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Thread: Manhattan Residential Development

  1. #1816
    NYC Aficionado from Oz Merry's Avatar
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    Oct 2002


    Town Houses With Condo Amenities


    At Soho Mews the town houses have private doors on Wooster Street.

    WHETHER brownstone in Harlem, limestone on the Upper East Side or red brick in the West Village, town houses are a defining feature of many Manhattan neighborhoods. Yet they now make up less than 1 percent of the borough’s real estate market.

    And with the high cost of land and the expense of development, the opportunity for new town house construction is rare, which is why a handful of projects in the West Village and SoHo that include town houses, are attracting notice.

    The developers and architects say they are propelling the town house into the modern era by providing the convenience and amenities of condominium living while working within the confines of historic neighborhoods.

    Conceived at the height of the boom but only recently put on the market, the new town houses could hardly be less alike in style. At Soho Mews, on West Broadway between Grand and Canal Streets, the steel and glass design pays tribute to the cast-iron buildings that dominate the neighborhood. Superior Ink, on Bethune Street between Washington and West Streets, adheres to the architect Robert A. M. Stern’s nostalgic bent. And a block away at 385 West 12th Street, the developer/architect FLAnk has clad four town houses and accompanying condos in glimmering copper that will change color as it ages.

    “One of the negatives of town houses in the past was that you also had to have a Jeeves,” said Joanna Rose, the vice president of communications at Related, which developed Superior Ink, named after the factory that it replaced. “We solve that problem.”

    One way that has been done, in all three cases, is to connect the town houses to condominium projects.

    A century ago, a young real estate broker named Douglas Elliman persuaded Senator Elihu Root of New York to move from his comfortable town house on Park Avenue to a new, luxurious apartment building at 998 Fifth Avenue — by cutting his rent.

    With its rusticated limestone exterior and elaborate copper cornices, 998 Fifth, designed by McKim, Mead & White to evoke an Italian Renaissance palazzo, was soon hailed as one of the grandest structures in the city. Other prominent New Yorkers, including Guggenheims and Vanderbilts, soon moved in, setting off a transformation in urban living, said Michael Kovner, a vice president of Brown Harris Stevens who teaches a course on the city’s real estate history for the Real Estate Board of New York.

    In his book “Touring the Upper East Side: Walks in Five Historic Districts,” Andrew S. Dolkart noted the transition. “At the time 998 was built, apartment house living had not yet been widely accepted by the very wealthy, but as The Real Estate Record noted, 998 helped to change the ‘deep-seated repugnance’ that ‘families of high social position’ had for apartments,” he wrote.

    Since then apartment living has been ascendant, but the sales success of the new projects — even at $5 million and up — indicates that New York’s moneyed elite still like their private homes. The average price for a Manhattan town house in 2010 was $4.422 million, according to data provided the Corcoran Real Estate Group. The properties have held their value well in the recession, falling only 11 percent from the peak average price of $4.972 million in 2008.

    “One of the great reasons to buy a house is that they are really not making any more,” said Patrick Vernon Lilly, a senior vice president of the Corcoran Group who specializes in town houses. “We are seeing a handful coming on the market, but generally, there are more lost to development than gained. It is a dwindling market and that keeps the prices of town houses very high, compared to the value of condos and co-ops.”

    The least expensive of the new town houses are at Soho Mews. Three of the five have already been sold, with the remaining two priced at $4.95 million and $5.675 million.

    Soho Mews was developed by United American Land. Albert Laboz, who runs the company with his brothers, Jason and Jody, said that until now they had largely focused on retail.

    Just as developers turned to the star power of architects like McKim Mead & White at the turn of the last century to draw in clients, Mr. Laboz hired Gwathmey Siegel & Associates, perhaps best known for the addition to the Guggenheim Museum in the early 1990s.

    Robert Siegel, the principal and founding partner of the firm, said the challenge was to stay consistent with the “vocabulary of the neighborhood” without simply mimicking its surroundings.

