Quarterly Building Spotlight: Plush Prices at 101 Warren

 

Amid Manhattan’s booming real estate market, some buildings have risen faster in value than others.
101 Warren Street would be a prime example.

 

When the marketing team for the luxury high-rise development announced its sellout for over $650 million in August 2010, they heralded it as the “largest and most successful condominium offering in the history of downtown Manhattan.”

 

But it appears that sale prices in 101 Warren have continued to climb – at a  much faster rate than those of the surrounding neighborhood, and some of its saavy investors are starting to cash in.

 

An analysis of six recent sales in the residential tower during May and June reveals that their sale  prices were, on average, 49% higher than what they were originally purchased for from the developer.

 

Sale prices across Tribeca & Soho, meanwhile, have risen 30% over that same time period on average, according to a comparative review of data on MillerSamuel.com.

 

While people are attracted to Tribeca for its classical, industrial charm, we increasingly continue to see buyers looking for amenity-rich buildings. While many of the neighborhood’s new developments fit that bill, many buyers are looking for something they can move into immediately without the long wait while the building is completed.

 

In addition to the skyscraping views that most of Tribeca’s older buildings don’t afford, 101 Warren features a spa, a Bloomberg Financial Lounge and board room, attended parking, and – most notably – a private forest of Austrian pines.

 

The biggest winner: a 3-bedroom, 2,200 square foot unit on the 28th floor that sold for $6.15 million in June. It was originally purchased for $3.4 million in December 2009.

 

This is a regularly occurring feature from The Tribeca/Soho Real Estate Report, by The Tribeca Team’s Jacob Fine. Contact him today if you would like to be added to his mailing list.

2Q Tribeca/Soho Real Estate Report Released

 

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!

 

BOND New York Announces JUNE 4th Tribeca Real Estate Seminar and Art Show Guest Curated by Hash Halper

 

The Tribeca Team at BOND New York is pleased to announce a real estate seminar on buying and selling in Tribeca, followed by STOLEN SLEEP – an art show guest curated by Hash Halper.

 

The dual real estate/art event is part of The Tribeca Team’s overall mission to promote community through art, charity, education and activities and creating an environment where local residents can meet their neighbors, network, relax and unwind, in addition to providing superior, client-focused real estate services. The event will take place at BOND’s Tribeca office on 25 Hudson Street, between Duane and Reade.

 

The art show – which is scheduled to run from 7:30 to 9:00 pm – will feature the work of 18 artists and will be headlined by Jessica Bajoros and Clockwork Cros. Halper, who is a contributing writer at Frank 151, has been putting together some of the best group shows in NYC we’ve seen in years with some very exciting up-and-coming artists.

 

But first, Tribeca Team agents Jeanine LeNy, Shana Allen and Kay Moon will be hosting a seminar on Buying & Selling Real Estate in Tribeca from 6:30 to 7:30. The seminar is expected to cover topics such as what to expect in today’s market, local pricing trends, tips to maximize value, and more.

 

“With supply so severely constrained, it has never been a better time to sell in Tribeca, and we have designed the seminar to arm sellers with the information they need to get the maximum out of their sale,” The Tribeca Team said in a prepared statement. “That said, we feel that the pace of high-profile new developments in the neighborhood only adds to its value going forward, so it remains a good investment at these levels.”

 

Neighborhood residents who attend the seminar are encouraged to stay for the art show, where wine and hors d’oeuvres will be served.

 

Clockwork Cros’ unique clocks, which the artist hand crafts in his lower east side studio from photo-shopped images of familiar artists, musicians, actors and other notable figures using high-gloss laminated paper, feature functional gold dials emanating from their eyes.

 

His work is inspired by the 1929 silent surrealist film “Un Chien Andalou” by Spanish director Luis Bunuel and Dali, which opens with Banuel holding actress Simone Mareuil’s eye open before cutting it with a razor. (Dali later said that the film was intended to present the pure conduct of someone who pursues love despite the “poor mechanisms of reality.”)
“When looking at the particular iconic face, the “eye of time” is meant to induce an interaction with the figure the person admires,” Cross says. “The feeling creates urgency that transcends the experience of time.”

 

The artist has been working closely with Halper recently. He had a solo show at Kossar’s Bialys on the lower east side earlier this month titled Breaking Bread, and participated in another group show at 77 Hudson St. in April.

 

Jessica Bajoros is an American painter, whose stylized, figurative portraits often depict her subjects (often children) with distortions or exaggerations. Based in New York, Bajoros graduated from Parsons in 2001 and has recently been getting attention outside of the U.S.

 

Other featured artists include Autumn Ahn, Nemo Librizzi, Nicole Wittenberg, Gabriela Molano, Marcus Burrowes, Gazoo to the Moon, Matthew Glover, Jason Mamerella, Max Von Aichinger, Christopher Martin, Jason Mamerella, Lovechild, M. Henry Jones, Morgan Lappin, Pauline Shin, Phil V. and VFR.

