The New York Times (05/13/2016) - Home Sales Around the New York Region
The New York Times - Home Sales Around the New York Region - May 13, 2016
Click To View Original Article..
ModernNYC.com (03/12/2015) - Real Estate Feature
The Real Deal (02/02/2015) - Who is Howard Hughes?
Real Estate Weekly (03/12/2014) - RETAIL BRIEFS: Ship's chandlery on the move; Helmut Lang in NoLite; Mighty Quinn deal...
RETAIL BRIEFS: Ship’s chandlery on the move; Helmut Lang in NoLita; Mighty Quinn deal finger-lickin’ good
10:46 AM, MARCH 12, 2014
BOND New York
Retailer’s ship has sailed
New York Nautical, New York City’s oldest and only ship’s chandlery, servicing professional mariners, recreational boaters and anyone in need of a sextant, has moved to 200 Church Street.
The retailer signed a 10 year lease with 200 Church Street Associates for 1,100 s/f of retail space with a 900 s/f basement. The asking rent was $101psf.
Andrew Stern and Chris Johnson of Robert K. Futterman & Associates represented the owner. The brokers for New York Nautical were Bridget Schuy and Joe Robinson of Bond New York Properties LLC.
New York Nautical has been located in Lower Manhattan for the past 40 years and had expressed a strong desire to remain in TriBeCa close to the North Cove and South Street Seaport.
Real Estate Weekly (11/07/2013) - Listings Drought Hitting Residential Agents Hard
Listings drought hitting residential agents hard
11:05 AM, NOVEMBER 7, 2013
By Konrad Putzier
Apartment inventory is at an all-time low
This year has not been easy for many New York brokers. “I’ve been calling acquaintances and clients, sending postcards to addresses in streets with big apartment buildings, asking them if they know anyone who might want to list with me. But there isn’t much to sell out there,” said one Brooklyn broker.
“It really makes you feel bad when you’re essentially begging for listings. It’s not much fun anymore”
Rising prices and record sales of luxury condos might have a hold on the headlines, but most brokers are experiencing a very different side of the current market. Residential sales inventories in Manhattan fell to their lowest level in 13 years in the third Quarter, according to Douglas Elliman, leaving brokers in a scramble for the few available listings.
According to a survey by the Real Deal in March, anywhere between 60 and 95 percent of brokers at Manhattan’s biggest brokerages didn’t have any exclusive listings. By all accounts, things have only gotten worse since.
While some brokers have managed to make the most of a difficult situation, many more are finding themselves with their back against the wall.
“I am feeling the pressure to produce. Buyers don’t understand that there is a very limited inventory ” said Bridget Schuy, a broker at BOND who hasn’t had one exclusive sales listing this year.
“I think that the market started to really feel the decrease in inventory about a year ago. I started to see less and less listings and an increase in bidding wars. There were times when brokers in my firm were up against 40 to 50 other bidders,” she said.
Although, she claims she is optimistic and is “not panicking” yet, Schuy admitted she is concerned about the market.
“There’s just so little new development on the market, and there hasn’t been much for several years because of the recession. Not to mention that New York is still suffering the damage from Sandy.” said Schuy, who specializes in Lower Manhattan.
“I think (the inventory crunch) will level off somewhat, but it will always be there because of the ever increasing population of the city.”
The decline in inventories is at least in part a holdover of the 2008 financial crisis, when financing dried up and several large development projects were halted. The sector has since recovered, and several projects are under way. For example, 53 West 53rd Street in Manhattan recently received funding after being sidelined during the crisis.
But developers have not been able to keep up with growing demand, and it will be years before large projects like Hudson Yards hit the market. In the meantime, supply is limited.
Joshua Arcus, managing partner at the Siderow Organization, said many of his brokers have been able to make up for the lack of listings in Manhattan by branching out into Queens. But he also admits that the inventory crunch has made him slightly less picky: “I am more willing to take certain exclusives even if they are a little bit overpriced by the owner,” he said.
“If we had more listings and if there was more inventory, I could say to the person: ‘you know what, why don’t you look around and see what other brokerages say’.”
David Schlamm, CEO of City Connections Realty, has noticed that desperation over a lack of inventory changes brokers’ behavior.
