Manhattan Residential Development

[krulltime]

Ok guys here are all of those residential buildings that are planned that will answer most of our questions of 'what is goign on at this site?'


http://trdeal.com/images/DevelopmentMap.jpg

Copyright 2003-2004 The Real Deal.

[krulltime]

April 2005

The Big Picture
Residential and Commercial vital statistics


By Melissa Dehncke-McGill

New York real estate rests at the zenith of a golden age or teeters on a precipice, depending on your point of view.

In uncertain market conditions, with rising rates amid record prices, a sense of context helps. This month, The Real Deal takes a look at the big picture trends in the Manhattan residential and commercial markets.

Looking back can be sobering. If you bought an apartment in 1987 for the median price at the time -- $375,000 -- you would have had to wait until 2000, a 13-year stretch, to see a price gain.

But if you bought five years ago at the median price, your property would be worth 34 percent more today.

Prices for Harlem and other uptown neighborhoods have shot up more than 330 percent in the last decade, but even more dramatic increases can be seen in the Downtown condo market. The average price of a Chelsea condo was $162,000 ten years ago. Today, it's $1.29 million, according to Jonathan Miller, whose appraisal firm Miller Samuel provides the industry's most cited reports.

"The low mortgage rates all along are what's been fueling this real estate boom," says Miller.

With the ranks of Manhattan's real estate agents growing, more agents are competing for a piece of the commission pie. The number of sales has come down since reaching more than 9,000 annually for three out of four years from 1999 to 2002, and is now in the mid-8,000 range. Still, that's an improvement over the 1990s as whole, with the number of sales averaging around 4,500 a year for that decade.

On the commercial side, you might be patting yourself on the back if you bought an office building in Midtown in the early 1990s, but not so much if you bought Downtown. Rents have gone up 42 percent in Midtown Class A buildings since that time, but have actually declined Downtown, according to Colliers ABR.

Last month, the Federal Reserve nudged up short-term interest rates for the seventh time since June, with rising rates expected to slow home sales after a bout of frenzied buying. Still, price records continue to be set throughout Manhattan, from trophy apartments to development costs for new projects.

Where prices and rates are heading--and at what pace-- remains uncertain, but history and experience show us that it's unwise to face the future without a sense of the past.


Residential vital statistics:

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(Yes the last chart that deals with Units Completed is kind a hard to read... I hope you can make it out)

Copyright © 2003-2005 The Real Deal.

[billyblancoNYC]

A 446 sq. ft. apartment in a luxury building??? That's a little luxury.

Also, is the club open for all. I asume Tom Colicchio would not to a restaurant for only a couple hundred people. But then again, if the money is there...which it will be.

[Gulcrapek]

^Literally almost anything can be called luxury nowadays.

[krulltime]

It is funny how the Rosa Parks Condominiums and the Madison Plaza, both in Harlem can be called Luxury.

This is such great news for an area that was hit by huge abandonment and crime not long ago and no one want it to move there at the same time many people were leaving the area as well. Now they called luxury...COOL! :P

[krulltime]

More Residential stuff and Info:

205 East 59th Street

27-floor condo building across the street from Bloomingdale’s. There will be 62 one-, two-, and three-bedroom apartments varying from 1,113 to 1,552 square feet, ranging in price from $1.47 million to $3 million. There will also be a 2,702 square foot penthouse, not yet for sale. Each apartment is to have a gas-burning fireplace and at least one balcony, and two apartments on each floor are to have solariums. Some apartment will have living rooms with 20-foot ceilings. The building also features a park for dogs as part of an outdoor area on the fifth floor. Construction began last March and is expected to be completed early next year. Contact: The Sunshine Group, 212-750-0500.

West 58 426 West 58th Street

A century-old mid-rise building on top of which six modern penthouse floors are being built. The condominium features 16 two and three bedroom units. Nine of the units are already in contract for prices ranging from $1.4 million to $3.3 million. The remaining units are currently priced from $1.4 million for two-bedroom residences to $5 million for the penthouses. Prices on the units have been raised four separate times since going on sale. The developer is Elad Properties. Occupancy is scheduled for early next year. Contact: Iva Spitzer, Douglas Elliman, 212-247-5858.

505 Greenwich Street

A 14-story condo building with 104 units. Building will contain 25 three-bedroom, 42 two-bedroom, and 37 one-bedroom apartments. Prices range from $825,000 to $3.5 million. Individual units have large living rooms with mahogany flooring, and kitchens feature top appliances including wine refrigerators. The building includes a 24/7 concierge, resident manager, private courtyard, fitness center and pet spa. The project is being developed by Metropolitan Housing Partners and Apollo Real Estate. Occupancy is scheduled to begin this autumn. Contact: 505 Greenwich Street Presentation Center, 212-505-9600, or visit 505greenwich.com.

15 Broad Street.

Conversion of former J.P. Morgan building to 250 condos. Project is being developed by LB Lev Leviev/Boymelgreen. Philippe Starke is also working on the project, his first residential building in New York. The building will include basketball courts, bowling alley and a pool. Scheduled to open in May. Contact: The Sunshine Group, 212-750-0500.

63 Wall Street

Conversion of former Brown Brothers Harriman headquarters to 476 rentals, with leasing to begin this month. Monthly rents for studio to two-bedroom apartments will be $1,700 to $3,600. The project is being developed by Nathan Berman and Ronny Bruckner.

425 Fifth Avenue (at 38th Street)

A 67-floor building by architect Michael Graves with 176 condos. Includes a 24-hour doorman. Gym (with sauna, steam room and lap pool) available. Office space on the first six floors of the building. Studios are priced from $420,000 to $730,000, one bedrooms from $525,000 to $1.4 million, two bedrooms from $750,000 to $2.5 million, and three bedrooms start at $2.9 million. A 3,706 square foot duplex penthouse is on the market for $10.5 million. About 80 percent of the building was already sold as of last month. The building will officially open in June. Contact: The Marketing Directors, 212-683-3331.

47 East 91st Street.

Eight-story condominium building. Seven apartments, each full-floor, will be 4,100 square feet, while the other, a duplex penthouse, will be 5,800 square feet plus a wrap-around garden. Prices to range from $5 to $15 million. Occupancy expected around May. Stribling Marketing Associates is marketing the building. Contact: Sales office at 212-828-7033, or visit 47east91.com.

400 Lenox Avenue (at 129th Street)

The first luxury, doorman, non-subsidized housing in the immediate area in the past 75 years was given the green light by the city last month to begin construction. The 12-story building will include 92 units covering 130,000 square feet. There will also be 11,000 square feet of commercial space. Contact: N/A

60 Spring Street

39 apartments in the 1923 Cass Gilbert building range from one to three bedrooms, from 1,100 square feet to 2,200 square feet. A penthouse apartment features a large terrace and a fireplace and measures 2,750 square feet. Prices range from $1.48 million to more than $7 million. The building, which is being developed by Boymelgreen Developers, was 75 percent sold as of January. Occupancy is scheduled for March. Contact: The Sunshine Group, 212-750-0500.

114 and 116 Hudson Street

$14 million residential project being developed by actor Robert DeNiro in conjunction with with AFC Realty Capital. The project will join an existing five-story brick building at 116 Hudson Street with a new seven-story glass structure that will be built on a lot at 114 Hudson Street. The project will include five loft condominiums, including a duplex penthouse. Four apartments will be 2,000 square feet and cost $2 million, and the penthouse will be 3,000 feet at cost $3.5 million. Sales are set to begin in March. Contact: Stribling Marketing Associates, 212-941-8420.

The River Lofts 92 Laight and 424 Washington Streets

The project consists of two buildings, one new and one old. 92 Laight is a new brick tower with 38 units and 424 Washington is a converted industrial building with 30 lofts. Units range from one to four bedroom apartments (1,100 to 3,900 square feet), priced from $1.125 million to $8.55 million. The project, by Boymelgreen Developers, will be ready for occupancy in 2005. Contact: The Sunshine Group, 212-750-0500.


43 West 64 Street

Features 32 open, loft-style residences ranging from 1,600 to 6,151 square feet, listed from $1.5 to $10.2 million. Over ninety percent of the residences have been sold, including three of the four penthouses. There have been 20 units totaling approximately $70 million sold within the last four months, including the three most expensive properties in the building, according to the Athena Group. O’Neal’s Restaurant, by restaurateur Michael O’Neal, opened on the ground floor of the building at the end of the year. Contact: The Athena Group, 212-459-0200, or visit 43west64.com.

The Opus 2770 Broadway (at 107th Street)

Plans were unveiled last month for a 64-unit condominium building to be developed by The Clarett Group at the site of the former Olympia Theatre previously owned by Cablevision Systems. The homes at the $75 million project will take their inspiration from the "Classic 6" and "Classic 7" apartments constructed in the area at the turn-of-the-century, the developers said, and the building will also feature 7,500 square feet of retail space on the ground floor. Apartments range from 1,200 to 2,200 square feet, with two to five bedrooms. Prices range from $900,000 to $3 million and opening is set for January 2005. A sales office has already opened a block north of the building, and nine contracts were out on the condos as of early last month. Contact: The Clarett Group, 212-399-2400 or visit clarett.com.

497 Greenwich Street

Six-story condominium with 22 units in former warehouse building. Prices range from $1.2 to $7 million. Units range from two to four bedrooms (1,600 to 3,500 square feet). Approximately 65 percent of the units are still for sale, mostly between $2 and $3 million. Set to open in late February or early March. Contact: Cantor-Pecorella, 212-925-3333

7 Essex Street

11-story condominium with 16 units. Units range from 1,584 to 3,690 square feet. Prices range from $825,000 to $2.275 million. Four units were still available as of last month, ranging in price from $1.9 to $2.6 million. Contact: 7 Essex Street, LLC, 212-925-9991.

455 Central Park West

The 26-story condo tower between 105th and 106th Streets includes 53 apartments, 44 of which went on the market in December at prices of $1.35 million to $4.5 million. Units feature large rooms, eat-in kitchens, formal dining rooms, high ceilings, granite countertops, marble bathrooms with showers and tubs, and a lap pool in the building and concierge services. In addition, a French Renaissance chateau at the front of the property, which has sat vacant for decades, is also being renovated, and will be finished at a later date. Each of the 17 units in the chateau are expected to sell for between $3.5 and $7.5 million. Contact: The Marketing Directors, 212-665-5100, or visit www.455cpw.com.

The Paradigm 146-148 West 22nd Street

The twelve-story condo building plus penthouse includes a retail space and twelve apartments (one on each floor). Eight of the 12 units have three bedrooms and three bathrooms; the rest have two bedrooms and two baths. All the apartments have at least two balconies, and four have terraces. Prices range from $1.4 million to $2.2 million. The building will be ready for occupancy in early 2004. Contact: www.chelseaparadigm.com.

120 East 29th Street
Restoration of five 1880’s era contiguous brownstones. Project includes adding two and a half stories to the five-story buildings, which will have a total of 25 one-to-four bedroom condominiums, priced from $675,000 to $2.4 million and ranging in size from 1,000 square feet to 2,659 square feet. Features will include oversized windows, high ceilings, and new oak floors with walnut inlay trim. The six ground-floor duplexes will have private gardens while 11 of the residences will offer either a private terrace or balcony. The developer is Alchemy Properties and Hustvedt Cutler Architects was retained for the project, which is expected to be completed by December.

50 Madison Avenue

Combines a restored 1898 five-story mansion with a new eight-story tower on top, overlooking Madison Square Park. Contains eight 3-bedroom, 3.5 bath residences priced from $2.65 million and a duplex penthouse priced at $5 million. The penthouse has 3,500 square feet of space and two terraces that together comprise 1,000 square feet. Kitchens will offer cherry cabinets, granite countertops, Sub-Zero refrigerators and freezers, Viking and Bosch appliances and kitchen islands with wine coolers. Samson Management LLC is the developer. Sales began last month, and occupancy is slated for spring 2005. Contact: Halstead Property and senior vice president, Louise Phillips Forbes, 212-381-3329.

Copyright 2003-2004 The Real Deal.

[krulltime]

Talking about Luxury living...Better yet how about art living?

The Latest from the Sunshine Mind
Linking fine art and real estate in new projects

April 2004

When you are already responsible for marketing the Time Warner Center, with all the best amenities, hotel concierge service and the city's priciest apartment at $45 million, maybe luxury becomes passé.

Louise Sunshine has apparently moved beyond luxury living and onto a new concept - linking real estate and fine art.

"Luxury is such an overused term," said Sunshine. "We're so far beyond luxury."

In the latest project for the city's most prominent residential marketing company, The Sunshine Group is casting architect Richard Meier's new glass tower at 165 Charles Street as a "work of art."

But marketing rivals question how original the new concept is, and how far such high-concept selling can be taken. Some also said developers are doing more marketing in-house now rather than using outside marketing groups.

Last month, Sunshine launched the campaign for Meier's new condo, just south of his two celebrity-filled Perry Street buildings. The 31 apartments are being marketed as "limited edition" residences, with signed Lucite models of the building being given to buyers as closing gifts, and viewings of Meier's sculptures being offered as an added bonus.

The pitch is part of a larger strategy by the company, which has done $8 billion in sales during its history. Sunshine recently relocated its headquarters to the Fuller Building on East 57th Street, home to many prestigious art galleries. Those galleries will now rotate some of their collections in Sunshine's 6,000 square feet of space. A digital library is being created of some of the art to be incorporated into virtual tours the company offers of luxury residences throughout the world.

The Sunshine Group will also move famous pieces of art into expensive units that are not selling. "If we have a penthouse at the Time Warner Center that's not sold, we might move a Matisse sculpture in there," Sunshine said.

"Space takes on a new meaning when it has great art in it," she added. "I think we are always looking to create value. Our business has changed because we are looking more and more to branding space through art and architecture and fashion."

Members of some other marketing groups say the concept of "limited edition" residences is not necessarily new.

"It worked beautifully for us in marketing Sky Lofts [at 145 Hudson], which we did a year and a half ago," said Chris Wilson, director of Stribling Marketing Associates.

Wilson said Douglas Elliman broker Helene Luchnik was also involved in marketing "limited edition" apartments recently in a project on West Broadway.

Adrienne Albert, president of The Marketing Directors, which is second to Sunshine, with total sales of $4 billion, said the company's approach to the Meier building is "interesting."

"It may be interesting to have hooks from time to time," said Albert. "What's important, though, is the value that is built into the offering."

There is also the question of how much high-end - in terms of the marketing approach or the units themselves - the market can handle, even if luxury sales are improving.

Over the last two years, the trend has been towards building smaller luxury apartments, not bigger.

"Suddenly, there is more pressure on the lower end of the business," said Wilson. "Developers used to think people buying small apartments didn't have the same threshold in what they'll pay."

The thinking was that someone might pay $2 million for a 2,000- square-foot space, but it would be harder to find someone to pay $1 million for a 1,000-square-foot space. That thinking has changed, many say.

"These days, we're far more confident recommending a mix of units in high-end projects, including a line of one bedrooms," said Wilson. "For large spaces, there is a law of diminishing return once you pass a certain size point."

That law might be at work at the Time Warner Center condos, where some said too many large units were planned.

"You hear about the one sale for $45 million - but how many of those are there?" asked Andy Gerringer, managing director for Douglas Elliman's Development Marketing Group. "You don't have deep absorption."

Gerringer said more than one-third of the units in the building are priced at $10 million or more.

"In the best of times, I don't understand how that was conceived," he said. "I would have gone for more smaller units."

Gerringer acknowledged, though, that his group's niche is the $2 million and under market, while Sunshine targets "the highest luxury product."

Sunshine - and other marketing groups - might also be affected by a recent trend of developers doing more marketing in-house.

The Related Companies hasn't yet hired the company it normally works with for a new condo project at Astor Place, and Trevor Davis has handled some marketing functions itself for a recent project, in contrast to its usual practice, one marketing professional said.

Regardless, the company that Sunshine formed in 1986 after more than 10 years with the Trump Organization has a near lock on the most exclusive new developments in Manhattan, guiding projects from start to finish with market research, pre-development planning, product design and marketing and sales strategies.

Sunshine is currently working on One Beacon Court atop the new Bloomberg Tower, which will open in March 2005 with prices topping out at $26 million.

The company is also doing its first development in the Financial District at 15 Broad Street, where the former J.P. Morgan building is being converted into 250 condos, with details by Philippe Starck. The building is scheduled to open in May.

Outside New York, Sunshine is doing a host of projects, including Brazilian Court in Palm Beach, where units are selling for $1,400 a square foot, Sunshine said.

Then there is 173-176 Perry Street, the first two Meier glass towers, which have attracted celebrities like Hugh Jackman, Nicole Kidman, and Calvin Klein.

Sunshine doesn't think it will be too hard to attract buyers who want to "live in art" at the new Meier building next door.

"We expect that to be done in 14 months," she said. "And we already have a long, long waiting list," she said.

Copyright 2003-2004 The Real Deal.

[krulltime]

HIGH-RISE PRICES

By ANNE BECKER
June 4, 2004

Sales are through the roof in New York's luxury market.

Steadily rising mortgage rates aren't deterring the very wealthy from throwing down the dough on pricey pads, according to the city's top brokers and appraisers.

"This is the fastest-paced market I've ever seen," said Elizabeth Stribling, president of leading luxury broker Stribling & Associates. "It's just been frenzied."

For the month of April, overall apartment sales in the city dipped 17 percent. But sales of apartments in the luxury market — units priced at or above $3 million — surged 60 percent, according to major real estate appraiser Mitchell Maxwell & Jackson.

In April alone, 28 apartments sold for more than $3 million, the firm reports.

The significant uptick in luxury sales is a result of a steadily improving economy and job market, experts say.

"There's just been a rejuvenation of confidence this spring," said Stribling, who recently reported the trend in her firm's May Market Report.

Also contributing to a boom in the super-luxury market — apartments priced at more than $10 million — is a glut of new upscale inventory that has come on the market in recent months.

Apartments in swank new buildings like the Time Warner Center, One Beacon Court and the newly converted Trump Park Avenue have all come online recently, with units priced at more than $10 million.

The Time Warner Center currently has several sales under contract at prices that top $20 million.

"There have been an unusually large number of $10 million sales recently, and more are coming down the pipeline," said Jonathan Miller, president of real estate consultant Miller Samuel.

Prices for the top 10 percent of all Manhattan co-ops and condos were up 35.7 percent in the first quarter of 2004, according to the company's most recent market report.

The average luxury apartment in New York now sells for $3,649,014 and is 2,844 square feet.

Miller cited September's record-breaking sale of a $45 million condo in the Time Warner Center as a turning point for confidence in the luxury market.

"It sent out a message to everybody," Miller said. "If someone was willing to pay that much for one unit, they certainly had confidence about the New York economy in the near term."

Over the past month, mortgage rates have jumped .44 percentage points to 6.40, according to financial publisher HSH Associates.

But that has not affected the luxury market, since buyers in the price range are less reliant on financing to purchase their apartments, experts say.

"I predict a solid, stable market in the future," Stribling said. "More inventory will bring fresh blood and you won't have so many buyers competing."

NYPOST

[krulltime]

Miller cited September's record-breaking sale of a $45 million condo in the Time Warner Center as a turning point for confidence in the luxury market.

"It sent out a message to everybody," Miller said. "If someone was willing to pay that much for one unit, they certainly had confidence about the New York economy in the near term."

I think that Caltrava might like to hear this... :)

[krulltime]

TAKE THAT, SOHO HOUSE

By SUSAN A. SMITH
June 12, 2004

FINALLY, somebody's come up with a way to make a condo as snobbish as a co-op.

Park Avenue Place, a new building going up at 60 E. 55th St., is set to open in December. It's got 76 units with the Sub-Zeros and the absolute black granite and blah blah blah. But it will also have the Core Club, a members-only club taking up the first five floors. The founding members - they've each paid $100,000 for the privilege - are in the process of determining membership guidelines. Future members will be able to get into the club for a mere $25,000 deposit and $1,000 per month.

For your cash, you get, among other high-end perks, a screening room, meeting room, spa, library and health club, all in 23,000 square feet. When it opens next February, the Core Club will also feature a gourmet restaurant and bar run by chef Tom Colicchio of Gramercy Tavern and Craft.

"It's sort of like a country club in the city. The high level of service makes it stand out from every other club in the city. It's basically going to cater to your every whim," says David Levine, vice president of Davis & Partners LLC, the development company in charge of Park Avenue Place. You won't be expected to navigate yourself through the Core Club's amenities. Members will be assigned to a "Core Consultant," a cheerleader akin to a life coach who will, "coordinate their club experience," according to club spokesperson Michael Doneff.

The consultant will be part personal trainer and part secretary, responsible for everything from coordinating an exercise regimen to chartering a plane to Paris. Real estate mogul Aby Rosen, whose holdings include Lever House and the Seagram Building, is backing the club, and Jennie Saunders, a lawyer and former consultant with the Reebok Sports Club/NY, is the president and CEO. Though there is no automatic membership for residents, the executives behind the Core Club chose Park Avenue Place because, according to Doneff, "The clientele purchasing apartments there are the clientele we would like to have as members." Will all that get buyers to wade through the area's forest of bank headquarters? At least five have agreed to in the two weeks that the Park Avenue Place sales office has been open. They're paying prices of $700,000 for studios, $800,000 for one-bedrooms and $1.9 million for two-bedrooms. "As far as new construction, there is nothing comparable in that area," Levine says. "This thing is right in the middle of everything. In fact, there are so many landmarks nearby that we had to leave things out as far as what we could offer." Residents who don't join the Core Club will also have access to some club facilities. "Residents can use the spa, have food delivered to their rooms and take part in intellectual and cultural programming," Doneff says. And, according to Levine, the $25,000 membership fee will be waived for Park Avenue Place residents. "This is beyond just having a concierge," he says. "There will be personal

Copyright 2004 NYP Holdings, Inc

[NewYorkYankee]

Okay...as we all know, NYC is a popular city that will draws 1000's of new residents in the up coming years (1 which is me,lol,but anyways) So, what will we do when all the apartments are taken up? Bulldoze a building down and build a taller one? Also, do you think that Staten island and Queens will ever resemble the true urbaness of Manhattan, brooklyn, and the bronx if at all?

[Gulcrapek]

Queens already does in quite a few areas.

There'll be no shortage of apartments. Affordable apartments is another question.

[billyblancoNYC]

Okay...as we all know, NYC is a popular city that will draws 1000's of new residents in the up coming years (1 which is me,lol,but anyways) So, what will we do when all the apartments are taken up? Bulldoze a building down and build a taller one? Also, do you think that Staten island and Queens will ever resemble the true urbaness of Manhattan, brooklyn, and the bronx if at all?

Queens, the Bronx, and Brooklyn all have dense areas and more "suburban" areas. Queens may be the least dense of the 3, but it still holds it's own when compared to anywhere else in America.

For example (sorry to mention this again for those that pretty much know this), using the 2000 census numbers (which the number have gone up since then):

Queens: 20,409 pp/sq. mile...
http://quickfacts.census.gov/qfd/states/36/36081.html

Brooklyn: 34,916 pp/sq. mile...
http://quickfacts.census.gov/qfd/states/36/36047.html

The Bronx: 31,709 pp/sq. mile
http://quickfacts.census.gov/qfd/states/36/36005.html

Manhattan: 66,940 pp/sq. mile
http://quickfacts.census.gov/qfd/states/36/36061.html

Staten Island: 7,587 pp/sq. mile
http://quickfacts.census.gov/qfd/states/36/36085.html

Staten Island will stay under 10K I would think since the entire island has been downzoned. Plus, the island has tons of land for parks. When Fresh Kills is made into a 2200 acre park, it will have that and the 2800 acre Greenbelt, plus many other 100, 200, and 300 acre parks. That's the suburbs and will remain that way. All the other boroughs will grow in a very healthy manner, I believe. Will Queens be Manhattan...not anytime soon, but 10 million in all of NYC would be nice to see.

Just for some perspective, Chicago weighs in at 12,663 pp/sq. mile and San Francisco at 16,634 pp/sq. mile.

[krulltime]

ZELL LANDS FIRST N.Y. APT. BUILDING

By LOIS WEISS
June 16, 2004

SAM Zell's Equity Resi dential real estate investment trust is finally breaking into the Big Apple, snapping up a new West Side apartment building.

The investment guru has tied up Hudson Crossing with a contract that will close in the next few weeks, sources tell The Post.

The 239-unit, 15-story project at 400 W. 37th St. (also known as 475 Ninth Ave.), was recently built and leased up by Dermot Cos. and the AFL-CIO.

Other REITs, funds and New York families were vying for the 80/20 luxury rental tower, in which 20 percent of the units are set aside for lower-income tenants in return for tax breaks.

After the first round of bids came in to investment banker Doug Harmon at Eastdil, sources said Equity topped the competition with a bid in the mid-$90 million range.

That price tag sets the value of each apartment at about $400,000.

Harmon did not return a call for comment.

The proceeds will also allow Dermot to seal its deal with New York City's Housing Preservation and Development for a larger, sprawling project known as Clinton Green, along Tenth Ave. in the low 50s.

Only a handful of recently constructed residential towers have traded in the last few years — and while hotly contested, they have nearly all ended up with owners new to the market.

Equity Residential has been trying to create a springboard in the city, but until now it has watched helplessly as competitors walked away with key properties.

Harmon, who was Institutional Investor's Broker of the Year for 2003, handled most of the sales — including that of the 254-unit Sonoma at 300 E. 39th St., sold earlier this year by Related Cos. to Archstone-Smith for $125.5 million, a sum that reflected a record-breaking $600,000 per unit and $800 a foot.

Archstone-Smith bought its first building at 101 West End Ave. from Tishman-Speyer in 2002 for $205 million through broker Joseph Morningstar, who was with Rockwood at the time and is now with Holliday Fenogilio Fowler.

That building has a large retail component along with 505 units.

Related previously sold the 246-unit Ventura for $125 million through Harmon to two first-time city buyers: the State of Florida and Lend Lease pension fund.

SSR Advisors, a Met Life unit, stepped into the market in 2002 with the $47 million purchase from the Clarett Group and Fidelity of the 97-unit Montrose at 308 E. 38th St., also through Harmon.

Although most family developers don't like to sell their rental cash cows, the newer, investment-driven players and funds seem only in it to skim the profits, leaving the steady income streams to the next in line.

Copyright 2004 NYP Holdings, Inc.

[Gulcrapek]

The Aspen

http://images.elliman.com/elliman_data/NewHomeDevelopment/nhd_home/54645a.jpg

http://www.elliman.com/MainSite/NHD/NHDInfo.aspx?ID=75&SearchType=newdev&PageName=home



195 Bowery

http://images.elliman.com/elliman_data/NewHomeDevelopment/nhd_home/55022a.jpg

http://www.elliman.com/MainSite/NHD/NHDInfo.aspx?ID=79&SearchType=newdev&PageName=home



150 Nassau (conversion)

http://images.elliman.com/elliman_data/NewHomeDevelopment/nhd_home/15843A.jpg

http://www.elliman.com/MainSite/NHD/NHDInfo.aspx?ID=57&SearchType=newdev&PageName=home



211 West 18th

http://images.elliman.com/elliman_data/NewHomeDevelopment/nhd_home/39591A.jpg

http://www.elliman.com/MainSite/NHD/NHDInfo.aspx?ID=33&SearchType=newdev&PageName=home

[Gulcrapek]

234 West 20th Street

http://corcoran.com/property/nd/photo/234w20_lg.jpg

http://corcoran.com/property/nd/detail_fr_overview.asp?ndevid=76



The Sugar Warehouse (conversion)

http://corcoran.com/images/media/BldgPhotos/15182.1.jpg

http://corcoran.com/property/nd/detail_fr_overview.asp?ndevid=22

[krulltime]

The Sugar Warehouse (convserion)

http://corcoran.com/images/media/BldgPhotos/15182.1.jpg


Cool! I didn't know they were converting this one. This is great! This one is going to have alot of units.

[krulltime]

Million Dollar Apartments Sell Out on the Bowery

http://www.therealdeal.net/breaking_news/June/images/1087582457.jpg

57 Bond Street, which developer Alchemy Properties says is the first new resdiential condo development in the area in more than 50 years, has sold out.

The development includes 10 loft-style apartments ranging in size from 1,470 to 2,512 square feet, and priced from $1.34 million to $1.97 million.

The project is reaching completion as other bigger developers are starting to see the promise of the area, said Kenneth Horn, president of Alchemy.

"Now, big players like Avalon and Related Properties are constructing large-scale luxury residential projects nearby at the Bowery and at Houston Street to build upon the success," he said.

The 57 Bond Street apartments feature 11-foot ceilings and marble and Pietra Cardosa stone living rooms with oversized full-height glass walls, among other amenities. Each residence also features a private balcony or terrace.

The building was designed by Meltzer/Mandl Architects.


Copyright 2003-2004 The Real Deal.

[krulltime]

W. 52ND SITE SOLD FOR $9M

By LOIS WEISS
June 21, 2004

Vikram Chatwal's Hampshire Hotel Group has scooped up SIR Studios' mid-block building at 310 W. 52nd St. to create a development site that can hold a 37-story residential tower.

Hampshire Hotels already owns the Howard Johnson's next door, and would have moved forward with its plans with or without SIR, said Michael Johnson, president of Studio Instrument Rental New York.

In order to keep the studio from becoming "landlocked" — which would reduce the value of the property — SIR's partners decided to sell for what sources said is approximately $9 million.

Chatwal has already hired Eric Anton and Ron Solarz of Eastern Consolidated Properties to sell the site — which could hold up to a 250,000-square-foot tower — for as much as $50 million to $60 million.

Anton and Solarz declined to comment.

As the Post previously reported, the SIR business already leased space at 475 Tenth Ave. and on 25th Street, where it will continue its traditional instrument and high-tech musical computer rental operations. It is also opening a new studio.

"We will be giving peace and harmony to the studio clients," said Johnson.

The West 52nd Street site has become legendary for hosting pre-tour practice sessions for such bands as the Rolling Stones. It also frequently hosts showcase sessions for new bands and album releases.


Copyright 2004 NYP Holdings, Inc.

[Gulcrapek]

202 Spring Street

http://www.halstead.com/static2/202spring.html

http://www.halstead.com/images/graphics/newdevelopments/202spring_large.jpg

[Derek2k3]

That one has already been completed

202 Spring Street
84-90 Sullivan Street
7 stories 75 feet
Andrew Caracciolo Architect
Dev-Robert and Berry Goldoff
Completed Mid 2002


http://www.202springstreet.com/
http://www.tarterstatsrealty.com/202s.htm
http://www.pnhoffman.com/about/news/news092602.html
http://www.yrpubs.com/residential/images/print_newsletter.pdf



Also, in reference to that Bond Street Apartments article, that building was completed awhile ago already.

Bond Street Apartments
57 Bond Street
6 stories
Meltzer Mandl Architects
Completed 2002-April 2003

http://meltzermandl.com/singleproj_meltz.cfm?categoryname=Urban%20Projects &projectname=Bond%20Street%20Apartments

[krulltime]

NYPOST Real Estate News


June 29, 2004

New Jersey-based Garden Homes Development has emerged as the winning bidder for Beth Israel Hospital's coveted Singer Division property at 170 East End Ave. and two adjacent apartment buildings. Garden Homes is also busy converting 37 Wall St. to rental apartments and recently converted 75 West St. as well.

On the Singer site, Garden affiliate Skyline Developers plans to create luxury condos that will take advantage of East River views.

Beth Israel was repped by CB Richard Ellis's Darcy Stacom and Bill Shanahan, who declined comment. Other sources told my colleague Lois Weiss that the property fetched a staggering $185 million, or $770 per buildable square foot — believed to be a record price for a residential site.

RFR Realty head Aby Rosen, one of the disappointed under-bidders, told Weiss: "I hope they choose a great architect because the city needs great architecture and this is a one-time opportunity."

Meanwhile, Garden Homes is eying a prime development site on Sixth Avenue in the 20s, where luxury apartment towers are fast replacing grimy old structures and parking lots. Sources say Garden Homes is buying the small corner building at 100 W. 25th St. now occupied by a deli and antique galleries.

It's also bidding on the much larger property next door: a 17,600 square-foot, Con Ed-owned parking lot. Cushman & Wakefield's Andrew Behymer is fielding bids for Con Ed but would not comment.

However, sources say bids may top $300 per buildable square foot. Under new zoning, a 177,000 square-foot building can go up as of right.


Copyright 2004 NYP Holdings, Inc.

[krulltime]

Meanwhile, Garden Homes is eying a prime development site on Sixth Avenue in the 20s, where luxury apartment towers are fast replacing grimy old structures and parking lots. Sources say Garden Homes is buying the small corner building at 100 W. 25th St. now occupied by a deli and antique galleries.

It's also bidding on the much larger property next door: a 17,600 square-foot, Con Ed-owned parking lot.

oh what is going on here....Jumping in the building wagon of chelsea. :P

[krulltime]

Tribeca project

June 30, 2004

It's been a parking lot for as long as anybody can remember. Now, developers Hunter Lipton and Edmond Li want to construct a nine-story apartment building on the site at 51-53 Walker St. But they won't be getting started just yet.

At a hearing yesterday, the city Landmarks Preservation Commission sent architect John Cetra back to the drawing board to change the design of their proposed 15-unit condo building so it will fit better with the streetscape of the Tribeca East historic district.

Commissioners' criticism focused particularly on the top floors of the building, which they said looks more like a rooftop addition than an integral part of the structure.


All contents © 2004 Daily News, L.P.

[krulltime]

DEVELOPER TREVOR DAVIS SPLITS WITH ROSEN, FUCHS


By LOIS WEISS
June 30, 2004

TREVOR Davis is tak ing a break from joint venturing with the German-born duo of Aby Rosen and Michael Fuchs.

"We are finishing what we have done. We are doing other things, and he is doing other things," Rosen said.

