The Seward Park Cooperative on Manhattan’s Lower East side turned down $54 million from a developer in exchange for 162,000 of air rights. After a long negotiation process, the proposal was put to a vote but did not get the necessary amount of shareholder support to pass. The developer will still build adjacent to Seward Park, but will build two towers of 17 and 20 stories instead of 20 and 33 stories.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
One Manhattan Square, Extell’s new ground construction at 252 South street began selling last year in Asia first and according to the developer 80 units are already in contract. There will be 815 units with approximately 700 of them being either 1 bedroom or 2 bedrooms. The 823 foot tall tower will be full of amenities including a full size indoor basketball court. Gary Barnett, of Extell, grew up in the neighborhood and acknowledges the neighborhood has come a long way. This building is aimed squarely at the affordable luxury market. Prices start at around $1600 per square foot.
There are 7 seven listings on streeteasy and 2 of those are in contract. These days developers are keeping information on sales very guarded.
The Pathmark on Harlem’s 125th street is closing by this Saturday. The store which opened with much fanfare in 1997 has little left on its shelves at this point. It is unknown whether the closure is a result of Extell’s purchase of the site for $39 million or the bankruptcy of the Pathmark’s parent company-A&P. Representatives of the former owner and the new owner have said it was not a result of the sale however.
This closure though leaves many residents with no supermarket to do their shopping. It was estimated the store served 30,000 customers per week. A new Whole Foods is opening up late next year or early 2017 but that will a long walk for residents of East Harlem and the prices may not be affordable for many in the area.
Gary Barnett, of Extell, the developer that brought to the market One57 is shifting gears according to Bloomberg. Extell is building a condo on the Lower East side of Manhattan and is launching sales in Asia first and will begin sales here in the US early next year. the prices for One Manhattan Square’s condos will be an un super luxury like $1 million to $3 million. At One57, a recording breaking sale closed this year for just north of $100 million.
Extell is being by smart by bringing to market a project that addresses the underserved needs of the affordable luxury market. Thanks to the fact that the land for One Manhattan Square was purchased in 2012 ahead of the spike in land prices, these apartments are going to tap into a market that is in a major shortage. Do you think that Gary Barnett is ahead of the curve again by turning his company’s attention toward a different market segment?
According to the NYT, buyers prices out of Manhattan’s Noho,Soho, and NoLita are now turning their attention to the Lower East side. Once a very gritty neighborhood, that grit is being replaced by new condo developments. Additionally, the area is changing as well due to the purchase of resale apartments where according to data, a NYC condo can be bought for the mid 800’s. This is a substantial discount from the price of over $1 million for one bedroom pretty much throughout Manhattan below 96 street. Continue reading Lower East Side goes high end→
Here is a first look at the 1 bedroom/1 bath exclusive I have in Manhattan’s best kept secret-The East River Co-op. The apartment has a low monthly maintenance of $605. The apartment has northern and western exposures and is located in a building with a gym, laundry and 24 hour attended lobby.
457 FDR also known as East River Co-op sits on the corner on Grand street and the FDR directly across the street from the East River Park which has a jogging path, river promenade, tennis courts, and amphitheater. This 1 bedroom one bathroom apartment has a low maintenance of only $479 per month without any assessment. The building has a renovated lobby as well as hallways, plus laundry as well as a gym.
The least expensive 1 bedroom in this building is in contract and the asking price was $525,000. The asking price for this one will be $450,000.
Pictures and video to come. First showing in about 2 weeks.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker