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Thread: Manhattan Residential Development

  1. #1036
    Disgruntled Optimist lofter1's Avatar
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    Default Prince / Elizabeth: New Condo

    16 PRINCE STREET

    aka 16-18 Prince St. / 217 Elizabeth St.

    There is a sidewalk shed up on this site...

    DOB issued a DEMO permit for this site today, 7.19.06

    There is currently an old 5-story brick building on this site -- formerly a bakery (great smells from here many years ago). A completely simple and utilitarian structure. The oldest info at DOB is from March 2, 1886 for a NEW BUILDING

    Not sure what makes this particular corner "Nolita's most prominent corner" -- I'd argue that one block down, catty-corner from Old St. Pat's Cathedral should get that title ...

    "Brand new luxury condominium on NoLita's most prominent corner"

    All I gotta say is that this had better be top-notch and beautiful --

    Architect???? "George Rycar Architects PC" is listed on a prior DOB application (Disapproved on 2.01.2005) to "Change Tax Lot Numbers / No work"
    http://www.rkf.com/listings/NEW/16Prince_main.asp
    Last edited by lofter1; July 20th, 2006 at 04:27 PM.

  2. #1037
    Disgruntled Optimist lofter1's Avatar
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    The bakery on this site ^^ was the " La Rosa Bakery " ...


    Reminiscences from Martin Scorsese:
    When I ask him if the experience of filming in the West 40s and 50s brought back any boyhood memories of Little Italy, Scorsese doesn't even pause for a second. He flicks a mental switch and he's right back there, among the old tenements on Elizabeth Street. He plunges into elaborate detail about the wiseguys on the block "who you had to deal with because they were part of everything"; the sound of Sinatra playing on his father's gramophone (at the beginning of Bringing Out The Dead, when Frank tries to resuscitate Mary's father, he asks her to play something the old man likes: she chooses Sinatra); the smell of bread wafting out of La Rosa bakery at 4am on the way home from after-hours clubs. "And it wasn't until I went to Los Angeles that I realised not everybody lived this way."

  3. #1038

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    Quote Originally Posted by pianoman11686
    From http://cityrealty.com/new_developments:

    New apartment building planned for Chelsea on Eighth Avenue 13-JUL-06

    Centaur Properties of which Henry Hay is a principal expects to begin construction by the end of the year on a six-story apartment building on the northwest corner of 16th Street and Eighth Avenue....
    This will replace a lot of crap on that block. The building on the north end of the block (like many on this section of 8th Ave.) is beautiful.

  4. #1039
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    Quote Originally Posted by lofter1
    16 PRINCE STREET...
    More on this from http://cityrealty.com/new_developments:

    New condo project for NoLIta on Prince Street 25-JUL-06

    A partnership of Bob Seigel and Peter Manning have commissioned Roman & Williams to design a 8-story residential condominium project at 16 Prince Street on the southwest corner of Elizabeth Street in NoLIta.

    According to Karen Bellantoni, senior vice president of Robert K. Futterman & Associates, which is marketing the project’s retail spaces, ground-breaking for the development is anticipated this fall and occupancy about a year later.

    Documents on file with the city indicated that the building received a permit for construction July 19, 2006 and that three mortgages were consolidated into an $11 million commitment for the project that was recorded November 14, 2005.

    A call to the architectural firm of Roman & Williams was referred to Sean Turner of Stribling & Associates and CityRealty.com left Ms. Turner a message to return the call today.

    A rendering of the handsome project on the Robert K. Futterman & Associates website indicated that the building would have 7 primary floors with multi-paned windows and a hanging marquee over its entrance. The building would have setbacks at the 7th and 8th floors. It is one block south of Houston Street.

  5. #1040
    Disgruntled Optimist lofter1's Avatar
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    The article ^^ mis-states.

    DOB sstill has NOT issued a building permit, only the DEMO / SHED permits cited above.

  6. #1041
    Forum Veteran krulltime's Avatar
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    Chelsea's Sixth Avenue completes shift to high-rise row
    Last remaining parcels getting filled in with housing as flower and flea market retailers recede




    The Chelsea Landmark rising
    at 55 West 25th Street



    By Gabby Warshawer
    August 2006 Issue

    As Manhattan real estate values transform every last corner of the island into a haven of high-priced housing, another down-at-the-heels area has joined the ranks of unlikely hot neighborhoods.

