Manhattan Apartments

$2,195,000 3 BR in Upper East Side

Web ID#: 26214
Property Type:
Beds: 3
Baths: 3
Price: $2,195,000

view full listing	Be the first to live in this super-luxurious Upper East Side residence 1900 Sq ft 2 bedroom plus windowed home office which is larger than most West Village master bedrooms and three bathrooms make this apartment the perfect match for every family who is looking for a real apartment and not one of those cookie cutter units one usually will find in a new development! Private, boutique-style condominium just steps from 2nd Avenue on the fashionable Upper East Side! This quiet corner unit offers a gracious entrance foyer, spacious living room with floor-to-ceiling windows and spectacular open kitchen. The exquisite finishes include oak herringbone floors, state-of-the art kitchen with honed Calacata marble counters and stainless Miele appliances including a wine cooler, 2 sumptuous baths with tumbled marble tiles and Bianca Dolomiti slab marble countertops and Waterworks fixtures. Building amenities include Abigail Michaels concierge, state-of-the-art fitness center, lush roof-top garden, open air lounge and summer kitchen and children\’s play zone. Only 3 units per floor. Contact Alex today if you don’t want to miss out on this extraordinary opportunity to purchase a real home. alexd@nestseekers.com or @ 646.309.1898 Amenities Central AC; Concierge; Elevator; Fitness Room; Nursery; Rooftop Deck. * Doorman * Concierge * Health Club * Pool * Elevator * Washer/Dryer * Central A/C
Alex Dietrich direct: +1 646-309-1898 alexd@nestseekers.com

A beautiful loft

Web ID#: 26213
Property Type: Loft
Beds: 2
Baths: 2
Price: $1,375,000

$2,350 in Hell’s Kitchen (Clinton)

Web ID#: 26208
Property Type: Hi-rise
Rent: $2,350

view full listing	A Reflection of You This all glass rental building sets a new bar for NYC urban living. As much as they are beautiful to look at, the real sights happen when you get inside and see the apartments. Sit back on your couch and meditate on breathtaking views that stretch from the Chrysler Building to the Statue of Liberty. Beyond the views, each rental apartment features floor-to-ceiling windows, hardwood floors, tall ceilings and modern appliances — many even offer large balconies. You and your friends are sure to enjoy the treasure trove of exclusive amenities including a 37th floor landscaped rooftop deck with kitchen and lounge area; a second floor terrace with a spacious outdoor landscaped rooftop and a reflecting pool. The terrace has a very park-like feel with tall trees, shrubs and flowers- a foreshadowing to the Hudson Yards Pedestrian Via that is envisioned for the area. Just a stones throw away from Chelsea, Hell’s Kitchen, Clinton and the Garment District, Midtown West also known as Hudson Yards is full of cultural and entertainment energy all its own. Live here and you will be living Manhattan’s history as this urban frontier is being transformed into an exciting neighborhood, alive with diversity as seen in the eclectic shops, restaurants and clubs, and a variety of performing arts venues including the Baryshnikov Arts Center and more. New high rises bring a luxurious feel to this urban area and have great views of the Hudson River as well as the Manhattan skyline. Hudson Yards is a pedestrian friendly neighborhood, making it easy to get to the local parks such as Bryant, DeWitt Clinton and the Hudson River Park, as well as other popular destinations including Chelsea Pier, Rockefeller Center and the Javits Center. *2 Landscaped courtyards *Spectacular indoor/outdoor 37th roof deck *2nd flr roof deck with reflecting pool and children’s playspace *Private screening room *Wi-Fi enabled clubroom with TV lounge, cafe and library *2 catering kitchens *2,000 SF fitness center w/ low-impact flooring *Card-operated Laundry *24-hour attended lobby *Concierge and valet services *High speed elevator
Steven Rinaldi direct: 646.924.4349 cell: 914.980.4548 Stevenr@nestseekers.com

