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9-story rental building dubs itself “Empire State Building”

January 24, 2015, 8:00 am
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640 Braodway

640 Braodway

Manhattan is about to get a second, much smaller Empire State Building, thanks to the Landmarks Preservation Commission.

The LPC has given a prewar rental building at 640 Broadway permission to etch the moniker above its entryway after updates to the structure are completed, according to Curbed. As part of the renovation, the building will also have new penthouses tacked onto the top floor.

The logic behind the seemingly bizarre move is that 640 Broadway, designed by DeLomos and Cordes and completed in 1897, was originally home to the Empire State Bank. Back then, the building had the words “Empire State Building” carved above its Broadway entrance.

Architects Joe Levine and Bill Higgins of the firm Higgins Quasebarth & Partners hope to restore not only the lost lettering, but also cornice, molding and brackets. [Curbed] – Christopher Cameron

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A tour of Ludlow Street in the early 1990s: VIDEO

January 24, 2015, 9:00 am
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The Lower East Side has always been dynamic. Waves of immigration, gentrification and development are the defining characteristics of the neighborhood.

But while it’s fine to talk about those rapid changes, it’s another thing to witness them.

In the video above (via Gothamist), LES tour guide Ronnie DeMonarco shows off the small businesses and hole-in-the-wall art spaces that thrived on the street 20 years ago.

“To this day, only the curious come down here.” DeMonarco says, adding that it is a “thriving, out-of-the-way artist community.”

Almost none of the businesses featured remain today, with the exception of the Mercury Lounge. Watch out for its old signage. [Gothamist | Bowery Boogie]– Christopher Cameron

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From the archives: The future of Lower Manhattan

January 24, 2015, 10:00 am
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Bloomberg_vs_Silversteing

Bloomberg vs. Silverstein

The future of Lower Manhattan is not in doubt. It will finish recovering from September 11. But what will its real estate makeup be when that recovery finishes? Some real estate analysts point to Battery Park City for an answer. In the 1990s, according to a market analysis by CB Richard Ellis, Battery Park City was roughly one-third residential and two-thirds commercial. By 2008, after fresh construction that includes the new Goldman Sachs headquarters and additional housing, the neighborhood should be about half residential and half commercial. Click here to read the full article from the December 2005 issue.

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“Prime” time for kosher

January 24, 2015, 11:00 am
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Albert Allaham and Reserve Cut

Albert Allaham and Reserve Cut

From Luxury Listings NYC: Now arguably Manhattan’s trendiest nabe, NoMad is where a visit to Birch Coffee means a chance to rub shoulders with Chelsea Clinton and picking up a salad at Sweetgreen means enduring formidable lines. And now, another trendy new restaurant is set to enter the fray. But it’s not a farm-to-table brasserie from a Michelin-starred TV chef — it’s an upscale kosher joint. Yes, kosher. [more]

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56 Leonard completes 50th floor

January 24, 2015, 12:00 pm
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56 Leonard

56 Leonard via Curbed

Construction at Tribeca’s most eye-catching skyscraper, Herzog & de Meuron’s 56 Leonard, has reached the 50th floor. That just leaves 10 more floors until the tower is topped out.

But while the 50th floor is in place, glass has only been installed up to the 28th floor, according to Curbed.

When complete at the end of 2015, 56 Leonard will rise 821 feet and 60 stories, with 145 units. [Curbed] – Christopher Cameron

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Commuters mourn loss of cheap grub at Penn Station

January 24, 2015, 1:32 pm
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The TGI Friday's in Penn Station

The TGI Friday’s in Penn Station

Commuters at Penn Station are mourning the lose of their fast food favorites, following Vornado Realty Trust’s decision to replace spaces once occupied by TGI Friday’s, KFC and Nathan’s with more upscale tenants.

“I came here for pizza and magazines while I was waiting for the train,” commuter Kyle Soto told NBC.

Currently the stores are vacant with alteration notices from the buildings department posted.

Commuter Gregory Johnson said, “I’m trying to figure out what’s going on. Why no warning or anything?”

“This is not Penn Station without these stores open,” Christine Preis of Merrick added.

Neither Vornado nor the restaurants’ owner, Riese Corporation, returned NBC’s calls, but MTA board member Mitchell Pally said that it’s all part of a remodel that will bring more high-end retail to Penn Station — similar to businesses found in Grand Central Terminal. [NBC] – Christopher Cameron

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Inside a quirky River House apartment

January 24, 2015, 2:00 pm
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A River House co-op

A River House co-op

A quirky apartment in an exclusive co-op building on Manhattan’s east side is on the market for $12.75 million. The River House was built in 1931 in an art deco style. Until 2013, the co-op board forbid listings to include the name of the building or its address. It’s also turned away a number of applicants, including Richard Nixon, Diane Keaton, Joan Crawford, and Gloria Vanderbilt.