    Sixth Avenue between 24th and 31st streets is the locus of frenzied construction, as a former enclave of flower and flea markets becomes a high-rise residential corridor with thousands of new luxury condo and rental units. Less than a decade ago, several parking garages and an accumulation of low-lying buildings fronted by wholesale businesses dominated the neighborhood, and the Chelsea Flea Market was a weekend fixture attracting droves of bargain hunters.

    Now many of the flower sellers have been forced or priced out of their storefronts and are largely relegated to 28th Street between Sixth and Seventh avenues. After 29 years in the neighborhood, the Chelsea Flea Market relocated to Hell's Kitchen last year.

    Developers are quick to tout the extent of the transformation.

    "To imagine what it's going to look like in five years, all you need to do is go back six years and double it," said Jules Demchick, president of JD Carlisle Development Corporation, which is building a 46-story tower on Sixth Avenue between 29th and 30th streets. "It's going to be a vibrant residential neighborhood."

    From a residential developer's perspective, the area is ideal. It's close to the 34th Street transit hub and to Midtown office buildings, and surrounded by Chelsea's retail and dining establishments.

    The seven-block expanse may have been ripe for building, but it saw no significant residential development until the late 1990s. A 1995 rezoning changed the area's designation from a manufacturing district to allow high-density residential and commercial structures. Developers could build on these blocks, and build high.

    Today, there are five rental towers along the stretch, all of which have gone up since 2000. Three construction plots dot the streets, the future sites of one rental tower, Rose Associates' Chelsea Landmark at 55 West 25th Street, and two condo towers, Adellco's the Remy at 101 West 28th Street and LCOR's yet-to-be-named building at 101 West 24th Street.

    Meanwhile, groundbreaking is imminent on two other sites. The JD Carlisle development between 29th and 30th streets will be a hotel with condo units starting at the 20th floor. On the next block, Herald Square Development recently purchased all the parcels on the west side of the avenue between 30th and 31st streets for redevelopment.


    The new developments will satisfy some of the demand for housing in central Manhattan, filling a need that is stymied in neighboring prime Chelsea and the Ladies' Mile district by height restrictions on residential projects.

    On the other hand, the towers threaten to obliterate the neighborhood's unique character. In the rental towers that have gone up since 2000, chain stores like CVS and Starbucks, as well as several bank branches, have filled the ground-floor retail spaces.

    The Flower Market, which has been in the neighborhood since the 1890s, has lost dozens of flower sellers to evictions and rising rents since the residential development began (see below).

    "I think it's really sad that the city is letting the wholesale district be crushed," said Cordelia Persen, executive director of the Flower Market Association. "On the other hand, it makes sense, because this should be a residential neighborhood."

    On the northern end of the district, several wholesale apparel and jewelry stores serving the Garment District are also likely to be forced out by new developments.

    "Anyone who thinks they've been living in this outpost district with a cool little store underneath them that they never shop at, that's going to go," said Richard Hamilton, senior vice president at Halstead Property. "I see the neighborhood ending up a little bit like that area between 23rd and 30th streets on the far East Side that's not quite Gramercy and not quite Murray Hill. It has a large number of buildings and is short on the cutesy."

    According to developers and brokers, because most of the new buildings going up are condos, residents will stay in the neighborhood longer than they typically do in the existing rental towers.

    "The rents in those buildings are so high that I think people are going to choose to buy," said Kevin Kurland, president of Kurland Realty. "I think it's going to make it more of a long-term neighborhood." Kurland said he expects the condos to sell for $900 to $1,200 a square foot.

    LCOR's 37-story tower at 101 West 24th Street will be the first completed condo development. Construction will be finished by late 2007, and the building will be Chelsea's tallest.

    "We felt it was time to have an ownership property in the neighborhood," said David Sigman, senior vice president at LCOR. "Our target audience is the people already living in the corridor."

    Sigman said the changing face of retail along Sixth Avenue was a natural outgrowth of the rezoning, and that there would be a respite area for small businesses along side streets since developers can't build as high there. Persen of the Flower Market Association said that with the exception of the Remy -- which will be a glass tower composed of interlocking squares designed by Costas Kondylis -- "they're building modern, uninteresting monstrosities.

    "It's extremely complicated," she said, "but I wish it was easier to preserve neighborhoods in New York without having to turn them into museums, like Greenwich Village."


    Once blooming Flower Market fading


    Flower sellers set up shop between 26th and 29th streets in the 1890s because of the area's proximity to the Ladies' Mile stores and the one-time Tenderloin District's restaurants, clubs and theaters. The Flower Market thrived there until the 1970s, when some sellers started relocating to the suburbs.

