CO-OP/CONDO BUYERS

CityRealty, a company that tracks apartment sales and offers high-level data and analysis of the major trends in the NYC real estate market, has released its latest Monthly Market Report. In the four weeks leading up to September 1, the average sale price for Manhattan apartments dipped slightly, while the total number of sales remained unchanged. The average price for an apartment — taking into account condo and co-op sales — was $1.7 million, down from $1.8 million in the preceding month. The number of recorded sales, 1,071, was about the same as the preceding month. The average price of a condo was $2.5 million, and the average price of a co-op was $1.2 million. There were 462 condo sales and 609 co-op sales. Click here to download the complete report.

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It began life as a Brillo factory in Dumbo. Later on it was part of the Jehova's Wittness's "real estate empire." And now? If you guessed condos then ding, ding, ding, ding! Curbed reports that "the old factory building at 200 Water Street between Bridge and Jay streets [have been] re-imagined by Aufgang Architects and Gil Even-Tsur, who endowed the rather large condos with finishes like radiant heated Siberian white oak flooring, Montclair Denby marble kitchen countertops, Hansgrohe bathroom fixtures, and etched glass master bedroom doors." And that's not all. The publication says that some of the apartments even have walk-in pantries, laundry rooms, and sliding walls — not a single inch of space is wasted. One of these beauties can be yours for — drum roll, please — $2.8 million. "But the price tags," adds Curbed, "are no match for the condos' demand: listings became available to the public this morning, and only three apartments in the building are currently up for grabs. Five of them, including the $3.45 million Penthouse B and $3.6 million Garden B, are already in contract." Click here to see inside 200 Water Street.

Rendering of 200 Water Street via teaser site

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Dan Gulick wanted to make the 5,000-square-foot roof of his building an amenity. "We already had a wood deck [and] a gazebo [up there], and residents wanted more access to the roof. We thought it would be nice to have a green lawn that you didn't share with thousands of other people." Gulick, the board president of a 142-unit co-op at 111 Third Avenue and 14th Street, was convinced the way to do that was through a green roof — a "living roof" or vegetated roof covers, with plants taking the place of bare membrane and gravel ballast. But wouldn't it be costly?

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When Yaniv Cohen of Acmos on Chrystie LLC purchased 173 Chrystie Street for $15 million, the plan was to build a 10-story luxury condo tower. Bowery Boogie reports that the owners have submitted demolition permits to the Department of Buildings. Although "the paperwork on file with the DOB is still listed as disapproved," so far we know that the tentative completion date is 2018, that the building will span a total floor area of 25,265 square feet spread across 13 units plus a private roof deck, and that amenities will include a cellar gym and bike storage. ODA Architecture has released a rendering showing us what 173 Chrystie will look like, pending the DOB's approval, of course.

Rendering of 173 Chrystie by ODA Architecture

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How times change. It was just August last year that Atlantic Yards was renamed Pacific Park as part of a rebranding effort. Now, a little more than a year later, the first penthouse — one of three condo apartments on the 17th floor of 550 Vanderbilt Avenue in Prospect Heights — is hitting the market at $6.8 million. What do you get? How does 2,859 square feet with a wraparound terrace sound? The luxury building is “now under construction at the corner of Dean Street and Vanderbilt Avenue, [and is] one of four towers currently being built at the 22-acre complex by Greenland Forest City Partners,” according to DNAinfo. No wonder so many folks are getting priced out of Brooklyn.

Rendering of penthouse at 550 Vanderbilt Avenue by Cookfox

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It was a proposed project that sparked political controversy and international debate. Manhattan developer Sharif El-Gamal wanted to build a 15-story Islamic cultural center and mosque at 45 Park Place, just two blocks north of where the World Trade Center towers once stood. Because of the heated reaction, El-Gamal opted to scrap those plans four years ago. Now the developer is back with a project that caters more to the city's vibe: a 70-story condo, complete with amenities that rival those offered by a five-star hotel. According to Bloomberg Business, "El-Gamal's Soho Properties has proposed a 667-foot (203-meter) condominium tower at lower Manhattan's 45 Park Place. The glass skyscraper, which has yet to break ground, will include at least 15 full-floor units of 3,200 to 3,700 square feet (297 to 344 square meters), and average prices higher than $3,000 a square foot." More good news for those multimillionaire buyers who make up the ultra luxury market.

