A Look Inside 49 Chambers, Tribeca's New Luxury Residences, Hidden Inside a Former Bank

49 Chambers, Tribeca's glamorous new condominium conversion by Chetrit Group, has released photos inside their luxury residences which are located inside a former bank. A complete restoration of the landmark building is now underway led by architecture firm Woods Bagot. The restoration includes restoring its ornate facade, intricate carvings, cornices, friezes and the incredible beehive motif found throughout as well as the soaring triple-height banking hall, which will eventually operate as an event space. 49 Chambers is located at 49 Chambers Street in Tribeca, and is one of the most significant examples of New York's ornate Beaux-Arts architecture of the early 20th Century where it is uniquely positioned along City Hall Park, amongst other historic Beaux-Arts landmarks. The Beaux-Arts landmark was designed by Raymond F. Almirall and was built for the Emigrant Industrial Savings Bank originally completed 1912 and the largest banking building at the time.

When finished, the 17-story building will feature just 99 oversized condominium residences starting at approximately 1,000 SF and ranging from 1 to 3 bedroom floorplans with several residences offering additional studies. Many of the residences, which sit atop the banking hall and begin high above street level, will offer treetop and park views. Sales at 49 Chambers launched in April of 2017, with prices starting at approximately $1,955,000. The Marketing Directors is the exclusive sales and marketing agent for 49 Chambers. 

Interior design is being overseen by Gabellini Sheppard Associates, with warm and earthy tones and accents in bronze, metal and mirror to embrace and evoke the old glamour of the landmark. Amenities include a residents’ lounge designed for formal entertaining and relaxed get-togethers that features a dining area, pool table, library and separate catering kitchen; an up-lit mosaic-tiled swimming pool beneath a curved ceiling; a hammam with adjacent steam room and sauna; a fitness center with yoga studio and locker rooms; children’s playroom inspired by City Hall Park as well as a separate tween lounge for older children; screening room; virtual golf room; available bicycle and private storage. A rooftop park features landscape design by M. Paul Friedberg & Partners framed by the carved limestone balustrades and Beaux-Arts ornamentation of the landmark. The rooftop park features a lush lawn, a planted garden, living green walls, multiple seating areas with chaise lounges and cabana furniture and a covered dining area with an outdoor kitchen and grill. The southern view from the rooftop reveals a panorama of City Hall Park, the Woolworth Building, and the World Trade Center.

Photos via Williams New York

Related Companies Launches Leasing at One Hudson Yards

Related Companies has officially launched leasing at One Hudson Yards, their collection of high-design luxury rental residences with a curated collection of art, wellness and lifestyle amenities and services. Pricing for available residences at One Hudson Yards begins at $5,095 per month. The tower features 178 rental apartments that range from 1 to 3-bedroom layouts with a single 4-bedroom penthouse. The 33-story building was designed with architecture by Davis Brody Bond Architects, layouts by executive architect Ismael Leyva Architects and interior design featuring opulent residences and amenities by Andre Kikoski Architect. One Hudson Yards is located at 530 West 30th Street along the High Line and at the southern entrance to Hudson Yards. The sleek stone and glass building overlooks Heatherwick Studio’s interactive design piece Vessel and The Shed, New York’s new center for artistic invention designed by Diller Scofidio + Renfro in collaboration with Rockwell Group. One Hudson Yards is targeting LEED Gold Certification.

“One Hudson Yards was curated for those who seek an elevated sense of living. Each apartment has been meticulously designed with thoughtful details and materials sourced from around the world to create a compelling offering for sophisticated renters,” said Benjamin Joseph, Executive Vice President at Related Companies. “The building provides a comprehensive lifestyle experience with best-in-class amenities and a prime location on the High Line at Hudson Yards – the new epicenter of cutting-edge architecture, culture, shopping, dining and parks.”

Each apartment is generously laid out with 10-foot ceilings, wide-plank grey oak floors, Lutron Maestro advanced wireless lighting controls, and extra-tall windows in a modern curtain wall façade that reveal breathtaking views of Hudson Yards, the Hudson River, West Chelsea and Downtown Manhattan. Unit interiors feature rich details including chef’s kitchen's with built-in Miele appliances, wine coolers, custom cabinetry with matte black hardware, Turkish marble countertops and backsplashes designed by Kikoski himself; spa-inspired marble master bathrooms are adorned with Brazilian quartzite vanities and walls, St. Laurent marble floors and exquisite custom cabinetry, guest bathrooms featuring Crema Bianco marble walls and Nordic Grey marble floors and powder rooms are dressed in Ponte Vecchio Italian marble.

“One Hudson Yards is a unique project and partnership in that Related gave us the creative freedom to produce new materials, rather than simply specify them. We worked with craftsmen and artisans all over the world to envision something truly special and sophisticated. To us, luxury is emotional, not transactional, and we are thrilled to create a very tailored environment for the exceptional individuals who will live in this building,” said Andre Kikoski.

The building’s amenities were also designed by Andre Kikoski Architect with a painstaking attention to detail that is understood the moment you step inside. On the fifth floor, residents will enjoy a sun and barbeque terrace beautifully designed by Landscape Architect Terrain that overlooks the High Line, while the penthouse level showcases two exquisite lounges, each with a full-service kitchen, dining area and landscaped terrace with barbeques, also designed by Terrain. The lower level features a suite of swimming pools comprised of an 82' pool, plunge pool, salt pool and hot tub, all complemented by a spa oasis with a sauna and steam room, seamless connection to a state-of-the-art fitness center curated by Equinox® including a half-court basketball court. Amenities also including a bowling alley, a game lounge which features a pool table, foosball and shuffle board; in addition to a colorful Roto designed children’s playroom with a custom climbing gym, onsite parking, personal storage and bicycle storage. Lifestyle enhancements include pet grooming and daycare provided by Dog City® and RelatedStyle Services®, a suite of rewards and services which include move-in coordination, MasterCard credit card rent payment, easy transfers within the Related Rentals portfolio, in-home package delivery and the opportunity to indulge in Related’s Partner Offer program which offers exclusive benefits including memberships with Equinox® Fitness and Citibike®. One Hudson Yards is the nexus of Hudson Yards and Manhattan’s burgeoning Cultural Coast, extending from The Shed to the new Whitney Museum to the south and 350 art galleries in between.

“One Hudson Yards is the culmination of several years of intense design investigation leading to an unprecedented residential tower built with emerging technologies and advanced material applications,” said Steven M. Davis, Partner at Davis Brody Bond. “Sited along the vibrant and bustling High Line, and directly across from Vessel and The Shed, we used an updated stone and glass vocabulary to create a gateway between traditional Chelsea and the glass buildings at Hudson Yards. The building’s crown features a dynamic dichroic glazing that will establish One Hudson Yards as a literal beacon at the southern entrance of the Hudson Yards Public Square & Gardens.”

“Every aspect of One Hudson Yards has been carefully thought out to create an elevated rental building unlike any in the Manhattan market,” said Chris Schmidt, Vice President of Luxury Leasing at Related Companies. “One Hudson Yards is ideal for renters who have the means to buy but choose to lease the luxury lifestyle.”

Featured Listing: 88 Lexington Unveils Stunning RH Designed Unit Asking $4.72 Million

Unit #806 at 88 & 90 Lexington, a pre-war building and modern post-war building combo in Manhattan's NoMad, has been unveiled asking $4.72 Million. The unit is a 3 bedroom, 3 full-bath and 1 half-bath residence spread over 2,319 SF. It features stunning, contemporary interior design by RH, formerly known as Restoration Hardware, from their RH Modern line. Unit #806 also features 10' 2" ceilings, oversized windows, contemporary kitchen, French limestone master bathroom with deep soaking tub, master-suite with 2 walk-in closets, and a large, open living room. Avant-garde canvases and artwork adorning the walls throughout the residence, emphasizing the its gallery-inspired walls and creating a clean, timeless aesthetic with a modern touch. Accents by RH include a massive, plush washed Belgian linen white sectional emboldened by a 60” cast root coffee table in a bronze finish, a Bezier panel six-door media console and Niccolo floating leaner mirror bronze finish. The kitchen includes a concrete pier round dining table with a Pauillac round chandelier above it, as well as a porthole bar and La Salle medal-wrapped glass sideboard and hutch. 88 Lexington, Unit #806 is listed for $4,720,000 by Beth Stern of Corcoran Sunshine Marketing Group.

Closings Have Begun at Continuum Company's Madison Square Park Tower in Flatiron

Closings have begun at Bruce Eichner’s Continuum Company's Madison Square Park Tower, Flatiron's new, 65-story glass condominium tower designed by Kohn Pedersen Fox. 2 of the sales have already been recorded in public record including at $7,228,723.20 and $6,413,673.19. Prices range from $2,450,000 for a 1 bedroom, 1 bathroom, spread over 1,065 SF to $48 million for 5 bedrooms, 5 full-baths, 5 half-baths, spread over 7,028 SF. The 777' tall tower features 83 luxury residences with interiors by Martin Brudnizki Design Studio and views that include the Empire State Building, Chrysler Building, the clock tower at 1 Madison Avenue, World Trade Center, the Hudson and East Rivers and Madison Square and Gramercy Parks. Madison Square Park Tower is the tallest residential building between Midtown and Lower Manhattan. The first 5 floors of the building are dedicated to a collection of lavish amenities, such as a library, a half court basketball court, golf simulator room, private training and yoga studio, children’s playroom, fully equipped fitness center, drawing room with a billiards and cards room that opens out to a landscaped terrace and a beautifully appointed entertainment suite on the 54th floor, dubbed FIFTYFOUR.

Photos via Evan Joseph 

Featured Listing: Trendy Bleecker Street Designer Loft Asks $10 Million in NoHo

A trendy designer loft designed by interior designer Nina Serafi in NoHo has hit the market for $10 million at 73 Bleecker Street. The unit features 1 bedroom, 2 full-bathrooms and 1 half-bath. The unit features 12.5' ceilings, a large master suite with a master bath complete with heated marble floors, chef's kitchen with wine cooler and marble finishes, dining room, and a library/ media room. 73 Bleecker Street is an iconic co-op that was originally built as the Manhattan Savings Institution in the late 1800's and was the site of the famous George Leslie bank robbery. The building's amenities include doorman, landscaped rooftop terrace and storage for residences. Today the building is preserved as part of the NoHo Historic District. 73 Bleecker St, 2E is listed for $10 million with Natalie (Stone) Abraham, Paul Zweben, Carolyn Zweben, Mariana Pomerlian of Douglas Elliman. 

Tour Tribeca's Newly Opened Luxury Loft Reimagination & Newly Revealed Model Unit at 11 Beach Street

In mid-June 2017 HFZ Capital delivered 11 Beach Street, their reimagination of a former commercial loft style building into a luxury condo conversion. Currently remaining inventory includes 3, 4 and 5 bedroom floorplans that range from 3,844 SF to 5,985 SF and prices starting at $8.55 million. The building features 27 residential units along with 2 penthouses and 3 triplex penthouses. New York-based architecture firm BKSK Architects has re-envisioned the façade and oversaw the building’s renovation which features a rusticated brick base and beautifully preserved brickwork, and nods to its history by incorporating classic terra cotta reinterpreted in a modern design. Famed designer and Tribeca resident Thomas Juul-Hansen, who designed One57, designed 11 Beach Street's interiors as a reinterpretation of loft living enhanced with the privacy of traditional residential design. Residences feature spacious ceiling heights, direct elevator access, custom, eight-inch-wide rusticated plank flooring, en-suite bathrooms, downtown-inspired great rooms, and oversized glass casement windows.

11 Beach Street recently revealed a model residence designed by Thomas Juul-Hansen. Residence 7A is a loft-style 5 Bedroom, 4 Bathroom, 1 Powder, with 3,844 square feet of living space. The unit features direct elevator access, custom eight-inch-wide rusticated plank flooring, luxurious kitchen with side-by-side refrigerators, oversized wine cabinets, dual wall ovens, built-in wok burner and oversized dishwasher by Sub-Zero and Miele, eat-in dining areas and cooking island, and handcrafted cabinetry and hardware. The master bathroom is encased in hand-selected marble and stone with dual sinks, separate bathing, lavatory, and shower chambers, and Dornbracht and Waterworks finishes. Secondary baths and powder rooms feature an elevated level of detail, including hand-laid marble and stone paired with custom, white oak-stained cabinetry. Each bedroom in the residence features an en-suite bathroom. The residence features spacious entertaining spaces and soaring ceiling heights, all framed by highly efficient, oversized glass casement windows which showcase views of Tribeca. 7A’s interiors were decorated by IMG.  

Images via Evan Joseph.

