Archives for posts with tag: luxury real estate

Hi,

Another quarter and another record breaking set of numbers for Manhattan and Brooklyn real estate.

The boom of the luxury and super high end condos have pulled the average price of a Manhattan apartment to an all-time high $1.81M and also helped trigger a rise in inventory with the sales commencements of several high profile New Developments across the borough.

Brooklyn also gets its share of records with the average price per square foot breaking a 7-year high to reach $704/sf. The historically low inventory has risen over the last quarter but in proportion far from the levels that a market requires to reach equilibrium.

In addition to the traditional Corcoran Manhattan and Brooklyn market reports, this newsletter will touch base on the current relationship between Manhattan inventories, price level and the effect of New Developments in the borough. To follow, the impact of Global Wealth and its potential contribution to New York Real Estate along with the consequences of China’s economy will present data that could help developers keeping their cool in regards to the rise in super high end properties hitting the market. Finally, Brooklyn’s alarming lack of inventory may show a swift in current developers’ strategy to anticipate a change of plans and bring more products for sale quicker than expected to feed a demand starved of choices.

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

Cheers,

Q2_2015_Newsletter

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HI,

I hope you are having a great start of 2015 and wish you great health and success for this exciting new year!

2014 has seen several records shattered in many market segments and locations. A recap of the Manhattan Q4 2014 report is bringing new insight about what moved the market over the past 12 months with some perspective on the current level of inventory.

With the upcoming of about 6,500 new units on the market (almost 50% already in contract), I also found it necessary to talk about the concept of New Developments, explain what they are, and which segments of the market they’ll be affecting in the next year.

Finally, Brooklyn’s sellers’ market is becoming more and more challenging to navigate with a highly competitive pool of buyers, increasing prices, low inventories, and only a few New Developments scheduled to hit the market. (Brooklyn Q4 2014 included)

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

Cheers,

Q4_14_Newsletter

The neighborhood of West Chelsea extends approximately from West 14th to West 30th street from 8th Avenue to the West Side Highway.

In the past 5 years, West Chelsea has drawn worldwide attention notably through the success of the High Line elevated parkway: a 1.43mile former railroad line (west side line) running along the lower West side of Manhattan from 14th to 29th Street (shown below). The repurposing of the park was inspired by the famous Promenade Plantée in Paris and has spurred many new real estate developments along the 9th and 10th Avenue rows, where multimillion dollar condominiums are burgeoning. The proximity to the High Line park along with the quality of mom and pops stores, art galleries and Google’s economic boost to the area  have been attractive factors for home hunters. 

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To better enjoy such quality of life, buyers have been flocking to one of the best place to contemplate in the city: the Seminary block. Located on West 20th Street between 9th and 10th Avenue, this exclusive street block is home to the 1800’s Episcopal seminary that is supported by the church. For the story, in 1878, the new appointed Dean Eugene Augustus Hoffman led the expansion program of the seminary which included the construction of new campus facilities based on an Oxford model with neo-gothic buildings facing onto a central quadrangle. More recently, upon the opening of the Desmond Tutu Center 2007, the western part of the seminary facing 10th Avenue operates primarily as a hotel and conference center. The seminary has been maintained impeccably and the area is pristine.

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For buyers in need of a large home (3,500sf +) the options available in condominiums remains very limited and…expensive. At this time, there are only 8 condos with 4+ bedroom available in the area at a median price of $15.950M, an average ppsf of $3,415 and size of 3,825sf. Any current condos over 4,000sf will cost more than $16M with maintenance and Real Estate taxes approximating more than $10K/month.

With so few options, my attention drew toward the townhouse alternative and more specifically to the Circa 1853, Anglo-Italianate style 5-story townhouse listed at 438 West 20th Street by townhouse specialists Paul Kolbusz and Sara Gelbard. The house is currently asking $8.580M and offers close to 4,800sf of exquisite space, light and luxury. After my visit, I was stunned by how much more a homeowner could get out of a townhouse compare to a condominium. To expand on this idea, I compared and put into perspective the main attributes of both property types.

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Cost of ownership.

