Recent Transactions and Trends

Now that Hurricane Sandy is gone, many of us are left with its aftermath of cleaning up and dealing with insurance companies.  Of course, many of us renters have questions too.  Curbed did a great guide to pay renting after Hurricane Sandy.  Click here to check out the story.

Get ready New York; Hurricane Sandy is on her way.  Mass transit will shut down at 7:00 p.m. tonight and Mayor Bloomberg has instructed that New Yorkers evacuate Zone A areas.  Click here to see in which zone your home lies.  Good luck New York (and tri-state area)!

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Bad news for Jeter (and Yankee fans); he’s out for the rest of the postseason due to a fractured left ankle.  He did, however, manage to finally to sell his penthouse apartment in Trump World Tower for $15.5 million.  Jeter spent $12.72 million in 2001 for the apartment.  Apparently, he is “downsizing” to a smaller apartment in Manhattan.  Click here to see more pictures and to link to more articles to Jeter’s apartment.

Ever wonder what New York looked like back in the 1970’s before $3,000 one-bedroom apartments and $20 cocktails?  Click here to view a short video of New York, particularly the Lower East Side!

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An area that was once deemed sketchy at nightfall, the area north of 34th street and west of Eighth Avenue has transformed into a cozy residential neighborhood with a “downtown” feel.  For example, 39th Street between Eighth and Ninth Avenue is the home of Element New York Times Square West hotel, as well as the Italian restaurant Mercato.  For those of you with a sweet tooth, the boutique chocolatier Kee’s Chocolates can be located in this area as well.

The area is not only home to commercial businesses, but a newly-built 199-unit luxury rental building called Crystal Green has begun leasing.  The monthly rents begin at $3,000 for a studio apartment, $3,525 for a one-bedroom, and $4,625 for a two-bedroom.  Other residential apartment buildings have risen in the past few years.  For example, the Glenwood Management Corporation developed Emerald Green, one block south at 320 West 38th Street.  Other examples include Hudson Crossing, a 15-story building with 259 units at 400 West 37th Street, and the Townsend, a 30-story building with 207 apartments at 350 West 37th Street.

This area that was once not considered a “neighborhood” to New Yorkers has transformed in a way, which has brought “downtown-esq” local businesses and Manhattanites together.  It remains to be seen whether this trend will continue.  If you are ever interested in this neighborhood, don’t hesitate to give NY2 a call.

Full story can be found here.

A 95-story residential apartment building is slated for construction this year on Park Avenue and 56th Street, boasting an 8,255 square-foot six-bedroom penthouse on the 95th floor.  The building will have 147 residential units, which have already undergone two price increases.  The average price per square foot is approximately $10,000 per square foot.  Approximately 122 of the total units are one- to six-bedroom apartments from the 34th to the 95th floor, starting around $5 million for a 1,400 square-foot one-bedroom.  Moreover, approximately 25 studios will be available on the 28th and 29th floors.  

A private restaurant will also be available to residents only, along with a fitness center, a pool, a whirlpool, a sauna, a steam room, a library, and conference room and screening rooms.  There will also be 18 wine cellars, 12 office units, 3 retail spaces and a semicircle car drop-off area.  Foundation work is currently wrapping up and the building will start to rise.

 

Give NY2 a call if you are interested in units in this apartment building, or in this area.

New York Squared previously reported that the rental market will continue to rise in 2012 due to a lower supply of apartments available on the market.  Much of this economic phenomenom was attributed to the tightening of construction finance.  It turns out NY2 was right.  The Elliman Report shows that inventory fell 24.3 percent from last year, to its lowest in seven and a half years.  There are three reasons that this report provides for this decline:  (1) new developments are scarce; (2) sellers are taking a “wait and see” approach until certain economic issues are resolved, e.g., fiscal cliff, Bush tax cuts, Europe, quantitative easing, etc.; and (3) many properties have low or negative equity that sellers are unable to sell.

 

It remains to be seen whether the real estate market in New York will continue to hurt potential tenants and sellers.  

NY2 recently rented out two units in the glamorous downtown 111 Fulton Street Building.  The building offers a 24/7 doorman, concierge service, cold storage, a library lounge with a fireplace, private screening room, and a billiards room.  Residents can also enjoy an indoor lap pool, fitness center, Jacuzzi, cold plunge, steam bath, and sauna.  The building also boasts a 12,000 square foot roofdeck.  Click here to see a video of the various amenities and a visual of the apartments.  Click here for detailed floor plans of the building and other information.

Let NY2 assist you with your next home especially if you are interested in 111 Fulton Street.

An $85 million hotel is slated to open in New York on 30th and Park Avenue (444 Park Avenue South).  Sam Nazarin’s SBE Entertainment Group and New York-based Moin Development Corp. are responsible for the 190-room, 20-story hotel, which will boast a spectacular rooftop bar.  Moreover, the hotel will be designed by Philippe Starck.  The hotel is slated to open by mid-2013.  Mr. Nazarin told Bloomberg.com that “The Park Avenue South corridor is really sought after,” and “It’s a great place for boutique hotels.  It reminds me of the Meatpacking District 10 years ago.”  You can find the full story at Bloomberg.com.

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 A new avenue was born this week – 6 1/2 Avenue.  This midblock street is a pedestrian path between 51st and 57th Street.  Essentially, the new avenue is a walkway that connects the buildings between Sixth Avenue and Seventh Avenue.  The project took over a year to finish and its purpose is to maximize the use and safety of the multiple public plazas that were created when the buildings were constructed.  “Middle-of-the-block” businesses will benefit since pedestrians will likely cut through 6 1/2 Avenue to get to work.  Plus, pedestrians will likely benefit since they can now avoid the busier Sixth and Seventh Avenues.  Motorists, however, are probably not happy.  Stop signs have been installed at each crosswalk between 51st and 56th Streets, and a traffic light has been placed on the corner of 57th Street and 6 1/2 Avenue. 

 

It remains to be seen whether Midtown will have more traffic as a result of the stop signs and traffic light.  What do you think? 

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