The Triplex Penthouse at The Pierre Hotel Has Finally Sold for $44 Million

The penthouse at The Pierre Hotel has finally sold for $44 million, $81 million under its original $125 million list price. At the time of the sale the unit was listed at $57 million and the closing price comes to around $3,666 SF. The 12,000 SF residence features 5 master bedrooms, 6 full bathrooms, 3 half-baths. The penthouse has 16 rooms in total including living room, The Pierre Hotel's original ballroom, 4 terraces, 5 working fireplaces, guest suites, staff quarters, grand staircase, private elevator and a chef's kitchen. The seller was Barbara Zweig, who decided to downsize after the death of her late husband, Martin Zweig, who originally purchased the penthouse for $21.5 million in 1999. The buyer is rumored to be Cantor Fitzgerald CEO Howard Lutnick after the unit closed under 795 Properties LLC. The Pierre Hotel is located at 2 E 61st Street and is a Taj Hotel. The unit was listed with Mary Rutherfurd and Leslie Coleman of Brown Harris Stevens. 

Featured Listing: Upper Eastside Oversized Loft Designed by Taylor Spellman of Bravo's "Yours, Mine or Ours"

A stunning new Upper East Side listing has hit the market designed by Taylor Spellman, star of Bravo’s “Yours, Mine or Ours." Spellman is known for her work in high-end residential buildings, and she brought her interior design expertise to 389 E 89 #5H. The unit is a unique, oversized loft that spans 743 SF and is listed for $975,000. Taylor's handpicked selections feature a pastel and gray color palette and soaring ceilings over 10.5 feet. Oversized windows bathe the home in natural light and provide residents with striking views of idyllic, tree-lined streets. Taylor chose a plush sand colored sectional couch with light pink and white accent pillows facing glass tables with oblong gold detailing for the living space, creating a cheerful, inviting ambiance ideal for entertaining or relaxation. The bed is situated off to the right and features an off-white fabric frame and throws that perfectly harmonize the neutral and pink hues found throughout the living area, enabling the two spaces to seamlessly connect. Vibrant décor such as a large pastel pink canvas and a collection of framed photos adorn the walls surrounding the bed creating an elegant and serene aesthetic. Amenities include 24-hour concierge for security and reception services, dry cleaning, valet, 33rd floor lounge and landscaped rooftop lounge with 360-degree view of Manhattan and its surrounding rivers, a state-of-the-art fitness center, children’s playroom, and a landscaped private garden. 389 E 89 #5H is currently listed for $975,000 with Shannon Boudreau of Corcoran Sunshine Marketing Group.

Extell Development Company's The Kent Races Toward's Completion After Top Off on the Upper East Side

Extell Development Company's The Kent fully topped out in February and has been racing towards completion. The Kent is a new luxury residential development in the Upper East Side designed by Beyer Blinder Belle. The building’s architecture is a nod to the history of the Upper East Side that includes the classic buildings found along Park and Fifth Avenues, and pays homage to New York City’s Art Deco structures from the 1920s. The Kent’s façade is constructed of brick and limestone, accented by metalwork paneling, oversized windows, and culminates with a series of steel and glass lanterns crowning the building. The grand entrance on 95th street opens onto a remarkable double-height lobby paneled in rich rosewood. The sales gallery is located at 1450 Lexington Avenue.

The Kent will feature 83 luxurious grand condominium residences designed with elegant living spaces. Floor-plans range from 2-to-5 bedroom layouts and range in size from 1,285 SF to over 5,000 SF. Pricing start at $2,450,000, and the building offers a 421A tax abatement. Units feature 10-to-15 foot ceilings, 8x8-foot windows that highlight the multiple exposures and views of Midtown, Central Park and the East River; and distinctive finishing details including custom millwork and hardware, and a choice of Ebonized or Brushed Oak flooring throughout. Interior design by Alexandra Champalimaud's firm Champalimaud includes bespoke interiors that reflect a stately, Park Avenue perspective. Designs incorporate classic elements such as gracious foyers, formal living and dining rooms, state-of-the-art kitchens and luxurious bathrooms complete with luxe finishes and materials. As with all Extell buildings, residents will be able to choose from the three signature “Extell Choice” of distinct finish selections.

Three levels of indoor and outdoor lifestyle services and amenities include a drawing room featuring a fireplace and marble-top bar, 3rd floor garden salon that includes a billiards table, a full catering kitchen all overlooking a beautifully landscaped courtyard designed by West8 Landscape Architects, a state-of-the-art fitness center, a heated indoor swimming pool and Finnish saunas, a dog wash station and stroller valet. A one-of-a-kind amenity offered at The Kent is The Sound Lounge, designed by Lenny Kravitz’s Kravitz Design firm. The lounge is a blended state-of-the-art recreational space, screening and family room, and a refined rehearsal studio. Professional quality instruments give residents a rare opportunity to play and practice music in their own building.  

