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Tag: New York City real estate

  • NYC real estate this week: Thankful or no thanks?

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    Real estate players  in and around New York are finding reasons to be thankful this holiday season.

    New York Attorney General Letitia James is thankful after U.S. District Judge Cameron McGowan Currie dismissed the mortgage fraud case against her on Monday. The judge ruled that the prosecutor in the case, Lindsey Halligan, was illegally appointed by the Justice Department.

    The case (as well as James Comey’s) was thrown out without prejudice, meaning it could be revived. The path for refiling is unclear, however, as the DOJ’s prosecutor was ruled ineligible to bring the indictments again.

    A federal grand jury indicted James last month. Allegations included marking on a mortgage application that a house she and her niece bought in Virginia would be a primary residence, misrepresenting the number of units at a row house in Fort Greene, Brooklyn and falsifying documents to secure better mortgage terms.

    James’ legal team argued the case was part of a “political retribution campaign.”

    Hundreds of city influencers are thankful to be part of mayor-elect Zohran Mamdani’s transition team. That includes two dozen people on his transition committee for housing.

    The housing group includes nonprofit housing organizations, union reps, YIMBY groups, religious leaders, tenant groups, private real estate developers and multifamily lenders. Representatives from the private sector include Real Estate Board of New York Chair and Two Trees Management CEO Jed Walentas, L+M CEO Lisa Gomez and M Squared COO Carolee Fink.

    Members of the committee also include veterans of the de Blasio and Bloomberg administrations. Notably, The Partnership for New York’s Kathy Wylde is on another committee and five representatives from the Democratic Socialists of America were named to different committees.   

    Abramson Brothers is thankful for the 467m tax incentive program, which offers property tax breaks to owners converting office buildings into apartments.

    Abramson is converting its 90,000-square-foot office building at 333 West 52nd Street in Hell’s Kitchen into a 108-unit residential property; architecture firm CetraRuddy is leading the redesign.

    This represents the longtime office landlord’s first office-to-residential conversion. Amenities will include a fitness center and a terrace.

    Unfortunately, not everyone is thankful these days. Turkeys, for one, probably aren’t loving this holiday, nor are air traffic controllers.

    The same could be said for brokers and owners fearful of a bill working its way through the city.

    The Community Opportunity to Purchase Act is a proposed measure that would grant city-approved nonprofits first dibs to buy buildings with three or more residential units. 

    Opponents, including brokers and property owners, are not pleased, arguing the bill will “disrupt the city’s housing market,” bring transactions to a crawl, deter investors and lenders due to delayed closings and preclude time-sensitive 1031 exchanges.

    Proponents, however, are gobbling it up, saying COPA will curb speculation and help nonprofits create and preserve affordable housing for low-income tenants.

    It’s a fight that doesn’t appear likely to be settled at the Thanksgiving table.

    Read more

    Judge tosses Letitia James’ criminal case


    Real Estate Board of New York Chair and Two Trees Management CEO Jed Walentas, L+M CEO Lisa Gomez, M Squared COO Carolee Fink, Merchants Capital's Matt Wambua

    The Daily Dirt: Mamdani taps housing-focused transition committee


    Adam Abramson and 333 West 52nd Street

    Abramson Brothers plans Hell’s Kitchen office-to-resi conversion


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    Holden Walter-Warner

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  • School’s out for NYC real estate

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    School’s back in session. Real estate is, too.

    JEMB Realty recently ended a legal nightmare with ASA College at a building in Herald Center. The saga began in 2020 when ASA missed rent payments, leading JEMB to sue the school and its owner, Alex Shchegol.

    But the lawsuit was one of many controversies dogging Shchegol and the for-profit college industry. Shchegol made life hard for the college’s old landlord, embarking on a series of unusual legal maneuvers, leading to accusations from JEMB’s lawyers that said his legal strategy amounted to judgment evasion.  

    With the litigation all settled, JEMB may finally collect from ASA; a New York state court awarded two judgments over $18 million against Shchegol and ASA in 2022.