    “The facades of the buildings were conceived as a contemporary reinterpretation of the historical cast-iron and glass facades of neighboring buildings,” Mr. Siegel said. This was accomplished, he said, by creating a large-scale grid of channel-shaped metal elements that frame frosted, clear and fritted glass. The development, built on a former parking lot, is made up of two buildings divided by a central courtyard, with the condos making up one building on West Broadway, and town houses the other, on Wooster Street.

    Lady Gaga showed up for a viewing at Soho Mews in what appeared to be underwear, and complained that there were too many windows, said Jessica Geiger, a spokeswoman at Dan Klores Communications, the building’s publicist. But Sean Sweeney, the director of the SoHo Alliance, a civic group, said the project was “an architectural success” and praised the developers for working with community leaders from the outset.

    “They did it the right way,” Mr. Sweeney said. “They came to us very early on with the plans and they asked for a meeting with the community, which in SoHo and downtown in general is a very smart idea because we are the Nimby capital of the country,” he said.

    During construction, some neighbors did complain about damage to their properties.

    Owners of town houses at Soho Mews can enter via the sleek lobby of the condominium on West Broadway, which looks like a hotel with its walnut concierge desk, and pass through the 4,000-square-foot courtyard on the way to their homes. Or they can use their own private entrances, oversized pivoting glass doors, on Wooster Street.

    “I have worked with a lot of famous people and the thing that many of them want is anonymity,” said Mr. Lilly of the Corcoran Group. “They can slide into a town house and out of a town house without being recognized by other people in the building.”

    Still, many affluent buyers also want the amenities and services that come with being part of a larger development. And they are willing to pay a premium for it, including monthly fees ranging from $3,000 to $7,000 on top of the multimillion dollar purchases.

    For owners of the seven town houses lining the far west end of Bethune Street that are a part of Superior Ink, that means access to an entertainment room, a screening room and a gym. Just as at Soho Mews, rear entrances provide an alternative to the traditional front door. There is also valet bike parking.

    Building in the West Village presents very different challenges, in part because town houses are an embedded part of the fabric of the neighborhood.

    Superior Ink supplanted one of the last factories in the area, which drew attention to the project from the start. The much smaller FLAnk project, on the other hand, replacing only Diane Von Furstenberg’s mansion and another town house, did not attract as much notice, which is not to say that everybody likes the prominent copper facade.

    Andrew Berman, the executive director of the Greenwich Village Society for Historic Preservation, said that the demolition of older buildings to make room for the new developments was a loss for the neighborhood.

    “Both projects turned out pretty much as we expected,” Mr. Berman said.

    “The Superior Ink town houses are a kind of historicist stage set, while the FLAnk project is more modern exhibitionism,” he said. “I miss the 19th- and early-20th-century factory buildings they replaced; but fortunately, while the city refused to landmark those buildings, we have been able to get much of the rest of the far West Village landmarked, and thus most of the neighborhood’s remaining industrial and maritime architecture will be preserved.”

    The two neighboring projects approached the modern town house in very different ways.

    Mr. Stern, who designed both the town houses and the larger condominium tower of Superior Ink, looked to the past, creating town houses reminiscent of those built 100 years ago. With red-brick facades, stoops rising to the front door, bay windows and curved metal railings, there is little to indicate that they have any connection to the tower.

    “The people looking at these homes are not looking for the ‘Austin Powers’ kind of look,” said Ms. Rose of Related.

    The marketing of the project calls upon an idealized past in a hard-bound prospectus. “The graceful, expansive floor plans, blend of lavish materials and subtle architectural details,” it informs prospective buyers, “display a richness and confidence that evoke the grandeur of earlier West Village eras.”

    Mr. Kovner said: “New money wants something bespoken.”

    The interiors of the town houses, which range from 24 to 29 feet wide, are also a throwback, with grand parlors for entertaining and dumbwaiters so that cooks and caterers can prepare food out of view.