1 BR $2,750 Fifth Avenue Towers

Fifth Avenue Towers
445 Fifth Avenue

Web ID#: 26206
Property Type: Hi-rise
Beds: 1
Baths: 1
Rent: $2,750

view full listing	Mint condition large one bedroom with lots of closet space and galley kitchen. Enjoy the luxury and convenience of this 445 Fifth Avenue condo.Just steps from Grand Central Station,Fifth Avenue retail shopping,New York Public Library, Bryant Park, many restaurants and hotspots. The building features include a 24 hour doorman/concierge service, 2 levels roof deck, courtyard, storage facilities, a central laundry room, video security, Cable TV ready, a bike room and one of a kind Gym is being built on the 33rd floor. Bring your client today for this bulous building on fifth ave.
Christine Lee cell: 646-648-0884 christinel@nestseekers.com

1 BR $679,000 Fifth Avenue Towers

Fifth Avenue Towers
445 Fifth Avenue

Web ID#: 26204
Property Type: Hi-rise
Beds: 1
Baths: 1
Price: $679,000

view full listing	Mint condition large one bedroom with lots of closet space and galley kitchen. Enjoy the luxury and convenience of this 445 Fifth Avenue condo.Just steps from Grand Central Station,Fifth Avenue retail shopping,New York Public Library, Bryant Park, many restaurants and hotspots. The building features include a 24 hour doorman/concierge service, 2 levels roof deck, courtyard, storage facilities, a central laundry room, video security, Cable TV ready, a bike room and one of a kind Gym is being built on the 33rd floor. Bring your client today for this bulous building on fifth ave.
Christine Lee cell: 646-648-0884 christinel@nestseekers.com

Appraisal losses could lead to CMBS pain

Losses attributed to commercial mortgage-backed securities may grow through 2010, according to the latest report from Trepp, a real estate tracking firm, due in part to the reduction in the appraised value of properties with associated loans. “Appraisal reduction is a forward-looking measure of potential future losses,” Paul Mancuso, a vice president with Trepp, said. Unfortunately for investors, many properties have seen significant losses to value over the last few years, which could be particularly rough on those properties whose loans were inked during the boom years. New York and Florida ranked high on the list of states most vulnerable for further CMBS pain, Trepp said.

TF Conerstone West

Web ID#: 26197
Property Type: Hi-rise
Rent: $2,155

$9,000 2 BR in Upper West Side

West End Avenue

Web ID#: 26196
Property Type: Townhouse
Beds: 2
Baths: 2
Rent: $9,000

view full listing	Impeccably renovated fully furnished 2 Bedroom 2 BTH duplex townhouse apartment with marble and granite kitchen, formal dining room, separate dressing room, Tuscan garden. Three flat screen TVs, washer-dryer. Price includes cable, internet, gas, electric, cleaning and gardening services. This place is gorgeous! Short term from 4/1-11/15 or part thereof. No Board Approval!.
Pat Gustina direct: 646 443-3780 cell: 917.612.9933 patg@nestseekers.com

Simmons Hamptons pad sells at steep cut

Baby Phat clothing line executive Kimora Lee Simmons just took a hit out east. Her East Hampton home, which had an original asking price of $800,000, just sold for $650,000. Simmons, who’s been looking to shuffle some real estate around over in the New York-New Jersey region, had originally bought the home for $690,000. But while Simmons might be hurting in her transaction, a recent ranking shows that the overall Hamptons market may be making a comeback for second home buyers.

The new negotiability

From the March issue: During the boom, purchasing a new condo was like buying Manolo Blahniks or an Armani suit: Shopping in an elaborate showroom, buyers wouldn’t dream of offering less than the sticker price.

These days, the showrooms are still around, but the process is more like haggling at a flea market.

Asking prices for new condos — the figures quoted in online listings and in advertisements — now have little to do with the final sale price. While developers are reluctant to lower their official prices, units are selling for anywhere from 5 to 30 percent less than the sticker price, brokers say. That’s a huge change from just a few years ago, when the prices of new condos were considered nonnegotiable.

Developers “are not willing to bring down their asking prices, and some have list prices that have been around since the beginning of the recession,” said Laurielle Noel, a sales and listing specialist for Platinum Properties. “If you come in and start negotiating, they can come down, depending on the situation, 15 to 30 percent. The asking price is not really reflecting what they’re closing at.”

LI town riled over eminent domain, East Village cathedral up for landmarking … and more

1. Battery Park City residents may evade tax hikes [Downtown Express]
2. Russian Orthodox Cathedral in the East Village may get landmark status [Bowery Boogie]
3. Guss’ East Village departure imminent [DNAinfo]
4. Architects pitch multi-level plaza concept [Curbed]
5. Urban wineries cropping up New York City [WSJ]
6. High hopes abound for Hester Street Fair, set to launch April 24 [Grub Street]
7. Inside Midtown’s new Latin-Asian fusion eatery, Zengo [Eater]
8. Hempstead residents riled over eminent domain [Newsday]
9. Williamsburg approves housing complex rezone [Crain's]
10. Mike of “Mike’s apartment” fame now talking to press [Grub Street]
11. What would happen if there were an earthquake in NYC? [NYMag]
12. Bar in Franklin Park ordered to halt construction on restaurant addition [Brooklyn the Borough]

Forget Granite Countertops, Here Comes Electric-Vehicle Charging

Charging up the car in the garage might seem like something from the Jetsons cartoon, but builder KB Home is making that a reality Tuesday.

The company now offers the option to pre-wire homes to accommodate electric-vehicle charging stations, the latest option from a builder known for plenty of choices.

This isn’t exactly a granite countertop, but, in a release, Chief Executive Jeffrey Mezger says the company is thinking about how home owners will live “in the future.”

KB Home says it’s leading the way with this offering: The National Association of Home Builders reports it appears to be the first builder to add such a standard option. Of course, should this prove popular, it is likely other builders will quickly follow.

Trucks at Work calls the move “another step in a broader – albeit piecemeal – effort to create ‘recharging infrastructure’ in major cities across the U.S. to make [electric vehicles] and plug-in hybrids more practical for daily use.”

The price of KB Home’s option is $250.

Follow Dawn on Twitter @dwotapka

$2,399 1 BR in Upper East Side

Web ID#: 26191
Property Type: Hi-rise
Beds: 1
Baths: 1
Rent: $2,399

view full listing	Luxury Glass Tower.HI FLOOR ALCOVE STUDIO. Granite kitchen, central air conditioning. 24 hr doorman, concierge & attended gatehouse. Year round rooftop pool/health club, 24 hr attended garage available. Wall of windows, spacious layouts, East River and City views from many apartments, white glove services.
Selman Sumer direct: 646-831.3951 cell: 646.831.3951 selmans@nestseekers.com

New Israeli investors get into NYC real estate

Over the past decade, a number of prominent Israeli investors have had their ups and downs investing in New York City real estate. Some of these investors who have experienced hardships include Yair Levy, Shaya Boymelgreen and Africa Israel Investments, controlled by Lev Leviev, the company which purchased the former New York Times Building in Times Square. While foreign investors with billions of dollars of capital sit on the sidelines, a few new Israeli investors are testing the Manhattan commercial real estate waters. With prices at record lows, these investors hope to capitalize on the record low prices of property in New York City. Later this month, Israeli company, IDB Holdings, controlled by Nochi Dankner, and partner Joseph Cayre plan to close on the purchase of the HSBC Bank Tower headquarters at 452 Fifth Avenue.

How accurate are Zillow.com’s “Zestimates”?

Zillow.com’s “Zestimates” of home values are vastly inflated, according to a new study by the Appraisal Institute, published in its quarterly journal (click here for the complete study). The study compares Zillow.com’s home values with the actual sale prices of 2,045 single-family homes in 2006 in Arlington, Texas — the market where Zillow.com claims to have its highest accuracy rating. Zillow.com was off by an average of 11.7 percent, or $13,576 above the actual sale price, with 40 percent of property values inflated by more than 10 percent, the study shows. Meanwhile, only 0.88 percent of values were underestimated by 10 percent or more. In a statement provided to The Real Deal, Zillow.com called the
study “out of date and limited in scope,” noting that the study
compares sales from 2006 and Zestimates from January and February 2007:
“apples and oranges as it’s two separate periods of time,” the
statement says. TRD