Proposed condo for 45 Park Place/El-Gamal's Soho Properties

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Luxury condo towers are rising anywhere you look, and it's not just Billionaires Row, either: Brooklyn, the Upper West Side, Union Square, and even a wooden tower in Chelsea. Naturally, these high-rises are transforming the city's skyline at a dramatic pace. VisualHouse, a 3D architectural visualization company, has created a rendering that shows what Manhattan's southern half will look like in 2030. Curbed reports that "while the rendering itself dazzles with a nighttime cityscape that almost looks real, it provides a valuable view of the various projects that will usher New York City into its next iteration as home to some of the world's tallest buildings."

Rendering of Manhattan skyline in 2030 by VisualHouse

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Here's a story that may potentially stoke the ire of some New Yorkers boil. It looks like U.S. taxpayers will be footing a $1.5 million bill for a luxury condo in Chelsea. Wait for it… Made of wood. According to DNAinfo, if the Department of Buildings approves the construction plans, a 10-story building made mostly of wood could rise at 475 West 18th Street. The development "won a $1.5 million grant from the U.S. Department of Agriculture and the Softwood Lumber Board for research into how to work with engineered wood for construction, according to a department announcement," DNAinfo reported. You know New York has changed when developers are building things made out of wood on purpose. Designed by the SHoP, who also worked on the Barclays Center in Brooklyn, the 120-foot wooden structure will be located across the street from the High Line. It will have commercial space on the ground floor (hope it's not a restaurant) and will have 15 two-, three- and four-bedroom apartments.

Photo of wooden high rise by SHoP

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It's a new season, and that means brokers are taking a look at what direction the real estate market will take this autumn. A panel of experts offered DNAinfo five predictions of what potential buyers can expect in the next few months. "Many are doubtful that out-of-control bidding wars — which became commonplace this spring — will return, at least in Manhattan," reports DNAinfo. "But limited inventory will still be a thorn for many buyers, especially at the lower price points of the market, which nowadays many brokers consider to be under about $2 million." One of the five predictions is that the summer's dip in the stock market, which was the "first wave of real volatility since the 2008 credit crisis," may give buyers a little bit more leverage for the first time in years.

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How times change. Seasoned New Yorkers who remember the Red Hook of old will likely recall it was crowned in 1990 by Life magazine as one of the ten worst neighborhoods in the United States. But it has gone from being the crack capital of the world to the latest gentrified neighborhood boasting luxury condo development. Of course, you've got to give the mega rich an incentive to buy. And what better way to entice them than by offering convenient access to the shiny posh condos, even if it means changing the direction to sections of Verona and Commerce streets. According to DNAinfo, the city presented the proposal late last week as a means to "ease traffic congestion and make it easier for future residents of upscale condos to get to their homes." Must be nice, eh? Having the direction of traffic on a couple of streets changed for your convenience? According to the article, "the Department of Transportation is seeking to convert Commerce Street between Imlay and Van Brunt streets into a one-way eastbound street. The one-block stretch is currently a two-way street. The proposal would also change the direction of an underused section Verona Street between Imlay and Van Brunt streets. Traffic on the block currently flows eastbound from Imlay to Van Brunt streets, but the conversion would make it westbound." While anyone in or passing through that area would obviously benefit from this measure, the ones who stand to gain the most are the people who eventually occupy the massive upscale condos at 160 Imlay Street, site of the former New York Dock Building. The proposal was unanimously approved by the transportation committee and will be presented to the CB6 general board for a final vote October 14.

Rendering of the residential development at the the former New York Dock building by AA Studio

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