    After the 1995 rezoning, though, the market started shrinking at a faster pace, and over the past 10 years most of the sellers on Sixth Avenue have been forced out of their storefronts.

    "If you look at the revenue condo buildings bring to the city, we bring a lot less," said Richard Walker, who has been selling flowers in the district for over 20 years and is the co-owner of Foliage Garden at 120 West 28th Street. "But the city is going to regret tossing the market aside."

    Plans to move the Flower Market to another neighborhood have been discussed for years but are currently on the back burner due to a lack of consensus among the merchants.

    Aside from rent hikes and evictions, the shift to residential has also detrimentally impacted the flower sellers because it has led to an uptick in parking tickets, driving customers away and making it difficult for truckers to make late-night deliveries without getting fined, said Cordelia Persen, executive director of the Flower Market Association.


    Copyright © 2003-2005 The Real Deal.

  7. #1042
    Disgruntled Optimist lofter1's Avatar
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    This pretty much sums it up when describing what a deadly dull zone has been created along this stretch ...
    "To imagine what it's going to look like in five years, all you need to do is go back six years and double it,"
    ...the towers threaten to obliterate the neighborhood's unique character. In the rental towers that have gone up since 2000, chain stores like CVS and Starbucks, as well as several bank branches, have filled the ground-floor retail spaces.
    "I see the neighborhood ending up a little bit like that area between 23rd and 30th streets on the far East Side that's not quite Gramercy and not quite Murray Hill. It has a large number of buildings and is short on the cutesy."
    ... they're building modern, uninteresting monstrosities.

  8. #1043
    Forum Veteran krulltime's Avatar
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    August 2006


    New Residential Developments


    Chelsea
    100 West 18th Street

    GD Development Group is developing a 10-story, 41-unit luxury condominium with 30,000 square feet of retail space. Meridian Capital Group arranged a $79.5 million loan for the construction of the $100 million project, which is expected to begin this summer and last 14 to 16 months.

    Harlem
    308 West 116th Street

    The eight-story, 15-unit condominium will have an all-white façade made from a self-cleaning concrete that has an additive of titanium dioxide, the Post reported. When UV rays hit the building, the concrete cleans itself and the air around it. Grzywinski Pons designed the building, where prices are expected to average about $1,000 a square foot.

    Harlem
    The Stamford
    414 East 120th Street

    Leasing began in July at the six-story, 12-unit rental. Rents start at $1,900 per month for the 677-square-foot one-bedrooms. CGS Developers is the developer; Karl Fischer is the architect for the project. The Corcoran Group is the exclusive leasing and marketing agent. Contact: www.thestamfordnyc.com.

    Hudson Yards
    Hudson Mews
    Between West 36th and West 38th streets

    Two new apartment buildings will add 800 rental units to the far West Side. The Port Authority has approved a transaction with the Dermot Company and Equity Residential to develop the two buildings, which will have 800 units total. FXFowle Architects is the project architect and Bovis Lend Lease is the construction manager. Construction is expected to start in the middle of next year. The estimated cost is more than $450 million.

    Murray Hill
    45 Park Avenue

    The sales office has opened for SJP Residential's 22-story, 105-unit luxury condominium, which is scheduled for occupancy in fall 2007. The project is the first new condominium on Park Avenue in 10 years, according to the developer. The property is being marketed by The Marketing Directors. Contact: www.45parkave.com.

    Soho
    Mercer Greene
    109 Mercer Street and 92 Greene Street

    The 15-unit condominium, housed on a former parking garage, opened for sales in late April. Two- and three-bedrooms from 1,550 to 2,600 square feet are priced from $2.3 to $7 million. Five of its units were under contract as of mid-June, according to the Post. The Corcoran Group is marketing the property. Contact: www.mercergreene.com.

    Upper West Side
    120 West 72nd Street

    Construction is expected to start this summer on the 16-story luxury condominium designed by BKSK Architects. Developer Anbau Enterprises said the 60,000-square-foot building, which will open for occupancy in late 2007, will have 22 units, including four-bedrooms, as well as 4,000 square feet of ground-floor commercial space. The project cost is $52 million, GlobeSt.com reported.



    Construction Update


    Madison Square Park North
    Sundari Lofts & Tower
    158 Madison Avenue

    The condominium project has been cancelled. In June, developer Buttonwood Real Estate put the site for its proposed project on the market. Buttonwood says it may still build the Sundari somewhere else in Manhattan.