The apartment is located on the 14th floor and has a terrace that overlooks the East River.

Sotheby’s realtor Nikki E. Field has the listing.

Behold the gates of the River House, one of Manhattan’s most exclusive co-op buildings.

behold-the-gates-of-the-river-house-one-of-manhattans-most-exclusive-co-op-buildings

Don’t let its secluded East Side address fool you —the notoriously snooty co-op board ensures that only the wealthiest and most well-connected New Yorkers move in to the venerable tower. Until 2013, the board banned mention of the building’s name or its address in broker listings.

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An exclusive off-street private cobblestone driveway with a fountain takes you up to the residence building.

an-exclusive-off-street-private-cobblestone-driveway-with-a-fountain-takes-you-up-to-the-residence-building

Though much of the building dating back to 1931 has a distinct “old money” feel, this apartment boasts a delicate balance between modern and classic.

though-much-of-the-building-dating-back-to-1931-has-a-distinct-old-money-feel-this-apartment-boasts-a-delicate-balance-between-modern-and-classic

In addition to the large formal dining room, the kitchen has a breakfast nook to go along with the custom cabinets and appliances.

in-addition-to-the-large-formal-dining-room-the-kitchen-has-a-breakfast-nook-to-go-along-with-the-custom-cabinets-and-appliances

The library still retains the classic old world feel with custom wood cabinetry and a venetian plaster ceiling.

the-library-still-retains-the-classic-old-world-feel-with-custom-wood-cabinetry-and-a-venetian-plaster-ceiling-1

The most interesting room, by far, is this sun room. It features a full mural on the walls and ceilings with access to the terrace.

the-most-interesting-room-by-far-is-this-sun-room-it-features-a-full-mural-on-the-walls-and-ceilings-with-access-to-the-terrace

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Sunday funday?

January 25, 2015, 6:30 am
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Diners and revelers at Bagatelle

Diners and revelers at Bagatelle

From Luxury Listings NYC: With headphones pressed to a single ear, the DJ at Bagatelle, a “French bistro” on West 13th Street in the Meatpacking District, spins a conversation-drowning house mix. It’s 2 p.m., and one of Manhattan’s most ostentatious brunch scenes is in full swing.[more]

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MTA accused of rigging retail bid process at Grand Central

January 25, 2015, 7:00 am
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Screen-Shot-2015-01-25-at-10.08

ruce Nevins

A Grand Central Terminal retail tenant is taking the MTA to court, alleging that the agency has “rigged” the bidding process for the space.

Bruce Nevins has run Grande Harvest Wines in a 960-square-foot space in Grand Central’s Graybar Pass for 16 years. But now the MTA wants to give him the boot, according to the New York Post.“I wouldn’t have done this if I knew we could potentially lose it all,” said Nevins, referring to his decision to take a lease at Grand Central Terminal.

Nevins claims in court documents that his lease was awarded to a different bidder “in secret,” and without a public hearing.

At the end of his lease, Nevins put in a competitive bid, including a 30 percent rent increase. It was the only bid the MTA received. But hoping for more competition, the agency decided to reopen the bidding process two more times.

The authority eventually received a $4.5 million bid from 120 Nassau Corp Inc., which won out over Grande Harvest’s $3.3 million proposal.

The MTA says it simply went with the highest bidder. [NYP] – Christopher Cameron

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Developers are tapping art curators at luxury projects

January 25, 2015, 12:00 pm
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A sculpture on display at Abington House and 400 Park Avenue South where Emily Santangelo was tapped to curate artwork

A sculpture on display at Abington House and 400 Park Avenue South where Emily Santangelo was tapped to curate artwork

Developers have long used art to draw the wealthy to their latest luxury building. But increasingly, gallery operators and art curators are lending their trained eyes to high-end real estate projects.

“This goes way beyond decorative,” Emily Santangelo, an art consultant who curated the art for a new hybrid condo and rental tower by Christian de Portzamparc at 28th Street and Park Avenue South, told the New York Daily News. “Developers are realizing that fine art is the hallmark of luxury and they’re willing to pay for it.”

Santangelo added that developers used to wait until a project was wrapping up before even thinking about art. “Now, they retain me as soon as a project gets the green light,” she said.

And its not just condo projects that are getting the fine art treatment. Pricey rental buildings are commissioning big name artists, such as Terence Main at Abington House.

Still, Santangelo estimated that the typical art budget for a New York developer is just $250,000 for a whole building. [NYDN] – Christopher Cameron

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The world’s longest elevator commutes

January 25, 2015, 1:00 pm
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432 Park Avenue

432 Park Avenue

With residential towers reaching ever greater heights, the length of a penthouse dweller’s commute is being stretched.

For instance, when Mumbai’s World One tower is completed in 2016, it will be the tallest purely residential building in the world, topping out at 1,450 feet, according to the Wall Street Journal. That could mean around 200 miles a year in elevator travel, assuming the resident of the top floor takes one trip down and up each day.

At 432 Park Avenue, which rises 1,397 feet, making two round-trips a day would result in around 356 elevator miles each year—the equivalent of two trips out to the Hamptons and back, according to the Journal.

However, despite the intense commute, many of these new super towers use high-speed elevators, which can travel at up 2,000 feet a minute. [WSJ] – Christopher Cameron

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Stunning glass-roofed loft asks $11.5M in Paris

January 25, 2015, 2:00 pm
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A Parisian loft

A Parisian loft

New York City doesn’t have a monopoly on stunning lofts, and this $11.5 million Parisian listing is here to prove it.

This ornate loft conversion features a gabled glass roof, resting on a early 20th-century steel structure created by famed French architect Gustave Eiffel, according to Curbed.

The 9,400-square-foot former textile factory in the Bastille neighborhood was converted into a five-bedroom mansion and includes such amenities as an indoor pool, a hamam bath, a 15-seat movie theater and a wine cellar.

“It was a workshop with only four walls and a roof made of corrugated iron with not a single window,” owner Véronique Bonnefond told the Wall Street Journal.

Bonnefond and her husband bought and converted the property after their business venture at the address failed. [Curbed] – Christopher Cameron

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January 26, 2015, 4:25 am
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Ad giant IPG grows to 280K sf at Brookfield’s 5 Manhattan West

January 26, 2015, 5:00 am
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From left: Rendering of 450 West 33rd Street in Midtown, Scott Panzer and Bruce Mosler

The Interpublic Group of Companies expanded its domain to more than 278,000 square feet at Brookfield Office Properties’ 450 West 33rd Street, also known as 5 Manhattan West, The Real Deal has learned.

The advertising services giant inked a 15-year lease renewal, taking an additional 52,350 square feet on part of the 11th floor, according to sources close to the deal. Prior to the renewal, IPG occupied 225,687 square feet at the 1.8 million-square-foot property, located near 10th Avenue.

Asking rent is in the $70s per square foot, sources said. Come June, IPG subsidiary R/GA Media Group will occupy about 173,000 square feet of that space.

JLL’s Scott Panzer represented the tenant, while a Cushman & Wakefield team led by Bruce Mosler and Josh Kuriloff represented the landlord. Panzer and Mosler declined to comment, while Kuriloff could not be reached.

The property, built in 1969, is slated for a $200 million renovation that will result in a new glass facade and unobstructed floor-to-ceiling windows.

JPMorgan Chase inked a 10-year deal for roughly 123,000 square feet on the ninth floor there in December, as previously reported.

IPG is headquartered at the W.R. Grace Building at 1114 Sixth Avenue, near West 43rd Street.

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Tenant advocates jittery after Sheldon Silver’s arrest

January 26, 2015, 5:30 am
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From left: Sheldon Silver and tenant advocates

From left: Sheldon Silver and tenant advocates

Tenant advocates are worried about the future of rent-regulation laws following Assembly Speaker Sheldon Silver’s arrest.

While Silver is expected to continue his work as speaker, it’s unclear what his role will be during the upcoming session in Albany, according to the Wall Street Journal. Rent-regulation laws, as well as legislation governing a number of housing programs, are expiring in June.

“Whatever it is, it is not good,” longtime tenant advocate Michael McKee told the newspaper. “We have been counting on the Assembly to deliver for tenants this year and stop the loss of affordable housing.”

One of those programs is the 421-a tax abatement — a measure that’s very popular with the real estate industry. The program offers a tax break to developers who add affordable housing to their projects. The J-51 tax abatement for rehabilitating older buildings and a tax abatement for many individual owners of co-op and condos are also on the agenda, according to the Journal.

“Speaker Silver has always fought for stronger rent regulation and will continue to fight for tenants,” a spokesperson for the speaker told the newspaper. He added that the arrest and subsequent investigation has “absolutely no impact on what we are trying to accomplish, namely stronger rent protections.” [WSJ] — Claire Moses

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Roman Abramovich seeks landmarks’ OK to build mansion

January 26, 2015, 6:10 am
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From left 13 East 75th Street, 11 East 75th Street and Roman Abramovich

From left 13 East 75th Street, 11 East 75th Street and Roman Abramovich

After assembling several properties on the Upper East Side, Russian billionaire Roman Abramovich is asking the city’s Landmarks Preservation Commission to approve his plan to build a massive mansion on East 75th Street.

Abramovich, who also owns London-based soccer team Chelsea F.C.,  bought three townhouses at 11, 13 and 15 East 75th Street, according to the New York Post. The sellers of the homes didn’t know who was buying their properties, the newspaper reported.

Because a single townhouse will have less density, the commission will likely approve the plan, one source told the Post.

Last year, Abramovich’s planned purchase of a $75 million co-op — which at that time would have been a record — was declined by the wealthy widow who owned the unit in the Berwind mansion at 828 Fifth Avenue. [NYP] — Claire Moses

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Number of contracts signed last week for pricey resi units most since 2006

January 26, 2015, 6:45 am
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Renderings of 20 East End Avenue

Renderings of 20 East End Avenue

Last week saw the most contracts signed at $4 million or above since 2006.

A total of 32 contracts were signed last week, according to the latest Olshan report. Buyers signed six contracts at 20 East End Avenue, a new condo project designed by Robert A.M. Stern. The contracts at the East Side building — which has a total of 43 units — ranged from $4.6 to $14.3 million and averaged $2,912 per square foot, according to the report.

The biggest contract of the week was a three-bedroom unit — 71A — at 25 Columbus Circle for $35 million, according to the report. Jeffries Capital Partners chairman and Broadway producer Roy Furman bought the apartment in 2005 for $9.9 million.

A townhouse at 21 West 10th Street was the second largest contract last week, at $21.9 million. The home hit the market in May for $2 million more. — Claire Moses 

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The Wrap: Faith Hope Consolo’s Sunday routine, a look inside the Kings Theatre in Flatbush … and more

January 26, 2015, 7:20 am
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Kings Theatre

Kings Theatre

1. A look inside the restored Kings Theatre in Flatbush [Gothamist]
2. Faith Hope Consolo‘s Sunday routine [NYT]
3. City looks to shut down illegal hotel [DNAinfo]
4. FreshDirect deal might be fishy: OPINION [NYDN]
5. Anne Hathaway trades Brooklyn for Los Angeles [NYP]
6. What will happen to Brooklyn’s library branches [NYT]
7. The secrets of the Brooklyn Museum [amNY]

— Claire Moses

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New apartments: less space, a lot more amenities

January 26, 2015, 8:00 am
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Gary Malin and a rendering of 335 East 27th Street

With the 13,000 new rental apartments in Manhattan, Brooklyn, and Queens expected to open this year, developers have tended to minimize individual apartment square footage while maximizing shared amenities.

The strategy of creating, for example, studios that are 50 square feet less than the neighborhood average but include amenities ranging from basketball courts to in-house dog runs allows developers to keep rents competitive — this though land prices have been skyrocketing. Overall, rents are expected to remain stable this year.

“You can’t just build a vanilla building… Renters want to walk in and see the latest, greatest and best,” Gary Malin, president of Citi Habitats, told the New York Times.

The building taking this trend to its furthest extreme is Monadnock Development’s My Micro NY, which will debut at 335 East 27th Street later this year. The building will feature 55 prefabricated apartments of between 260 and 360 square feet. [NYT] – Tess Hofmann

 

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Cushman, JRT pick up gig marketing bus terminal’s retail

January 26, 2015, 8:35 am
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Shops at the Port Authority Bus Terminal

Shops at the Port Authority Bus Terminal

Cushman & Wakefield and JRT Realty Group will be marketing the Port Authority Bus Terminal’s 150,000 square feet of retail space.

The firms will also market roughly 13,000 square feet of available space at a nearby site on Ninth Avenue, according to the Wall Street Journal. The brokers aim to attract new, specialty-food vendors and shops to offer more options to the roughly 225,000 daily commuters who pass through the terminal, the newspaper reported.

“The retail space at the bus terminal is, just like Grand Central Terminal, extraordinarily valuable,” Port Authority executive director Patrick Foye told the paper.

The Port Authority will invest $90 million in the bus terminal to add additional bypass lanes, repair ceilings and to upgrade elevators and vestibules.

The massive terminal — which spans 40th Street to 42nd Street between Eighth and Ninth avenues — will also get wireless internet and improved cellular service. [WSJ] — Claire Moses

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