Category Archives: Article

2nd Quarter Tribeca/Soho Real Estate Report Released

2Q Tribeca/Soho Real Estate Report Released

 

Click on above image for a printable copy of the latest report with charts.

Prices in Tribeca & Soho notched deeper into record territory during the 2nd Quarter, eclipsing $1,700 per square foot on average for the first time ever, according to new data reported on real estate appraisal firm Miller Samuel Inc.’s website.

 

The gains came amid a desperate lack of inventory in the trendy neighborhoods, as sales transactions in the area fell by 20% during the quarter, the New York real estate appraisal firm reported. The drop represented the first time that sales transactions in the two neighborhoods during the 2nd Quarter were less than they were in the 1st Quarter in more than ten years, according to MillerSamuel.com.

 

The trend stood in contrast to the rest of Manhattan, where prices dipped slightly during the quarter while the number of transactions rose modestly. The average price per square foot in Manhattan at large during the 2nd Quarter was $1,268, which was down 7% from the 1st Quarter, according to Miller Samuel’s website. That dip only represented a slower pace of growth for the greater Manhattan market however, as prices still remain 10% higher than they were at the end of the first half last year, the firm reported.

 

The average price per square foot in Tribeca & Soho was $1,713 at the end of June, according to MillerSamuel.com. That figure is up 14% since the same time last year, and an astonishing 34% over the past 24 months.

 

Prices in Tribeca & Soho are now nearly 25% higher than they were prior to the 3rd Quarter 2008 collapse of Lehman Brothers, while the average price per square foot for Manhattan at large is still modestly trailing pre-recession levels.

 

The two neighborhoods rank among the most expensive in the nation, and trail only Central Park West and the Park & 5th Avenue corridor in New York, which commanded prices of $1,957 and $1,937 per square during the 2nd Quarter, respectively, the Miller Samuel data shows.

 

The high prices combined with a shortage in available inventory in Tribeca & Soho has created an ideal opportunity for sellers looking to take advantage of the high prices as buyers compete with each other for a lack of available homes. The recent, high-profile cover story from the June 30th issue of New York Magazine highlighted the current demand from all-cash international buyers. But mortgage rates have also trended lower, approaching levels from June of last year and enhancing affordability for buyers that are financing.

 

The increase in prices in Tribeca & Soho was most apparent among apartments with 3 or more bedrooms, where prices were up 16% per square foot during the quarter, according to the Miller Samuel data. The average price for a 3 bedroom unit in the area was $1,667 per square foot during the quarter, while units with four or more bedrooms commanded prices of $2,361 per foot on average, the firm reported.

 

Prices for 1 and 2 bedroom units in the two neighborhoods were down modestly during the quarter at $1,372 and $1,667 per square foot, respectively, which was more in sync with the greater trend across Manhattan, according to the data. The cost for studios was $1,252 per square foot during the quarter.

 

The median price for a studio in the area was $610,950 during the quarter, Miller Samuel reported. That compares to a price of $7.8 million for something with four or more bedrooms, according to the firm’s website. The median price for 1-, 2- and 3-bedroom apartments was $1.2 million, $2.4 million and $4.1 million, respectively, the firm reported.

 

The trend we have seen in 2014 whereby co-ops in supply starved Tribeca & Soho have been selling at prices close to those of condos continued during the 2nd Quarter. The average price of co-ops was only 6% lower per square foot than that of condos in the two neighborhoods during the 2nd Quarter, according to Miller Samuel. Co-ops typically sell at levels closer to 25% or 30% lower than condos across the rest of Manhattan.

 

Artist Charles Ross’ penthouse at 383 West Broadway nearly set a record for downtown co-ops when it sold for $26.58 million in April – less than $1 million shy of the resale of Rupert Murdoch’s former Soho “Water Tower Penthouse” at 141 Prince Street in 2010. Ross had owned the loft since the ‘70’s before renovating the 7,500 square foot space to sell it on the ultraluxury market.

 

The priciest sale in Tribeca & Soho during the 2nd Quarter however belonged to a condo at the newly renovated Puck Building, where a 5,919 square foot 3 bedroom sold for $28 million in May. The penthouse fetched a whopping $4,731 per square foot, which was also higher than any other sale in the two neighborhoods during the quarter.

 

The lowest sale price per square foot in Tribeca or Soho had to be 5,500 square foot live/work space at 41 Worth, that sold for $2.75 million, or $456 per square foot. But the two-level space had been configured for an office.

 

The most affordable unit in either Tribeca or Soho during the 2nd Quarter was a 522 square foot 1 bedroom at 93 Worth that sold for $410,670 in April. The office-to-condo conversion was the top selling building in either neighborhood during the quarter, having sold 18 units. 93 Worth is part of a mini-boom of new developments that is expected to double the number of residential units within a four-block stretch of Broadway between Walker and Worth streets.

 

Authored by:

Jacob Fine
Licensed Real Estate Salesperson
Bond New York Properties, LLC
25 Hudson Street
New York, NY  10013
Office: 212.792.9258
Cell: 212.920.6988
Fax: 212.792.9241

www.bondnewyork.com

 

Jacob is a former financial journalist and currently a real estate on the Tribeca Team at BOND New York who lives and breathes real estate in Tribeca & Soho. If you are interested in buying real estate in the area or would like a free consultation on selling your apartment, give Jacob a call today!

 

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Jeanine Le Ny’s Clients Featured in The New York Times


Jeanine Le Ny’s Clients Featured in The New York Times this Sunday

 

A CHELSEA APARTMENT: THE REWARD OF STAYING THE COURSE

 

 

THE BUYERS Daniel Brass, left, and Craig Manson in their new apartment in Chelsea. Credit Ashok Sinha for The New York Times

 

 

By JOYCE COHEN

Having owned property in London, where they had lived and worked, Craig Manson and Daniel Brass were interested in investing in the New York market. When the couple moved to New York for work a year and a half ago, they sublet a two-bedroom in Chelsea. It was well located, though small and dark, and rented for around $3,400 a month. The two, who are both natives of Glasgow, Scotland, and have law degrees from British universities, soon began the hunt for a two-bedroom two-bath with a large living area and some outdoor space in a nice neighborhood. They preferred a contemporary design and a location in Chelsea or downtown. Their budget started at around $1.3 million, later rising to $1.5 million and beyond.

 

At a three-bedroom Greenwich Village co-op listed for $1.375 million, they met Jeanine Le Ny, an agent at Bond New York. That apartment, with a round raised dining platform, “certainly had its quirks and a fair amount of space, but wasn’t for them,” Ms. Le Ny said. Last spring, she began helping them with their search. The men, both in their 30s, had high hopes for a two-bedroom Chelsea co-op listed at $1.2 million with a monthly maintenance fee of around $2,800. “There were hundreds of people at this open house and 11 offers,” Ms. Le Ny said. Their offer was $1.52 million, but a buyer with stronger financials and no mortgage contingency secured the place for $1.45 million, she said.
 
Until then, “we didn’t have an impression of how competitive the market was. It is frightening,” said Mr. Brass, who works at a law firm. They were again disappointed at a co-op on West 23rd Street. There, they liked a duplex — an elegant one-bedroom with a den rather than two bedrooms — with plenty of dark wood trim and a beautiful staircase. Negotiations commenced and in the end, they met the asking price of $1.575 million. (Maintenance was in the mid $2,400s.)  The seller balked. “The vendor went through the strange process of bidding us up and then deciding the property was not for sale,” said Mr. Manson, who works for a health care information company. They consoled themselves by deciding that its uniqueness could make it tough to resell.
 