    Tribeca
    200 Chambers Street

    Jack Resnick & Sons topped out the 30-story, 258-unit condominium early last month. Since sales began in July 2005, 200 of the units have been sold. Contact: www.200chambersstreet.com.

    Upper East Side
    170 East End Avenue

    The 20-story condominium topped out early last month. Contact: www.170eea.com.



    Financing


    Harlem
    2279 and 2283 Third Avenue

    Commerce Bank recently placed a $16.13 million loan to 2279-2283 Third Avenue Associates for the construction of a mixed-use, ground-up development. Upon completion, the complex will comprise two seven-story condominiums with a total of 31 one-, two- and three-bedroom units. The ground floors of both buildings will have a combined 25,000 square feet of commercial and community space.

    Lower Manhattan
    The Crest Lofts
    67 Wall Street

    The Singer & Bassuk Organization placed a $100 million construction loan on the 325,000-square-foot mixed-use conversion. Owners Nathan Berman and Ronny Bruckner will develop 211 residential rental units on the lower 16 floors of the 25-story building. Completion of the first phase is expected early in 2007.



    Sales Update


    Harlem
    The Walden
    69 East 130th Street

    All but two of the project's 25 units had been sold as of late June, according to the Post. The remaining units are penthouses: a 1,389-square-foot three-bedroom with a 700-square-foot terrace listed for $795,000 and a 1,114-square-foot two-bedroom with a 900-square-foot private roof deck asking $690,000. Prudential Douglas Elliman is marketing the property. Contact: www.elliman.com.

    Soho
    139 Wooster Street

    The Marketing Directors was named exclusive sales and marketing agent from the 16-unit condominium. Prices range from $1.995 to $4.995 million, with occupancy slated for January 2007. Contact: www.139wooster.com.

    Tribeca
    101 Warren Street

    The condominium's 228 units were more than 40 percent sold as of mid-June, within 60 days of the start of sales. The Sunshine Group is the exclusive marketing and sales agent. Contact: www.101warren.com.

    Upper East Side
    985 Park Avenue

    The topping-off ceremony was held in June for the 15-story, seven-unit condominium. The project was 45 percent sold after five weeks on the market, with sales averaging $2,300 a square foot, according to the New York Sun.

    West Village
    147 Waverly Place

    More than 85 percent of the condominium's 20 units had sold as of early last month, according to Stribling Marketing Associates, the exclusive marketing and sales agent. Sales opened in March. Contact: www.147waverlyplace.com.

    West Village
    744 Greenwich Street

    The five-unit condominium sold out in June, within six months of the start of sales, according to marketing agent Prudential Douglas Elliman. The average sales price was $1,600 per square foot.



    Development in Brief


    813 Park Avenue
    DCD America is converting the 12-story residential building into three luxury condominium residences, the New York Sun reported.

    737 Park Avenue
    The 20-story, 116-unit rental is expected to be sold later in the year and converted into a condominium, according to the Sun.

    37 East 64th Street
    The Hotel Plaza Athenee is expected to be sold and converted into a condominium, the Sun reported.

    31, 33, 35, and 37 West 56th Street
    A developer wants to demolish four Beaux-Arts townhouses to clear space for a 16-story high-rise with street-level offices and 47 apartments, the New York Times reported. Area residents are fighting the demolition.

    99 Church Street
    The 11-story, 336,000-square-foot Class B office building is expected to be sold and converted into residential condominiums, according to the Sun.

    111 Fulton Street
    Lev Leviev bought the commercial building and plans to convert it into condominiums, the Times reported. The project will involve a 10-story addition and a total of 289 units, according to the Sun.

    133 Greenwich Street
    A 30-story condominium tower with 100 units is planned at the site, also known as 25 Thames Street, according to the Sun.


    Copyright © 2003-2005 The Real Deal.

  9. #1044

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    The problem with the 6th ave corridor is that the buildings take up the entire blockfront. Chelsea Landmark is just a terrible design, so boring, and it's the 3rd Costas building in a row on the E side of 6th.

    I'm glad to see that terrible 2 story black parking garage go, and a 46 story hotel/condo building on the site definitely sounds interesting. I'm excited to see the Remy go up, but re: the site b/t 30th and 31st....the northernmost building is an old gem in pristine shape. I wish they would save it and just demolish the rest of the crap on the block, but it doesn't look like it.

  10. #1045
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    Quote Originally Posted by sfenn1117
    The problem with the 6th ave corridor is that the buildings take up the entire blockfront.
    Absolutely. That trait alone ruins what makes city streets unique from suburban strip malls. At least make an attempt to break up the streetwall into distinct pieces. I wouldn't even mind all the Starbucks and CVS's so much then.