    But there are also nods to the way people live today: wide-open floor plans, midnight kitchenettes in floor-through master suites and landscaped rooftops.

    Four of the seven town houses have sold, including one for more than $10 million to the designer Marc Jacobs. The remaining three are even pricier.

    Just a block away on West 12th Street, FLAnk decided to go in a different direction, with asymmetrical walls of copper and glass.

    “The building looks hyper-modern, but the spaces inside are much more warm than you might think,” said Brett Miles, a broker with Brown Harris Stevens who is helping sell units in the building.

    The 12-story building is a combination of town houses and condominiums. With construction just being completed, three of the four town houses have already been sold for between $7 and $8 million. The last town house is priced at $7.95 million. Owners have access to a common rooftop garden, including a heated 50-foot lap pool and a whirlpool bath, which will be open year-round.

    But technically, because the town houses are part of larger building, they are maisonettes — which is itself a marketing term coined by developers almost 100 years ago to lure in apartment buyers.

  2. #1817


    Back in '07 it was announced developer Robert Chou would demolish these four low-rise building on the corner of 78th and First and build a 12-story condo.

    Last week demo permits were filed for the middle two red--brick one. There's no demo permit for the white one as of yet.

    The new building permit:

  3. #1818


    The Taliban are really on a roll in NY in demolishing nice old buildings. I used to live in that dumpy area and can attest that there are scores of crappy buildings that should be razed, and yet, the Taliban raze the nice ones. NY is f..cked up.

  4. #1819
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    in Limbo


    ^ And to add insult to injury, you can bet that the 12-story condo will in all likelihood, be ugly as hell with exposed floorplates, AC vents and balconies.

    Also, those four, small groundfloor retail units that was there will then be replaced by one big bank branch. Another half a block sterilized and deaden.

    This city is gradually losing its soul.

    When you've lost that, what else do you really have left?
    Last edited by antinimby; September 6th, 2010 at 10:09 PM.

  5. #1820


    It's becoming Houston -- except Houston is cheap and doesn't have harsh winters.

  6. #1821


    They're not building this building. They just signed leases for three of the retail spaces and one is available.

  7. #1822


    That's great news.

  8. #1823

  9. #1824


    Quote Originally Posted by lofter1 View Post
    The Emory
    27 W. 19th Street

    This came out well. There are about 4 or 5 of these nice new slivers in Chelsea.

    A building I never noticed before:

    The buildings in this area are beautiful.

  10. #1825
    NYC Aficionado from Oz Merry's Avatar
    Join Date
    Oct 2002


    3 Midtown Projects and How They Grew (or Didn’t)


    Three faces of Avenue of the Americas: at far left, the Beatrice,
    a new apartment building, is adjacent to an abandoned lot,
    now in foreclosure. Behind the street sign is 883-885 Sixth,
    under construction.

    One of Manhattan’s newest skyscrapers is rising on a nondescript corner of the Avenue of the Americas and 32nd Street. In coming months, the building, once called Tower 111 and now tentatively renamed the Continental, will begin marketing its 338 rental units. Its developer is hoping that sweeping views of the Empire State Building, nine-foot ceilings and amenities that include an indoor swimming pool will draw renters to this mostly commercial stretch of the Garment District.

    The Continental isn’t the only new development in the area. There are three large projects on this stretch of Avenue of the Americas, from 32nd Street to 29th Street. Each has met a different fate, and their stories tell a tale of real estate’s slow, jagged recovery from the recession.

    The 53-story Continental, at 885 Avenue of the Americas, was nearly undone by the slumping economy, and only a cost-savings agreement with the construction trade unions saved the tower. The owners of a site one block to the south, at 855 Avenue of the Americas, were not as fortunate: a vacant lot attests to a residential development that never got off the ground. Another developer recently bought the mortgage on the land, and is now angling to take control.

