You wonder how the market did last quarter?
You would like to prep yourself and get into the NY real estate game?
Open the file below to get started.
Following my MBA at NYU Stern, I was a blessed graduate with a secured job at one of the most fascinating brand and company I could ever thought working: Ferrari.
Cars have been a passion of mine since my youngest age, and being welcomed to the exclusive world of Ferrari felt awesome. While the experience there was phenomenal, my entrepreneurial spirit pushed me to shift gear and focus my career into my other passion: Real Estate.
A few months into my new role at the Corcoran Group, the #1 residential real estate firm in New York, I fancied the idea of bringing the most exclusive brands of Real Estate and Cars together. This leads me to organize cross marketing events between Corcoran and Ferrari & Maserati, while partnering with an exclusive agent with a very high end listing at a location convenient for cars to be driven, guests to be entertained and connections to be made.
Local dealerships of Ferrari of Long Island and Maserati of Manhattan under the lead of Marketing and Event manager Laura Fisher provided cars and professional coach drivers. Guests were able to test-drive the cars to fully experience the ride prior to relax and mingle at the property.
My first event happened at a fabulous Gramercy Park North Penthouse with 2 terraces over looking the city and Gramercy Park, only a few blocks from the highway and Park Avenue for the cars to be driven. The guests came in and celebrate this first day of Fall under a radiant sunshine and friendly atmosphere.
My second take happened on Sunday October, 27th, 2013 during a beautiful crisp fall day which could not make things any better. I co-hosted the event at Richard Meier’s 165 Charles Street tower where agent Jon Capobianco introduced his $12.7M full floor listing. Guests were able to get an exclusive preview of the apartment and enjoy test-driving Ferrari and Maserati on the West Side Highway. About 50 people attended this event, and the dynamic was very positive. After test drives, invitees relaxed and mingled at the apartment over Peroni beers, Proseco, and finger food. It was a great venue and a wonderful opportunity for people of various industries (Private Equity, Energy, Tech, Entertainment and Social Media) to meet.
There are more events in the pipeline, and I would encourage any one who shares and lives the passion of luxury real estate and cars subscribing at fmaingois@corcoran.com for more information.
![IMG_4298[1]](https://fredericmrealestate.files.wordpress.com/2013/11/img_42981.jpg)
In the frenzy of the new luxury condominium buildings’ wave that recently hit the market, I’ll focus on those, which actually closed on transactions, and observe their relative success.
Tribeca:
250 West Street:
While making the headlines for having Leonardo DiCaprio checking on a $42 million Penthouse, 250 West has been doing great with the highest volume of closed transactions in the first half of 2013. Out of the 93 units put on the market in September 2011, only 2 remain available: a $10.95 million three bedroom and the Penthouse. According to records, 250 West closed sales averaged $1,588/sf.
Chelsea/West Village:
607 Hudson Street, the Abingdon:
Celebrities and big numbers are often associated with top real estate developments, and 607 Hudson Street is no exception. Indeed, infamous hedge fund titan, Steven Cohen, acquired a $23.4 million maisonette in the building, and the Penthouse went for $10 million over asked to close at $29.8 million. Originally, the building was a 200-unit nursing home, and has been converted into 10 luxury units by Flank Development who acquired the building in 2011 for $33 million. One more unit is under contract, and so far the building accumulated sales reached $136 million.
345 West 14th Street, 345Meatpacking:
Probably one of the most successful stories for new development this year, 345Meatpacking’s 37-unit building is sold out! The building should come to completion by the end of 2013 and the results beat most expectations. Indeed, earlier surveys from the brokers’ community speculated that the average price per square feet would fetch way below $2,000. However, closed sales in the building have averaged $2,067. The site was bought and developed by DDG in 2010.
Gramercy
18 Gramercy Park South
Location, Location, Location! Gramercy Park is somewhat considered as an oasis steps away from one of the densest area of Manhattan (Union Square). The ultra limited inventory available and the lack of new products to be developed in this specific area surrounding a private keyed accessible park only for the resident of Gramercy Park are fundamental drivers to sky-high prices for the latest luxury condominiums at 18 Gramercy Park South. The team behind the conversion of a former Salvation Army building into a 16-unit boutique high end condominium is no other than Zeckendorf Development and A.M. Stern Architects, well known for their outstanding achievement at 15 Central Park West. So far, $80.6 million in sales closed within the first 6 months of 2013 averaging $16.12 million for the five recorded sales. In addition, seven other units are under contract, including the $42 million penthouse purchased by the Houston Rockets’ owner Leslie Alexander.
It would be too simplistic to call him a New York real estate Mogul, as his contribution to the Manhattan skyline has gone beyond the principles of acquisitions, divestitures and development.
Initiator of the Apple Store development on 5th Avenue, Harry Macklowe has been significantly involved in the expansion and ownership history of many Manhattan iconic skyscrapers: the GM building, the Metropolitan Tower, Park Avenue Tower among others that have forged the inimitable and ever evolving Midtown Manhattan skyline.
After a few noticeable luxury residential developments such as 310 East 53rd Street residences (2006), 777 6th Avenue rental building (2000) or the 145 East 76th Street boutique condominium (1999), Harry Macklowe has been moving forward in the recent years with the very top end of what condominium developments could bring to the Manhattan undersupplied luxury market.
New York’s architectural and design diversity applies to luxury real estate in a way that could satisfy a wide range of international high net worth individuals’ tastes and demands. I spent the last 10 years educating myself and getting acquainted with the most lavish additions to the Manhattan luxury condominium market. My understanding of the most demanding international clientele’s requirements and preferences helped me perceive value into most of them. That said, being raised in France and living in renovated 19th century bourgeois apartments and a remodeled residential compound in the heart of Provence, I grew up developing a taste for authenticity and minimalism, while supporting the fact that these two should be concurrent with our time. To that extend, the feeling of walking into a place that portrays authenticity while being contemporarily designed and providing the functionality of modern living finally happened when I first entered 737 Park Avenue (pictured below courtesy of http://www.737parkavenuenyc.com) and 150 East 72nd Street (http://150east72.com), two of Harry Macklowe’s three very high-end condominium developments in the work (the master piece 432 Park Avenue being the third one http://432parkavenue.com). The fineness of materials, the rightness in the proportion each room takes, the natural flow of the apartments’ layouts; Harry Macklowe brings a concept that is triggering a renaissance in the Upper East Side high-end residential real estate. Established in a neighborhood dominated by hard-to-get-in co-ops subject to stringent house rules and tenacious boards that would leave some of the richest people at the doorstep, these 2 condominium options are an ineluctable alternative for wealthy local and international clientele who desire to own on Park Avenue, a location many consider as the world’s most exclusive place to reside.
Following Harry Macklowe’s fashion to develop ultra luxurious condominiums, I had the feeling that these 2 projects at 737 Park Avenue and 150 East 72nd Street were to be an interlude to 432 Park Avenue (@56th Street), the soon-to-be tallest residential building in the Western hemisphere. Barbara Russo graciously led my visit of the sales gallery. I could not have been in better hands to walk through the mid-century key inspirational events and symbols that have contributed to the conceptualization of 432 Park Avenue. The model goes beyond a meticulous choice of materials and splendid layouts topped with incredible amenities such as a 75ft pool, 300 people guest room and winter garden, private wine cellars, and a restaurant exclusive to the residents. Indeed, 432 Park Avenue integrates a one of a kind New York living in a dream experience that each room brings in its own way. For instance, the “bathroom in the sky” let the residents bathing with an unobstructed view of the sky and Manhattan, or a marble bar installed against the window brings the concept of “breakfast with a view” to a new level (from 341ft to over 1200ft literally). The thoughts, works and execution behind 432 Park Avenue optimize the convergence of luxury, functionality and exceptional design.
Manhattan is home to many Real Estate titans whose developments often reflect their master’s character, vision, or ideal. Looking at Harry Macklowe’s lifetime achievements, the reflection shines integrity, vision, passion and precision. Mr Macklowe has and will continue maintaining the authenticity of New York while accompanying it to the future. Merci Monsieur Macklowe…et encore s’il vous plait.
Fred M. On Real Estate 