    ASA’s space at 1293 Broadway has since been taken by Yeshiva University.

    That legal saga wasn’t the education system’s only grip on real estate this week.

    The Upper West Side property that held the shuttered Manhattan Country School, a progressive private institution, is up for sale. Manhattan Country School purchased the building from The New School, which housed its music college at the site. 

    The building at 150 West 85th Street was appraised at $39 million in 2021, but it’s unclear what Bob Knakal will be able to arrange in an acquisition.

    The school’s expansion plans, funded by draining its endowment and borrowing $20 million, were hindered by the pandemic and may have ultimately led to its collapse and bankruptcy.

    Queens-based Flushing Bank held the debt. Last October, it filed for foreclosure on the building. A bankruptcy filing for the school came months later.

    Glow up

    Elsewhere, Sephora leased a 7,800-square-foot retail space at 1 St. Mark’s Place, a boutique office project in the East Village developed by the late Brandon Miller’s company, Real Estate Equities Corporation.

    The project has seen its fair share of challenges, including a foreclosure attempt in 2021 before construction began and REEC falling behind on loan payments in the middle of last year.

    Despite past difficulties and a shift in REEC’s focus to office development before the pandemic, the completion of the building and this lease indicate a positive step forward for the project.

    Lagging

    New development contracts in NYC fell 9 percent in August, but dollar volume jumped by 13 percent to $597 million, largely on the back of an $87.5 million penthouse deal at 140 Jane Street.

    A major factor contributing to the seemingly slow month was 80 Clarkson Street, a 112-unit development, which has yet to report any contracts despite reported strong sales activity.

    Other factors weighing on the market include a lack of new inventory, buyers anticipating lower mortgage rates and uncertainty surrounding the upcoming mayoral race.

    Read more

    JEMB ends legal nightmare against troubled ASA College


    Progressive Private School to Sell Building through Bankruptcy

    Manhattan Country School to sell UWS building


    Sephora inks lease at Brandon Miller’s East Village project


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    Holden Walter-Warner

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  • Central Park Views And Celebrity Neighbors Are Highlights Of This NYC Condo

    Central Park Views And Celebrity Neighbors Are Highlights Of This NYC Condo

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    A two-bedroom condo in famed architect Robert A.M. Stern’s celebrity-filled 15 Central Park West takes in panoramic views of the park.

    The apartment sits on the 27th floor of “the Tower” of the two-building complex, overlooking the iconic green space and the Manhattan skyline that borders it.

    The building was constructed in the mid-2000s and has been home to numerous celebrities and public figures, including actors Denzel Washington and Robert De Niro, musician Sting, baseball player Alex Rodriguez and former Goldman Sachs CEO Lloyd Blankfein.

    While the building is relatively new, its limestone facade was sourced from the same quarry as the Empire State Building and the New Classical style complements its neighbors on the iconic street. It also has a long list of amenities, including a 75-foot pool, 14,000-square-foot fitness center, basement wine cellar with tasting bar and 20-seat screening room.

    The unit features 11-foot ceilings and tall windows that frame the protected view. The more than 2,300 square feet of space includes two large en-suite bedrooms and a half bathroom. The master bedroom has a large walk-in closet outfitted with shelving and inset lighting, along with a modern light fixture.

    “It’s the ideal pied-à-terre,” says listing agent Thomas Duger of Elegran.

    Duger noted that the position toward the middle of the 43-story tower provides a great vantage point.

    “Sometimes, when you’re too high up, you lose perspective of the park,” Duger shares.

    The current owners have renovated the apartment, and finishes include light-colored herringbone wood floors, detailed moldings and a half bathroom with a full slab of onyx marble.

    “To have a new-ish condo in a building of this nature, there’s nothing like it,” Duger says.

    The apartment was recently listed for $13.5 million.

    The building is in the center of cultural life in Manhattan, close to Broadway theaters and Lincoln Center, and blocks from the Museum of Modern Art and the American Museum of Natural History.