Davis brought in Rosen and Fuchs — and their RFR Holdings — as joint partners into their first city development at 300 E. 64th St., and they remained loyal. Of course, they made a ton of money while maintaining a good guys/bad guy routine.

Davis, the South African-born construction kingpin and head of Davis & Partners, has a penchant for big guns, big-game safaris and big residential buildings that carry names like the Impala and the Empire.

With him at the helm of the joint residential projects, the team butted heads with community leaders, renters, subcontractors, luxury condo buyers and the New York Attorney General's office.

The salvos skimmed off the back of the 6-foot-plus Davis. But privately, even as preservationists hailed Rosen and Fuchs for their restoration work on their own commercial projects — including the Seagram Building and Lever House — the duo were affected by the slash-and-trash style of their residential partner.

Rosen said he and Fuchs are completing the development of Park Avenue Place, at 60 E. 55th St. next to Heron Tower, and have about two dozen units left to sell at 425 Fifth Ave., along with some at the Seville.

Meanwhile, he noted, Davis has found a new partner in the Chetrit brothers. He is working with them to convert the Empire Hotel by Lincoln Center into luxe condos and to create another luxury residential tower over the commercial offices buildings at 400 and 404 Fifth Ave. — similar to the one he created with RFR at 425 Fifth.

"They have chosen to partner up on exciting and successful developments in the past, and will continue to do so in the future," said spokesman Steve Solomon on behalf of both Davis and RFR. "They have options of working with other partners as well. They remain friends and will continue to share office space at 400 Park Ave."

Rosen and Fuchs have most recently teamed up with Ian Schrager to convert the Gramercy Hotel into luxury condos and will develop other luxury condos on the former Richard Born-owned site on Bond Street.

"All the approvals are in place," added Rosen.


Copyright 2004 NYP Holdings, Inc.

[krulltime]

Suite deal for Chelsea investors


By Shira Boss-Bicak

When the Maidman family and Pine Equity NY bought a Chelsea apartment building three years ago, they expected to hold on to the property for years.

But after renovating it and turning it into corporate housing, leased to Marriott ExecuStay, the owners received several bids from suitors wanting to buy the property. Eventually, they got one that was too good to refuse.

“We generally buy and hold properties, but when we analyzed the potential profit from a sale versus the stream of income from the Marriott lease, it made sense to sell,” says Mitchel Maidman, president of Townhouse Management.

Townhouse and Pine Equity bought the building in June 2001 for $63 million. After nearly three years and $10 million in upgrades, they recently sold to London-based Berkshire Capital Group and Lend Lease Real Estate Investments for $93 million.

The building’s residential units were converted to corporate housing as leases came due during the first two years of ownership, and Marriott took them over on a rolling basis. Marriott’s 15-year lease is in place until 2017.

The property includes a 50-car garage, which is leased to an operator, and 150 feet of retail fronting Seventh Avenue, with spaces occupied by a deli, a linen shop, a clothing store, a barber, a newsstand and Mullen’s Pub restaurant. Except for the restaurant’s, the tenants’ leases expire in the coming year or can be terminated by the landlord. Rents for the retail spaces average $50 per square foot, well below market rate.

“I assume the new owner’s game plan would be to consolidate some of the spaces and get a name-brand tenant,” Mr. Maidman says. Such tenants have shown interest in the location in the past.

The sale also included a neighboring three-story building at 167 W. 23rd St., which is leased to a liquor store. When the Maidmans bought the adjacent properties, they separated them legally so that they could be sold individually in the future, but the buyers took them as a package.

Townhouse is continuing to invest in apartment buildings in Manhattan.

THE DEAL

What: Sale of Chelsea apartment building
Where: 160 W. 24th St., at Seventh Avenue
How big: 204 units, plus retail shops and garage
How much: $93 million, including 167 W. 23rd St.
Sellers: Townhouse Management and Pine Equity NY
Buyers: Berkshire Capital Group and Lend Lease Real Estate Investments

[Derek2k3]

Notice how 1 New York Place isn't even mentioned in the Trevor Davis article. Further evidence that it's dead-I doubt that it was even a serious proposal, just a vision.

[krulltime]

6TH AVE. SENSE


By DAKOTA SMITH

High-rise rentals abound in Chelsea, but how do you know which apartment building is right for you? From snobby to classy to downright suburban, all these high-rises have their own personality, so pick the one that best suits your own.


Chelsea Towers: SWF

You find many "single, rich young women" lounging in bikinis and Dolce and Gabbana sunglasses on the 2,500-square-foot terrace at Chelsea Towers, according to one resident. Lots of lovely ladies, as well as gym, valet and maid service to be found, but you won't find families. "Never seen a baby," says the resident. "Unless it was visiting."

And it's pretty straight, despite being in Chelsea. Others characterize it as a friendly place, where the staff knows everyone by name. One resident recently moved to California and left the building sobbing, according to one doorman. "She didn't want to leave the building," he says. "She really liked it here."

Prices start at $2,170 for a studio (463 square feet) and $4,495 for a two-bedroom (986 square feet).

100 W. 26th St. (southwest corner of Sixth Avenue), (212) 463-0100


Vanguard Chelsea: Diversity rules

It's "almost suburban," claims one resident. Indeed, there are a number of big-chain retail shops housed in the bottom of the Vanguard Chelsea (see sidebar). And if critics slam the building as a bit bland-looking on the outside, the Vanguard Chelsea offers the greatest diversity of residents, most of whom say it is a "very friendly place."

"There are investment bankers, but then there are also artists," says one resident. "Not snobby at all."

Meanwhile, amenities include a 4,000-square-foot terrace, 24-hour garage and storage units.

A 700-square-foot one-bedroom is $3,100, and a 1,100-square-foot two-bedroom is $4,795.

77 W. 24th St. (between Broadway and Sixth Avenue), (212) 784-7700


The Capitol at Chelsea: Oh, boys!

"Very gay and very snobby," notes one resident, of The Capitol at Chelsea. "If we see a straight person in the elevator, it's like, 'What are you doing here?'"

In addition to young professionals, The Capitol at Chelsea claims a number of celebrities as residents (you'll have to do your own stalking to find out). Amenities include a roof deck (home to a weekly movie night), gym and Zen lounge with yoga studio.

Maid service and tailoring are available. And downstairs, a nail and day spa is about to move into one of the building's many retail spaces.

But its prices won't attract everyone. "There's no way you can afford it if you're right out of college," notes one recent visitor.

Prices range from $1,900 for a studio (486 square feet) to $6,000 for a two-bedroom (1,231 square feet).

55 W. 26th St. (between Broadway and Sixth Ave.), (212) 447-4477


THEASTON: New kid on the block

Only a few months old, this 38-story building's claim to fame may be its expansive terrace with view of the water and a misting sprinkler that cools off residents. Amenities include a gym with Pilates equipment, events lounge (complete with a wet bar) and garage.

Some argue that this building is "young and hip," but others claim it is still figuring out its personality. "It's brand-new, so it's a bit sterile," says one resident. "And the staff is still working out the kinks of running the place."

Alcove studios range from $2,150 to $2,605., and lofts are $3,195 to $4,450.

800 Sixth Ave. (southeast corner of 27th Street), (212) CHELSEA


Copyright 2004 NYP Holdings, Inc.

[krulltime]

Seeing Red Over Blue Bricks

http://graphics7.nytimes.com/images/2004/06/25/realestate/deal.184.1.jpg


After a two-year court battle, workers are moving ahead to strip the signature blue bricks off the facade of the co-op apartment house at 27 East 65th Street, at the corner of Madison Avenue.

A panel of the Appellate Division of New York State Supreme Court ruled this month in favor of the co-op board in its long-running dispute with Elliott E. Sutton, 62, a real estate investor who controls the building's ground-floor commercial space as an equal partner with the co-op board.

The ruling cleared the way for the co-op board to get a $6.8 million mortgage that will refinance an existing loan and provide some $3 million to replace the blue bricks with ordinary red ones, according to Gil Feder, a lawyer for the firm Reed Smith, which represents the board.

The wrangling began in early 2002, when city inspectors said the facade of the 17-story building, which was built in 1963, was in danger of crumbling and ordered a scaffold erected.

Because they are glazed, the blue bricks retain water, which freezes in the winter, causing cracks and leaks. The co-op had brought in engineers, who recommended removing all the bricks and replacing them.

Mr. Sutton worried that his ground-floor restaurant, Ferrier, and other tenants including a Citibank branch, would lose business the longer the project took and he argued for a quick job that would merely replace bad bricks in patchwork fashion. The two sides landed in court, and both the blue bricks and the scaffold stayed, and stayed and stayed.

The co-op applied for a mortgage to finance the brickwork, but Mr. Sutton, as joint owner of the property, refused to sign the loan papers. After a series of arbitration and court decisions, a judge finally ruled that the co-op could sign on behalf of its unwilling partner. That decision was upheld by the appellate panel.

Mr. Sutton, however, says he will ask the New York State Court of Appeals in Albany, the state's highest court, to take up the case.

Work initially began in March after the 55 or so co-op owners agreed to a maintenance increase. The money is to be reimbursed when the loan goes through.

Meanwhile, Mr. Sutton said he would soon close Ferrier because of poor business. Mr. Feder, the board's lawyer, said the work would have been done by now, and the scaffolding gone, if Mr. Sutton had not put up a fight.

in a court hearing last January, Justice Jane S. Solomon of the State Supreme Court in Manhattan wondered aloud about the long-running feud. "Does your client have an emotional connection to blue brick?" she asked one of Mr. Sutton's lawyers.

The judge's question was repeated to Mr. Sutton last week. "I don't care if it's blue, black, green or orange," he said. "I only own the ground floor. I don't look up."


Copyright 2004 The New York Times Company

[Derek2k3]

^On the corner of Spring and Washington Sts:

http://www.downtownexpress.com/de_51/ups1.jpg

Rendering of architect Philip Johnson’s “Urban Glass House,” a 120-foot building proposed to be built at 328 Spring St. across the street from the U.P.S. lot. - Downtown Express


I don't like it. It looks more like a mall building than a place to live.

The rendering is by Sven Johnson Illustration.
http://www.svenrender.com/

Yea I'm hoping it wil look better in reality. The previous version that was killed by NIMBY's will hopefully be built on some other lot.
http://www.pjar.com/project_page_328_spring_street_text.html

[billyblancoNYC]

I would love to see the original fill a prime Hudson waterfront slot.

[Gulcrapek]

It looks a lot like the Post Toscana, albeit in a contrasting color.

[Derek2k3]

Hudson Mews

I read something about the project but forgot where. This development reminds me of the complex proposed at 85 Jay Street. :x

http://www.rendering.net/ext/New/HudsonMewsComplexNYC.jpg

[Gulcrapek]

You know the architect?

[billyblancoNYC]

Hudson Mews

I read something about the project but forgot where. This development reminds me of the complex proposed at 85 Jay Street. :x

http://www.rendering.net/ext/New/HudsonMewsComplexNYC.jpg

What is this? Is this a real project?

[Derek2k3]

You know the architect?

Nope but since it's grouped with Hudson Crossing in the rendering and on his web site, I would guess H. Thomas O' Hara Architects. I'm not sure and doubt this is a ready to build project. In the Far West Side Plan these sites are suppose to be parkland.

[krulltime]

Manhattan Apartment Sales See Slight Uptick in June, report says


July 7, 2004

The number of signed sales contracts for apartments in Manhattan south of 96th street increased by one percent in June, according to a report by Mitchell, Maxwell & Jackson, the appraisal company.

The survey found 662 sales compared to 656 in May.

"We may have seen the last gasp before mortgage rates climb again as a result of the Federal Reserves quarter point increase in key short-term interest rates" said Jeffrey Jackson, chairman of MMJ.

"We anticipated the number of signed contracts to continue dropping as they had in April and May following the record low 5.59 percent 30-year rate recorded in March," said Jackson. "It appears that anyone on the fence jumped in at the last moment prior to the anticipated Fed rate increase."

The report also found the average contract price for the month edged up 1 percent, to close at $917,864 compared to $910,548 recorded in May.

Sales below $1.5 million were up 3 percent, from 546 to 562, the report said. Sales over $1.5 million were down 9 percent from 110 to 100.

Eastside sales were up 8 percent to 236, Downtown sales were up 3 percent to 200, Westside sales were down 7 percent to 149, and Midtown sales were down 12 percent to 77, the survey found.


Copyright 2003-2004 The Real Deal.

[krulltime]

New Residential Development
June 2004,


HARLEM

65-71 East 130th Street

Seven-story, 25-unit market rate apartment building planned between Madison and Park Avenues. The project is being built on four contiguous vacant lots by East Harlem Development Corp. Construction will begin this spring.


HARLEM

2000 Fifth Avenue

Nine-story co-op with 23 units planned for the corner of Fifth Avenue and 124th Street, across from Marcus Garvey Park. The building will also include a retail component, sublevel parking for 32 cars and a community facility. Upside Ventures represented both the owners and developers of the site. Construction will begin this spring.


HARLEM

The Clayton

257 West 117th Street

Seven-story townhouse built in 1890s being converted to 16 apartments. Units will be two-bedroom, two-bathroom and range from 2,200 to 2,800 square feet. Prices start at $1.1 million. Bridge Capital Corporation is the building owner. Project to be completed by late August. Contact: Lawrence Comroe and Tony Oakley, Corcoran, 212-875-2942.


MIDTOWN

112 Central Park South

208-room, 27-floor former InterContinental hotel to be converted to 65 co-op units, each with one to three bedrooms and 1,000 to 2,365 square feet of space. Prices haven't been set, but are expected to range from $1 million to $5 million. Though a co-op (because the developer rents the land under the building), owners will not need board approval to sell or sublet their units. Anbau Enterprises is the developer; Costas Kondylis & Partners is the renovation architect. Sales are expected to start by the end of the year and the project is expected to be finished in 15 months. Contact: Anbau Enterprises, 212-938-0090.


MIDTOWN EAST

Park Avenue Place

60 East 55th Street

New 45-story condo development rising between Park and Madison Avenues that will offer 76 units featuring a variety of studio, one-, two- and three-bedroom layouts. Apartments will range from 446 to 2,950 square feet. The building will also include the 23,000-square-foot "Core Club" in its first five floors, a private club open to building residents. It will include a new restaurant and bar by chef Tom Colicchio of Craft, as well as a library, lounge, screening room and meeting rooms. There will also be a spa and fitness studio, and changing facilities with butler service. The project is being developed by Davis/RFR. Architects Kohn Pedersen Fox Associates designed the tower, which features a glass exterior, and Skidmore, Owings & Merrill LLP served as interior architects for the project. The Marketing Directors are the property's sales and marketing agent. Sales are already underway and the project is slated for occupancy in December. Contact: Park Avenue Place sales center, 212-813-9055.


SOUTH STREET SEAPORT

233 Front Street

11-story, 96-unit rental building, primarily one- and two- bedrooms, with a few studios and three-bedrooms. Rents are expected to range from $2,100 to $3,000 for a one bedroom. In addition to top amenities, some apartments have views of the Brooklyn Bridge and access to backyard gardens. Sciame Development and Construction Co. is the general contractor. Apartments will go on the market this fall.


WALL STREET

The Crest

63 Wall Street

A 37-story, 476-unit rental building converted from the former home of Brown Brothers Harriman. Studios will rent for $1,770. Apartments range from 425 to 2,000 square feet. The 1929 neoclassical-style building will also feature a "Great Room" with billiards area, baby grand piano, library, screening room, common sundeck, and ATM and DVD rental services. Developed by Metro Loft Management. Set to open in June. Contact: crestnyc.com


SALES UPDATES:


GREENWICH VILLAGE

One Morton Square

All six of the townhouse residences at Morton Square, a development by JD Carlisle Development Corp. were sold as of last month. The last townhouse achieved a price of $4.25 million. The townhouses are three stories, with three to four bedrooms, and four-and-a-half-baths. The 147 lofts, townhouses and family size classic residences in Morton Square will be completed and available for occupancy this summer. Contact: mortonsquare.com.


GREENWICH VILLAGE

505 Greenwich Street

More than 80 percent of the units have been sold at the 14-story condo building with 104 units following the beginning of sales in January. The building, which is to be completed this fall, has 25 three-bedroom apartments, 42 two-bedroom units and 37 one-bedroom apartments, with sizes ranging from 722 to 2,400 square feet. Contact: 505 Greenwich Street Presentation Center, 212-505-9600, or visit 505greenwich.com.


UPPER EAST SIDE

The Metropolitan

181 East 90th Street

More than 70 percent of the condos have been sold in the first 25 weeks since the sales office opened its doors, according to developer Sherwood Properties. Buyers had signed over $100 million in sales contracts since sales commenced on Sept. 15. The Philip Johnson-designed building features 94 famliy- sized homes. Prices range from $850,000 to $7.95 million for the 3,550-square-foot terraced penthouse. Contact: Michelle Conte, Brown Harris Stevens, 212-906-9393.


UPPER EAST SIDE

The Seville

300 East 77th Street

Nearly 85 percent of the residences have been sold at the 32-story tower designed by architect Robert A.M. Stern. The majority of the 84 residences are two-bedroom apartments, with the remaining mix comprised of one- and three-bedrooms, and two full-floor penthouses. Prices of the available homes start at $2.1 million for two-bedrooms and $2.975 million for three-bedroom residences. The penthouses are priced at $8.2 and $9 million. The building is already completed, but several homes were recently released for purchase. Contact: The Marketing Directors, 212-826-8822.


Copyright 2003-2004 The Real Deal.

[krulltime]

Broadway buzz

July 7, 2004

It's just a squat little building in mid-block, but 353 Broadway is generating a big buzz.

All along lower Broadway, people are talking about developer Ilan Tavor's plan to tear down the two-floor property and replace it with a 20-story apartment tower that would loom above its low-rise neighbors between Leonard and Franklin streets.

The building, designed by Joseph Aliotta of Swanke Hayden Connell Architects, would have 81 apartments.

The retail tenant, White Furniture, has already been chucked out, and has moved to another building up the street.

But don't expect the wrecking crews to show up just yet. The city Department of Buildings rejected the design plan as incomplete.

Tavor doesn't want to talk about the project just now - unlike the neighbors - so there's no telling when he will return to the buildings department with an amended plan. Aliotta also declined to answer questions.


All contents © 2004 Daily News, L.P.

[krulltime]

CONDO-MAXIMUM


By BRADEN KEIL
July 13, 2004

Nothing can slow down the soaring market for Manhattan apartments — not even the soaring interest rates.

Leading the way, by a large margin, is the condo market, which posted a remarkable 60 percent increase for East Side condos, with an average sale price of $1.4 million.

The average price for condos around the borough jumped 38 percent — and Manhattan co-ops went up 19 percent, according to a report released by the Corcoran Group real-estate firm.

Co-op studios around Manhattan jumped 20 percent to an average $277,000 and a typical condo studio will set you back $396,000.

"Just to live in one room . . . will cost you just under $400,000," said Corcoran CEO Pam Liebman.

"And that doesn't even mean you'll get a view out that one window."

People who could afford apartments with lots of bedrooms were in a "buying frenzy" the report said.

Condos with three or more bedrooms sold for an average of close to $3 million — a 32 percent hike from the first half of 2003.

Co-ops with three or more bedrooms went for an average of $2.5 million — an 8 percent increase.

Co-ops generally sell for less than condos because of the hassles of getting approved by persnickety boards and have to give up highly personal financial and other information.

Townhouses, once considered undesirable and expensive to maintain, are now practically worth their weight in gold.

"Buying a townhouse on the Upper East Side is going to cost an average $5.8 million," said Liebman.

That's an increase of 23 percent over last year.

West Side townhouses posted a 17 percent gain in the last six months to $2.41 million.

Corcoran says the superheated market is being propelled by "record Wall Street earnings."

In another report, Jeffrey Jackson, the chief economist for appraisal firm Mitchell, Maxwell & Jackson, said, "At the current rate, within five years [no Manhattan apartment or condo] will go for under a half a million dollars."

According to MMJ, the increase in the 30-year fixed mortgage rate from 5.74 percent to 6.26 percent did nothing to affect sales.

The Corcoran report also showed that Brooklyn sales and prices continue to surge.

In the first half of 2004, the average price of all residences went up 16 percent. Sales of single-family homes were up 18 percent over the same period last year.

Sales were especially good in Fort Greene and Boerum Hill, where prices increased 30 percent from a year ago.

One of the fastest growing Brooklyn neighborhoods is DUMBO, where the average price of condos jumped a startling 42 percent to $1.1 million.


Copyright 2004 NYP Holdings, Inc.

[krulltime]

MARKET UP FOR RENTAL HIGH-RISE BUILDINGS


By STEVE CUOZZO
July 13, 2004

COMPARED with the investment-sale market for office buildings, trades of large Manhattan apartment buildings are few and far between. But they're enjoying a boomlet, with both institutional and individual investors hankering for a piece of the action.

Even as a partnership led by Stephen B. Siegel negotiates to make its biggest purchase by far — for $75 million on the Upper West Side — Equity Residential, the publicly traded owner of apartments nationwide, is poised to take its first New York market plunge.

Sam Zell's Chicago-based REIT has a contract to buy Hudson Crossing, the 2-year-old, 260-unit building at 400 W. 37th St., at Ninth Avenue.

Sources say the sale is likely to close by the end of the month in the mid-$90 millions, or a healthy $400,000 per unit. (Zell seems to have taken a personal interest in the Manhattan market too: He recently bought a pied-a-terre, his first here, on Fifth Avenue in the 90s.)

Eastdil's Douglas Harmon, who is handling the Hudson Crossing sale for the seller, the Dermot Co., did not return calls by press time.

The apartment-building market gained momentum with Archstone-Smith's purchase last winter from Related Cos. of the Sonoma at 300 E. 39th St. That transaction, also brokered by Harmon — Institutional Real Estate Investor magazine's "broker of the year" for 2003 — fetched a record price of nearly $600,000 per unit.

And Eastdil, we hear, has begun marketing two more biggies downtown for current owner Worldwide Holdings: 88 Greenwich St. (460 units), projected to trade for around $200 million, and 71 Broadway (240 units), for around $100 million. Both are former office buildings converted to apartments with excellent views and condo-conversion potential.

"Residential buildings in Manhattan come about so infrequently that they're seen as hot opportunities," a source explained. "Now, rising interest rates will put the squeeze on the apartment-sale market, which inevitably helps the rental market."

Apartment building owners "see that prices have accelerated to the point that they say, 'We'll never get numbers like these again, so let's cash in some chips,' " the source continued.

The new player on the residential-acquisition scene is Siegel's SG2, which is negotiating to buy the 272-unit tower at 230 Riverside Dr., at 95th Street, for around $75 million.

