Archives for posts with tag: new development

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

One Madison Park, one of Downtown most awaited new development designed by Cetra/Rudy, is finally seeing the light of the day, or should I say, the end of the tunnel. Indeed, this magnificent development went through financial and legal turmoil, which stalled its progress. Another anecdote talks about a couple of residents, who bought on floor plans and decided to settle in the unfinished building, which later fell in bankruptcy. Fortunately, for these residents and excited buyers eyeing the Downtown market, One Madison Park is ready for completion and closings are happening as early as the 1st quarter of 2014. Developer Related led the rescue scenario which included creditors CIM and HFZ Capital, as well as interior design firm Yabu Pushelberg hired to finish the remaining half of the units, the lobby and amenity spaces. A couple of months ago, Related already had a successful experience with a similar situation at 225 Rector Place, a bankrupt building, that they transform into one of the most successful Battery Park City condominium.

One Madison Square Park stands upon a unique location, where Downtown meets Midtown South, and at the crossing of the Flatiron, Gramercy, NoMad and Chelsea neighborhoods. Facing the beautiful Madison Park, residents can enjoy the change of the season sceneries along with 360 degrees breathtaking views of Manhattan. No other residential building in NY offers these views – it’s a feature that you would only find at One Madison Square.

To preserve the residents privacy, the entrance of this 60-residence only boutique condominium is located at 23 East 22nd Street above which a duplex and triplex units will be available for buyers who prefers a “townhouse” living style to the “perched-in-the-sky” condominium. The lobby will be filled with marble walls and sculptural element. “A slender water feature casts light and shadow behind tall wood columns and a soft mosaic-patterned custom rug leads guests to a curated permanent art installation created specifically for One Madison”.

As mentioned above half of the residences feature Yabu Pushelberg interiors and the other half Cetra/Ruddy interiors. Yabu Pushelberg (see pictures below) brings a contemporary, elegance and calm environment to full floor residences. Living rooms layout with open kitchen and a set back with dining areas offer multiple views of the Manhattan skyline from one room, ideal for casual get together or dinner with private chef enjoying the top of the line kitchen features.  The master bedroom on full floor overlooks Madison Avenue and the Park, while the baths covered in custom blue Cippolino marble vanity with grey stained European oak cabinetry creating the feeling of a spa.

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The Cetra/Ruddy interiors (see picture below) are a “Modernist-style celebration of natural light and expansive skyline views” and feature lighter finishes such as wide plank solid white oak flooring and finishes in light hues which the loft like interior with sky high living, custom kitchen in satin-rubbed Indian Laurel veneer, and marble countertops. The baths feel like zen havens filled with stone surfaces from Italian travertine to rich marbles.

 

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The amenities and service level brought by related have been curated to meet with the future owners high expectations and demands. To that extend, the One Club will provide assistance with everyday needs as well as access to the most exciting activities and entertainment the city offers. The assistance extends to the organization, design and planning of private event within the building.

The amenities include an upscale dining room to provide owner’s guests with cocktail and gastronomic parties thanks to the butler’s service and gourmet catering kitchen. A screening room, lounge and entertainment rooms are available for relaxing outside your apartment. Residents can take relaxation to a higher level by enjoying the 75-foot pool and spa, located next to state-of-the art gym and yoga studio. 

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Once a stalled hotel project, the entire block of 10th avenue between 20th and 21st Street, aka 500 West 21st street, finally broke ground to lead toward the construction of a luxury condominium building.

The developer, Sherwood equities, known for being very meticulous in their approach, was able to snap the construction site from the Hotelier Andre Balazs and investor Charles Baichman for $23.5M in 2010, half the price these two paid for the side in 2008.

The proximity to the High Line and the evolution of the neighborhood as a more family-friendly area has led this 32 units building to offer larger apartments, many said to be over 4,000sqft. The apartment mix should consist of 12 two-bedrooms, 13 three-bedrooms and 4 four-bedroom, with 2 penthouses and 2 duplexes. The architect Ms Atkin mentioned that 65% of the units will feature either a terrace or a balcony, and most of them will have 2 exposures, and command views of the Empire State Building and the High Line. Thanks to the zoning, which aimed at preserving West Chelsea’s landscape, the building will be no higher than 80 feet, and blend well with the area by reflecting its industrial character, respecting the stately Romanesque Church and Seminary Row along the 20th street side.

The interior design was handed to Mark Zeff whose focus is to give a “luxurious industrial” quality to the property to balance with the contemporary classic feel of the layouts and building design. To that extend, he is “planning to run a thread of oil-rubbed bronze from an exterior canopy throughout the public spaces and even into some areas within units”.

Finally, on top of the gym, playroom and meeting room, the project will feature a garden of mature trees on the second level of the building that will act as a screen from those passing on the High Line. Residents at this level will enjoy private terraces extending into the foliage. Image