Renderings for 540 Hudson Street Designed by Morris Adjmi Architects Unveiled

New renderings for 540 Hudson Street in the West Village have been released. The building design is by Morris Adjmi Architects and has been submitted for approval from the Landmarks Preservation Commission. 540 Hudson Street is being developed by William Gottlieb Real Estate. The building will feature 5,600 SF of retail on the ground floor along with 552 SF of community space. The total development will feature 26 units with a 7th floor penthouse. The developers have not set any expectations for final completion.

$65 Million Penthouse at Related Companies' 70 Vestry Goes Under Contract

The $65 million penthouse at 70 Vestry is now under contract. The announcement comes just months after a $50 million penthouse at 70 Vestry went under contract. The building is being developed by Related Companies and was designed by starchitect Robert A.M. Stern. The unit spans 7,800 SF with another 3,700 SF of outdoor space. The penthouse also features 4 bedrooms, 4 kitchens, a solarium, a library, and a wraparound roof deck. The highest sale in Tribeca is currently held by a $47.8 million closing at 56 Leonard. 

70 Vestry is expected to be completed in 2018 and is close to 90% sold. The building features a mere 46 condos with a limestone façade adding an elegant touch to the Tribeca skyline. Stern selected Beaumaniere limestone that comes from a quarry on the banks of the Seine, 150 miles south of Paris where it has been quarried in the French countryside for hundreds of years and delivers the beauty, quality and consistency that was needed at a development of 70 Vestry's stature. Other amenities have an emphasis on privacy and include a private courtyard, porte cochere entry with an automated garage, library, state-of-the-art fitness center and limestone and marble indoor pool. Its location on the West Side Highway offers breathtaking views of the Hudson River

Construction Update: Steinway Hall's Restored Facade Revealed at 111 West 57th Street as Construction Progress' at The World's Skinniest Supertall

Steinway Hall’s restored facade at 111 West 57th Street has been revealed as JDS & Property Markets Group move forward with construction of the skinny, luxury residential supertall on Billionaire's Row. 111 West 57th Street was designed by SHoP Architects who had to integrate the historical Steinway Hall, which was originally designed in 1925 by Warren & Wetmore and served as the legendary piano company's headquarters until 2014, into the new building's design. The historical building will serve as the resident's entry and private porte cochère. 

111 West 57th Street will feature full floor and duplex apartments with 360-degree views and unparalleled views of Central Park. The tower will rise 1,400' when completed it will be among the tallest towers in the city and the most slender skyscraper in the world. SHoP's design for the tower form multiplies the set-back to present a feathered profile. The terra-cotta facades and bronze filigree aim to bring back the quality, materiality and details of historic New York towers, while taking advantage of the latest technology to push the limits of engineering and fabrication. 111 West 57th Street is being developed in partnership with Property Markets Group and is being built by JDS Construction Group. Completion is expected in early 2019.

Featured Listing: One57 Unit Designed by Thomas Juul-Hansen Lists for $52 Million

Billionaire's Row has another stunning listing at One57, located at 157 West 57th St. Residence 77 has hit the market for $52 million. The unit features 4 bedrooms and 4.5 bathrooms, spread over 6,240 SF. Residence 77 features interior design by Danish designer Thomas Juul-Hansen, private elevators, 11'9" ceilings with floor-to-ceiling glass, immaculate views of Central Park up through the George Washington Bridge, Brazilian Rosewood floors, chef's kitchen, and Crestron smart-home technology. One57 was designed by Pritzker Prize-winning architect Christian de Portzamparc features access to personal services of Park Hyatt's new 5-star flagship hotel which is located in the building. One57 amenities include 24-hour doorman and concierge, private dining room, full catering kitchen, library with billiards room and 24' aquarium, arts and crafts atelier room, screening and performance room, private fitness center and yoga studio, discreet additional 58th Street entry, onsite parking garage, and pet wash room. One57 residents also have access to the Park Hyatt Hotel services and amenities, with direct access by elevator to the hotel's indoor swimming pool, spa, and restaurant. Residence 77 is currently listed for $52 million with Robert Dvorin, Young Lee, Ian Wolf, and Leah Beswick of Douglas Elliman Real Estate. 