It's a jumbo ante-upping by Siegel and his partners, brothers Andrew and Jeffrey Goldberg. (The fraternal duo wear other hats as brokers at CB Richard Ellis, where Siegel is chief of global Brokerage; CBRE is not involved in the trio's acquistion business.)

If Siegel's group succeeds in buying 230 Riverside, it will pay more for the address than it previously spent on its entire portfolio of 400 units, most of which are in small buildings in upper Manhattan.

"It shows they've got the capital and they could make runs at buildings like 88 Greenwich and 71 Broadway," an insider said.

Siegel was out of town and could not be reached.


Copyright 2004 NYP Holdings, Inc.

[krulltime]

Report shows big gains in apt. prices in 2004
MANHATTAN

July 13, 2004

Market-wide in Manhattan, average sale prices for condominiums and co-ops were up 38 percent for condominiums and 19 percent for co-ops.

In the first half of 2004, buyers paid an average $1.23 million for condominiums and close to $900,000 for co-ops, the report said.

High demand for apartments with three or more bedrooms sparked a buying frenzy the first two quarters of 2004. Three-plus bedroom condominiums sold for close to $3 million on average, a 32 percent hike from the first half of 2003.

Three-plus bedroom co-ops sold for an average $2.5 million, an 8 percent increase over the same period last year.

Neighborhoods south of 34th Street enjoyed a continued surge in popularity, especially for couples and young families in search of larger living spaces. Competition for such apartments was strong, evidenced by the impressive price increases in both the two and three plus bedroom categories. Three plus bedroom co-ops, for example, averaged a 33 percent increase and two bedroom condominiums rose on average by 38 percent.

Townhouse prices rose in the first six months of 2004, especially on the East Side, where in the first half of 2004 prices averaged $5.6 million, compared to $4.53 million in 2003.


Copyright 2003-2004 The Real Deal.

[krulltime]

Apartment Market stays steady


By Stuart W. Elliott
July 2004

Following frenzied buying and selling in the first half of the year, residential brokers in Manhattan said they are now seeing a stable and steady marketplace.

Rising interest rates have cooled the market, buyers are feeling less pressure to make a decision, and brokers say prices are increasing more slowly.

"We're at the flat part of the stairs," said Donna Olshan, president of Olshan Realty. "We're taking a breather from that torrid spring and basically going back to more of a stable market."

Neil Binder, principal of Bellmarc, said that buyers "don't feel the same pressure. They're saying, if I don't make a decision quickly, maybe I can make a better deal in a few months."

As a result, "a lot of brokers are not out there as aggressively as they were," said Binder.

The drop-off was apparent by May. For that month, there was a 17 percent decline in signed contracts in Manhattan south of 96th Street compared to April, the largest decline in nine months, according to a report by appraisers Mitchell, Maxwell & Jackson.

In June, the number of signed contracts actually increased by one percent, according to an MMJ study. The report also found the average contract price for the month edged up one percent, to close at $917,864, compared to $910,548 recorded in May.

"We anticipated the number of signed contracts to continue dropping, and this may have been the last gasp before mortgage rates climb again," said Jeffrey Jackson, chairman of MMJ.

Jacky Teplitzky, executive vice president at Douglas Elliman, said that much of the frenzy that has abated has occurred in the market for one-bedrooms and studios.

"In the two-bedroom, two-bathroom category, the inventory is very tight, so it's a different story," Teplitzky said in late June. "The luxury market has also been very active, because it's not so driven by interest rates."

Pricing of apartments has also changed since the first quarter. "From January to February or from February to March, I would take what happened the month before and add 5 percent," she said. "Now pricing is the same as the month before."

Binder said there have been some price reductions at Bellmarc. "On about 10 percent of our exclusives, the price has come down," he said.

Some sellers still want to believe it's the overheated first quarter, said Teplitzky.

"I just turned away two listings that were way overpriced," she said. "The sellers were living in la-la land." Teplitzky said that nearly all buyers mention the press coverage several months ago about the average apartment price in Manhattan reaching $1 million. "That's the first thing they tell me about," she said.

Michael Goldenberg, Halstead's executive director of sales for the West Side, agreed. "Some people are testing to see if they can get a price considered aggressive," he said. "But if you want to sell, you are adjusting."

Binder said the "pause" that he sees in market will "readjust soon, and we'll have a very good fall." He added that he doesn't think increases in interest rates will go anywhere dramatic. The Fed raised the benchmark interest rate by 1/4 point at the end of June.

Teplitzky said the slower market may just be a seasonal adjustment, and "we don't know if this is a permanent change."

Olshan pegged a resurgence at the start of next year. "I think the market will come roaring back in early 2005," she said. "The economy is getting better. The dollar is getting weaker, and the Euro is getting stronger, and I think we'll see a lot of foreign investment."

Alan Rogers, chairman of Douglas Elliman, said at a recent industry conference that he thinks the market will "be steady for the next two years."

"When interest rates climb, there will be an overreaction against that," he said. "People will psychologically take a while to get used to it."

Despite the less frenzied climate, however, brokers still said that the market remains strong.

"I like to tell people that the last quarter was a good year," said Binder.

"Never in the history of our company had I had a period like that. It was 100 percent over the year before."

"There is a tremendous amount of demand that is still present now," he said. "It's a more durable market, more under control."

Goldenberg pointed out that interest rates remain low.

"In 2000, we were at 8.75 percent," he said. "And everyone is freaking out about 7 percent interest rates."


Copyright 2003-2004 The Real Deal.

[krulltime]

Map was moved to the first page....
----------------------------------------------------------------

Here is another story though:

On the Drawing Board
New Development Projects Underway
Source: Yale Robbins, Inc.
MARCH 2004

A new wave of condominium and co-op construction is sweeping Manhattan as dozens of new projects attest, with thousands of new co-op and condominium units being marketed to hungry buyers.

One Morton Square 600 Washington Street (at Morton Street)
A one-block residential development in Greenwich Village that turns a full-city block in the West Village into a residential enclave offering three home styles: town homes, lofts and condominiums. The $200 million project is expected to be completed in the fall of 2004, with home prices ranging from $600,000 to $3.25 million. Project designed by famed architect Costas Kondylis in cooperation with glass artist Thomas Patti, landscaper James van Sweden of Oehme, van Sweden and Associates, and interior architect Philip Koether.

48 Laight Street
At the center of TriBeCa's newest wave of new construction, 48 Laight Street was unanimously approved by the 12-member Landmarks Preservation Commission (LPC) for its integrated use of traditional and modern materials, and is scheduled for completion later this year. The $9 million, six-story, 9-unit building will have two- and three-bedroom loft-style residences between 1,400 and 1,900 square feet and a spectacular 2,300 square-foot penthouse, all with expansive views. Approximately 4,000 square feet of retail space will anchor the building’s ground floor. Prices range from $975,000 to $1.6 million for the apartments and $3 million for the penthouse.

SoHo 25 25 West Houston
This luxury loft condominium building is the first newly constructed residential building in SoHo in over 20 years. Occupying the full block between Mercer and Greene Streets, the $35-million, nine-story building will offer 32 loft residences with unparalleled cityscape views to the north, east and west. The Beyer Blinder Belle-designed condo was conceived to be compatible with surrounding historic buildings, with a block-long, brick- and granite-clad façade with oversized windows, and three penthouses on the roof. SoHo 25 is selling now and scheduled for completion this spring.

Strivers Gardens 300 West 135th Street
Two attractive mid-rise towers, joined by a glass-enclosed atrium surrounded by landscaped gardens will be home to 170 luxury one- two- and three-bedroom condos. Located one block from City College of New York and half a block from the newly reconstructed and renovated St. Nicholas Park and the 135th Street subway stations, both of which are part of the Striver's Center Development Project overall plan to revitalize this well-established residential community.

The Hubert 3-9 Hubert Street (at Collister Street)
This new, 16-story luxury condo residence at 7 Hubert St. in the heart of TriBeCa, was more than 60 percent sold less than six months after the start of sales, according to The Sunshine Group. The Hubert's three residences include two mansion-width townhouses with private, 360-degree terrace. Provides panoramic view of Hudson River and skyline.

Rosa Parks Condominiums 163 St. Nicholas Avenue (at 118th Street)
Rosa Parks Condominium is being constructed near Morningside Park, Columbia University and the 125th Street shopping district. The 64–unit building will include one- two- and three-bedroom residences, as well as three-bedroom penthouses with prices starting from $375,000. Amenities include concierge services, a fitness center, an underground parking garage, video intercom, state-of-the-art wiring for fast Internet access, laundry facilities, storage area, remote video monitoring system and entry system,Dbike storage, individual climate control and a landscaped garden.

1400 on Fifth 1400 5th Avenue
With 85 of 128 units reserved for purchasers with household incomes between $52,000 and $103,000, 1400 on Fifth gives middle-class families a shot at environmentally friendly living. Roughly 70 percent of the building is constructed from recycled or renewable materials, and a heating and cooling system run on geothermal energy lessens the building's dependence on fossil fuels.

Madison Plaza Madison Avenue (betw. 118th and 119th Streets)
Madison Plaza, a 120-unit co-op building, has joined Madison Park and Madison Court in promoting Harlem’s new real estate Renaissance. Along with Madison Court, Madison Plaza will feature 30,000 square feet of retail space on its ground floor, marking a new standard in affordable luxury housing uptown.

The Milan 300 East 55th Street
This new 32-story condo tower is scheduled to be finished in 2005, and already its 119 units are over 30 percent sold. The tower is going up on the former site of the El Morocco club and will include 93 two-bedroom residences with 2 or 2.5 baths, nine three-bedroom residences with 3.5 baths plus a library, and three penthouses with large terraces occupying the top floors of the building. Two penthouses on the 31st floor have three bedrooms and 3.5 baths and a single penthouse on the 32nd floor has three bedrooms, 4.5 baths, and a library. Each of the residences have 10-foot ceilings, and prices ranging from $750,000 for a one-bedroom to between $1.3 and $1.9 million for the two- and three-bedrooms.

One Beacon Court 151 East 58th Street
One Beacon Court is entered mid-block, via a courtyard framed by a seven-story, elliptical glass wall. Designer Jacques Grange has offset Cesar Pelli’s stark architectural elements with a muted palette inspired by Venetian palazzos. In the 105 condominium residences, spare lines and exterior walls of windows create light, airy spaces framed by vistas of Central Park and Manhattan. Prices begin at $2 million for 1,364 square feet with city and river views, and go to $26 million for 8,687 square feet with 14-foot ceilings and setback terraces.

Park Avenue Place 60 East 55th Street
This slender, 39-story, 76-unit condo tower was designed by Brennan Beer Gorman/Architects and will feature a 24-hour concierge service, a high-tech health club with sauna and steam rooms, an outdoor deck, garage and a fully equipped business center when it’s completed later this year. A restaurant also may be installed off the lobby.

The Paradigm 146-148 West 22nd Street
Located on West 22nd Street in Chelsea, the 12-story building, which was designed by Meltzer/Mandl Architects, will contain 12 full-floor loft residences, ranging in size from 1,540 to 2,579 square feet and priced from $1.3 million to $2.3 million. Every residence will feature private elevator access, a private terrace or balcony, and kitchens by Poggenpohl with stainless steel appliances by Sub-Zero, Bosch and Viking. Occupancy is slated for early 2004.

The Metropolitan 177 East 90th Street
Located in ever-popular Carnegie Hill, this 32-story, 94-unit condo building is scheduled for occupancy this spring. The heptagonal building has horizontal windows leaving a minimal amount of facade exposed. Units feature 9- to 10-foot ceilings, ultra-modern appliances, and a prime location only a few blocks from Central Park.

The Heritage at Trump Place 240 Riverside Boulevard
The Heritage at 240 Riverside Boulevard is Building A in an extensive group of new riverfront towers that make up Trump Place at Riverside South. Architect Costas Kondylis & Partners LLP designed the 368,150 square-foot, 31-story tower containing apartments ranging in size from 550 square-foot studios to 2,868 square-foot four-bedrooms, featuring imported marble baths, top-of-the-line kitchens and hardwood floors. Prices range from $335,000 for studios to $3.5 million for four bedroom units.

[krulltime]

Building a New Manhattan
A look at new residential construction and the next up-and-coming neighborhoods


By Carl Unegbu
July 2004

Recent zoning decisions and low interest rates mean Manhattan's borough-wide boom in residential development won't be ending anytime soon. Developers large and small have all grabbed a piece of the action.

Although all sections of the city have seen brisk development activity over the last several years, rezoning has sparked building in new areas that were formerly overlooked by both developers and those looking for places to live. Sixth Avenue and the West 20s in Chelsea, Noho, the South Street Seaport area, Tenth Avenue in the low 50s and just east of Columbia University are some of the most active sites for current or planned residential building, according to Lisa Rae Castrigno, assistant vice president at the Real Estate Board of New York.

The Real Deal takes a look at new projects slated to begin construction in 2004 and 2005, with an in-depth chart (see link at bottom of page).

Outside Manhattan, moves are already underway to rezone parts of Brooklyn and Queens, including the waterfront sections of Greenpoint and Williamsburg, Long Island City and parts of Park Slope.

The new development has been good for residential brokers' bottom line. A luxury high-rise can now be built almost anywhere in the city.

"There has been a tremendous blurring of neighborhood boundaries," said Louise Phillips Forbes, senior vice president at Halstead Property.

Glenwood Management's new 287-unit rental at 10 Liberty Street, for example, is the first major new luxury residential building to be built in the heart of the Financial District in over 25 years, the company says.

In Noho, the recently completed 57 Bond Street is the first new residential condo development in that section of the Bowery in more than 50 years, according to developer Alchemy Properties.

"Developers go for where they can see money," said Andrew Gerringer, managing director of Douglas Elliman's Development Marketing Group, adding that Chelsea now has wide appeal and that north of 96th Street has increasingly attracted builders.

Statistics from REBNY show a grand total of 7,492 units currently under construction, with Midtown West and Downtown leading the pack with 2,965 units and 2,262 units, respectively. Manhattan north of 96th Street ranks third, with 1,008 new units currently underway.

The statistics didn't include residential conversions, which likely would have driven the Downtown number higher because of the large number of offices being converted into apartments, with the help of Liberty Bond financing.

In the two areas with the most new ground-up construction, rental units dominate condos by a ratio of at least 4:1. On the flip side, developers favored condo units on the Upper East Side, the neighborhood with the least number new apartment under construction (289 units).

It's also worth noting that no new co-ops are being constructed anywhere in Manhattan except north of 96th Street, where 33 percent of the 1,008 units being built will be co-ops, according to the REBNY data. This area also has the highest number of new townhouses in the works, with 49.

Castrigno said this is partly attributable to the lower density of the area. She also said the city's tax abatement and incentives for developers of multifamily units would make it more profitable for developers to add more units through co-ops.

Castrigno said the level of construction in Manhattan last year was relatively similar to the annual amount of new construction over the last five years.

"Over the last five years, we've had 26,000 units completed," she said. "In 2003, we had 5,900 units completed, which was consistent with that."

It's too early to tally up 2004 completions, but some say it will be lower than the five-year average. Only 801 units have been completed so far this year, according to REBNY's data.

In a recently released report, Marcus & Millichap, the real estate investment brokerage company, found developers will complete 3,190 units in Manhattan in 2004, the "lowest total in many years."

Andrew Heiberger, president of Citi Habitats, now a division of the Corcoran Group, also said that outside the Financial District (a big caveat), "there is actually not that much construction planned over the next several years."

He did acknowledge that it's now acceptable to build almost anywhere in Manhattan today.

"It's all one big neighborhood," he said.

And Fritz Frigan, director of leasing at Halstead, said he doesn't see the number of new units coming online as low.

"There is a lot of new construction going on in rentals," he said. "There are more than 4,000 units coming to the market this year."

In the detailed map linked to this page, instead of providing a look at projects currently under construction (many of which are already well publicized), we've provided a map of planned new residential construction in 2004 and 2005, where the shovel hasn't hit the dirt yet.

We've done this to give brokers a look at where the most concentrated areas of development will be over the next several years, and where tomorrow's up-and-coming neighborhoods might be.

The REBNY generated list doesn't include some smaller projects, Castrigno said.

Copyright 2003-2004 The Real Deal.

[Gulcrapek]

Oh.

My.

Goodness.

[billyblancoNYC]

Is it me, or does the article seem to be downplaying the development on the map? It seems pretty damn good to me. Hopefully, this will stabilize, if not lower a bit, prices.

[krulltime]

Is it me, or does the article seem to be downplaying the development on the map? It seems pretty damn good to me. Hopefully, this will stabilize, if not lower a bit, prices.

well sort of... First they talk that 2004 is going to be lower that 2003... Marcus & Millichap, the real estate investment brokerage company, said there will be 3,190 units in Manhattan in 2004. in 2003 there were 5,900 units completed. If is true then that seems to be low. But then Fritz Frigan, director of leasing at Halstead said that there will be 4,000 rental units coming to the market this year. That is alot if you add the condos units which Fritz didn't mention.

I seem confuse here. But the map shows alot of new stuff for 2005. I dont' know how many units but there is alot of activity in neighborhoods that are becoming hot right now.

[Stern]

It looks like condo's are still on the boards for Max Capital at West 32nd Street. I would like to know if it will be a 67 storey tower as was once planned?

[krulltime]

Do you guys noticed that the Trump Organization plans to built something on 33 West End Ave with 234 units. If it is on West End Ave. than it is not part of the Riverside Blvd development. Where is it then? What is the cross street? Is this where the Gaseteria site was? :?

[Derek2k3]

The Trump building on West End is only 14 stories and by Costas Kondylis & Partners. The gas station site is at 2-10 West End.

[nike]

Does anybody know what is being built between 65 and 66 street on west end ave. 8)

[billyblancoNYC]

The Trump building on West End is only 14 stories and by Costas Kondylis & Partners. The gas station site is at 2-10 West End.

234 units on only 14 floors? That's about 16 per floor. Very tight, especially for a Trump project.

[krulltime]

The Trump building on West End is only 14 stories and by Costas Kondylis & Partners. The gas station site is at 2-10 West End.

We are not talking about 120 Riverside Blvd right? The one that is under construction right now. It is a little more that 14 stories I think. How do you know about the 14 story building planned on West End by Trump?

[krulltime]

How a building is financed, by where it’s built

By Carl Unegbu
July 2004

Residential developers in Manhattan have benefited from low interest rates and government programs such as Liberty Bonds to help get their projects built.

But when it comes to financing, knowing one's market is everything and a developer could lose his shirt unless the financing matches the project. Anyone who knows the game can tell where a developer is getting his money just by where he is breaking ground for his project.

Developing a co-op in Manhattan North (an area that includes all areas above 96th Street) is a different ballgame from doing a condo project on the Upper East Side or a rental development Downtown.

In Manhattan North, the Richman Group is an active participant in the area's six-year-old New Housing Opportunity Program, a subsidized program run by the city's Housing Development Corporation (HDC) to encourage home ownership in the area. The program uses land provided by the city's Department of Housing Preservation and Development (HPD).

"Most of our work is on affordable housing with low income tax credits," said Richman president William Traylor, whose company is doing three different co-op projects in the area using HDC financing.

In Downtown, an emerging market with a lot of renters, subsidized financing is an attractive financing option. Rockrose Development Corp., an entrenched player and pioneer in residential development in the area, has made the most of this kind of funding.

"We like areas where we see long-term growth - undervalued areas where values will go up over time," said Jon McMillan, the company's director of planning.

The company is big on rentals, and current projects include 2 Gold Street, a Liberty Bond-financed project consisting of 650 units on 52 floors, which is scheduled for completion next year. "Rockrose does like to retain ownership of its properties, so we don't do many condos, which require market prices that are higher than the rental prices," McMillan said.

For its Downtown operations, McMillan said his company uses about 70 percent Liberty Bond financing with another 25 percent coming from the 80/20 program run by the state Housing Finance Agency (HFA) and HDC. However, since last September, Rockrose has ventured outside its Downtown niche with a market rate-financing project in Queens.

But for developers like the Athena Group, which focuses on high-end luxury properties on the Upper East Side and Upper West Side, subsidized financing is all but out of the question. One of its largest projects sits across from Lincoln Center at 43 West 64th St., where an old warehouse was converted into a 140,000-square-foot mixed-use development, with over 110,000 square feet going to condos and another 35,000 square feet for retail space.

With prices averaging about $1,250 per square foot on the property (Athena's in-house research shows the average price per square foot in the city at $831), subsidized financing hardly makes sense. In 2001, the company's project at 838 Fifth Avenue fetched an average of $13 million per apartment, or $2,250 per square foot.

"We couldn't be as competitive, for instance, on building multifamily units by using conventional financing, which would require some subsidy or tax exempt bonds," said Louis Dubin, Athena's president, who added that his company's typical deal was $60 million to $120 million.

But Athena's future plans also include a project that goes against the grain, which Dubin said might shock some people. He said his company plans to build a privately financed high-rise luxury condo in Harlem within the next 12 months, saying he believes there is a market for that kind of project.

Glenwood Management Corporation, a builder of luxury apartments in all sections of the city, utilizes a varied pattern of financing in different sections of Manhattan.

Gary Jacob, executive vice president at Glenwood, said the company's 30-story 227-unit rental development, the Grand Tier at 1930 Broadway, was done with 100 percent market rate financing. The Upper West Side project, which opened in mid-June, required that market rate money because of the substantial amount of retail space - 90,000 square feet - involved in the project, which killed any chances of subsidized financing.

Glenwood also used Liberty Bond financing for its Liberty Plaza project in Downtown Manhattan and 80/20 program financing for a rental project in East Harlem. Jacob said the biggest difference among the three properties were the rents that could be obtained, ranging from the much higher Upper West Side rents to the considerably lower Downtown rents and even lower Harlem rents.

The structure of financing for residential development has changed from a decade ago, when there was easy availability of 100 percent financing, developers said. Today, most lenders require developers to contribute as much as 35 percent in equity contributions to get market rate financing.

McMillan said 100 percent financing in the late 1980s caused the development of unnecessary projects and overbuilding in the market, which eventually led to many developers losing their buildings to lenders. He said the new equity requirements simply weed out those who don't have the resources to do the work. In Athena's projects, Dubin said his company typically puts in between 25 percent to 35 percent of its own money as equity, with debt making up the difference.

While financing options might differ in different sections of the city, developers agree that construction costs are the same in all areas. However, those costs have been rising lately, thanks to the diversion of building materials for Iraq's reconstruction and the overall building boom. Dubin notes that construction costs have shot up an average 20 percent since the past year, especially for raw materials such as copper and wood.


Copyright 2003-2004 The Real Deal.[/b]

[krulltime]

New Building by Neighborhood
One developer’s take on best and worst areas to build

By Stuart W. Elliott
July 2004

While planned new construction in Manhattan this year and in 2005 is spread out over the island, several areas are attracting noticeable concentrations of new buildings.