Starchitect Frank Williams — who liked to stay under the radar — dies at 73

Starchitect Frank Williams, known for his geometric-style Manhattan skyscrapers and international influence, has died at age 73. Williams made a notable impact on the New York City skyline, helping create over 20 buildings in the city, many of which are visible from Central Park, according to the New York Times. His portfolio includes the 57-story Trump Palace at 200 East 69th Street on the corner of Third Avenue, the tallest on the Upper East Side, the Four Seasons at 57 East 57th Street and the 55-story W hotel in Times Square. Even so, Williams told The Real Deal in 2007 that he enjoyed spending time under the radar. “He’s a very talented architect who doesn’t like bragging about his work even though he should,” Donald Trump told The Real Deal at the time.

Owners of Queens club tied to death of Sean Bell charged in $2M mortgage scam

From left: 120-18 132nd Street, 56-10 Waldron Street, 116-36 139th Street, and the Kalua Club

The Queens District Attorney handed down a 327-count indictment against five individuals who allegedly orchestrated a $2 million mortgage fraud scheme by using fake identities to buy and sell Queens properties. District Attorney Richard Brown described the fraud as “brazen,” and said he believed that the “mortgage frauds perpetrated by these defendants were among the root causes of the severe economic downturn of the last few years.” Four of the five defendants, three of whom own the Club Kalua nightclub, have been captured, while the fifth remains at large. Club Kalua was the site of the infamous 2006 Sean Bell shooting incident, in which police shot three men including killing Bell, on the morning after his bachelor party. If convicted in the mortgage scam, the defendants could face prison terms of up to 15 years each. The three properties involved in the scheme, 120-18 132nd Street in Ozone Park, 56-10 Waldron Street in Corona, and 116-36 139th Street in Jamaica, were allegedly purchased with fake identities. “In this particular case, one of the frauds was so brazen that it allegedly involved the sale of a house by two people posing as sellers — one of whom was dead — to a third person posing as a buyer — with the defendants pocketing an astounding $250,000,” Brown said. “These types of financial crimes have real-life consequences and will not be tolerated.” TRD

Whatever Happened to Leona Helmsley’s Dog?

The news today that the estate of real-estate baroness Leona Helmsley has signed a deal to sell a deal to sell one of its trophy properties–the Helmsley Carlton House on Manhattan’s East Side-raises many interesting issues about the commercial real estate market.

The $170 million sale marks the first deal the estate—whose mandate is to liquidate all the holdings—has brought to the market. It also shows that demand for stabilized and quality properties is increasing, as the WSJ’s Lingling Wei writes.

But perhaps the most interesting question: What happened to that dog? The canine in question is Trouble Helmsley, the beloved Maltese poodle left behind by the late Leona Helmsley who died in 2007.

Trouble initially inherited a $12 million trust fund, which was later reduced to $2 million by a Manhattan judge in 2008, at the request of Trouble’s trustees. (The remainder went to charity.)

That’s “enough money to pay for Trouble’s maintenance and welfare at the highest standards of care for more than 10 years, which is more that twice her reasonably anticipated life expectancy,” said the general manager of the Helmsley Sandcastle Hotel, where the dog now resides, in an affidavit.

Life is good for Trouble, infamously dubbed “rich bitch,” by the NY Post: “Trouble is no trouble. She is alive and well and thriving,” says Howard Rubenstein, the spokesman for the Helmsley estate.

The dog’s security costs the Helmsley estate $100,000 a year.

Landlord contributions rise sharply Downtown, CBRE reports

Landlords Downtown have increased their spending on tenant improvements and free rent in recent months, a new Manhattan leasing report covering February from commercial services firm CB Richard Ellis shows.
Landlords are spending on average $66 per square foot on making improvements to tenant space Downtown, and giving an average of 10 months of free rent, the report says.
The free rent levels are the highest of any of the three Manhattan markets since the leasing market began to weaken in mid-2008 and the tenant improvement figure matches the previous high from last year, CBRE data shows.
At the same time, the report shows average asking rents rising Downtown, as well as in Midtown South, but falling in Midtown.
For February, CBRE reported average asking rents Downtown rose by 57 cents per square foot to $38.92 per foot; they rose by 5 cents per foot in Midtown South to $41.71 per foot. But in Midtown, the average asking rent fell by 32 cents to $55.75 per square foot.

