walk-in closets. A dining room/library offers a fireplace and southern exposures; an additional great room has another fireplace and dramatic eastern views of Madison Square park, plus northern and southern views.
The 48-unit building offers amenities that include a fitness center by The Wright Fit, a golf simulator, a screening room and a catering kitchen.
As 6sqft previously reported, sales prices in Nomad rose 43 percent over the past five years, a fact that the developers of 212 Fifth ...
“Law & Order: SVU” star Mariska Hargitay sold her incredible Chelsea penthouse back in 2008 for $8.15 million. The duplex spread at the landmarked O’Neill Building (the former Ladies’ Mile department store called Hugh O’Neill’s Dry Goods Store) spans nearly 5,000 square feet with an additional 2,500 square feet of outdoor space spread across three terraces, one of which sits right next to one of the building’s gilded cupolas; inside, there’s a bonus room within the cupola. The residence is currently owned by Ewa Laboz. She bought it with her late husband Maurice, who passed away in early 2015, but was a noted millionaire landlord. He made headlines for leaving $20 million to his two daughters, but only if they complied with a list of requirements like getting married, earning a certain salary, and becoming a stay-at-home mom. Despite the hefty fortune he left behind, the family is clearly looking to add to it, as they’ve listed the apartment for $14 million.
On the first floor is a wall of windows along the living/dining space, opening to the two large, main terraces. This floor also has a top-of-the-line kitchen with a separate breakfast/family room, the cupola bonus room (currently configured with wrap-around built-in desks) and two bedrooms. Throughout, there’s high ceilings, newly-refinished hardwood floors, and views of the Empire State and Chrysler Buildings.
Upstairs is the master suite, which has its own private terrace, walk-in closets, and a large bath. There’s also a walk-in laundry room and large individual storage unit.
Hargitay and her husband Peter Hermann bought a $10.7 million Upper West Side townhouse when they moved from this location.
“Law & Order: SVU” star Mariska Hargitay sold her incredible Chelsea penthouse back in 2008 for $8.15 million. The duplex ...
This one-bedroom apartment fits right in to the Upper East Side. It has elegant decor that blends in nicely with historic details like a fireplace. Although it’s not huge, built-in shelving and closet space was integrated into the living room to maximize space. And the kitchen’s been renovated tastefully, with dark wood cabinetry. Located at 14 East 64th Street–right off Central Park and 5th Avenue–it’s been offered as a rental either furnished or unfurnished for $4,900 a month.
You enter into one open space, which holds the living and dining areas as well as the open kitchen. The room is anchored by a fireplace with a lovely mantle, as well as a custom lighting fixture.
The kitchen’s been renovated with marble counter tops, custom cabinets, a refrigerator and dishwasher.
Here’s where that storage space in the living room will come in handy: you’re not given many square feet in the bedroom. But does it matter when you’re just a half block from Central Park?
Lottery opens for new Crotona Park East affordable development, units from $788/month SL Green breaks ground on One Vanderbilt, NYC’s ...
Andrew H. Madoff, the son of Bernie Madoff who passed away from cancer in 2014, lived in a full-floor, five-bedroom apartment at 433 East 74th Street on the Upper East Side. He bought the sprawling condo in 2008 for $4.37 million, and initially tried to rent it in 2012 for $25,000/month. After his death, it went on the market for $5.87 million in February of this year, and according to city records, it’s now found a buyer for $5.39 million.
The 3,213-square-foot home has a massive open living space with 36 feet of wall-to-wall, south-facing, full-floor windows. There’s a decorative fireplace, as well as an additional sitting/media lounge. The kitchen comes with custom Italian walnut cabinetry, marble counters, a hand-cut mosaic backsplash, multiple ovens, two dishwashers, and a large island with a second prep sink.
The master suite boasts a dressing room, 20-foot private balcony, and a limestone bath with a double vanity and soaking tub. It also has a separate area that can be used as an office, sitting room, or gym and that comes with a second en-suite marble bath.
There are four more bedrooms and three more full bathrooms, as well as a guest powder room off the entry and a laundry room.
The boutique condo building, known as Lux 74, was completed in 2008 to the designs of Costas Kondylis and is modern, glassy structure amid a stretch of converted tenements. It has 24-hour concierge service, a landscaped roof deck with an outdoor kitchen and BBQ, fitness center, and a residents’ lounge and dining area with a fireplace.