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    Lisa Chamoff, Contributor

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  • Ample Space Hits The Sweet Spot In This Stylish New York City Loft

    Ample Space Hits The Sweet Spot In This Stylish New York City Loft

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    A stylishly renovated multiroom apartment in New York City comes with large living spaces and is situated in the Lifesaver Lofts, a turn-of-the-last-century factory that once manufactured the iconic candies.

    The building is located in Manhattan’s Chelsea neighborhood, less than a block from both the High Line and the Chelsea Piers sports complex as well as Hudson River Park. It’s surrounded by world-class art galleries, restaurants and shops.

    Once considered a state-of-the-art candy-making facility, the building was converted into condos a little over a decade ago.

    The current owners spent over a million dollars on a sophisticated renovation of the 4,000-square-foot space that blends prewar elements and stylish modern updates.

    “Everything was well thought out,” said listing agent Ignacio Cesped of Elegran.

    There are wide windows, cast-iron columns and exposed brick throughout, elevated by European oak floors, stylish wallpaper and modern, artistic lighting. There is plenty of wall space to hang artwork.

    The apartment has 11-foot plaster ceilings and a 38-foot-wide great room with a floating fireplace that creates two large seating areas, one of which has a wet bar and space for a small dining nook. This space is currently occupied by two semicircular sofas that echo the building’s past.

    The main room is flooded with light from tall windows and opens up to a large dining room that currently fits a table that seats up to eight people. This leads to a modern kitchen with a marble-topped center island and dark blue Shaker-style custom cabinets, along with Miele and Viking stainless-steel appliances.

    Along with the great room, there’s a separate living room that has a flat-screen TV and built-in speakers.

    The separate laundry/mud room in the apartment spans more than 300 square feet and comes with an area for washing pets, which Cesped notes is a great amenity in the dog-friendly neighborhood.

    There are three en-suite bedrooms, with a fourth bedroom currently being used as an office. Two of the bedrooms, including the primary suite, come with walk-in closets. The bedrooms are large and fit plenty of furniture, including dressers, desks and seating areas. The primary bathroom comes with radiant heated floors, limestone tiles and a separate walk-in shower and a free-standing soaking tub.

    The building has a part-time in-person doorman and also a virtual doorman service that monitors the entrance remotely, Cesped said. Residents also have access to a fitness center and a rooftop terrace with views of the Hudson River and the Manhattan skyline.

    Cesped notes that the carrying costs—just under $3,000 a month—are low for the unit, which is listed at $6.5 million.

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    Lisa Chamoff, Contributor

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  • Touch The Sky: Manhattan Penthouse Features Private Rooftop Terrace, Access To Outdoor Kitchen

    Touch The Sky: Manhattan Penthouse Features Private Rooftop Terrace, Access To Outdoor Kitchen

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    A penthouse in Manhattan’s Chelsea neighborhood comes with a large private terrace that takes in unobstructed western views of the city skyline and sunsets, providing a calm resting place in the bustle of the city. It also has access to a shared outdoor kitchen for easy al fresco dining.

    The three-bedroom, 3.5-bathroom residence is on the 12th floor of a full-service, luxury condominium built in 2008. A set of glass-enclosed stairs from the main living area lead to the 823-square-foot private terrace. The landscaped space is surrounded by built-in lighting.

    The penthouse’s private terrace has direct access to the building’s common rooftop space, which is outfitted with two grills, a wet bar and outdoor shower.

    “You just walk through a gate and the grills are there, and you can come back to your own space and dine outdoors,” said John Dugan of Elegran, who is co-listing the penthouse with Mick DiStasio.

    There are a few other penthouse units, but this apartment, Penthouse B, is “the crown jewel of the building,” Dugan said.

    The 2,324-square-foot interior has 9 1/2-foot ceilings and dark wood floors and is bathed in light from wraparound windows that take in views of the city. The living room has a working fireplace and a built-in entertainment center with glossy white modern cabinetry.

    The open kitchen features a black lava stone island with a breakfast bar, exotic hardwood cabinets and new Sub-Zero and Bosch appliances with custom covers. There is an in-unit washer and dryer.

