In 1971, New York City launched a new program designed to encourage developers to build on vacant land. The program known as the 421-a tax abatement gave developers a ten-year exemption on paying taxes if they agreed to develop the underused land. At the time, the program made a lot of sense. In the 1970s, urban decay was rampant, even in many areas of Manhattan. But the program not only benefited developers. Owners who bought units in a 421-a tax abatement building also benefited since the bill effectively enabled developers to pass along their tax break to buyers who in turn could avoid paying taxes on their units for the first decade.
While the original 421-a tax abatement is essentially dead, there are still a few 421-a deals left for buyers. This reflects the fact that several of the condo projects that secured a 421-a exemption before the program was phased out are only now coming to completion. To help buyers looking to take advantage of this final round of 421-a benefits, 6sqft has compiled a list of some of the best deals left on the market.
Jay Wright, founder and CEO of The Wright Fit, a gym design and management consultancy, is behind many of the gorgeous gyms in high-end NYC residential buildings, from 15 Central Park West to 56 Leonard. The Wright Fit has a very specific philosophy that guides their design and programming for their clients’ facilities. “That philosophy is called centerpoint strategy. The goal of is to create balance, functional longevity, and optimal quality of life for our clients and the residents of the building. We are trying to get people off of fixed path motion machines, where the actual machines define the path of motion, and teach people about their bodies. We like to challenge people to evolve their way of thinking.”
Wright says that time and proximity are the biggest barriers to working out. By creating gorgeous gyms in residential buildings, those two barriers are eliminated. So if you live one of these buildings with amazing gyms, let us envy you as you run down the stairs (forget the elevator) and start sweating. Ahead, we’ve rounded up the 15 best residential gyms that are getting New Yorkers’ heart rates pumping.
Check out our list without breaking a sweat
For many New Yorkers, the Lower East Side is one neighborhood that still has a lot of authenticity and good ‘ole New York grit left. It has been described as Manhattan’s “last frontier of cool. The promise land of old as well as new… Where the Godfather lives side by side with a hipster movie.” Put more tangibly by Benjamin Baccash of Taconic Investment Partners, the developer of LES’s Essex Crossing, “The Lower East Side has wonderful restaurants, art galleries, and a great street life. It’s a real neighborhood and that’s what a lot of people are looking for.”
In addition to great diversity, personality, and transportation, the city is undertaking huge improvements on the east river waterfront, and developers are erecting new developments at all corners of the ‘hood. Ahead, 6sqft takes a look at everything that’s keeping the Lower East Side a vestige of old New York during its contemporary resurgence, from massive projects like Essex Crossing to a booming art gallery scene.
As Irving Berlin once said, “Everybody ought to have a Lower East Side in their life.”
242 Broome Street rendering via SHoP Architects
A high-end condo in a SHoP Architects-designed building on the hip Lower East Side for just $224,000? Yep, you read that right, and this middle-income lottery is now live for mega-development Essex Crossing‘s 242 Broome. The only one of the development’s 10 towers to offer condos, 242 Broome will have a total of 55 residential units, 11 of which are available to households earning no more than 125 percent of the area median income and range from $224,861 one-bedrooms to $331,703 three-bedrooms (quite the deal considering market-rate units are going from $1.3 to $7 million). In addition to amenities like a roof deck, gym, and entertainment lounge, the 14-story building will also include a five-story base with retail and commercial tenants including The International Center of Photography Museum and Splitsville Luxury Lanes Bowling Alley.
Find out if you qualify
, Tue, September 27, 2016
Only one of the 10 towers at Essex Crossing–the 1.65 million-square-foot, mixed-use, mega-development underway on the Lower East Side–will offer condos, and those looking to buy a residence there now have their chance. Curbed reports that sales have launched at 242 Broome Street, the SHoP-designed tower that will house 55 one- to three-bedroom condos, 11 of which will be affordable. As 6sqft previously shared, market-rate units will range from $1,275,000 to $7,000,000. Along with this news comes the first set of interior renderings from DXA Studio, whose designs “balance serenity with modernism.”
More details and renderings ahead
Though Essex Crossing will bring 1.65 million square feet of residential, community, and commercial space to the Lower East Side, only one of the 10 sites will offer condos–242 Broome Street. Located at Site One, the SHoP Architects-designed tower is currently getting its foundation poured, and along with this groundbreaking comes a sales website with new details on the project, reports CityRealty.com.
The 14-story building will have a five-story base to house retail and commercial tenants and a bowling alley from Splitsville Luxury Lanes. On the fifth floor will be a cultural space (the Andy Warhol Museum previously planned to open an outpost here) and rooftop sculpture garden. Above will be 55 one- to three-bedroom condos, 11 of which will be affordable. Tentative pricing for the market-rate units ranges from $1,275,000 to $7,000,000, according to the latest edition of Elliman Magazine (the brokerage will be handling sales).
More details this way