They were discouraged by most of the Chelsea properties they saw. Many seemed overpriced. “We thought: This is all we get for our money?” Mr. Manson said. So they ventured north. At a small condominium building in the 40s west of 10th Avenue, they visited a two-bedroom with a balcony listed for $1.295 million. Monthly charges were around $1,600. Their offer of $1.35 million was accepted. Now, they were the ones who balked. “We realized we were beginning to compromise too much,” Mr. Manson said. “We were becoming more obsessed with buying than with buying the right place. It was a perfectly nice and commodious condo, but it had no character to it.” Besides, the immediate neighborhood was still relatively undeveloped.
 
They tried and failed to purchase two Greenwich Village beauties, again because they were out-financed. “I never knew if whether we were foreign was an issue,” Mr. Brass said. Ms. Le Ny suggested they look farther afield. They complied, sending her an email with the subject line: “Brooklyn, if we must.” A two-bedroom condo in a small building on Lincoln Place in Park Slope was almost perfect, with the kind of sleek, minimalist design they preferred. The asking price was $1.625 million. Common charges were $370 a month. Their offer of $1.6 million was accepted. “We genuinely stayed up at night spending hours talking about it and said we are trying to convince ourselves,” Mr. Brass said. “We don’t feel we have lived enough in Manhattan to want to leave it.” They withdrew their offer. The condo later sold for $1.635 million.
 
At last, just a block from their Chelsea rental, a three-bedroom came available in a well-kept building on a pretty side street. It was listed at $1.695 million, with monthly maintenance in the low $1,900s. This one had a view of a neighbor’s garden and access to a landscaped roof deck. “It had a spacious sense to it,” Mr. Manson said. “You didn’t feel you were seeing everything as soon as you opened the door, but you weren’t being enclosed in a labyrinth.” The third bedroom was “that extra room we weren’t expecting to get.” Both were certain they wanted it — and both assumed they would again be out-negotiated by others. This time, though, they were wrong. They bought the place for $1.66 million and arrived in winter.
 
The men replaced the floors, removed a living room closet and added a banquette in the kitchen. The second bedroom is a guest room; the third and smallest is an office and wine cellar. The bathroom pipes were vocal. “I’ve never had anything squeal so much,” Mr. Manson said. But both bathrooms were gutted and the new pipes are silent. The couple overlooked only one thing — a range hood for kitchen ventilation. Adding one is next on their list. In the meantime, “any time we have cooked, we have managed to stink the whole house up,” Mr. Brass said.
 
Posted by: Jeanine Le Ny

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Tribeca Team and Agent Jacob Fine Profiled in Spring Issue of Residency NY Magazine!

 

The Tribeca Team gets some heavy coverage in the Spring Issue of Residency NY magazine.

 

After years of supporting the local art scene we finally get our due recognition in the article Altruism, Art and Real Estate beginning on page 70. Click here to check it out.

 

You can also read Tribeca Team agent Jacob Fine’s take on the neighborhood’s real estate and his top picks for where to eat, lounge and shop on page 52 here.

 

 

 

 

 

 

 

 

 

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Sandwich Shop Brings Italian Flavors to Financial District

FINANCIAL DISTRICT — A new sandwich shop on Nassau Street is bringing the flavors of an authentic Italian salumeria, or deli, to the Financial District.“These are the kind of sandwiches we grew up eating in Italy,” said Antonella Nazzaro, 33, who co-owns the recently opened Pisillo Italian Paniniwith her husband, Carmelo, 40. “The ingredients, most of the meats, cheeses, are imported from Italy, and we think people will love the sandwiches as much as we do.”

The sandwiches served in the small, simple storefront at 97 Nassau St. start with long rolls that are sliced in half and packed with cheeses like smoked or fresh mozzarella, Italian deli meats including prosciutto, sopressata or mortadella and often some greens, such as arugula, with an added kick from roasted peppers, artichokes or sun-dried tomatoes. 

 

And while most American think of a “panini” as a hot-pressed or grilled sandwich, Antonella said that in Italy, panini simply means “sandwiches”— and all of Pisillo’s massive panini are served cold.