As mentioned above, buyers should expect to pay in the $15M range for a 4,000 sf condominium in this area. The monthly cost of ownership of such condominium range in the $9 to 11K/month or over $100K/year. Comparatively, at $8.580M, the townhouse looks like a bargain. In addition, the average yearly cost of ownership ranges in the $10-14K which include real estate taxes, insurance, fuel/gas/electricity and basic repair and upkeep. The townhouse alternative would leave no less than $100K in the owner’s pocket every year on top of $6M on the purchase! Certainly a budget that can be used for other investments or lifestyle upgrades.

Full Service and amenities: the condominium alternative will bring all the services as soon as you walk in which should justify the $6K+ of common charges to be paid each month. The doorman will be there to greet, the gym should have the state-of-the-art fitness equipment, the common areas such as rooftop and lounge would be kept in great conditions and offer additional space for gathering or relaxing. Most likely a dry clean service will be available (at an additional cost of course) and maybe valet parking will be available.

On the other hand, the townhouse lifestyle can bring these 6K+/month into better use. This could translate into hiring a housekeeper or nanny for instance. With so much space in the house, there is the possibility to have a live in house staff to occupy the garden level space so that the owners can keep their privacy through the rest of the house. To substitute for the gym and stay active, the townhouse has also enough space to build a private workout area, and host a private trainer. Still not convinced?

The no-doorman alternative keeps the owner’s privacy to its highest, which many people value in New York City. With a valet parking across the street, this townhouse location really make it simple and effort less to come and go whenever you need.

As far as outdoor space, 438 West 20th Street offers a beautiful and large garden, as well as two terraces each on the 3rd and top floor, that can be re-arranged at the new owner’s taste. The top floor overlooks the Chelsea skyline with no vis-à-vis: a wonderful place an homeowner could appreciate in many ways. Finally, with 5 floors boasting high ceilings, the elevator will allow for quick rides up and down the house and be a wonderful asset for visitors with limited mobility.

The townhouse exclusivity:

Let’s take a walk through the house now and show the townhouse shines a lifestyle and exclusivity that no condominium, no matter how expensive they are, will offer.

This house is currently set up as a 6 story single family with 6-bedroom 3.5 baths, which had undergone a complete and tasteful renovation that preserved its unique character since its 1853 origination. Among the 6 stories, The ground floor has a living area and guest room which provides a sense of autonomy from the separate street entrance and access to the rear garden (see pics below).

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As you open the cast iron gate and walk through the front garden, the house welcomes you into a beautiful first floor foyer assorted with one of the five wood burning fireplaces built with marble mantles: think about the cold/rainy/snowy days of NY and how cozy the feel of coming into a warm house hearing the wood fire cracking noise. Passing the foyer, the house leads you to a fully renovated kitchen featuring a Bertazoni oven and Carrera marble counter tops that opens to a casual dining room with access to the rear garden. In an instant, you can disconnect from the outside and any nuisance you want to escape.

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One flight up through the beautiful staircase with coffin corners or using your private elevator will lead to the parlor floor which opens up on the light filled living room overlooking the seminary. On the other side of the parlor floor lays a formal dining room overlooking the private garden. Both rooms are separated by a wet bar with a fridge, a great feature that became handy in this grand space built for entertaining.

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As you reach out to the third floor, the master bedroom sanctuary features a grand fireplace, and connects to the bathroom through a large customizable walk-in closet. The master bedroom is a gem: dual sink with Delta facets and a jetted, freestanding tub. To complete this oasis of relaxation, the floor benefits from a home office/ lounge area with direct access to a calm and quiet back terrace.

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Bedroom view

The fourth floor brings two additional bedrooms, a full bathroom and a washer dryer. This floor could also be reconfigured as a laundry room, a recreation area or a cinema. It is certainly a floor that opens to ideas for tailored space configurations.

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Reaching the fifth floor will bring an owner’s wildest thoughts into perspective. A top floor gallery with a terrace boasting incredible views of Manhattan. The floor has plumbing for a full bathroom or an outdoor hot tub/Jacuzzi (just a thought), and can be used as an additional entertaining space, an art or music studio, or a projection room among other things.

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Urban sophistication: 

To conclude, the choice of living at 438 West 20th Street reflects a modern, subtle, and sophisticated lifestyle. This townhouse is one of the best accomplished mix of historical grade property with modern features that bring a unique atmosphere and experience that the future owners will be able to embrace for many years ahead.   

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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.

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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.
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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.

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