 

Their work will be on display for two months following the show.

 

The event is part of The Tribeca Team’s bi-monthly first Wednesdays events. Last month, the team hosted a pop-up flower shop with hanging floral art displays by local Yasmine Karrenberg’s Flowers by Yasmine for Mother’s Day, and featured work by long-time Tribeca resident CJ Collins work as part of the Tribeca Open Artist Studio Tours.

 

By Jacob Fine

 

 

 

 

 

Prices Hit Record Highs in Tribeca & Soho as Buyers Bid-Up Co-ops during the 1st Quarter

By Jacob Fine

 

 

Sale prices in Tribeca & Soho reached a record topping $1,696 per square foot during the first quarter as buyers – with nowhere else to turn amid a lack of supply – bid up prices on co-ops, according to MillerSamuel.com.

 

While co-ops typically sell at a significant discount to condos, that differential was nearly erased in the two neighborhoods during the quarter.

 

The average price of co-ops in Tribeca & Soho rose 28% during the quarter to $1,628 per square foot, from $1,269 at the end of 2013, while condo prices – weighed down by new development sales – rose just 4% to $1,713 in the area, according to data  publicly available over Miller Samuel’s website.

 

The jump in co-op prices was enough to lower the discount that they typically sell for relative to condos in the area to just 5%, according to the New York appraisal and consulting firm’s data. Over the past ten years, co-ops have sold at prices that are, on average, 23% lower than condos.

 

Tribeca & Soho are unique in that co-ops typically represent less than 25% of sales in those neighborhoods, with condos making up the lion’s share, whereas across the rest of the city the reverse is typically true, with co-ops making up 75% of the inventory and condos making up a mere 25%.

 

Studios, which includes some of the neighborhoods’ famous loft spaces, rose a whopping 78% to $1,881 per square foot, according to MillerSamuel.com. Sale prices for big apartments, with four bedrooms or more, were up 42% at $2,030 per square foot during the quarter.

 

Prices on large apartments were predictably skewed higher by Lord of the Rings director Peter Jackson’s headline sale of his sprawling 8,300 square foot loft at 155 Franklin. Jackson was asking $19.95 million for the pad, which would command a price tag of $2,401 per square foot. The property went into contract at the end of January and closed in mid-March.

 

Country music sensation Taylor Swift – who has been spotted checking out properties and shopping for arts and crafts supplies in lower Manhattan – is rumored to be the buyer.

 

The relatively priciest digs in Tribeca & Soho during the first quarter was a fourth floor three bedroom at 40 Mercer Street, which sold for over $6 million at $2,605 per square foot, according to the database maintained by the Real Estate Board of New York (REBNY).

 
Two bedroom apartments in Tribeca & Soho were up 17% per square foot at $1,764 during the first quarter, while one bedroom units remained relatively stable at $1,401, and prices on three bedroom units sank 6% to $1,663 per foot, according to MillerSamuel.com.

 
While there was a substantial increase in inventory during the quarter, it proved to not be substantial enough to keep up with demand. According to Manhattan real estate analytics and consulting firm Urban Digs, Tribeca inventory rose almost 18% to 192 listings at the end of March, compared to 163 at year-end. Inventory in the neighborhoods of Soho, Noho and the West Village, which Urban Digs tracks as a group, rose 34% to 164 listings at the end of the first quarter.

 
Transactions in the two neighborhoods were up 33% during the quarter, MillerSamuel.com reported. There were 157 sales during the first quarter in Tribeca & Soho, compared to 118 during the fourth quarter of last year, according to the firm.

 
The first quarter’s chart topping sales prices of $1,696 per square foot for all of Tribeca & Soho combined, represented a 10% increase from the end of 2013, according to MillerSamuel.com. That is well ahead of the high of $1,476 during the first quarter of 2009 before the effects of the economic downturn could be felt.

 
But sales prices in Tribeca didn’t rise as much as they did across the rest of Manhattan, where MillerSamuel.com reported that the average price per square foot rose 15% to $1,363. That could be an indicator that buyers are experiencing some sticker shock in Tribeca & Soho, and are instead turning to other neighborhoods where they can get more space for their money.

 
While much of the rest of the city plays catch-up, we are not too worried about Tribeca & Soho, where prices remain 24% higher than Manhattan at large as the neighborhoods remain among the most sought after areas of the city.

 

 

Pricey new developments in Tribeca continue to bring wealthy residents to the area in increasing numbers, which will only lead to increased demand for high quality retail and services. That should bring in more high-end brands, which will only have a snowball effect for the neighborhood, making it even more attractive.