Douglas Elliman Releases Q2 2017 Manhattan Market Report, Shows Strong Resales, Rising New Development Inventory

Douglas Elliman Real Estate, one of the the largest brokerages in the New York Metropolitan area and the 4th largest residential real estate company nationwide, have released their Q2 2017 market report. The report reflects strong sales and re-sales, rising prices and declining resale inventory for the first time in 3 years as many aspirationally priced listings expired and were cancelled. New development inventory continued to push higher. 

"What is clear that the Manhattan real estate market remains surprisingly robust, especially on the re-sale side. Prices have moved higher, including two new records set and there has been a sharp rise in sales, as inventory has slipped," said Steven James, CEO of New York City, Douglas Elliman. "Northern Manhattan continues to show brisk conditions as buyers seek out affordability. Sales in Northern Manhattan sales are four times what they were in 4x more than they were 25 years ago. What is clear is that the market remains surprisingly robust, especially on the re-sale side."

MANHATTAN HIGHLIGHTS

- Price trend indicators moved higher, 2 set new records
- Sharp rise in sales as inventory slipped keeping market pace brisk
- New development inventory edged higher as re-sale inventory declined annually for first time in 3 years
- Overall market share of bidding wars slipped but remained above average
- Market share of cash sales fell to lowest level since began tracking more than 3 years ago
- Listing discount rose to tie the highest level in nearly 5 years as sellers increasingly coming down to meet buyers on price
- Luxury listing inventory fell sharply as aspirational priced listings were allowed to expire

KEY TREND METRICS (YOY)

- Median sales price jumped 7.3% to $1,189,011 [record]
- Price per square foot increased 0.8% to $1,773
- Average sales price rose 7.9% to $2,189,037 [record]
- Number of sales surged 15.2% to 3,153
- Listing inventory slipped 0.6% to 6,311
- Days on market rose 21.3% to 108 days
- Listing discount was 6.1%, up from 2.2%
- Absorption rate was 6.0 months, down from 7 months

CO-OP MARKET

- Median sales price increased 3.4% to $793,750
- Price per square foot rose 1.3% to $1,348
- Average sales price rose 4.8% to $1,363,916
- Number of sales jumped 22.2% to 1,674
- Listing inventory slipped 0.4% to 2,775

CONDO MARKET

- Median sales price increased 19% to $1,875,000 [record]\
- Price per square foot rose 1.3% to $2,100
- Average sales price rose 13.2% to $3,122,946 [record]
- Number of sales increased 8.3% to 1,479
- Listing inventory slipped 0.9% to 3,536

LUXURY MARKET (UPPER 10% CO-OP/ CONDO SALES)

- Median sales price was $6,836,269, up 3.5%
- Price per square foot rose 2.2% to $3,037
- Average sales price rose 7.6% to $9,280,290
- Listing inventory declined 11.2% to 1,235
- Luxury market threshold jumped 12.7% to $4,875,000 

NEW DEVELOPMENT MARKET (CO-OP/ CONDO SALES)

- Median sales price increased 22.8% to $3,306,656
- Price per square foot slipped 0.8% to $2,556
- Average sales price was up 7.3% to $4,703,544
- Number of sales rose 10.1% to 556
- Listing inventory rose 3.1% to 1,021
- Market share was 17.6%, down from 18.5%

RE-SALE MARKET (CO-OP/ CONDO SALES)

- Median sales price increased 3.2% to $975,000
- Price per square foot was up 2.8% to $1,494
- Average sales price increased 10.3% to $1,650,698
- Number of sales rose 16.4% to 2,597
- Listing inventory slipped 1.3% to 5,290
- Market share was 82.4%, up from 81.5%

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NORTHERN MANHATTAN HIGHLIGHTS

- Market wide apartment price trend indicators flirt with records as buyers hampered by limited
supply
- Apartment listing inventory has fallen sharply year over year for the past 2 quarters
- Number of apartment sales moved higher as remainder of Manhattan sought out greater
affordability here
- Market share of Manhattan apartment sales quadrupled from 2.1% in 2Q 1992 to 8.3% in 2Q 2017
- Townhouse sales continued to be held back by lack of supply
- Townhouse price trend indicators moved sharply higher

KEY TREND METRICS (YOY)