The 25 made-to-order sandwiches range in price from $8.50 to $11.90.

The couple, who moved from southern Italy to Bensonhurst seven years ago, also run a company that imports Italian products — most of which they’ll be using in their sandwiches, Nazzaro said. The fresh-baked bread, however, is from Royal Crown Bakery in Bensonhurst, an Italian bakery.

The sandwich shop is named Pisillo for Carmelo’s grandfather, who owned a cafe and salumeria outside of Naples.

“We have a history of serving people good food in our family,” Carmelo said. “It’s a tradition we’re excited to bring here.”

 

Posted by Hauke Gahrmann via DNAinfo.com / Irene Plagianos

 

 

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Just a bunch of “noise”?!


This story is a bit creepy…

Of all the unusual noises you’d expect to hear in New York City, this might be the most unsettling one.

Residents in the Tribeca area of lower Manhattan, near the newly-christened Tallest Skyscraper in the U.S., the Freedom Tower, have documented a strange phenomenon: In certain weather conditions, the tower sounds like it’s wailing.

Well, “wailing” probably isn’t the most accurate term, but it’s definitely possible to hear a set of otherworldly tones in the video – long, sustained notes caused by the wind rushing over the building’s top and surface.

“It almost sounds like a Gregorian chant – it will hold a single note,” Tribeca resident Kenny Cummings told the New York Post.

 

Posted by Hauke Gahrmann via people.com / Axel Heigl

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2nd priciest in the nation….10013 zip code!

New York City is already known for its sensationally unique and equally expensive real estate. The numbers are in, and 10013 neighborhoods such as Tribeca and SoHo are now ranked as the second most expensive zip code in the country.

In the year ending June 30th we saw 45 sales of $5 million, Six of  which were for $10 million or more [RealDeal]

Reigning in at 1st place is Beverly Hills 90210 zip code with 80 sales of $5 million or more.

Guess we know where we”ll be making our next investment ;)

By Cynthia Rojas

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Isay Weinfeld Exhibition in TriBeCa

Isay Weinfeld, an architect, designer and filmmaker for 40 years, has built a following in his native Brazil. But now his reputation should ripple with the opening of the first show in the United States devoted to his multifaceted career. Called “A to Z,” the exhibition is on view through Dec. 1 at Espasso, a TriBeCa showroom of Brazilian design.

Far from a traditional retrospective, “A to Z” opens with a cradle and a coffin, both designed by Mr. Weinfeld out of tauari branco wood from Brazil. In a separate area, visitors can see 13 never-before-screened short films that he directed, each relating to one of his architectural projects, including his Número Bar, a strip of a space glowing with multicolored lights; Casa Cubo, a home for art collectors with an astonishing suspended spiral wood staircase; and the Hotel Fasano Boa Vista, a resort in Porto Feliz, Brazil, with lakes, private villas and a petting zoo.

The show also features furniture and home accessories, including a movable bar called Toto, and a wood-and-silver ice bucket.

And it provides an opportunity to buy the latest monograph about Mr. Weinfeld. The book, which is called “Isay Weinfeld” and was written by Raul Barreneche (BEI Editora, $80), focuses on the architect’s recent commercial projects, including the Fasano Las Piedras hotel complex in Punta del Este, Uruguay, and the Livraria de Vila bookstores in São Paulo.

As far as Mr. Weinfeld is concerned, there is nothing immodest about this display of restless creativity, “It’s not me to show off,” he said.

Espasso is at 38 North Moore Street (Hudson Street). Information: 212-219-0017,espasso.com.

Posted by Hauke Gahrmann via NY Times / Stephen Milioti

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The Smallest Art Gallery in New York is in TriBeCa

Leticia Ortega and Dionisio Cortes have opened “the smallest art gallery in New York,” on Chambers Street, in what used to be a souvenir kiosk. At 48 square feet, Front Art Space is indeed tiny, with just three walls to hang art on—and yet the inaugural show has 26 works by 11 artists.