    Just to the south of that site, at 835 Avenue of the Americas, is the Beatrice, a limestone-and-glass rental and hotel building that recently opened. The tower was far enough along when the market crashed that it emerged from the downturn relatively unscathed.

    “This neighborhood doesn’t really have a name or a clear identity, but it continues to grow,” said Richard V. Hamilton, a senior vice president of Halstead Property who specializes in the neighborhood. “It’s appealing to some because it is so central, with Broadway plays just 10 blocks to the north, Chelsea to the south, nightlife and shopping relatively accessible, and then there is great transportation.”

    The Continental, at the southern tip of Herald Square, is the newest addition. It is still under scaffolding, and the builder, Atlantic Realty Development of New Jersey, has yet to complete many details, including the building’s name and its rent roll. The first tenants will most likely move into the building this spring, said Clifford Finn, the director of new development marketing at Citi Habitats, the brokerage that is representing the rentals. The mix of studios and one- and two-bedroom apartments, which start on the 10th floor, will have a starting rent of about $2,500 a month.

    In addition to the rental part of the development, there is a three-floor, 38,000-square-foot retail space. With its location across from the Manhattan Mall, the developers are hoping for a big-box tenant. The outdoor gear retailer REI was close to signing a lease when it chose instead to move to the Puck Building in SoHo, said Benjamin Fox, the president of the Winick Realty Group, which is representing the space. A gym is now considering the space, while TD Bank and Duane Reade have also looked. The asking rents range from $125 a square foot to more than $300 a square foot. Retail rents on nearby West 34th Street command an average of $500 a square foot, according to the Real Estate Board of New York.

    The Continental was almost never built. When the market downturn hit, said Alan Schall, a senior executive at Atlantic Realty and the project manager of the Continental, “we slowed construction, and there was definitely some contemplation about stopping.”

    The construction trade unions saw the difficulty that builders like Atlantic Realty Development were experiencing. “When we realized that many projects were being put on hold, that everything was coming to a stop, we called an emergency meeting,” said Louis J. Coletti, president and chief executive of the Building Trades Employers’ Association, which represents some 1,700 construction managers, general contractors and subcontractors in New York City.

    In 2008 the group, along with the Building and Construction Trades Council of Greater New York, began negotiations among the unions, culminating in what it calls the Economic Recovery Project Labor Agreement. The agreement, which was instituted last year and comes up for renewal in March, requires that members lower their profit margins, work more efficiently and take other austerity measures to help make development projects more economical in the downturn. Developers must fill out an application showing their financial duress, and the level of savings is need-based.

    The Continental was one of the first projects to take advantage of the agreement. “We had a big role in getting that agreement done,” said Mr. Schall, who declined to detail how much savings the project received. “The savings were significant, and it’s safe to say we wouldn’t have built without it.”

    The owners of the land directly to the south of the Continental were not so fortunate.

    The Chetrit Group and Tessler Developments acquired the parcel, between 30th and 31st Streets, in 2007, taking out a $105.3 million mortgage. The plan called for a 37-story tower that would include retail space, more than 10 floors of offices, a parking garage and residential condominiums. Like the Continental, it would be designed by the architect Costas Kondylis. But with the real estate market crashing around them, the developers never broke ground.

    This year, Durst Fetner, a partnership of the Durst Organization and Sidney Fetner Associates, acquired the mortgage for an undisclosed sum from the troubled lender iStar Financial, which took over the loan when it acquired Fremont Investment & Loan in 2007. IStar is now struggling with nearly $9 billion in debt.

    City records do not show any foreclosure proceedings, so experts in real estate turnarounds say it is likely that Durst Fetner is negotiating to take control of the land through a deed in lieu of foreclosure, or some other private deal. Both parties declined to comment.

    “The timing of this project is good,” said Mark S. Edelstein, a partner in the real estate workout group at the law firm Morrison & Foerster. “Even if Durst Fetner spends the next 10 to 15 months foreclosing, they will still take title towards the bottom of the market, in an area that is ripe for future development.”