“It brings out the worst in people,” he said. “Thousands of rental brokers are competing to get clients by posting open listings, many of which are not true or accurate, for example by saying ‘no fee’ when there really is a fee.”
The inventory crunch has also led to a growing financial divide between those brokers who are doing well and the many that aren’t. “It’s been pretty good for sellers and for a select group of brokers who are successful because they are well connected,” said Schlamm.
One of these select few is Deanna Kory, a residential broker at Corcoran. She says she might be having her second-best year yet, which she attributes to her own foresight. “I have been aware of the trend for a while,” she said. “Three or four years ago, I told my team we were going to work with more buyers.”
Back then, 70 percent of her work consisted of exclusive sales listings and 30 percent was representing buyers. Now, she says, the ratio is nearing 50/50. Kory’s change of strategy is paying off, although she is certainly also benefiting from her specialization in the booming high-end market.
Donald Brennan, founder of Brennan Realty Services, also said that his brokerage business hasn’t suffered, in part because he is also a developer and can create his own inventory.
But stories of struggling brokers are still far more common, and several large brokerages declined to comment for this article – indicating that the inventory crunch is a sore subject.
Real Estate Weekly has even learned of a broker who is considering going on food stamps.
The situation of the Brooklyn broker, who chose to stay anonymous, isn’t nearly as bad. “Luckily I am also a buyers’ broker,” she said. Nevertheless, she would prefer to have her own sales listings.
“I am not very optimistic,” she said. “People aren’t putting their apartments on the market because they are worried they won’t find another place to move to.
“For something to hit the market these days, it really takes divorce, death or debt.”
Luxury Listings NYC (05/22/2013) - Snapshot of a FiDi Sale
Midday Rambler (01/29/2013) - Selling New York or at Least Talking About it
Luxury Listings NYC (01/14/2013) - Snapshot of a Recent Financial District Sale
Real Estate Weekly (12/19/2012) - Brokers Help Sandy Victims Find New Homes In Time For The Holidays
Brokers help Sandy victims find new homes in time for the holidays
11:29 AM, DECEMBER 19, 2012
Matt Rosenstein (pictured) and Nick Kurczewski’s ground-floor apartment near the South Street Seaport was severely flooded during Hurricane Sandy.
Matt Rosenstein and Nick Kurczewski were in love with their neighborhood near the South Street Seaport in Lower Manhattan.
On the night of Oct. 29, a 1,000-mile wide hurricane tried to change that.
“It was unreal,” recalled Kurczewski. “The wind and rain started, it was wet and windy, and then a wall of water rolled in.”
Residents for three years in a ground floor apartment on Front Street, the happy couple “knew everyone” and had built strong ties with the community.
They were looking forward to tying the knot in early December.
The couple had headed for higher ground prior to the storm, staying with a friend nearby on Water Street. As the storm raged, the water level rose rapidly, foot by foot.
Kurczewski remembers watching in disbelief as mannequins from the Abercrombie & Fitch retail store across the street floated by, bobbing around in the flood waters after the doors to the store burst open.
The two bounced from friend to friend for a week or two following the hurricane, all in all staying in six different places before finding a short-term rental on 58th Street, between 5th and 6th avenues.
When they went back to survey the damage, they waded through knee deep water in their water-ravaged apartment.
“I just had to know how bad it was,” he said. “We went back the next morning and discovered six to seven feet of water had turned our apartment into a toxic soup.”
Their sofa was upended on a dresser and an overturned coffee table, the bedroom wall had blown down and kitchen items had somehow settled in the bedroom.
A water line was visible around the walls of the apartment.
Though devastated, the neighborhood stood together.
“The community came together fantastically,” said Kurczewski. “Unfortunately, our management company did not.”
The couple’s management company initially told them they wanted to rebuild and get them back in their apartment within 30-45 days.
Two weeks later, they changed their tune and said they were terminating their lease and would be turning their apartment into retail space.
They were given 72 hours to decide if they were going to leave, or take a similar fourth floor walk-up in the same building for $800 more than their previous rent.
Instead, the couple chose to stay in a short-term rental and look for a new place in the Seaport.
Bridget A. Schuy
Bridget Schuy, a broker with BOND and a good friend of the couple’s, lives nearby in the neighborhood.
“I had just cooked them dinner on Saturday night,” she said.
After learning of their frustration with trying to find a broker, Schuy said she asked Kurczewski if she could send him some listings.
“I went to work immediately,” she said. “I felt like, if I can’t help my friends, who can I help?”
Schuy knew the couple wanted to stay in the neighborhood they loved and had become such a part of, but since the area took such a beating from Sandy, it was tough to even look at any places.
“It was a task,” she said. “The listing brokers did not want to show me the apartment because the neighborhood was so trashed. Several brokers I worked with in the Seaport just stopped showing completely.”
However, she worked hard and was able to find the couple a new home at 275 Water Street.
“We decided we wanted to move back to the Seaport. We didn’t want to be in the city if it wasn’t our neighborhood,” said Kurczewski. “For better or worse, this is our home.”
They were even able to stick with their original wedding date, moving into their new apartment just hours before getting hitched on Dec. 8.
“I give kudos to Bridget for making a happy ending out of all of this,” said Kurczewski. “It has been quite a few weeks, it’s been six weeks now, it seems like months.”
For others still looking for permanent homes after losing their apartments due to Sandy, the most recent numbers show rental market prices have eased, but vacancy has declined sharply.
In the weeks following the hurricane, rental activity dropped 69.8 percent in Lower Manhattan zip codes hit hardest by Sandy, compared to the same period a year ago, according to Jonathan Miller, president of appraisal firm Miller Samuel.
According to a market report published Dec. 12 by Miller, in Manhattan, the median rental price remained almost unchanged in November from the prior month and rose 1.4% higher than prior year levels to $3,195.
Average rental prices grew 5.4% from the same period last year, while rental price per square foot fell 2.3%.
The Manhattan vacancy rate fell to 1.59% from 2.32% from the same time last year.
Aash Jethra, a broker with Citi Habitats, helped a client re-locate to midtown east after her FiDi apartment building, 2 Gold Street, was rendered uninhabitable following the storm.
“She was quite stressed out,” he said. “She lived on the fourteenth floor, and she couldn’t get up there early on after the hurricane.”
The parking garage under the building had been severely flooded, and once the water receded, oil from waterlogged cars seeped up through the elevator shafts of the building.
“The smell was very strong,” he said. “All her clothes smelled. There was just this freezing cold, dark apartment.”
Jethra had to move quickly.
By gaging what kind of apartment was the right fit for her, he was able to find a rental on 53rd and 2nd in record time.
“We signed a lease at 9 o’clock at night,” said Jethra.
Since Sandy, short-term and “Sandy-friendly” listings have popped up on real estate sites, said Jethra.
“It’s on people’s minds in the brokerage community,” he said. “People are aware the market has shifted because of it, and so some people act.”
The Real Deal (07/01/2012) - Residential Deals
July 01, 2012
By Guelda Voien
Real Estate Weekly (03/28/2012) - New York's Euro Zone
New York’s Euro Zone
11:59 AM, MARCH 28, 2012
By Liana Grey
For the last few months, Sam DeFranceschi, a sales associate at Nest Seekers International, has been marketing a one-bedroom loft near the South Street Seaport, at 247 Water Street.
The live-work space is two blocks from Fulton Street, where tourists come to browse shops like Gap and J. Crew and have dinner overlooking the Brooklyn Bridge.
But the former copper factory may as well be in a different neighborhood – or continent. “Where Water meets Peck Slip, you’ve got a piazza. You could be in Rome, you could be in Barcelona,” said DeFranceschi. “It’s got that authentic European feel that appeals to a wide range of folks.”
Artists and young professionals alike have expressed interest in the space, which is listed for $1.39 million, and two prospective buyers have made all-cash offers.
Though prewar condos in South Street Seaport are typically priced at $1,000 per s/f – about $500 less than comparable listings in Manhattan’s most desirable enclaves, DeFranceschi said – the loft’s owner, Tami Kurtz, wasn’t satisfied with the offers.
“We’re still waiting for the right buyer,” DeFranceschi said. With a handful of neighborhood improvements underway, he expects prices in the Seaport area to begin to rise.