Kenneth Horn, president of Alchemy Properties, which currently has four projects underway in Manhattan (two in Chelsea, one in Noho and one in Gramercy Park) ranging from 10 to 65 units, had this to say about the some of the areas where development looks set to occur:


High teens/low 20s (Btwn 6th and 7th Avenues)

The area is seeing an influx of families. "In our project that we just completed (the Paradigm at 146 West 22nd Street), we were limited to one unit per floor," Horn said. "We decided to make big family apartments, and we attracted a wide range of buyers, because there are a lot more families moving to Chelsea."

But there are obstacles. "Some of the wholesale prices are becoming prohibitive for developers," said Horn, who is just beginning a 67-unit building at 121 West 19th Street.

One large building is now asking north of $350 a square foot, which Horn thinks is too high. "We didn't have to pay that," he said. "It might mean things happen in fits and starts rather than all at once."


Low 50s along 10th Avenue

"I think it's going to take a while," said Horn. "You're going to need a real pioneer in that neighborhood. There are no residential services, and I don't think you'll ever displace the commercial tenants there."


Noho

"We thought the migration was going to be east over Lafayette," said Horn of the rationale behind his company's development of 57 Bond Street, which is nearing completion. "The plan was to attract people that did not want to live in Soho or Tribeca because it's too established. Big players are now moving into the area," he said.


Lower East Side

AvalonBay Communities' Avalon Chrystie Place is going up at the corner of Bowery and Houston on a three-acre piece of property. "To find a mass of space like that, you can basically transform the entire neighborhood by yourself. Three years from now, it won't look the same," Horn said.

"But it's very hard to find development sites in the whole area." he added. "We'll see people seeking infill opportunities for the most part."


Upper East Side and Upper West Side

"Those are the golden areas. We bid on a property there recently and we were outbid by 40 percent," Horn said.


Copyright 2003-2004 The Real Deal.

[krulltime]

Robert DeNiro Hires Stribling for new development


http://www.therealdeal.net/breaking_news/July/images/1090855546.jpg
116 Hudson Street

July 26, 2004

Stribling & Associates has been appointed the exclusive sales agent for the Loft Residences at 116 Hudson, the latest of actor Robert DeNiro’s TriBeCa developments.

Sales began earlier this month with prices starting at $2.3 million.

The project involves combining an existing vacant 19th century brick structure with a new glass and metal curtain wall structure. There will be 4 full-floor, two-bedroom apartments as well as a duplex penthouse and 4,000 square feet of retail space. Each apartment will occupy both the brick and glass sectors of the building, combining modern and traditional elements.

Stribling senior vice president Sean Murphy Turner is handling the assignment.

Arthur Fefferman, president of AFC Realty Capital, is developing the project along with DeNiro. DeNiro’s other projects in TriBeCa include the TriBeCa Film Center, as well as TriBeCa Grill and Nobu.


Copyright 2003-2004 The Real Deal.

[krulltime]

MANHATTAN CO-OP SALES THROUGH THE ROOF


By BRADEN KEIL
July 27, 2004

Despite persnickety boards and intrusive applications, the number of Manhattan co-op apartment sales has reached an all-time high, according to an industry-wide report.

In its second-quarter report, the Real Estate Board of New York (REBNY) — which compiled data from several of the city's top real-estate firms — has found that co-op transactions have increased 51 percent from a year ago to 1,113, breaking the 1,000 barrier for the first time since the group began tracking residential sales 11 years ago.

"The improved economy, coupled with the threat of rising interest rates, has caused New Yorkers to act quickly to snatch up apartments," said REBNY President, Steven Spinola.

The report also found that co-op apartment prices rose an average of 14 percent to $1.020 million, the second consecutive quarter with prices above the $1 million level. The median sales price, representing the mean value between the highest and lowest prices, rose 11 percent to $585,000.

While the co-op numbers are impressive, they still lag behind Manhattan condominiums.

"Those numbers are surprising, considering the stiff anti-co-op sentiment that's out there," said Douglas Elliman managing partner Dolly Lenz. "I know plenty of co-op owners, and former owners, who will never buy in a co-op again."

A number of recently released six-month in-house reports by the top real-estate brokerage firms show condo prices rising over 30 percent — more than double the increase for co-ops.

Also notable was a 60 percent spike in co-op sales in northern Manhattan, defined as sales above 96th Street to the east and above 110th Street on the west.

The reports also found record median per-room apartment price hikes: 12 percent for studio and one-bedroom apartments, 16 percent for two-bedroom apartments and 25 percent for three-bedroom places.


Copyright 2004 NYP Holdings, Inc.

[krulltime]

Rental market in "full swing"


By Stuart W. Elliott
July 2004

There is no question that rentals are rebounding, but how fast and how far will they go?

Boosted by increased hiring and refugees who had given up on the frenzied sales market, the rental market first started to show signs of life in February, said Fritz Frigan, director of leasing of Halstead.

Now the market - which has been largely downtrodden since the dot-com bubble burst - is going strong.

"Things are in full swing," said Frigan. "After four years, this is not going to be just a seasonal thing."

Frigan said his data showed a 1.5 percent increase in rents from October 1 through March 31, the most recent data available. Rents had actually been dropping from October to January, so the numbers for recent months are even stronger than they first might appear, he said.

Going forward, Frigan said he expects 5 to 6 percent growth in price of rents between the start of this year and the start of 2005.

Andrew Heiberger, president of Citi Habitats, now a division of Corcoran, said rents have gone up with lower-priced units as well as at the upper end of the market.

"We're starting to see rents rise on units that go for $1,600 to $2,500," he said. "Properties at the high end, above $6,000 per month, are doing well as a result of the overinflated condo market."

Frigan said the high-end rental market, which drew buyers who grew
disgruntled with the sales market, heated up first, and "now the small one-bedroom prices are going up as well," largely as a result of more hiring by companies in the city.

Heiberger said the vacancy rate for rental apartments in Manhattan is "well under 2 percent," and added he expects the market to get "tighter and tighter."

Many landlords have stopped paying brokers' commissions or offering other incentives such as one or two months' free rent.

Heiberger said that of 500 buildings offering incentives at the beginning of the year, one-third had dropped off the list as of mid-June.

"We might see OP [owner paid] concessions drop out by summer's end," said Heiberger. "If they don't, we'll probably have to wait until January of next year."

Last month, Glenwood Management, which has more than 20 luxury apartment buildings in Manhattan, said it would no longer pay fees to brokers for two- and three-bedroom apartments. The company said the move was prompted by the turnaround in the rental market in the past six months.

Glenwood said it would continue to pay broker fees for large apartments in its three new buildings: Liberty Plaza in the Financial District, Hampton Court at Gracie Point and the Grand Tier across from Lincoln Center, however.

While new projects have generally offered the most incentives, some "lower quality walkup buildings" are still paying brokers' fees, though it's "going in the direction of less and less," Frigan said.

The Hell's Kitchen area, site of new rental construction, still offers considerable incentives.

"Secondary locations like Clinton still need work," said Neil Binder, principal of Bellmarc.

The overall strength of the rental market has lead some brokerages focused on sales to get into the rental game.

The merger in which Corcoran bought Citi Habitats seems well timed from the point of view of taking advantage of the improving rental market.

J.C. DeNiro & Associates, a boutique firm in Chelsea, decided to start up a rental program for the summer, presumable to grab a piece of the action.

Rentals normally represent only 5 percent of the firm's business, partner and co-owner Christopher Mathieson said.

The "summer sales associate program" involved recruiting students at colleges to work as rental agents for the summer. The group of seven associates started in early June, and some already plan to stay on past the summer, Mathieson said.

"We got a huge amount of response," said Mathieson. "They're fully licensed and trained, and it's a stimulating way to spend a summer and make money."


Copyright 2003-2004 The Real Deal.

[krulltime]

36 Hudson Street condo underway


http://www.therealdeal.net/breaking_news/July/images/1091039202.jpg
36 Hudson Street

July 28, 2004

36 Hudson Street The sign on the scaffolding at 36 Hudson Street says, "The wait is over." Since the mid-1990s, the Mohawk Building has been considered for a number of uses, including cooking school and hotel, the Daily News reports. Now, work has begun converting the seven-story building into 12 condos, which will be priced from $2 million and up.


Copyright 2003-2004 The Real Deal.



Mohawk rising


July 28, 2004

The sign on the scaffolding at 36 Hudson St. says, "The wait is over."

Those are welcome words for Tribeca residents, who've been waiting - since the mid-1990s - to see what becomes of the Mohawk Building. Think apartments. Big apartments, priced at about $2 million and up.

Celebrity chef David Bouley had other uses in mind for the handsome seven-story brick building - first a cafe, cooking school and food-research institute, later a boutique hotel. Then Sept. 11 happened.

Now architect/developer Joseph Pell Lombardi, who took over the 1890s-vintage building, is converting it into 12 condos over the next 18 months. "We're aiming for the happy ending," he said. Corcoran Group's Jim Brawders is marketing it.


All contents © 2004 Daily News, L.P.

[billyblancoNYC]

Hudson development
http://downtownexpress.com/de_65/downtownlocal.html

As high-end residential development in the former Printing District continues to boom, the latest new project is reportedly slated for the site of an open-air parking lot just north of Canal St., between Hudson and Renwick Sts. According to real estate sources, the site, which was owned by the Mandelbaum family of New Jersey, was recently sold to a development group including Apollo and Metropolitan Housing Partners, the same partners that developed the new 505 Greenwich St., a 104-apartment condo building, a block away. Asking price for the Hudson Sq. property was reportedly in the range of $170 per sq. ft. for about 70,000 sq. ft. of buildable space. Jane Gladstein, principal of Metropolitan Housing Partners, would not say if the property has been purchased. “I can confirm that we’re involved in the project, but it’s very premature,” she said.

[krulltime]

Where Socialists Kibitzed Yuppies May Follow


By WILLIAM NEUMAN
Published: August 8, 2004

The building at 173-175 East Broadway that once housed The Forward newspaper is for sale for $22 million, and the broker handling the property says it is likely to be turned into luxury apartments.

Karl Marx, whose bearded face appears in bas relief above the building's entrance, wrote that all the most significant events in history occur twice — the first time as tragedy and the second time as farce. If Marx were still around he might feel vindicated to know that, where socialists once roamed the halls, yuppies may soon act out a materialism of a very different sort than the one contemplated by their predecessors.

The Forward, which was printed in Yiddish and once had a daily circulation as high as 220,000 (it is now a much smaller weekly), occupied the building from 1912, when it was built, until 1974. At that time, the newspaper and the radical Jewish groups that once traveled with it decamped to East 33rd Street. The newspaper sold the 10-story building for $99,000 to the Chinese Alliance Church.

Three years later, the church sold the 11-story building for $316,000 to a businessman named Mui Hin Lau, whose family has owned it ever since.

The family's broker, Adelaide Polsinelli of Besen & Associates, said the building has remained vacant since the church moved out, in the late 1970's or early 1980's.

In the late 1990's, the family spent about $10 million on a gut renovation that created 39 apartments. Finally, in September 2001, the Laus were ready to market the new units as condos, but then abandoned their plans after the terror attack on the World Trade Center. Now, with downtown real estate booming, the Laus have decided to sell, and Ms. Polsinelli said she expects the building will be acquired by a developer and marketed as high-end apartments.


Copyright 2004 The New York Times Company