  11. #1046
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    LA Times

    Manhattan's Financial District Remade by Influx of Residents

    A post-9/11 exodus of firms from Wall Street speeds up a drab area's transformation into a vibrant neighborhood.


    By Walter Hamilton, Times Staff Writer
    July 30, 2006


    NEW YORK — When Tazz Latifi set out to open a pet supply store two years ago, she never thought she'd end up two blocks from the World Trade Center site.

    "It was the last place I expected to be," Latifi said. "It was the absolute last place I even looked at."

    ADVERTISEMENT
    What she found were reasonable rents in a surprisingly livable environment, one that is attracting more residents and small businesses.

    "This area is really going to boom," said Latifi, whose Petropolis store opened on Washington Street in February.

    Wall Street, the historically gray financial district, is becoming more like a bustling, colorful Main Street. Once desolate at night, the area pulses with new vibrancy, increasingly resembling the rest of the city.

    "I think I fell off my chair the first time I saw someone walking a dog on a Sunday morning," said Alan Scott, head of corporate real estate at Deutsche Bank. "The financial district, especially this area around Wall Street, is becoming a 24/7 community."

    The transformation, though underway for years, was accelerated by the 2001 terrorist attacks on the World Trade Center, which forced some Wall Street stalwarts such as bond trader Cantor Fitzgerald and investment bank Lehman Bros. to find new office space. They chose Midtown Manhattan, which has long been the locale of choice for corporate headquarters, boasting the city's finest restaurants, hotels and nightlife, as well as its signature office buildings and easier access to New York's major rail depots and airports.

    Their departures continued a decades-long decampment of leading Wall Street firms to Midtown.

    Years ago, brokerages had to cluster on Wall Street so that "runners" could deliver stock certificates, but improved technology eliminated the need for physical proximity.

    Today, many of the older buildings on Wall Street are ill-suited for the heavy wiring that securities-trading firms need. And big investment banks want football-field-sized trading floors that are available only in newer buildings.

    Cantor, which lost 658 employees in the attacks, moved to 59th Street. Lehman bought a building from Morgan Stanley on 7th Avenue and 49th Street. Investment bank Keefe, Bruyette & Woods moved to 7th Avenue and 51st Street.

    The companies say the moves were forced by necessity and should not be seen as an abandonment of Wall Street, which remains the symbol of global finance.

    "Our building was severely damaged and unoperational," Lehman spokeswoman Hannah Burns said. "It would have taken a year and a half to restore the building and its operations, and we could not wait that long."

    Even so, city officials worked hard to ensure that financial powerhouse Goldman Sachs Group would not join the exodus.

    Goldman, whose headquarters was unaffected by 9/11, at one point considered going to Midtown because of dissatisfaction with long-stalled plans to redevelop the World Trade Center site, which have been mired in legal battles and political squabbling.

    But $150 million in tax breaks and a redesign to alleviate worries about traffic and security helped persuade Goldman to build its new $2-billion headquarters across from the trade center site.

    "We know downtown. It has been very good to us," said Timur Galen, a Goldman managing director.

    Along with Goldman, investment bank Merrill Lynch & Co., Deutsche Bank and American Express Co. continue to anchor downtown.

    Now they're being joined by thousands of new residents as well as a wave of upscale retailers and other businesses, in part because a citywide economic boom has sent residents and businesses on a pilgrimage for lower rents. Hedge funds, for example, are congregating in tony office buildings near Central Park, driving office space there to nearly $60 a square foot, according to real estate brokerage CB Richard Ellis.

    Downtown is a relative bargain at about $36 a square foot.

    The difference is reflected in the mix of tenants and businesses in the Wall Street area.

    Companies accustomed to paying premium rents — insurance companies, financial service firms and real estate outfits — made up more than half the new tenants from 1998 to 2002, with each leasing more than 25,000 square feet, CB Richard Ellis said.

    ADVERTISEMENT
    From 2003 to 2005, those companies accounted for just 40% of the new tenants for large leases.

    The growth in residential use has been even more pronounced. In 1990, there were 13,675 people who called Lower Manhattan home, according to the real estate firm. That's projected to reach 40,962 next year.

    On virtually every block, construction crews are remaking old office buildings into apartments. Luxury condominiums are even rising across the street from the New York Stock Exchange.

    "A lot of Wall Street itself is being converted to residential," said Sheldon L. Cohen, who runs CB Richard Ellis' downtown office.

    High-end retailers are following suit, with Tiffany & Co., BMW and Whole Foods Market Inc. putting down stakes.

    Unlikely as it would have seemed just a few years ago, downtown is becoming a destination spot of sorts for some New Yorkers.

    Jim Falino is the chief technology officer of a software company based in the World Financial Center, the mammoth office complex across from the World Trade Center site.

    But when he and his wife, Allison, who live in suburban Westchester County, took a Fourth of July weekend vacation with their children, they chose a nearby hotel.

    "It's surprising to see all the family-oriented life around here because you just think business," Allison Falino said.

    To some, the changes aren't good news.

    Wally Usiatynski, a musician and sound engineer who has lived on Chambers Street for 25 years, liked the area's relative obscurity.

    "I had a lot of friends who moved out because the character of the neighborhood changed," he said.

    Doreen Mogavero, a floor broker at the New York Stock Exchange, likes that buttoned-down Wall Street has loosened up.

    But some changes, such as the ubiquitous presence of barricades and armed guards in the financial center, are reminders of the darkest day in New York's history.

    "It's very bittersweet," Mogavero said. "It's great that we're having a resurgence of people and activity in the area. But for the people here at the exchange you never forget the friends we lost that day or the horror of the whole thing."

  12. #1047
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    MARKET SHARE
    YOUNG FAMILIES ARE INVESTING THEIR FUTURE IN THE FINANICAL DISTRICT



    FAMILY FORTUNE: David and Charis Cooper and son
    Max bought at 150 Nassau.



    By GABRIEL BELL
    August 3, 2006

    Stockbrokers, bankers and bulls - these are what the Financial District is known for. But babies?

    "When I told people I was moving here, they asked, 'Why?'" says expectant mother Dr. Sonni Mun, who like many others, found a number of reasons to make her home among Wall Street's skyscrapers. "The views are amazing," she says, "and it's so quiet at night."

    Yes, a hush does fall over the Financial District when the weekday suits depart its narrow alleys and head back to the burbs. But the residential market near New York's economic heart is anything but quiet. A decade after Mayor Giuliani initiated a massive financial redevelopment scheme, Manhattan's oldest neighborhood has evolved into its latest success.

    Dr. Mun, who recently transitioned from full-time work at Mt. Sinai Hospital to full-time motherhood, and her husband, lawyer Jeff Fourmaux, are typical Wall Street newcomers: mid-30s professionals taking advantage of Liberty Bonds and post-9/11 tax abatements to buy into one of the hundreds of new condo properties and office-space conversions. In Mun's case, the discounts made her brand-new two-bedroom, two-bath, 1,475-square-foot apartment in Nassau Street's revamped Croft Building a relative bargain at $1.3 million. "We're absolutely happy here," she says. "We could stay indefinitely."

    Like Mun, it seems the area's rookie tenants have instantly become as much a part of the local landscape as Bowling Green's "Charging Bull" statue. In fact, a recent survey commissioned by the Downtown Alliance finds that 60 percent of the new arrivals intend to remain among its European-styled streets. Says Pierre Moran, a top agent with DJK Residential and a former local, "the area has gone from basically nothing on the residential side to becoming a vibrant place to live."


    A BUILDING BOOM

    Few predicted such dramatic changes when local commercial occupancy nose-dived in the 1990s. As with all investing, though, a few saw prospects amid the losses. "I told my colleagues it was going to be a gold mine," says Michael Hepinstall, a sales associate at DJK Residential. "While residential people saw an opportunity, commercial people were sitting on their hands. Loans helped developers and it trickled down from there."

    Indeed, in the years since the terror attacks, aggressive building and selling has increased residency twofold.

    At the start of this decade, the ancient alleys east of Broadway between Park Row and the Battery housed 19,000 souls. While that sounds like an impressive number, current projections suggest that the local population will soon reach 65,000 - a boom so far unmatched in Manhattan.

    It's not just the numbers that are speaking loudly. High-profile developments like the Cipriani Club Residences at 55 Wall St. (home to Naomi Campbell and Harvey Weinstein), 20 Pine (with interiors by Armani), Philippe Starck's dramatic redesign of the former JP Morgan building at 15 Broad St. and the restored 90 West St. have earned the attention of New York's elite. "A few years ago," says Hepinstall, "it was difficult to convince individuals to go to the area. Now it's in great demand."