 
93 Worth Street dominated, with 31 sales during the first quarter, which tied it for the best selling new development in all of New York City with Woodside Terrace in Queens. Amenities at the office-to-condo conversion project on Broadway include a rooftop terrace with a kitchen and a dog-washing station.

 

 

Units in the building have been selling for an average of $1,374 per square foot, according to the REBNY database. That represents a considerable discount to the rest of neighborhood and therefore likely exerted some downward pressure on prices in the area during the quarter.
The project was home to the smallest sale price throughout all of Tribeca & Soho during the third quarter, as one buyer managed to snag a 475 square foot studio for just under half a million dollars.

 

93 Worth is part of a mini-boom of new developments on a four-block stretch of Broadway that is expected to double the number of residential units between Walker and Worth streets.

 

Per square foot, the best deal to be had in the area during the quarter may have been at 50 Franklin, where one buyer picked up a 993 square foot two bedroom for just over $940,000, which came out to $948 per square foot.

 

Click here for a full copy of The Tribeca/Soho Real Estate Report for the 1st Quarter, including graphs and charts, or stop by our 25 Hudson Street location and pick one up.

 

 

Flowers by Yasmine’s Mothers’ Day Pop-up Flower Shop Display Complete!

 

Stop in this weekend to pick up a bouquet for that special mom (or moms) in your life!

 

For details, check out our recent blog post here.

 

By Jacob Fine

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.

 

 

 

 

 

 

 

 

 

Tribeca Team to Host Designer Floral Pop-Up Shop and Participate in TOAST art walk Mother’s Day Weekend

 

The Tribeca Team will be hosting some exciting events at our Hudson Street office for Mother’s Day weekend, including a pop-up shop by a neighborhood florist and displaying the work of Tribeca artist C.J. Collins for the annual TOAST art walk.

 

The public will be able to purchase the incredible Mother’s Day flowers by Yasmine Karrenberg on May 10-11 from 10am-3pm at our 25 Hudson Street location between Duane and Reade streets. You can also purchase online at www.FlowersByYasmine.com for pickup Saturday or Sunday.

 

Karrenberg, who has been a floral designer for over 15 years, operates an online floral business in the neighborhood called Flowers by Yasmine.

 

Visitors can view a window display at our office starting Thursday the 8^th comprised of succulent and rose boxes along with cut flowers as well as “flower curtains” — live flowers hanging in an artful display.

 

Neighborhood residents will also be treated to the artwork of Tribeca artist C.J. Collins, whose work is currently on display in our office, as part of the Tribeca Open Artist Studio Tour (TOAST).

 

The annual art walk will take place Friday from 6-8pm, Saturday and Sunday from 10-6pm, and Monday from 1-6pm.

 

But neighborhood residents are encouraged to stop in to check out the floral display and artwork anytime and to ask for the Tribeca Team so they can introduce themselves.

 

The two simultaneous events are a natural outgrowth of the Tribeca Team’s mission of promoting the growth of the Tribeca community through charitable contribution, education, and community activities. The team consists of four of the firm’s top agents who specialize in the neighborhood: Shana Allen, Jeanine LeNy, Kay Moon, and Jacob Fine.

 

TOAST is an artist-run, non-profit organization whose purpose is to support and promote the working artists of Tribeca. TOAST accomplishes these goals by hosting innovative events designed to engage the public in an ongoing dialogue about art, by allowing the public access into the environment in which art is created and displayed.

 

CJ Collins, a 30-year Tribeca resident, is a multi-media artist and one of the original artists involved in TOAST. Collins established her own studio in an old loft space in the TriBeCa area of lower Manhattan in 1977, where she now lives and works.

 

“It’s important for artists to have a place to share their work with the community, which is why the Tribeca Team at BOND New York has been supporting new and experienced artists every month as part of our First Wednesdays program,” the Tribeca Team’s LeNy said.

 

By Jacob Fine

Tribeca Team Agent in Tribeca Trib Photo from Bogardus Plaza Community Redesign Meeting

 

In case you were wondering, that is Bond New York real estate agent Jacob Fine caught on camera in the new Tribeca Tribune article on the Bogardus Plaza Community Redesign Meeting.

 

You can read more about this awesome neighborhood redesign  project on Jacob’s recent blog post: http://www.bondtribeca.com/2014/02/26/5749/

 

Here’s the full text of the Tribeca Trib article by Nathalie Rubens on the recent meeting:

 

Morning tai chi at Bogardus Plaza and Garden anyone? Does a cobblestone paved pedestrian space with a climbing rock, or garden steps for sitting and sipping your morning coffee sound appealing? Or sketching and gardening classes, perhaps?

 

Those were some of the ideas offered by about a dozen residents and business owners who came together with a slew of city design officials and landscape architects at the Downtown Community Center late last month. Their job: begin reimagining Bogardus Garden and Plaza, the triangle on Hudson Street between Chambers and Reade streets.