    The primary bedroom can accommodate a king-sized bed and has a walk-in closet outfitted with custom shelving. A large ensuite bathroom has a long double vanity and glass-enclosed shower. The two other bedrooms have ensuite bathrooms and spacious closets. All the bedrooms face north and have views of the Empire State Building.

    The 99-unit building has an outdoor pool surrounded by lounge chairs and bistro tables. Additional amenities include a 24-hour doorman, concierge services, an onsite gym that overlooks the pool area and attached parking garage.

    The building sits at 133 West 22nd Street at the center of the bustling Chelsea, Flatiron and NoMad neighborhoods, a mixture of quiet tree-lined streets and a main east-west thoroughfare. There are numerous restaurants, boutiques and galleries nearby, and there’s easy access to four subway lines and several bus routes. It’s close to both Madison Square Park, which is a few short blocks away, and Union Square, along with markets including Eataly, Whole Foods and Trader Joe’s.

    The penthouse is listed for $5.5 million.

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    Elegran is an exclusive member of Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

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    Lisa Chamoff, Contributor

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  • $11 Million Condo In New York Historic NoMad Neighborhood Stays True To Its Glory Days

    $11 Million Condo In New York Historic NoMad Neighborhood Stays True To Its Glory Days

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    Madison Square Park is one of New York City’s famous parks. Never heard of it? That’s how the locals like it. The square, which played host to magnificent mansions along Fifth Avenue in the mid-19th century, quickly became the heart of one of the city’s exclusive neighborhoods.

    It still is.

    Residential spaces in NoMad, which stands for “north of Madison Square Park,” these days are higher than they were two centuries ago. That’s because tall commercial buildings eclipsed the area’s storied estates. The 20-story building at 212 Fifth Avenue, for example, was built in 1913, one of the city’s early skyscrapers. The building’s neo-Gothic facade was carefully preserved and its office space converted into tony residences almost a decade ago.

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    Now one of the condos is for sale. Residence 6A has three bedrooms and 3.5 bathrooms in 3,008 square feet — and commanding views of the park (52 feet with direct frontage, to be exact). The unit has 11-foot ceilings and king-sized windows with a spacious great room that can be configured into a roomy living room and dining area.

    The main bedroom is behind the great room to offer maximum privacy; two others with en suite baths are separated by the hall gallery and kitchen. All full bathrooms have heated stone floors, Carrara marble walls, a stand-alone Lacuna soaking tub and a steam shower.

    Details give the residence its luxe feel, such as the book-matched marble foyer and chevron-patterned oak floors. The kitchen features 4-inch thick Calcutta marble countertops and custom ash floors.

    The building, designed by Schwartz & Gross, has a facade made of limestone, terra-cotta and brick with neo-Gothic and Romanesque details. It was restored by Helpern Architects, whose website lauds the “rhomboid-shaped, modern steel-frame structure as progressive as any built at that time of exuberant expansion in the city.”

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    “This building is hot, people love it, people are always asking about it,” says listing agent Ashley Reidy Quinn of New York-based brokerage Elegran. “It’s beautiful.“

    How hot? Amazon CEO Jeff Bezos spent $80 million a few years back to buy three condos in the 48-unit building, including a cushy three-story penthouse called The Crown. Two years later, he bought two more. Texas billionaire Edward Bass also bought two apartments.

    “People really like the boutique feel of the building,” Quinn says. “These billionaires don’t want 250 neighbors; they want their privacy. They want the doorman to know them and they want to know the doorman. There’s really nice security that you don’t have in big buildings, where there are too many people working there, too many people in and out.”

    Lifestyle amenities at 212 Fifth include the usual items — 24-hour doorman, concierge, fitness center and lounge — but also a yoga studio with a private treatment room, a golf simulator, screening and game room and cold storage area for fresh food deliveries.

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    The apartment comes unfurnished, except for window treatments throughout. The selling price is $10.99 million.

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    Mary Forgione, Contributor

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