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Thread: Manhattan Residential Development

  1. #1111 Front_Porch's Avatar
    Join Date
    Jul 2006
    Manhattan 90210

    Default Median price not significant .. .

    {Disclosure: I'm an NYC real estate agent}

    No one buys "the median" apartment.

    More meaningful is that average days on market have lengthened, from 133 in last year's third quarter to 150 this year's, according to Jonathan Miller of Miller Samuel (who does reports for Elliman but is considered an authoritative independent voice). And negotiability (difference between asking price and contract price) is increasing, to 4%.

    In the field (and on this board) it still seems bifurcated: buyers are happy to pay a premium $1200-$1500 per square foot for new condos with snazzy amenities, whether or not the floors are going to scratch. Developers won't (can't?) cut prices on these buildings, though they will now pick up some closing costs and subsidize the buyers' financing. (ask your friendly agent what deals you can get).

    Co-ops, meanwhile, are a slog. If a seller comes out of the gate high, they sit and sit and sit and sit. If a seller comes out of the gate at an appropriate price, they sell, but it takes a lot of marketing to find the buyer who's ready to move as opposed to the window shopper. Recommendation to buyers: if you see a co-op you like, get your financing and your co-op package together and try offering 7% off asking .. .

    ali r.

  2. #1112


    I hope that the building doesn't look like this POS.

    From October 6, 2006

    NEW YORK CITY-A joint venture of two major Spanish development firms is making its first foray into the US residential market with plans for a 139 luxury condominium units at 39 E. 29th St. The condo, when complete, will include a mix of studio, one- and two-bedroom units.

    Espais Promocions Immobiliares and Landscape Promocions Immobiliares may not be common names on the corner of 29th and Park, but the two firms are decades-old developers in Spain that have between them more than $4 billion in real estate assets they own or manage. Most of that is focused on residential, office and hotels.

    More New York NewsNew York Page
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    More Northeast NewsNortheast Page
    Philadelphia– $600M Condo Complex Ramps Up...
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    Select Coverage by City
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    The East Side deal closed a week ago, when the JV took over the land of the now-vacant site from the former owner, Lawrence Rubin Cos. Perseus Realty Capital provided the $100 million in acquisition and construction funding.
    According to Perseus vice president Lindsay Stroud, ground is expected to break on Nov. 1 for the 140,595-sf building. Delivery is anticipated for 18 months after.

    The Washington, DC-based Perseus provided the capital for the deal on a non-recourse, three-year floating-rate basis. Stroud could not reveal the lender. He did explain, however, that Perseus hooked up with the JV through a referral.

  3. #1113


    I'm elated that this POS will be razed! I've always hated it.

    Condos To Replace Bargain Emporium

    By Carl Glassman
    POSTED OCT. 2, 2006

    Bargain days are numbered at Ralph’s Discount City.

    Plans are afoot to tear down the 43-year-old odds-and-ends emporium at 95 Chambers St. and build a 63,000 square foot condominium building. The new structure will extend through what is now an empty lot behind it on Reade Street and include an adjoining 1852 building that runs from Chambers to Reade.

    No closing date for the store has been set.

    Last month, the project’s architect, Harry Kendall, presented the proposed new building to the Landmarks Committee of Community Board 1, which largely praised the design as a suitable fit among the five- and six-story buildings on Chambers Street, between Broadway and Church Street.

    “I think its been very tastefully done for this block,” announced Roger Byrom, the committee’s co-chair.

    Shoppers, informed of the plans by a Trib reporter, were less kind.

    “Get the hell outta here! Tell them they can’t do that!” exclaimed Sandra Warren, 38, who works at 26 Federal Plaza “We very much need it around here. They have the same items at Duane Reade but it’s much more expensive. We’re talking about a dollar, but it’s my dollar.”

    Exiting the store with their bright blue plastic bags filled with everything from pretzels, soaps and sodas to garbanzo beans, lotions, and disinfectants, most shoppers agreed that the loss of Ralph’s would mean higher prices for the small items they buy.

    “It’s a home away from home, with discount prices for us working people,” said Frank Mitchell, 52, who works nearby at 2 Lafayette St. and goes to Ralph’s for “the good candy”—Snickers, Almond Joy, and Twix. “All these fancy restaurants have come in after 9/11 and us people who work around here can’t even afford to go there.”

    Ralph Mizrahi, the store’s founder, is 81 and retired, dividing his time between homes in New Jersey and Florida. Reached by phone, his wife said he would not comment. Their son, Eddie, now runs the store, and he too declined to answer questions from a Trib reporter.

    The new building will comprise 91-95 Chambers Street and 73-77 Reade Streets, with its entrance at 77 Reade. Ninety-Five Chambers, the 1852 building, will have its Reade Street face restored and its Chambers Street front will be new. There will be 31 apartments, from 900 to 2,600 square feet, with store fronts on both streets.

    The new building needs a variance from the city because its bulk exceeds what the zoning allows. To get that approval, the developer is restoring the 1852 building in exchange for the Landmarks Commission’s support of the variance.

    For some in the neighborhood, no fancy restoration can replace the threadbare presence of Ralph’s, which together with its next door neighbor, Dee and Dee, has long been a hub for tight-budget shoppers. Barbara, a frequent customer who works in the city’s law department and did not want to give her last name, was both upset and puzzled.

    “The people that are going to live in these condos,” she asked, “don’t they need to shop anywhere?”

  4. #1114
    Build the Tower Verre antinimby's Avatar
    Join Date
    Sep 2004
    in Limbo


    Quote Originally Posted by londonlawyer View Post
    I'm elated that this POS will be razed! I've always hated it.
    Well london, it doesn't sound like Barbara agrees with you.

    For some in the neighborhood, no fancy restoration can replace the threadbare presence of Ralph’s, which together with its next door neighbor, Dee and Dee, has long been a hub for tight-budget shoppers. Barbara, a frequent customer who works in the city’s law department and did not want to give her last name, was both upset and puzzled.
    “The people that are going to live in these condos,” she asked, “don’t they need to shop anywhere?”
    Anyway, I'm very glad they are incorporating the 1852 building into this condo.

    This is a win-win situation I say.

    Getting rid of that one-story eyesore, adding more housing units and all the while, keeping the historic building.

    Let's hope Landmarks and the city do the right thing and get this proposal approved.

  5. #1115


    I agree with you, Anti-Nimby.

    PS: Barbara is hilarious. Does she really think that people living in $2m condos will be shopping at Ralph's Dollar Store? If so, she's dumber that I thought?

  6. #1116
    The Dude Abides
    Join Date
    Jan 2005
    NYC - Financial District


    Quote Originally Posted by krulltime View Post
    New SoHo building's split facade splits landmarks commission

    The design has changed. From

    Revised design for 52 Wooster Street approved 06-OCT-06

    The Landmarks Preservation Commission approved a certificate of appropriateness last month for a new building planned for 52 Wooster Street in SoHo that is distinguished by the split personality of its facades.

    The approved design had been revised by Arpad Baksa, the architect for the planned 6-story building that would rise on an existing parking lot at the southeast corner of Broome Street after the commission indicated at a hearing in July that it was concerned about the arrangement of the facades.

    The building has a narrow frontage of Broome Street and the designed presented in July had half of its much longer frontage on Wooster Street in a light-gray grid façade treatment whose fenestration pattern would relate substantially to its immediate neighbor on Broome Street, an attractive cast-iron building.

    On Wooster Street, the new building’s neighbor is a masonry structure and Mr. Baksa designed the new building’s adjoining façade in red masonry for its southern half to be contextual.

    Most of the commission members seemed generally pleased with the design in July, but were tempted to tinker. Vice chairman Pablo E. Vengoechea indicated he has some “trouble with the material,” but Commissioner Steven Byrns said he was “relatively comfortable with the material,” adding that he liked the “sliver” on Broome Street where the adjoining building leans into it by about 22 inches because it shows the pecularity of old buildings.

    Mr. Byrns suggested that the metal grid façade on Wooster should be reduced to just two bays at the corner, while commissioner Margery Perlmutter, on the other hand, said “rather than reducing the metal, extend it more” along the Wooster Street frontage.

    Mr. Byrns’s suggestion won out as evidenced by the new and approved rendering shown at the right.

    The building would have five, full floor, three-bedroom residential condominium units with about 2,000 square feet each.

    The developer is Ori Alpert.

  7. #1117


    ^The revised building looks worse. The metal facade looks awkward with only 2 bays. Thanks landmarks. And why such tiny windows on the brick?

    Landmarks should demand much better buildings.

  8. #1118
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    This building ^^^ will go up on the skinny parking lot just to the west of where Broadway Panhandler was for so many years (before the move last month to 8th Street).

    The new version works better for that specific location.

  9. #1119
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Quote Originally Posted by lofter1 View Post

    Plans for 401 Broadway presented to landmarks commission
    Permit Sought To Convert Office Tower
    By Carl Glassman and I-Ching Ng
    OCT. 2, 2006

    The 29-story tower at 401 Broadway is an anomaly in Tribeca and, increasingly, a scarce commodity in Lower Manhattan. It is an office building.

    Not an office building like the corporate behemoths planned for the World Trade Center site, or the ones where large, fancy Wall Street firms do business. The 1930 building, just south of Canal Street at Broadway and Walker Street, is a collection of tiny to medium-size office spaces filled with independent professionals—the majority of them lawyers, with a smattering of accountants, acupuncturists, dentists and freight expediters. The Tribeca Trib is also a tenant in the building.

    Most offices in the building, which is located on the edge of Chinatown and near the U.S. Immigration and Naturalization Service, cater to the Chinese immigrant community.

    “When Chinese people get off the airplane they know to find an attorney at 401 Broadway,” said Frank Liu, a lawyer in the building. “You need an attorney? Go to 401 Broadway.”

    “For my countrymen, it is a ‘one-stop’ shop to find good lawyers,” said Dilly Shek, chairman of the Fukien (Fukinese) American Association. “They can just go in and choose from the hundreds of Chinese immigration lawyers there.”

    But not for long, the building’s owner hopes. Like so many commercial buildings in Lower Manhattan, 401 Broadway is headed for residential conversion. Owner Albert Russo is seeking city permission to convert the building, with its sweeping upper-floor views, into 90 condominium apartments. Current zoning for the area prohibits residential conversion of buildings over 5,000 square feet.

    “We were advised that we should pursue this plan,” said Russo, whose family has co-owned or owned the building since 1981. “Part of it is a business decision. And we like the idea.”

    As an office building, 401 Broadway has been profitable. Last year, following a long legal dispute with an ownership partner, the Russo family took full possession of 401 Broadway at auction. According to papers submitted to bidders, the building was projected to finish the year with a net profit of $2.5 million on a gross income of $6.8 million. The document said 60 percent of the tenants had month-to-month leases, and none went beyond 2009.

    Russo, whose building is in the Tribeca East Historic District, is taking advantage of a variance process that provides an incentive for owners like him to restore their buildings. In return for a thorough restoration approved by the Landmarks Preservation Commission, the Department of City Planning grants the owner an exemption from zoning restrictions.

    Last month, Community Board 1 voted its advisory approval for most of the restoration. (The Landmarks Commission later requested modifications to the plan.)

    But CB1 has yet to weigh in on the change of use from commercial to residential. Following a presentation by Russo’s architect, Shael Shapiro, to CB1’s Landmarks Committee last month, there was a hint of what may lie ahead. Some on the committee questioned whether the loss of office space, in exchange for a beautifully restored 76-year-old building, was worth it.

    “There are very few buildings like this in Tribeca where you can put small businesses,” said committee member Tim Lannan. “I think it’s a great restoration and I don’t think it should be converted.”

    Leaders in the Chinese-speaking community worry about the impact on their constituents if 401 Broadway, now nearly 90 percent occupied, is converted.

    Shek said it will be hard for Chinese immigrants with limited English skills to seek help from American attorneys in the nearby office buildings along Broadway. Worse still, he worries that the Chinese lawyers will move their offices uptown or farther away to service Chinese communities in Queens or Brooklyn. “For those with language barriers in Chinatown, they really have no other places to go,” he said.

    Margaret Chin, deputy executive director of Asian Americans For Equality, said she feared that the building’s closing would not only “destroy” important community services, but also hurt Chinatown’s economy. “The new residential tenants are not likely to be around during the day and patronize the stores and restaurants nearby,” she said.

    The trend toward converting offices to apartments in Lower Manhattan has been dramatic. Below Chambers Street, 12 million square feet of office space has been converted to residential use since September 2001, according to the Alliance for Downtown New York. Vacancy rates in Class “B” and “C’ office buildings are at about 10 and 11 percent, respectively, the report says.

    In Tribeca, few office buildings remain to convert. Last month, as the owner of 401 Broadway began the process, the $115 million sale of 443-453 Greenwich Street was announced.

    The three-quarter-block long twin buildings, seven-stories high and more than 217,000 square feet, house a warren of small office spaces. Most are rented to independent film producers, writers and others in film-related businesses. According to a press release issued by the seller, the building — “one of the last remaining crown jewels in Tribeca” — was particularly attractive because all leases expire within the next three years. “Which means,” the selling agent was quoted in the release as saying, “a residential conversion could materialize fairly swiftly if market conditions are still optimal for that use.” A hotel is also said to be under consideration.

    “You will not be able to find this anywhere else, and it’s just very sad,” said Debbie Johnson, the general manager of Greenstreet Productions, which has two floors in the building and sublets small offices to others doing film-related work.

    In response to a trend that many see as harmful to small businesses, the city’s Economic Development Corp. has commissioned Cushman & Wakefield to conduct a study of affordable office space, according to Andrew Brent, an EDC spokesman. In a statement e-mailed to the Trib, Brent said the city wants to determine whether “there are appropriate measures” that should be taken to ensure that the city retains the “optimal amount” of office space for small businesses.

    The difficulty of finding such space was underscored in recent months when tenants of buildings condemned for the construction of the Fulton Transit Center protested their lack of options in the area.

    “We have to keep this type of office space Downtown,” Councilman Alan Gerson said in a telephone interview. “We are losing it rapidly.”

    Gerson said he did not favor a zoning variance for 401 Broadway, and that he intended to press the point with Amanda Burden, chairwoman of the City Planning Commission, and Robert Tierney, chairman of the Landmarks Preservation Commission. “Part of a well-rounded community has to be the kinds of businesses provided by this type of office building,” Gerson said.

    For many tenants in 401 Broadway, staying put is a matter of practicality and economics. Zhongyue Zhang rented his office 18 years ago because of its “prime location.” He can escort his clients to the nearby courthouses and INS office for hearings. Zhang said he could not afford other nearby offices he has seen.

    “New office spaces along Broadway are saturated already,” said Zhang. “I want to stay in this neighborhood but I really don’t know where to go.”

  10. #1120
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown

    Default Extell Project: Stuart Dean site @ 31st / 10th Ave.

    The Stuart Dean Co., Inc. building on the west side of 10th Avenue between 30th / 31st is on the list for development by Extell.

    From the real deal :

    With the purchase of additional air rights from the MTA, Extell could build about 315,360 square feet on the east side of the block between 30th and 31st streets.
    A number of Applications / Permits have recently been issued by DOB for this site (358 - 366 10th Avenue / aka 460 - 462 West 31st), but no Demolition Application has yet been filed.

    The existing building:

    There is a smokestack in that picture (upper right, only partially in view) -- situated just to the east of the Stuart Dean Co. building. The smokestack is now enclosed with scaffolding and seems to be coming down.

  11. #1121
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown



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

    Quote Originally Posted by lofter1 View Post

    Since I posted this 1 month ago the site has been gutted by a fire ...

    The bartender at the bar next door on Prince said it happened about 3 weeks ago at 3AM.

    Certainly could speed up the DEMO, eh?

    Through the plywood and broken windows you can see the charred floor joists and open sky.
    Some photos of the fire-ravaged site of the former De La Rosa Bakery building ...

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  12. #1122
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Quote Originally Posted by krulltime View Post

    New condo building planned for 261 West 28th Street


    A new 11-story condominium building with 53 apartments is planned for the northeast corner of Eighth Avenue and 28th Street.

    The project, which is called “Onyx Chelsea,” has the address of 261 West 28th Street.
    This one is topped out ...

    Should have some great views of the ESB from the upper floors.

    It cantilevers out over the 4-story building just to the north ...

    Curious to see how they'll mask the cooling tower on the east side of the roof ...

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  13. #1123
    Disgruntled Optimist lofter1's Avatar
    Join Date
    Jun 2005
    NYC - Downtown


    Quote Originally Posted by krulltime View Post

    Landmarks commission approves design for new building in SoHo


    The Landmarks Preservation Commission today unanimously approved with minor modifications a plan by Adg-Soho LLC to erect a new 9-story at 325-9 West Broadway and restore two buildings behind it at 23-25 Wooster Street.

    The new building has been designed by Beyham [sic] Karahan ...
    Chocolate Factory - Soho

    Location: New York, NY

    Beyhan Karahan & Associates

    The West Broadway Facade

    New Building in Soho Approved By Landmarks

    South of Grand Street on a through-lot between Wooster St. and West Broadway, this mixed-use building will become part of the modern future of the Soho historic district. As part of the development, two existing 4-story industrial brick buildings will be restored to their 1940 condition.

    The Commisioners of the NYC LPC commented on the skillful system of proportions derived from the 19th Century Soho cast-iron buildings, and the use of setbacks and balconies to evoke the prominent fire escapes of this unique neighborhood. The reinforced concrete structure of the building will be exposed on the north side of the parti-wall of the building and through selective exposed columns and a trellis above the metal-clad facade. Undulated and perforated preweathered galvalume panels will be used to provide transparency and shadow lines, in conjunction with flat insulated panels.

    A green courtyard with a reflective pool has been created at the cellar and ground floor levels. Each residential unit will have large, floor-to-ceiling windows and high ceilings capturing the character of the interiors of 19th Century industrial buildings.

  14. #1124


    That looks nice, maybe they really should consider landmarking all of Manhattan or atleast review every new design. I attatched a previous design for the Onyx by Work Architecture Company.

    I remember there being a thread or at least a couple posts on this. This is the site where they're demolishing some stables and someone suggested (maybe londonlawyer or ablarc) that they should be converted. Anyways...

    Morris Adjmi Architects

    16 West 18 Street
    Multi-Family, 18,000 sq ft
    New York, NY

    This unique all glass 11-story proposed residential building is located in New York’s distinctive Ladies Mile Historic District. The design is comprised of 10 luxury apartments, including an entrance level duplex, a penthouse duplex with access to private roof top terraces, and a building recreation facility. The north facing front facade recalls the historic building elements of the district in all glass materials; frosted glass columns, spandrels, block, and cornice with silver colored window frames. The rear facade of the building is all frosted glass block with silver colored window frames and private balconies at all apartments on the third to eleventh floors.

    CityRealty article here:
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  15. #1125


    Another by Morris Adjmi Architects

    27 West 19 Street
    Multi-Family, 23,000 sq ft
    New York, NY
    Winter 2007

    This 15-story residential building is located in New York’s distinctive Ladies Mile Historic District. The design comprises of a recreation facility, 14 full floor luxury apartments and a full penthouse floor with access to a private roof terrace. The south facing facade, in keeping with the contect of the historic district, consists of a limestone base with zinc colored metal columns, spandrels and window frames, a gray glazed brick face with zinc colored metal pilasters, spandrels and window frames and a zinc colored metal cornice

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