Category Archives: Luxury

Mets pitcher Noah Syndergaard leases pad in 72 story luxury tower in Midtown

Mets pitcher Noah Syndergaard, aka Thor, is riding high these days due to his team’s current 9 game winning streak and major league best 11-1 record. When he wants to unwind however, he relaxes in the luxury apartment he just rented in Sky, a luxury rental building which has over 1000 units.  The building, with 70,000 square foot of amenities, has been the residence of choice for other local athletes including AJ Ramos and several New York Knicks players.

Curbed coverage

Sky website

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.

29 Luxury contracts signed last week

Last week was another strong week of sales of Manhattan property listed at $4 million and above as 29 contracts were signed according to the Olshan report. The most expensive contracts were a couple of resales ,units 71A and 71B, at 432 Park avenue which were asking a combined $68.5 million, nearly $10 mm above their 2016 sold price.

This continues to show the dichotomy that is the Manhattan resale market. A recent report showed overall number of sales year over year is down but each week the $4 million and above apartments keep notching a steady amount of contracts. Interest rates rising, the recent tax reform and a very weak rental market are having a more pronounced effect on the lower end of the market than on the luxury sales. However, DOM continues to be at around 300 days for luxury and negotiation is the norm within the market of around 6% or so.

Read the full coverage

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.

 

Sting rents a upper floor apartment in West Chelsea luxury building

The late Dame Zaha Hadid designed 520 West 28th street, is now home to Sting and his wife Trudy Styler. The Related building features a 75 foot sky-lit pool, spa, 24 hour juice bar and robotic parking. The West Chelsea building has 30 units and it appears that it is nearly sold out. Closings began mid 2017 with 6 apartments showing available on streeteasy from just over $5 million to $16 million. Two apartments are for rent- one for $15,750 and one for $26,000.

 

This swimming pool in 520 West 28th street where Sting and Trudy Styler have just rented an apartment.

NBC coverage

Listings in 520 W 28th street

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.

What amenities generate the most buyer interest in Manhattan?

There are a variety of different amenities that you will see in Manhattan new developments ranging from movie theaters, and golf simulators to swimming pools, catering kitchens and shared outdoor spaces and even an occasional tennis court.

This swimming pool is a new construction condo in West Chelsea

According to Jonathan Miller or Miller Samuel Inc. there is a perception that more is better. From my experience, buyers look for what makes sense for their lifestyle. In a larger projects, you have more room for amenities. For example in Waterline Square on the West side of Manhattan, you have a shared amenity space called the Waterline club which includes a soccer pitch and a tennis court among the many amenities.

This is the gym in the Zaha Hadid West Chelsea new development

Within an apartment or townhouse, you look at the condition of the apartment including the finishes in the kitchens and bathrooms but also the details.

A renovated bathroom in a Harlem brownstone including a claw-foot bath
Having space to entertain is crucial for the most discerning buyer and having that space be usable.

What amenities do you think are most important to have in a building and within the individual apartment or townhouse?

Mansion Global coverage

1 Seaport looking for inventory financing

by  Brian Silvestry

1 Seaport developer, Fortis Group is looking to finance $270 million for the 1 Seaport condo project and also the first phase of their redevelopment of the LICH site in Brooklyn.

The 1 Seaport condo is the Financial District is 76% sold and closings were to begin in June but construction was delayed several months due to a construction worker’s death at the building in 2017.

Full coverage from The Real Deal

Thinking of buying a luxury Manhattan property?

Last week there were 10 contracts signed at $10 million or above according to the Olshan Report. This is the highest total of the year. So is now the time to jump in the market considering many luxury Manhattan apartments have seen their original asking price chopped?

Manhattan market downturns do not last long at least of late. So where is the bottom? Well that is like trying to pick or guess what the Stock market will do next. What we do know is that the amount of permits pulled and amount of luxury properties that are in the pipeline has diminished tremendously and will continue to do so over the next couple years. This will give the current glut of luxury properties a chance to be absorbed into the market. Developers who can sit on their sites will do so and those who can not, will sell or lose them to the next guy. Financing is very difficult now for new construction developments and EB-5 visas is not the panacea that it once was due to pending reform.

Now can be the right time to negotiate a prime Manhattan luxury property but you need to do an analysis of the price per square foot as well as what the neighborhood has to offer. Sellers’ expectations are coming down to reality so if you can find a luxury property and negotiate a fair market price, now may very well be the best time to purchase.

 

Jennifer Lawrence condo shopping in TriBeCa

Jennifer Lawrence was spotted condo shopping and reportedly was checking out a condo in Manhattan’s TriBeCa nabe in the 443 Greenwich street condo conversion. The building has an underground garage which makes it paparazzi proof according to LINK.

If she is in that area looking for a condo, one block away and with water views is 70 Vestry which is a ground up condo construction which features a porte-cochere, swimming pool and many of the apartments have water views. This building is designed by Robert A.M. Stern and features the interior design of Daniel Romauldez. Prices start at $7mm.

70 vestsry hole
70 Vestry lot goes through to Debrosses.