Page 1 of 140 123451151101 ... LastLast
Results 1 to 15 of 2096

Thread: Manhattan Residential Development

  1. #1
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default Manhattan Residential Development

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




    Copyright 2003-2004 The Real Deal.
    Last edited by krulltime; February 3rd, 2005 at 07:29 PM.

  2. #2
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    April 2005

    The Big Picture
    Residential and Commercial vital statistics



    By Melissa Dehncke-McGill

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

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

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

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

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

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

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

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

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

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


    Residential vital statistics:







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

    Copyright © 2003-2005 The Real Deal.
    Last edited by krulltime; April 25th, 2005 at 02:24 AM.

  3. #3
    Forum Veteran
    Join Date
    Jan 2003
    Location
    Garden City, LI
    Posts
    1,778

    Default

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

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

  4. #4
    Forum Veteran
    Join Date
    Jan 2002
    Location
    West Harlem
    Posts
    2,786

    Default

    ^Literally almost anything can be called luxury nowadays.

  5. #5
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

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

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

  6. #6
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    More Residential stuff and Info:

    205 East 59th Street

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

    West 58 426 West 58th Street

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

    505 Greenwich Street

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

    15 Broad Street.

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

    63 Wall Street

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

    425 Fifth Avenue (at 38th Street)

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

    47 East 91st Street.

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

    400 Lenox Avenue (at 129th Street)

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

    60 Spring Street

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

    114 and 116 Hudson Street

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

    The River Lofts 92 Laight and 424 Washington Streets

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


    43 West 64 Street

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

    The Opus 2770 Broadway (at 107th Street)

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

    497 Greenwich Street

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

    7 Essex Street

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

    455 Central Park West

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

    The Paradigm 146-148 West 22nd Street

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

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

    50 Madison Avenue

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

    Copyright 2003-2004 The Real Deal.

  7. #7
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

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

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

    April 2004

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Copyright 2003-2004 The Real Deal.

  8. #8
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    HIGH-RISE PRICES

    By ANNE BECKER
    June 4, 2004

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    NYPOST

  9. #9
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

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

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

  10. #10
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    TAKE THAT, SOHO HOUSE

    By SUSAN A. SMITH
    June 12, 2004

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

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

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

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

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

    Copyright 2004 NYP Holdings, Inc

  11. #11

    Default

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

  12. #12
    Forum Veteran
    Join Date
    Jan 2002
    Location
    West Harlem
    Posts
    2,786

    Default

    Queens already does in quite a few areas.

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

  13. #13
    Forum Veteran
    Join Date
    Jan 2003
    Location
    Garden City, LI
    Posts
    1,778

    Default

    Quote Originally Posted by ILUVNYC
    Okay...as we all know, NYC is a popular city that will draws 1000's of new residents in the up coming years (1 which is me,lol,but anyways) So, what will we do when all the apartments are taken up? Bulldoze a building down and build a taller one? Also, do you think that Staten island and Queens will ever resemble the true urbaness of Manhattan, brooklyn, and the bronx if at all?
    Queens, the Bronx, and Brooklyn all have dense areas and more "suburban" areas. Queens may be the least dense of the 3, but it still holds it's own when compared to anywhere else in America.

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

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

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

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

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

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

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

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

  14. #14
    Forum Veteran krulltime's Avatar
    Join Date
    Sep 2003
    Location
    Manhattan - UWS
    Posts
    4,208

    Default

    ZELL LANDS FIRST N.Y. APT. BUILDING

    By LOIS WEISS
    June 16, 2004

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

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

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

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

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

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

    Harmon did not return a call for comment.

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

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

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

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

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

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

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

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

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

    Copyright 2004 NYP Holdings, Inc.

  15. #15

Page 1 of 140 123451151101 ... LastLast

Similar Threads

  1. Greenways and Waterfront Development
    By Edward in forum New York City Guide For New Yorkers
    Replies: 195
    Last Post: January 19th, 2015, 04:08 AM
  2. Astoria Development
    By Kris in forum Brooklyn, Queens, Bronx, and SI Real Estate
    Replies: 64
    Last Post: November 26th, 2014, 04:43 AM
  3. The Final Frontier for Development in Manhattan - Falling re
    By Fabb in forum New York Real Estate
    Replies: 3
    Last Post: June 18th, 2003, 05:16 PM
  4. 139 E. 34th Street - Building type, residential?
    By dvinfo in forum New York Real Estate
    Replies: 0
    Last Post: April 1st, 2003, 11:34 AM
  5. E 34th new development
    By tlowe in forum New York Real Estate
    Replies: 0
    Last Post: March 31st, 2003, 05:15 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software