Though Andrew worked with his father, he was never convicted of anything and, in fact, alerted the feds to his father’s Ponzi scheme (as did his brother Mark, who committed suicide in 2010). When he passed away at the age of 48 his net worth was estimated at $15 million, which he split among his ex-wife, two daughters, and fiancée, Catherine Hooper (he left nothing to his mother Ruth).
[Listing: 433 East 74th Street, 5th Floor by Daniella G. Schlisser and Matthew D. Hughes of Brown Harris Stevens]
Andrew H. Madoff, the son of Bernie Madoff who passed away from cancer in 2014, lived in a full-floor, five-bedroom ...
It’s hard to find any complaints about this uncomplicated one-bedroom co-op at 57 Thompson Street asking $625,000. The coveted Downtown location east of 6th Avenue where Soho meets Tribeca is prime. While cozy, it’s not a studio; there are decent-sized rooms, generous closets and even an entry foyer. Pre-war charm is present and accounted for, and windows and paint keep it bright and cheerful.
6sqft previously featured a unit on the same floor, a tad bigger and a bit more renovated, but asking almost $100,000 more. Like its neighbor, this unit features that big arched window, high ceilings and hardwood floors throughout. If your budget’s bigger and you’re looking for a nice-sized dream pad, buy ’em both and combine.
Two big closets (including one walk-in) keep clutter at bay.
The building has an elevator, and it’s pet- and pied-a-terre-friendly unlike some co-ops. There are plenty of transportation options nearby, and it’s just far enough to the west of that tourist-clogged part of Thompson Street.
Image: Letter to the board date October 5, 2016 via Brick U
Brick U obtained the letter that had been circulating among the Trump Place residents earlier this month, which revealed that at least 57 homeowners and 24 renters had a signed a petition for the removal of the signage. The letter also highlighted that there was no contractual obligation for the building to keep the Trump name, as the development is not owned by Trump (as is the case with many buildings emblazoned with his name), but rather Equity Residential, so it was up to the board whether or not it should be kept.
However, last week the board shot down the request.
According to the Times, they cited several reasons for their decision, including the threat of litigation, adverse publicity and the cost of replacing the signage, which they estimated could cost up to $1 million.
“This Board celebrates the diversity of all who live here,” they wrote in a letter addressed to the residents, “we do not favor any over others, and in an exceptionally contentious political season, we’ve attempted at all times to maintain a neutral position, especially so that we might avoid dragging the polarized external political environment into your homes.”
So for now, residents looking to dump Trump will have to pull a Keith Olbermann. In July, the liberal commentator sold his Trump Place condo at a major discount simply to be rid of the property. Olbermann, however, has also acknowledged that though many of his former neighbors want to leave, they wouldn’t be able to afford the loss. According to CityRealty’s Trump Index, prices across Trump’s NYC towers have fallen 10.5 percent in the last six months.
Add to the list of folks who want absolutely no association with this year’s inflammatory Republican presidential nominee: the residents of Trump Place. According ...
A new digital hub created by the NYC Children’s Cabinet offers a one-stop shop of city events, programs and services designed to support the health, development and safety of children and families. “Growing Up NYC is a wonderful digital how-to resource to help parents navigate raising children in New York City —which we all know can be tough,” First lady Chirlane McCray said in a statement Friday.
A new digital hub created by the NYC Children’s Cabinet offers a one-stop shop of city events, programs and services ...
L to R: 212 Fifth Avenue; The Whitman; 10 Madison Square West
Prices in Nomad shot up a whopping 43 percent over the past five years, according to a new index from CityRealty, a marked increase that the developers of 212 Fifth Avenue may have been aware of when they put a $68.5 million price tag on their building’s triplex. If the sprawling apartment sells for anywhere near its asking price, it will set a record as the most expensive sale in the neighborhood, where other new developments have already raised the ceiling on the area’s sale records.
According to the Nomad Condos index, which tracks prices in the area so-named for being north of Madison Square Park, the average price per square foot of a condo in the neighborhood is $2,469, up 14 percent in just the last year and 43 percent from 2011, when it was $1,414. The ramp-up in the area’s prices is largely attributable to sales in several other new buildings, including 10 Madison Square West, Huys and The Whitman.
Thus far, there have been three sales over $20 million in Nomad condos, according to research from CityRealty, with the most expensive being two penthouse units at 10 Madison Square West that sold for $33 million and $36.6 million, and the third being a $20.2 million penthouse sale at The Whitman.
The 11 buildings in the Nomad Condos index are as follows: