Category Archives: New Developments

Ariana Grande and fiance Pete Davidson purchase luxury apartment in West Chelsea

Ariana Grande and her fiance SNL’s Pete Davidson have purchased in the Zaha Hadid building in West Chelsea. The building is full of amenities including a private Imax Theater and skylit pool. There are 39 units in the building with 5 showing as active on listings site Streeteasy. Prices range from just over $5mm to over $13 mm for the available units.

This swimming pool in 520 West 28th street where Sting and Trudy Styler might run into their new neighbors Ariana Grande and Pete Davidson.
This is the gym in the Zaha Hadid West Chelsea new development

Full coverage

Sting rented an apartment in the same building

New condo building launching sales soon in Central Harlem

BRP Companies is getting set to launch sales at The Rennie on the site of the former Renaissance Ballroom at Adam Clayton Powell and 137th street need Harlem’s Striver’s Row. Prices will be approximately $530k to $1,700,000. The building will feature a tax abatement obtained under the former framework of the 421a program. 20% of the 130 units will be affordable. Amenities include children’s playroom, gym, rooftop deck, resident’s lounge, garden and 24 hour doorman.

Full coverage here

Lower East side Co-op turns down $54 million for air rights

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.

NYT 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.

303 West 137th street New building construction update

303 West 137th street, a new 6 story building by Harlem developer, Icer, has topped out. It will eventually house 16 units over 14,655 square foot. It is located on a beautiful, double brownstone block, near Saint Nicholas park. The building has a brick facade and terraces. Unfortunately, the design is lacking in any architectural merit and could be the poster child for adding more landmark designations to protect historic homes and blocks.

West 137th street looking east. 303 is in the background

Previous 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.

 

24 luxury contracts signed last week

24 Luxury contracts were signed last week for property $4mm and above in Manhattan. Discounts drove the action as the average discount from the listing price is over 10%. It’s not unusual that property owners who purchased in the last 3 years are selling at a loss in order to liquidate.

In other reports, rents are still trending down with concessions like free month’s rent and owner paid broker fees fueling activity especially in new developments where 90% of the apartments were rented with concessions. Just under half (44%) of the new leases signed in Manhattan in April included concessions.

Does it make sense for a Manhattan owner to pay the broker fee?

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

As Manhattan new development sales slow, developers offer incentives

Developers do not like to lower prices in their Manhattan offerings so when sales slow, they offer incentives. A TriBeCa condo with an unsold penthouse is offering a free parking space to go along with their nearly 5000 sqft penthouse. At 71 Laight street, the only unsold unit is offering a 12 by 24 spot below the lobby as an enticement.

At 1 West end avenue (1WEA) 80% of the units are sold and the developers is offering $25,000 in custom closets for potential buyers on the remaining units to entice buyers. 1 WEA launched about 1 year or so ahead of the Waterline Square development just to it’s west which has a shared amenity space called the Waterline Club, a starchitect pedigree, and better views of the Hudson due to it’s location.

At the Beekman Residences downtown, the condo connected to the famed Beekman Hotel, the sponsor is offering $10,000 towards services in the adjacent hotel.

Developers in buildings with unsold units prefer to offer these incentives (instead of reducing prices) which are not recorded on a deed so that it will not affect the future sales of other units in the building.

Read the NYT article

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

 

Are you ready for elevators that go sideways?

As Manhattan buildings continue to go up and up, elevator companies are racing to provide the technology for these supertalls. Among the features are elevators that not only go up and down at a max velocity but also go sideways. Click on the link below to read the full story from the Real Deal.

Full coverage from The Real Deal

The Author-  Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.

 

Dell founder revealed as purchaser of most expensive Manhattan pad

Michael Dell, the founder of Dell Computers was revealed as the buyer of the most expensive Manhattan residential apartment which he purchased in 2014. The condo at 157 West 57th street on Billionaire’s Row is an 11,000 sqft duplex penthouse that cost him $100.47 million. The building has seen its ups and downs and recent values have not supported the price per square foot that was attained back in 2014. In 2014, there was little competition for the One57 but in the last few years the super luxury market has become a buyer’s market as inventory has risen and days on the market has exceeded at times 2 years!

NY Post coverage

The Real Deal 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 Manhattan market from Battery Park City to Washington Heights.