 

“This is truly a public-private partnership,” Victoria Weil, president of Friends of Bogardus Garden, said as the participants gathered in small groups around tables covered with large blank maps of the area, and markers for putting down on paper their hopes and concerns. Soon those maps were scribbled with ideas for fences, tree boxes, garbage cans, recycling bins and much more.

 

Last year, the city Department of Transportation chose Friends of Bo­gardus Garden for a $2 million grant to turn what is now a fenced-in garden and pedestrian plaza into one 9,000-square-foot public space. This would be the first of several opportunities for the public to weigh in on the project’s design.

 

Of course, you can’t reconfigure a public space any way you want and Signe Nielsen of Mathews/Nielsen Land­scape Architects, the firm in charge of the design, laid out the key constraints, from fire hydrant access to manholes and underground utilities.

 

Questions and sometimes debates arose over seating, lighting, park amenities, and the degree to which the garden is open or closed.

 

“As a business, we would like to see [the plaza] more closed off, especially at night,” said Sava Vasiljevic, general manager of the Cosmopolitan Hotel, lo­cated across the street on West Broadway.

 

There were differences over whether the plaza should have historic elements or contemporary ones. But there seemed to be agreement on incorporating cast iron, a nod to James Bogardus, the father of cast iron architecture. (The city’s Land­marks Preservation Com­mis­sion and Public Design Com­mission have final approval over the plaza’s look.)

 

Not surprisingly, quality of life and security concerns were big topics.

 

“The reason I’m here,” said Nicole Bianna, whose apartment overlooks the plaza, “is that we have a lot of nightlife on this corner. How do we make it less inviting and not have late-night revelers bringing the party over?”

 

Plans for Cafeteria, a restaurant and bar that may open across the street, add to some residents’ anxiety. “We are concerned about people leaving Cafeteria and hanging out in the park drinking, smoking and partying,” said Lisa Schil­ler, who lives nearby on Reade Street.

 

Residents wanted lighting that would illuminate the space but not their apartments, and seating that did not invite sleeping. One idea was using steps or other structural perches as seating areas.

 

Nine-year-old Theo Tirschwell, whose mother, Annie Tirschwell, is on the board of Friends of Bogardus Gar­den, suggested a rock-climbing in­stal­lation or treehouse for kids. As for seating? Not much of an issue. “When I come out of the subway, I look at the plaza and I run around because I have a lot of energy,” he said. “I really don’t sit down.”

 

With ideas and sketches in hand, Mathews Nielsen will consult with officials from the city Department of Design and Construction and return as early as next month with two or three alternative designs for another round of public discussion. A selected revised design is expected to be submitted to Community Board 1 followed by a cycle of reviews with city agencies. The goal is to start construction in the summer of 2016 and complete the project a year later.

 

Best Pics of Harold Ramis Memorial at Hook & Ladder 8

 

After hearing of the passing of Harold Ramis, my thoughts were immediately drawn to Hook & Ladder 8, on the corner of North Moore and Varick streets, just a few short blocks from our office.

 

I told myself I wasn’t going to blog about it, as I hate to associate a lifetime of work with a single movie. But, as the firehouse that served as the Ghostbusters’ headquarters slowly turned into a makeshift memorial, I could no longer ignore it.

 

Ghostbusters was a seminal movie of my childhood, and apparently, I am not alone.

 

I’ve been slowly assembling some of the best pictures on the internet of this tribute to Harold, and the character we all loved: Dr. Egon Spangler.

 

I hope you enjoy them as much as I.

 

By Jacob Fine

 

Bogardus Garden Redesign Public Workshop to be held Tomorrow Evening

 

Friends of Bogardus Garden will be hosting a public workshop tomorrow to discuss the redesign of the small garden and plaza at the intersection of Hudson and West Broadway.

 

The meeting will be held from 6:30 p.m. to 8:30 p.m. on Thurs., Feb. 27^th at the Manhattan Youth’s Downtown Community Center at 120 Warren.

 

The Bogardus Plaza capital improvement project is being launched in collaboration with the NYC DOT and DDC in an effort to re-design the current garden and make-shift plaza into a more singular, integrated pedestrian place.

 

The public is encouraged to attend the meeting to hear about the project and share their thoughts and ideas.

 

The project has already raised $2.4 million in public funds, including a large sum awarded by the DOT under its Plaza Program, and an additional $300,000 in private donations raised.

 

Previously discussed enhancements have included merging the current gated garden and plaza spaces, adding lighting and permanent seating, along with the additional greening of the plaza.

 

The plaza – which is aptly named after architect and pioneer of the cast-iron buildings the neighborhood is known for, James Bogardus – has been undergoing a slow transformation since the days when it served as little more than a concrete traffic island in the 1970’s.

 

As the plaza/garden happens to be steps from our Hudson Street office, I know we are looking forward to the redesign!

 

By Jacob Fine