J.P. Morgan: Foreclosure Sales Could Be Higher in Three Years

Efforts to modify loans and delay foreclosures may have helped hold down the stock of foreclosures for sale in the second half of 2009, fostering home-price stabilization. But that cure could require different medicine: an elevated level of foreclosures for sale over the next three years.

Analysts from J.P. Morgan Chase & Co. are forecasting that bank-owned sales as a share of total home sales will remain at current or even higher levels three years from now in more than half of the nation’s 10 largest housing markets, according to a recent investor presentation. (The slides for the presentation are available as a PDF.)

Bank-owned sales–or “REO,” real-estate owned, in industry parlance—are expected to account for between 39% and 50% of home sales in Phoenix in the fourth quarter of 2012, up from 37% at the end of last year. The REO share of sales in San Diego, where one-quarter of sales at the end of last year were REO, is projected between 24% and 31% three years out.

New York City could also see a slight increase in the REO share of sales, with a projection that 12% -16% of sales coming from foreclosures at the end of 2012, compared to a 12% REO share at the end of last year. Foreclosures could stay the same or rise in Santa Ana, Calif.; San Francisco and Oakland, while they’re projected to be lower in three years in Los Angeles, Chicago, Long Island, N.Y., and San Jose, Calif.

With the exception of New York, foreclosures began to heavily flood housing markets in the first and second quarters of 2009. Because foreclosures sell at a discount, that generated big price declines that have since moderated as the REO share of the market has eased.

J.P. Morgan says that spring 2009 will likely mark the peak of foreclosure sales as a share of total home sales, but that REO sales will grow and remain high in most markets through 2012. Even if REO sales account for 50% of all home sales three years from now in Phoenix, for example, that will still be below the 57% foreclosure share from last spring.

Follow me for more housing and mortgage news on Twitter at: @NickTimiraos

3 BR $11,500 Trump Place

Trump Place
220 Riverside Blvd

Web ID#: 26182
Property Type: Hi-rise
Beds: 3
Baths: 3
Rent: $11,500

view full listing	.
Amir Cohen direct: 646.262.1800 cell: 646.262.1800 amirc@nestseekers.com

Shiller: Should We Keep Subsidizing the Housing Market?

Is the government’s massive support of homeownership nothing more than a “sacred cow in American society?” asks Robert Shiller in the New York Times this weekend.

The Yale University housing economist explored America’s long-standing relationship with, and affinity for, homeownership by asking readers to consider the long-term justification for the government’s support of the housing market.

Government support for the housing market, of course, is not unique to this downturn and began during the Great Depression in an effort to jumpstart the building trades, Mr. Shiller points out. Since then, real estate has been firmly rooted in the political firmament.

But housing has become about more than economic health. Mr. Shiller notes the psychological and cultural importance that the country has long placed on owning homes and land: “Historically, homeownership has been associated with freedom, while renting — often in tenements or mill villages — has been linked to the oppression of a landlord,” he writes.

The irony of course is that owning a home, especially in recent years, has become oppressive in its own right. The impulse to become a homeowner encourages people to put lots of their net worth into one asset that can be difficult to sell when demand dries up—ask anyone who’s wanted to relocate for work over the past two years, and who bought a house between 2004 and 2006 with less than 20% down. And some would argue, these supports also prop up home prices forcing people to spend more on housing.

How to reconcile this conflicting strands? Mr. Shiller doesn’t offer up any silver bullet. He points out that our national identity needn’t depend on homeownership. Homeownership in Switzerland, a country with similar identity characteristics as the United States, notes Mr. Shiller, has a homeownership rate that is half of what it is in the U.S. (So too does Manhattan, where the easy availability of attractive rental housing makes renting far more economic than in, say, Buffalo).

He then suggests charting a path to “new kinds of financial institutions— entities that may lead us to a different kind of housing, yet preserve our core values. Although such innovation isn’t likely to end subsidies, it should refocus them on enhancing the qualities of life that we really value.”

Readers, should these institutions exist, and what should they look like?

$11,900 3.5 BR in Upper West Side

Web ID#: 26181
Property Type: Hi-rise
Beds: 3.5
Baths: 4
Rent: $11,900

view full listing	Private, secluded driveway past a sentry out front, takes tenants to a contemporary lobby with a “sitting on the water” feel. It is impressive because it has a sensational glass curtain wall that is slightly curved on its south facade, many stupendous views of the East River, a very grand plaza and lobby, and its own gatehouse and landscaped park. Building has a health club and pool on the top floor, a concierge and doorman, a garage with valet parking, marble baths and floor-to-ceiling large windows. It is not close to subways, but crosstown buses stop. CALL SUMER.646.831.3951
Selman Sumer direct: 646-831.3951 cell: 646.831.3951 selmans@nestseekers.com

$1,115,000 1 BR in Midtown West

247 West 46th Street

Web ID#: 26180
Property Type: Hi-rise
Beds: 1
Baths: 1
Price: $1,115,000

view full listing	Striking 43-story glass tower that artfully blends glass and steel with the drama and pure excitement of New York. Located in Manhattans Times Square neighborhood, perfectly centered between the art, theater, fashion, and business world, Platinum is within walking distance to some of the world’s best restaurants and minutes away from the subway and major transportation locations. From the moment you enter Platinum, you will realize you’ve arrived at a cutting edge building unlike anything you’ve ever seen before. With a full floor of unique lifestyle amenities, Platinum rivals the world’s finest five star resorts. A Platinum residence exudes power. Each platinum residence enjoys dramatic entries, spacious layouts, stunning kitchens and baths, top-of the line name brand fixtures and appliances, impeccable design and spectacular panoramic city and river views. The Zone (a full floor of resort-style amenities) Recovery Zone quiet room with body massage chairs surrounded by Fitness Zone featuring Life-Fitness equipment Experiential shower Spa treatment room Social sauna Yoga studio Golf simulation room Wi-Fi enabled Mens and Womens Locker Room High speed elevators Sophisticated card-access security system Two level enclosed garage with direct access to lobby Cold storage for food and flower deliveries Available private storage Bicycle room Laundry room for over sized requirements Amenities Indoor/Outdoor Yoga High speed elevators Card-access security system Lobby cold storage Private Storage * Doorman * Concierge * Health Club * Roof deck * Elevator * Garage * Washer/Dryer * Golf * A/C units
Alex Dietrich direct: +1 646-309-1898 alexd@nestseekers.com

$1,525,000 1 BR in Midtown West

247 West 46th Street

Web ID#: 26179
Property Type: Hi-rise
Beds: 1
Baths: 1.5
Price: $1,525,000

view full listing	Striking 43-story glass tower that artfully blends glass and steel with the drama and pure excitement of New York. Located in Manhattans Times Square neighborhood, perfectly centered between the art, theater, fashion, and business world, Platinum is within walking distance to some of the world’s best restaurants and minutes away from the subway and major transportation locations. From the moment you enter Platinum, you will realize you’ve arrived at a cutting edge building unlike anything you’ve ever seen before. With a full floor of unique lifestyle amenities, Platinum rivals the world’s finest five star resorts. A Platinum residence exudes power. Each platinum residence enjoys dramatic entries, spacious layouts, stunning kitchens and baths, top-of the line name brand fixtures and appliances, impeccable design and spectacular panoramic city and river views. The Zone (a full floor of resort-style amenities) Recovery Zone quiet room with body massage chairs surrounded by Fitness Zone featuring Life-Fitness equipment Experiential shower Spa treatment room Social sauna Yoga studio Golf simulation room Wi-Fi enabled Mens and Womens Locker Room High speed elevators Sophisticated card-access security system Two level enclosed garage with direct access to lobby Cold storage for food and flower deliveries Available private storage Bicycle room Laundry room for over sized requirements Amenities Indoor/Outdoor Yoga High speed elevators Card-access security system Lobby cold storage Private Storage * Doorman * Concierge * Health Club * Roof deck * Elevator * Garage * Washer/Dryer * Golf * A/C units
Alex Dietrich direct: +1 646-309-1898 alexd@nestseekers.com