This tiny new gallery had Sam Fox, a native Tribecan, presenting a street solo piano recital on the day of their opening Thursday, November 7th from 5:30 to 6:30 p.m.

Ortega and Cortes, who live in Tribeca and run Wet Paint! Art Studio upstairs, have actually had an even smaller gallery in the past: The Window, in a window on Franklin, opened after 9/11 as a way to boost neighborhood morale; eleven artists were on its roster. Then came Nix in 2004, a much bigger gallery that shared space with Wet Paint!, when it was on Reade.

“My background is in architecture,” says Cortes. “So I’ve always fantasized about having a space like this.” The feeling must run in the family, because Ortega’s and Cortes’s adult sons, Dionisio and Mauricio, are also involved with Front, having handled the renovation and branding (as well as having their work in the inaugural show). Front’s motto is “anything goes”: painting, sculpture, video, installation…. “We’re even talking about having performances here,” says Ortega. The gallery might show anyone from Wet Paint! students to artists from abroad.

And as anyone walking by can tell, even after hours, the amazing thing about such a small space is that you can check out the art without even setting foot inside.

Posted by Hauke Gahrmann partially via TriBeCa Citizen

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Grand Opening of World Trade Tower with 40% vacancy

 

Tomorrow will mark a milestone in New York history as the Freedom Tower a.k.a 4 World Trade Center, will open up and once again serve as a vibrant office district. However there are challenges ahead as the building’s developer has to fill approximately one million square feet of office space in the building. This comes in an area that has more than 6 million square feet of unleased office space left  by shrinking financial companies. [Picture taken from Curbed NY]

By Cynthia Rojas

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Neighbors Trying to Squash ‘Monolithic’ Glass Condo Planned for TriBeCa

100 Franklin St.

A rendering of the controversial glass condo planned for 100 Franklin St. (DDG Partners Rendering)

 

TRIBECA — An eight-story glass condo building planned for Franklin Street has set off a firestorm of complaints from locals who say the shiny, modern structure is “inappropriate” for the historic neighborhood.

Residents have started a petition to squash the controversial development slated to be built on what’s now two triangular parking lots on Sixth Avenue, between White and Franklin streets, with an entrance at 100 Franklin St.

As of Friday morning, more than 800 people had signed the petition, which calls the condo— designed by DDG Partners — “historically inappropriate.”

“Not only will this monolithic glass wall upend historic Tribeca, but the building is out of scale and architectural context for such small lots,” the petition says. “As a result, the Franklin and White back alley will lose light and egress; traffic will increase significantly; trees will be cut down; nearby historic buildings will be threatened by the pounding frequencies; and reduced parking will affect our local shopkeepers’ businesses.”

Nearly two-dozen angry residents protested the building, which is estimated to have 11 residential units, as well as space for retail shops, at a Community Board 1 meeting last week.

Lynn Ellsworth, a founder of preservation group Tribeca Trust, told the packed CB1 meeting that the building was much too big and too boring — and parts of its design “were kitsch and made a mockery of our historic district.”

Along with the glass-covered exterior, the building will incorporate reclaimed brick and metal, and include arches and vine-wrapped cables of greenery along its four-layered facade.

The new structure will sit next to 13 White St., an 1868 apartment building that CB1 called “one of the defining architectural jewels of the TriBeCa historic districts” in a resolution regarding 100 Franklin St.

While CB1 praised several aspects of the building, it referred to the roofs as a “rambling, jagged mess, that look like they were drawn by separate architectural firms.”

The development will go before the Landmarks Preservation Commission on Nov. 12, and needs LPC approval, as well as other city agency approvals, before it moves forward.

DDG did not immediately return request for comment.

CB1 will hold a special landmarks committee meeting dedicated to the 100 Franklin St. project at 6 p.m. on Nov. 7, at 49-51 Chambers St.

 

Posted by Hauke Gahrmann via Irene Plagianos on November 1, 2013