Earlier this month, plans were announced to transform Pier 17 on Fulton Street into a modern, glass-walled mall. A little north of the Brooklyn Bridge, Pier 15, where the architect Santiago Calatrava once hoped to build a tower of stacked cubes, is now an esplanade with benches, landscaping, and space for a restaurant and museum. And one of the area’s few brand-new developments, an eight-story rental building at 254 Front Street, is nearing completion.
The building, which offers unobstructed views of the Brooklyn Bridge, has been the subject of much media attention lately. Last week, the Wall Street Journal reported that rents at the building, which was developed by Magnum Real Estate Group, are expected to range from $3,000 to $20,000 a month.
“In 12 to 24 months, the place is going to be really nice,” DeFranceschi said of the surrounding area. But the neighborhood is already prized for its historic factory buildings, and cobblestone-lined streets free of cavernous skyscrapers; building height in the South Street Seaport Historic District is generally restricted to six stories.
“There are well-priced rental lofts – 2,500 s/f lofts with three or four bedrooms built in – for significantly less than in the Lower East Side or SoHo,” DeFranceschi said. “Rentals are strong and sales are picking up.”
Bridget Schuy, an agent at Bond New York, is based out of the firm’s TriBeCa office, but often brings clients across town to check out apartments at prewar condo buildings like 117 Beekman Street, which has a doorman, elevator, and listings priced below $800 per s/f.
“There are people that specifically want the Seaport,” she said. “They like the low buildings. It’s open and there tends to be a bit more sunlight.”
A native New Yorker, Schuy occasionally visited the Seaport as a child, when the piers catered less to tourists than local athletes and sailors. Tennis courts and boats lined the waterfront, she recalled, and some ships even doubled as homes.
Bridget A. Schuy
Schuy purchased an apartment in the neighborhood in 1994, and watched the population rise over the last fifteen years, following the September 11 attacks and the closing of the Fulton Street Fish Market in 2005.
“There were a lot of incentives after 9/11 and people flocked [to the Financial District.] That includes the Seaport,” she said. “A lot of families want to move in. It’s a lot less expensive than TriBeCa, but has proximity to good schools.”
The Blue Man Group’s private academy, Blue School, is taking over the Seamens Church Institute on Water Street, and a new public school is under construction at a former Post Office building on Peck Slip.
A particularly desirable option is the Spruce School, a public elementary school that occupies two floors of 8 Spruce Street, the Frank Gehry-designed rental tower that further put the Seaport on the map for affluent apartment hunters.
To accommodate the influx of residents, a Key Foods supermarket is leasing a former Footlocker storefront at 77 Fulton Street.
“The owner tried to lure Whole foods and Trader Joe’s, but they didn’t believe the residential population wanted [gourmet markets],” said Schuy.
It’s a decision she thinks Whole Foods will regret down the road; a handful of upscale franchises have begun leasing space on Fulton, displacing the small discount businesses that once dominated the block. “Some folks want to see the area become completely gentrified,” said DeFranceschi of Nest Seekers. “Others want to see mom and pop shops. It’s important to find that balance.”
Though Fulton is the Seaport’s primary retail corridor, and home to a recently renovated transportation hub with eight subway lines, the cobblestone blocks surrounding Peck Slip have transformed into a restaurant row, with upscale Italian, Japanese and seafood restaurants such as Stella, Acqua at Peck Slip, and Salud. “It’s a great spot for a date,” said DeFranceschi.
Though Schuy, too, makes sure to point out trendy dining establishments to clients, her favorites include standbys like Meade’s Restaurant and Bridge Café, one of the oldest continually-operating restaurants in the city.
In the relatively quiet blocks outside Pier 17, residents tend to stick together, whether new arrivals or old-timers.
“It is really a close knit community,” said Schuy. “Everyone with kids knows everyone. If I don’t know people from the gym, I know them from the school.”
Kurtz, the owner of 247 Water Street, said despite growth throughout the 14 years she’s lived in the Seaport area, the neighborhood has retained its neighborly charm.
“We’ve enjoyed annual Halloween parades, neighborhood community garden involvement and neighborhood activism,” she said, referring to the role she played in preserving the low-rise character of the Seaport’s historic district.
On top of slightly lower prices than elsewhere in the Financial District, the presence of the city’s only Little League, which holds games in Battery Park City, is a bonus for parents.
“Being in real estate, I’ve been in $30 million apartments and saw trophies from Downtown Little League,” said Schuy.