    And while those with extra scratch can regularly enjoy expensive eateries (Bayard's, Haru Sushi, Bobby Van's Steakhouse) and the gaggle of forthcoming luxury retail choices (HermŠs, Tiffany & Co.), for the average resident, it doesn't help that it's easier to buy a string of pearls than a carton of milk.

    Former area resident Barrie Mandel, senior vice president of the Corcoran Group and in charge of sales for the new South Star condos on John Street, remembers the lack of staple amenities. "It wasn't convenient for everyday necessities like groceries or drugstores. Those things were there, you just needed to discover them - you felt like you had a secret."

    While options have improved, today's tenants are demanding more. A Downtown Alliance survey indicates local retail options failed to meet the standards of 45 percent of residents. Also, 40 percent of those polled cited the lack of retail choices as a reason to move. Measured against the fact that 70 percent do their day-to-day shopping in the area, it suggests there's a need for retail diversity rather than upscale stores - something the new BMW and Hickey Freeman shops don't address.

    Nonetheless, change abounds. For the gourmet, there's the South Street Seaport greenmarket, Zeytuna on William Street, Bell Bates on Reade and a Whole Foods planned for TriBeCa. There's also a spate of everyday restaurants and bars, such as Bin No. 220 on Front Street and the soon-to-open Table Tales Café on Water.

    Says Chris Bossert, 24, of Hanover Square, "There are great restaurants here and you don't have to wait two hours to get in."

    Other top-flight amenities include the Crunch Gym in Broadway's old Cunard Building and Pasanella and Son Vintners on South Street. There's the recently opened Claremont Preparatory School. And the multiple subway lines make getting around the city easy.

    "Creating a community and enhancing services is a challenge," says Joe Lombardo, an agent at Manhattan Apartments Inc. "Many people still view the District as being offices and happy-hour bars."

    As Zohra Atash, 25, found out after she moved into her Maiden Lane apartment, there's a reason that Wall Street's 9-to-5 reputation persists. "I spent most of the time exploring and looking for at least one 24-hour deli or diner," she says. "I didn't have much luck."


    A FAMILY AFFAIR

    Atash's luck is likely to change as more families arrive. Already, the Maclarens and Bugaboo strollers on the sidewalks are transforming this Type A hood into a family community.

    Just ask management consultant and Nassau Street condo owner David Cooper. "My wife, Charis, got involved with two mother's groups nearby shortly after the birth of our son, Max, two years ago. We now have five to 10 couples with whom we are close friends and have kids his age." He says what first attracted them to the area was "a palpable sense that things were going to change for the better."

    But not everyone views the stunning renaissance on Wall Street in the same way. Politicians and private citizens alike have observed that the economic incentives created to rebuild downtown after 9/11 have assisted primarily in the construction of upper-income housing. According to a recent Wall Street Journal article, the median household income for the area is $87,000, or about twice the average New York City salary, so it's not surprising that the vast majority of new listings fall into the "luxury" category.

    Still, according to figures from Prudential Douglas Elliman, the average rent in the Financial District for 2005 was around $2,600 a month - well below the Manhattan average of $3,191. Moreover, some future openings - including the Historic Front Street project abutting Peck Slip, and 15 William St. - contain set-asides for affordable housing.

    Whatever one's opinion for this re-imagined Wall Street, the building can only continue for so long and, considering the constant 95 percent residential occupancy rate and the upcoming end of funding programs, investors - so to speak - may have little time left to buy in on the ground floor. Though still bullish on the Financial, Mandel cautions, "as the schools, parks and shopping improve, people are going to wonder why they didn't come when prices were lower."


    -------------------------------------------------------------------------------------------------

    Trading places
    Even though Wall Street favors the tycoon who is in business to buy, there are still plenty of blue-chip properties available for the savvy renter.

    130 Water St.: Newly converted 2-BR with granite kitchen countertops in a doorman building, $3,150/mo. Available Sept. 1. Agent: Richard N. Rothbloom, Brown Harris Stevens, (212) 452-4485.

    10 Hanover Square: 2-BR, 2-bath penthouse duplex with terrace; building has fitness center and roof deck, $6,100/mo. Available now. Agent: Alexander Acevedo, Citi Habitats, (212) 619-1212.

    15 Broad St. (Downtown by Philippe Starck): 1-BR with private terrace, full health center, Jenn-Air and Bosch applicances, $4,000/mo. Available now. Agent: Yuri Lobachevsky, Citi Habitats, (212) 619-1212.

    41 John St.: 1-BR/flex-2, 1,111 square feet, marble bath, $4,250/mo. Available September. Agent: Martin Rowan, (212) 206-6044, Times Equities Inc.

    220 Front St.: 2-BR, 2-bath with beamed ceilings and brick walls in 18th-century building near South Street Seaport, $5,800. Available Aug. 15. Historic Front Street rental office, (212) 566-2780.


    Copyright 2006 NYP Holdings, Inc.

  13. #1048

    Default

    The DOB's website shows a recent entry for this building. This site, and 52-56 W57th, are sites that I've been anticipating the development of for a long time.

  14. #1049
    Disgruntled Optimist lofter1's Avatar
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    Default

    Some questionable listings ...

    SoHo Hideaway Cross st: Wooster bet Broome / Grand

    LINK: http://www.corcoran.com/property/lis...stingID=885904

    The feature shows you a site on Wooster between Grand / Canal -- which puts it across the street from the parking lot (block-thru from Wooster to W. Bway) that is slated for a big development.

    If that doesn't scare you off then this just might ...

    Financials:

    Price: $11,000,000
    Maint/CC: $1,292
    Taxes: $1,251 (monthly)
    Down: 10%

    At 4,848 Sq. St. that comes out to a mere $2268 / sq. ft ....



    Is this next one even legit? How do you rep a property with no C/O as "residential" ???

    325 LAFAYETTE STREET

    Cross Streets: Houston & Bleecker

    LINK: http://www.halstead.com/detail.aspx?id=615157



    NO C OF O BUT STILL A GREAT NOHO DEAL!
    This is a most unusual property, and it's the first time any lofts in this 75 year old building have been sold...

    ... are set up as keyed-in 2 bed/2bath lofts, and can be easily reconfigured for residential or live/work situations.

    While there is currently a Commercial C of O, plans are afoot to get the Residential C of O over the next 12-18 months
    Price: $1,995,000

    Maint: $600

    Approx SQ FT: 2,000

    Even without the C/O that comes out to under $1,000 per sq. ft. Just imagine how that value will escalate once you pay all the lawyers, architects and engineers (not to mention the contractors) to wind this through the city bureaucracy to obtain that C/O!!!

    And I doubt that, once you're inside, you'd hardly even notice the vibrations from the 4-5-6 trains running along the east foundation or the B-D-F-V trains running along the south foundation.

    But Uh-oh -- Look at those Lot line windows along the south (Houston St.) side. There's a one story building on that side (see below). If (errr, when) they build up on that lot then you can say, "bye, bye southern exposure"!! It's not so great anyways, as there is a 5-story billboard (now showing an illuminated ad for "PlayStation" just out of the photo) that blocks that view. Oh, well ... Ugly windows on that side anyway ...




  15. #1050

    Default Interesting

    Quote Originally Posted by lofter1
    Is this next one even legit? How do you rep a property with no C/O as "residential" ???

    325 LAFAYETTE STREET

    Cross Streets: Houston & Bleecker

    LINK: http://www.halstead.com/detail.aspx?id=615157





    NO C OF O BUT STILL A GREAT NOHO DEAL!
    This is a most unusual property, and it's the first time any lofts in this 75 year old building have been sold...

    ... are set up as keyed-in 2 bed/2bath lofts, and can be easily reconfigured for residential or live/work situations.

    While there is currently a Commercial C of O, plans are afoot to get the Residential C of O over the next 12-18 months


    Price: $1,995,000

    Maint: $600

    Approx SQ FT: 2,000

    Even without the C/O that comes out to under $1,000 per sq. ft. Just imagine how that value will escalate once you pay all the lawyers, architects and engineers (not to mention the contractors) to wind this through the city bureaucracy to obtain that C/O!!!

    And I doubt that, once you're inside, you'd hardly even notice the vibrations from the 4-5-6 trains running along the east foundation or the B-D-F-V trains running along the south foundation.

    But Uh-oh -- Look at those Lot line windows along the south (Houston St.) side. There's a one story building on that side (see below). If (errr, when) they build up on that lot then you can say, "bye, bye southern exposure"!! It's not so great anyways, as there is a 5-story billboard (now showing an illuminated ad for "PlayStation" just out of the photo) that blocks that view. Oh, well ... Ugly windows on that side anyway ...
    I actually knew 2 different groups of folks who rented in this place and it has major issues (which make sense now that it isn't a residential building). The funny thing about this is that they advertise a 12-18 month window of getting a C of O. Clearly the value would go up a lot but I would also imagine that the current owners have tried to get one for years (especially in the real estate market we have had over the past 8 years) and have failed for some reason. Good luck to the new owners...

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