CO-OP & CONDOS

- Median sales price jumped 16.3% to $630,000
- Price per square foot increased 12.7% to $894
- Average sales price rose 18.7% to $778,657 [record]
- Number of sales increased 9.6% to 263
- Listing inventory fell 16.3% to 303

TOWNHOUSES

- Median sales price rose 9.3% to $2,187,500
- Price per square foot surged 36.3% to $943 [record]
- Average sales price rose 14.7% to $2,237,750
- Number of sales fell 25.7% to 26
- Listing inventory declined 40.9% to 55

ABOUT DOUGLAS ELLIMAN:

Douglas Elliman was established in 1911 and has grown to become the largest regional and the nation's fourth largest real estate company. Douglas Elliman has a current network of more than 6,000 agents in over 80 offices throughout Manhattan, Brooklyn, Queens, Long Island (including the Hamptons and North Fork), Westchester and Putnam Counties, as well as South Florida, California, Connecticut, Colorado and New Jersey. In addition, through a strategic partnership with Knight Frank Residential, Douglas Elliman's powerful network extends to 488 offices in 59 countries. 

SOM's 252 East 57th on Billionaire's Row Unveils Daniel Romualdez-designed Amenities

Anchoring the eastern corridor of Billionaire’s Row, SOM’s 252 East 57th Street has just unveiled the tower's exclusive amenities. The 34th Floor Club and Pool are the first commissioned development designed by AD100 interior architect Daniel Romualdez, whose portfolio includes the homes of notable musicians and fashion leaders including Mick Jagger and Tory Burch. The 34th Floor Club encompasses the entire floor and features panoramic views of the New York skyline and serves as an extension of each resident’s private home. Amenities include access to a luxurious lounge with piano and gas fireplace, a library curated by The Strand, a formal dining room with catering kitchen available for private events, a 70’ south-facing terrace, a billiards room, breakfast room, conference room, state-of-the-art screening room, two fully furnished guest suites with private kitchens, and a state-of-the-art fitness center complete with Peloton bikes as well as yoga and Pilates studios. Additional amenities include a porte-cochère that leads to an automated parking garage with electric car charging stations, a 75-foot swimming pool, custom hydrotherapy circuit spa, children’s playroom, Luxury Attaché concierge, and a dog playroom serviced by SPOT. 252 East 57th features 93 condominiums which are located on the top 36 floors of the 700' tall tower which was designed by Skidmore, Owings & Merrill (SOM) and developed by World Wide Group and Rose Associates. The tower also features 175 rental residences known as Aalto 57 on the lower floors. Sales for available condominium units range in size from 1738 to 4972 SF and range in price from $3,975,000 to $14,800,000.

When designed the intrior spaces, Romualdez drew inspiration from iconic NYC spots such as Mr. Chow’s and Halston’s showroom at the Olympic Tower. Romualdez said he “wanted the interiors to be very urban and sleek. We chose certain pieces like the St. Thomas sofa and the waterfall coffee table - both in the living room - because they are personal favorites. The Arne Jacobsen swan chairs in the library were a nod to the cosmopolitan design-minded person who I imagined would be a resident of 252.” On working within SOM’s architecture, he explained, “we used the curve of the building, a significant SOM feature, as a running theme throughout our design. The outline of the pool is curved, as is the oval handrail." 

Proposed Renovation for 50 Hudson Street by Theirry Despont Inches Closer to Approval

50 Hudson Street is inching closer to approval for the addition of a glass, two-story residential addition to the rooftop. The proposal must get final approval from the Landmarks Preservation Commission but was reportedly well received by local residents who embrace the proposed modern infusion while preserving the neighborhoods historic charm. The two story, 8706 SF addition is designed by Theirry Despont and will be constructed from glass brick. The new structure will feature 3 residential units, a rooftop terrace and a penthouse atrium. 50 Hudson Street, located at 540-544 Hudson Street, was originally built in 1925 and renovated in 2007. The building features 11,000 SF of usable space including ground floor retail and 2 floors of office space. No date for resubmission of plans for review have been announced.  