    In stark contrast to the vacant lot is the recently opened Beatrice. The mixed-use project is typical of developments that were popular during the market boom — complex to build, with many features and amenities.

    At the base is a retail space featuring FoodParc, a food court by the restaurateurs Jeffrey Chodorow and Ed Schoenfeld. The first 24 floors make up the 292-room Eventi Hotel, which opened in May. Above the Eventi are 301 rental apartments.

    The rental component, known as the Beatrice, has a separate entrance on 29th Street, a fitness center and private sky lounge, floor-to-ceiling windows and washers and dryers. It is 40 percent rented, said Mr. Finn of Citi Habitats, which is also the leasing agent.
    The rentals start at $2,775 for studios, $3,875 for one-bedrooms and $6,150 for two-bedrooms.

    The timing of the project was such that “by the time we began feeling the pinch we were already far along in the building process,” said Evan Stein, the president of JD Carlisle Development Corporation. The company bought the land, once a two-story parking garage, in early 2005 and broke ground in 2007.

    In 2008, the company did reach out to the unions to partake in the same project labor agreement that the Continental benefited from, but because the project’s fate was not so dire, savings were minimal, Mr. Stein said.

    The Beatrice is clearly a product of the real estate boom, said James P. Stuckey, a divisional dean of the Schack Institute of Real Estate at New York University. “If done today,” he said, “it would have a substantially harder time getting financing because of its complexities.”

  11. #1826
    NYC Aficionado from Oz Merry's Avatar
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    Oct 2002


    Demand Returns for 2-Bedroom Apartments


    slide show

    TWO-BEDROOM apartments have long been the workhorse of the New York City real estate market, accounting year after year for the largest percentage of apartments sold.

    When the recession hit, buyers fled the market and prices fell across the board. After things stabilized in late 2009, the market share for two-bedrooms had dropped from a typical 40 percent to as low as 25 percent, because more people had found that they could afford three-bedrooms, which took sales away from two-bedrooms.

    Now, after a lull that has lasted for more than a year, two-bedrooms are back.

    The market share for two-bedrooms first dipped under 30 percent in early 2009, with smaller and larger apartments gobbling up more of the sales, according to data compiled by Jonathan J. Miller, the president of the appraisal firm Miller Samuel and a market analyst for Prudential Douglas Elliman. But in recent months, that percentage has climbed back up to 39 percent.

    “We’re finally in a period where we’re not dealing with abnormalities with an unusually excessive amount of entry-level or large apartments selling,” Mr. Miller said. “We’re moving toward a more balanced and more normal market.”

    The median price for two-bedrooms seems to have stabilized. The median in Manhattan dropped 20 percent, from a high of $1.6 million, in 2008, to $1.272 million in 2009, according to Prudential Douglas Elliman data. It has since inched back to $1.3 million.

    Interest in two-bedrooms definitely took a dive last year, said Diana Chung, an agent with Mark David & Company. After the recession hit, “the first people to get back in the market were people who were priced out earlier,” she said, “and a lot of them were first-time buyers.” These buyers often start with studios or one-bedrooms. “Then you saw people trading up from cramped spaces, because three-bedrooms that might have been unattainable when the market was hot were suddenly affordable.”

    As a result, Ms. Chung said, “two-bedrooms were almost a no man’s land.”

    Last year, “even the lookers we had weren’t serious,” she said. They tended to come to open houses on their own, never to be heard from again. But in recent months, she noted, most people are coming with brokers, usually a sign that they want to do more than just look.

    Listings at also suggest that activity is up, with total inventory for two-bedrooms dropping from close to 3,000 in September 2009 to about 2,400 last month. The median listing price for two-bedrooms in Manhattan last month was $1.299 million, where it has hovered for most of the year.

    Median prices vary significantly from neighborhood to neighborhood, though, ranging from as low as $399,000, in the Sugar Hill section of Harlem, to $3 million in SoHo. Median prices for apartments of all sizes and in all neighborhoods can be found at

    Ms. Chung has a two-bedroom three-bath listing at 20 West 72nd Street for $1.295 million, priced right at the median for the Upper West Side. The apartment was created by combining a two-bedroom with a studio, and Ms. Chung originally marketed it for $1.45 million as a potential three-bedroom because a third bedroom could easily be carved out of the oversize living room.

    But many of the people who have come to see the apartment have liked the expansive city views from the living room’s four south-facing windows, and Ms. Chung acknowledged that creating a third bedroom would make the living room a much less interesting space.

    So her client, who uses the place as a pied-à-terre, agreed to lower the price and to market the apartment as a two-bedroom.

    Ms. Chung said most potential buyers for the apartment had been young couples who either have one child or are planning on starting a family. She has also fielded inquiries from couples whose children are grown and who are downsizing.

    The profile of people hunting for two-bedrooms appears to vary slightly by neighborhood.
    Buyers looking below 96th Street in Manhattan often branch out to areas like Harlem and Brooklyn Heights, both neighborhoods that attract young couples planning to expand their families.

    Vicki Negron, a senior vice president of the Corcoran Group, has a two-bedroom listed for $815,000 at 76 Remsen Street in Brooklyn Heights, where the median listing price is $820,000. The apartment has a dining room and a balcony that overlooks brownstone gardens.

    Open-house traffic for two-bedrooms started to pick up about eight months ago, Ms. Negron said, and many of the interested buyers are young couples from Manhattan with no children.

    Couples who already have one or two children seem to be asking for three-bedroom apartments, “because the larger apartments are no longer out of reach for many young couples,” she said.

    Tony Von Meyers, a senior vice president of Halstead Property, has a $399,000 two-bedroom listing at 330 West 145th Street, which borders on Sugar Hill and Hamilton Heights. At the height of the market, many of the potential buyers might have trained their sights on a one-bedroom, Mr. Von Meyers said. “But at these prices now, we’re getting people who are looking in anticipation of life changes and eventually needing more space.”

    The apartment, which has floor-to-ceiling windows and views of Jackie Robinson Park, went on the market in late July at $435,000, but was reduced last month to $399,000, the median price for Sugar Hill. It is in a building that went up in 2003 with city subsidies, and consequently has a household income limit of $192,000. Mr. Von Meyers and his partner, Neil Tilbury, said the price reflected the limits set by the income restriction.

    Many of the people looking in Harlem are from the Upper West Side. “The No. 1 question we get is: Am I getting the best value for my money?” Mr. Von Meyers said.

    Brokers say that buyers in the current market are often reluctant to act quickly. “People are very slow to make decisions,” Mr. Tilbury said. “They’re bringing a lot more people back with them to have a second, third or fourth look.” That means involving “parents, friends, lovers, even Aunt Sally,” Mr. Von Meyers said.

    Elizabeth Howng and Jim Connors, clients of Mr. Von Meyers, are first-time buyers who had been living on the Upper West Side. They started their search at the beginning of the year and finally bought and moved into a new two-bedroom condo in Harlem last month.
    “With prices and mortgage rates where they are,” Mr. Connors said, “we felt it was time to do something.” They focused on two-bedrooms, Ms. Howng said, “because we lived in a small one-bedroom rental, and if we were going to go to the trouble of moving and putting down our life savings, why bother buying a one-bedroom?”

    Had the market been stronger, though, they might easily have been priced out, they said. With a budget of $800,000 and a requirement that their home also have outdoor space, they found their choices limited.

    Mr. Connors said that while the open houses they visited had seemed busy enough throughout the year, a heightened urgency seemed to take hold over the summer. They made an offer on an apartment in early July and were in negotiations with the sponsor when another buyer swooped in with a full-price offer.

    “That might have been a one-off experience,” Mr. Connors said. “But that’s when we realized we couldn’t sit back, make a low offer, and wait for the market to come to us.”
    Despite the one that got away, they’re both very happy in their new home. “I think we made the right decision,” Ms. Howng said.

    In the East Village, where the median listing price for two-bedrooms is $895,000, Tamara Marotta, a senior vice president of Prudential Douglas Elliman, said she had seen a jump in buyer interest in the last two months.

    Ms. Marotta has a $895,000 listing at 265 East Seventh Street that has been on the market since April, and she said that recent activity “is almost at the level when we first put it on in the spring, and people seem to be serious and on a mission.” The apartment is a floor-through in a walk-up building, and it has two bedrooms, a large dining room, an interior office and an eat-in kitchen with windows. The woodwork in several of the rooms has been refinished, revealing lovely original details, but the kitchen, bathroom and master bedroom need a fair amount of work. In the spring, people seemed reluctant to take on any kind of project, but Ms. Marotta thinks the climate may be different now.

    Many of the house-hunters who have come through already live in the East Village, “and they’re making the next jump for them because they have a baby, but they want to stay in the East Village and maintain the lifestyle.”

    At the high end, Nic Bottero, a vice president of Brown Harris Stevens, said buyer interest in two-bedrooms priced well over $1 million also seemed to have spiked recently.

    He has helped sell three two-bedrooms at 17 Cornelia Street, a condominium in Greenwich Village, in the last three months, all of them close to asking prices. Mr. Bottero has a $2.875 million listing for a two-bedroom at 505 Greenwich Street in SoHo with Erin Boisson Aries, a senior vice president of Brown Harris. A penthouse, it has two bathrooms and a large terrace with open city views to the north, south and east.

    Potential buyers have included people looking for a pied-à-terre with space for entertaining indoors and out, and young couples who plan on starting a family, but only after enjoying their downtown address for a while. The current sellers fit that profile perfectly when they became the first owners of the condo five years ago. At the time, they had no children and used the second bedroom as a study and guest room. They have since had two children, and the second bedroom functions as both a study and a bedroom for the older one.

    “Last year was very different, because buyers were so scared,” Mr. Bottero said. “But now there’s not a lot of inventory, and if something is priced well and you’re not being disrespectful by asking an outlandish price, it’s going to sell.”

  12. #1827
    Forum Veteran Tectonic's Avatar
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    May 2007
    New York City


    240 West Broadway

    © 2010 tectonic

  13. #1828
    Build the Tower Verre antinimby's Avatar
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    Sep 2004
    in Limbo


    What project is this NY Times article talking about? I didn't know there was a site on Fifth and 15 St.

    Kenneth S. Horn, the president of Alchemy Properties, which primarily builds condos with fewer than 100 apartments, said that he felt lucky both to have closed on a site in late 2010 and to have obtained a construction loan. “I’ve been saying for the last 18 months that now is the time to buy and build,” he said, “but the financing just wasn’t there. The only reason we could get this loan was through relationships that we had built up over the years.”

    The project will be a 23-story tower on 15th Street and Fifth Avenue that will have a school on its lower floors and 57 apartments above. Alchemy will start construction this year and hopes to start selling units in late 2013. “Who knows if prices will go up in 2013,” Mr. Horn said, “but it does stand to reason, on pure supply-and-demand basis. If I can deliver product in 2013, I’ll be ahead of the curve. And I would have done more projects if I had been able to convince my other financial partners.”

  14. #1829
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Google Map Street View shows that the intersection at Fifth / 15th doesn't have a likely spot as described.

    Apparently the property in question is 31 West 15th, the development planned for the Xavier High School site, now controlled by Alchemy: CURBED

  15. #1830
    Build the Tower Verre antinimby's Avatar
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    Sep 2004
    in Limbo


    ^ Oh no!

    We loved that building.

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