Featured Listing: 4-Bedroom Penthouse Unit at The ODA Designed 15 Renwick Asks $8.9 Million

Penthouse 3 at the ODA Designed 15 Renwick has hit the market for a cool $8.9 million, roughly $3,916 SF. The trendy 4 bedroom, 5 bathroom unit is spread over 3,575 SF. The unit features an open flow floor plan, large terraces, Poliform kitchen with stainless steel countertops, and a large master bath complete with a deep soaking tub and herringbone marble. 15 Renwick was designed by ODA Architecture and houses 31 residential condo units with a mix of 2 and 3 bedroom floor plans, three townhomes with private yards and four penthouse duplexes. Residences feature wide-plank walnut flooring, oversized 8-foot windows, Waterworks fixtures, Bosch washer/dryers, Creston Home Automation Systems, HVAC, etc. Amenities include optional private parking, a fitness center and boxing gym, 24-hour doorman, roof deck, zen garden designed by the renowned HM White Site Architects and on-site storage. 15 Renwick Street, PH3 is currently listed for $8.9 million with Doron Zwickel of CORE Real Estate.

150 Fifth Avenue to Undergo Redevelopment Complete With 2 Story Rooftop Addition

L&L Holding Co. has announced a major redevelopment of Flatirons's 150 Fifth Avenue, an office tower originally completed in 1890. When the redevelopment is complete the updated office building will feature 227,500 SF of office space complete with the addition of a unique, 2 story rooftop complete with a roofdeck. In all, 150 Fifth Avenue features 11 floors of rentable office space with open floorplans. The ground floor features 15,000 SF of rentable space, floors 2-8 feature 23,000 SF of rentable space each, floor 9 features 21,000 SF, before dropping to 16,000 SF and 14,500 SF respectively on 10 and 11. The redevelopment is being designed by Studios Architecture with Higgins Quasebarth & Partners. OC Development Management will be the project manager. Construction is expected to begin in February 2018 and wrap-up late summer 2019. According to TheRealDeal, Mastercard was negotiating with L&L Holding Co. in May 2017 lease the entire building at 150 Fifth Avenue where they reported average rent for office space in the Flatiron District was $72 SF. 150 Fifth Avenue was originally built in 1888 and was completed in 1890, undergoing a major renovation in 2003 and was selected in 2005 as BOMA’s Renovated Building of the Year.

The 740 Park Avenue Co-Op Jacqueline Kennedy Onassis’s Spent Her Childhood Sold for $25.25 Million

740 Park Avenue is not stranger to the rich and famous. The infamous, ultra-luxury co-op apartment building on Park Avenue between East 71st and 72nd Streets is one of the most luxurious residential building in New York City and home to some of the world's wealthiest including David Koch and Woody Johnson, amongst others. The apartment that Jacqueline Kennedy Onassis grew up in has finally sold for $25.25 to Jacob M. Safra of the banking family. The duplex unit, 6/7A, was listed for $29.5 million and covers 4 bedrooms and 6.5 bathrooms. The total floorplan features 12 rooms including a library, dining room, grand living room with fireplaces, 3 large ensuite bedrooms, media room and a large master-suite complete with 2 marble bathrooms. The unit was recently renovated by Fox-Hahem Associates. Interestingly enough, 740 Park was developed by Kennedy Onassis' grandfather, James T Lee. The 17 story building was designed by legendary architect Rosario Candela and Loomis Harmon and features 31 units. The sale of 6/7A closed for $25,250,000 and was overseen by Oren and Tal Alexander of The Alexander Team with Douglas Elliman.  

Construction Update: One Manhattan Square Nears Halfway Point, On Track for 2019 Completion

Gary Barnett's Extell Development is is a cruising through construction on One Manhattan Square, the 850' residential skyscraper project being developed at 252 South Street. The tower is now close to halfway up and is on track for a 2019 completion. Construction is moving smoothly despite a lawsuit from Con Edison alleging construction on the tower destroyed a nearby steam main and caused $4 million of damage. One Manhattan Square will feature 815 residential units which start at $1.2 million for a 1 bedroom, and range up past $4.4 million for a 3 bedroom in terms of current listings. A duplex has previously sold in the tower for $13 million. The building is designed by Adamson Associates with interior design by Meyer Davis Studio and lush landscaping around the property by West 8. One Manhattan Square features 100,000 SF of indoor and outdoor amenities including a sports club, full court basketball court, bowling alley, squash court, golf simulator, fitness center, spa, tranquility garden, 75' indoor swimming pool, hot tub, wine room with cellar bar and lounge, billiard room, cigar room, children's room, private motor court, and 24 hour doorman and concierge amongst others in this extremely highly amenitiezed building.