The Azure was completed in 2008 at a very unfortunate time, and has since been slightly discounted to reflect the nationwide recession (okay–who are we kidding? Worldwide recession). Since Manhattan prices are starting to inch up, and the local economy has recovered completely, this discount is more a hangover of previous hardships than a reflection of future market conditions, in my opinion.

Besides financial considerations, there is the luxury and beauty of the unit and its neighborhood.

The building is a luxury high-rise condo on 91st street and 1st avenue, with stunning views of the Upper East Side and the East River through floor-to-ceiling windows in all the units, some of which have panoramic views. The building comes with all the amenities you would expect in a luxury building in the area: a doorman, concierge service, valet parking, and a fitness center, as well as more utilitarian perks such as free bicycle storage and extra secure storage facilities in the building.

One of the main perks of this building, however, is the location. First avenue gets quieter and more peaceful the further north you go. From 68th street, and around the 90′s it is almost as quiet as a suburb in Anytown, USA. One of the great perks of the building’s location, besides its expansive views, is the quiet and peaceful amenities offered by the area. It is only a short walk to 86th and 3rd, the heart of the commercial district in the Upper East Side where many shops, bars, and restaurants are available; but it is still tucked away in the quietest corner of the neighborhood. It is also another short walk to the esplanade along the East River, which is a quiet and little-used exercise path.

Thus it is no surprise that the four-bedroom/four-and-a-half bath unit in the Azure sold on the first day, at a respectable price of $3,232,943.

Want to see what other units are available in this building or in the neighborhood? Want an agent to give you a tour of the Upper East Side? Enter your information in the box on your right hand side and a rock star agent will be in touch to give you a comprehensive tour and answer any of your questions.

Developments at 113 E. 90th street have been particularly newsworthy, because the property had been the home of the Allan Stone Gallery for the past 16 years. The gallery had been a stunning space full of contemporary art that appealed to traditional tastes, and it had been a popular place for residents of the neighborhood to stop by.

Those days are coming to an end. The New York Daily News is reporting on the recent sale of the building for $9,875,000 after it had originally listed at over $11 million. This is significantly higher than many townhouses in the area, largely because of its architecture and beautiful back garden. The townhouse had been the property of Allan Stone for sixteen years, and he had lived above his gallery with his family until his death in 2006. His daughter Claudia remained the manager of the gallery.

Before it was a gallery, it had many other purposes. In the 1880s it was a fire station, with horses living in a stable behind the property. Firefighters lived on the second floor. The double doors in the front had served as an exit for the fire trucks, and had been masterfully restored by Stone.

Long after it was a firehouse, it became the headquarters of the American Alpine Club until Stone bought the property in the early 1990s. The three-story building included an option to build a fourth story (a rare opportunity for townhouses in the city), and the new owners will have the opportunity to cater the garden landscaping to their tastes. According to the seller’s agent, the undisclosed buyer intends to use it as a single-family home.

Would you like to see some townhouses yourself? Come take a look at our properties on offer or call one of our agents at 1-877-852-6636 for an immediate consultation!

Photos courtesy of Corcoran

And while they’re always fixing up other people’s homes; they have also managed to rebuild and redesign their current home in NoHo. The six-story townhouse which was a gun store in its past life was a project that Rob Novogratz probably took extra care and love to design; turning it into an urban oasis for the entire family

Of their new show, Rob and Cortney say “Our new show is more design-centric than the other one. It’s all about how to re-create an environment, and show the viewers how to make it happen in their own space. And to inspire people to take design chances! Every week, we go into a space and do a makeover quickly, with a limited budget. It was a lot of fun for us, and very challenging to come up with so many fresh ideas under the gun and without a lot of money. But we always say that style and good taste is not about cash!”

And one thing that’s obvious from the get-go is that the Novogratzes are not afraid of color. They use it to brighten up spaces and liven up a drab, cold home to make it instantly more inviting. Perhaps the beginner won’t be able to execute every design, but they definitely show some fun and easy design ideas that can be implemented to any space.

When you decide that you’ve found an area of Manhattan that you want to live in; then it’s time for you to give us a call! The Novogratzes can give you design help and we’ll find you the right place!  Dial 877-852-6636 to speak with a representative today!

Although the skyscraper was invented in Chicago, New York City made it famous. The NYC skyline became the model that cities around the world envied and copied. From London to Shanghai, from Buenos Aires to Lagos, the skyscraper became the model of the modern city and a symbol of wealth and success. Even proud, historical Paris got in on the action, with over a hundred skyscrapers so far. What was the answer to a real geographical problem has become a status symbol of the modern world, thanks to the small island of Manhattan.

The economic impact of the lack of space is also obvious: with low supply comes great demand, so the rents and property prices in Manhattan keep going up, even if the prices in the rest of the country (or the world) go down. The demand to live on Manhattan remains as strong as ever, and the constant renovations of old, historical buildings (particularly in Harlem) means more people and more demand. Thus, the rent is too damn high.

Just how damn high the rent is, however, is a bit shocking. According to the Daily News:

The average rent for a one-bedroom in the city hit $2,672 during the spring, up 9.2% compared with last year and up 5.5% from the first three months of 2011.

An increase of 5.5% in three months isn’t unprecedented, but it is quite shocking considering the overall pessimism relating to the housing market in the media. More shocking still is that the rental prices are going up nationwide, according to a Hotpads.com study. New York City had some of the highest rent increases, as the Daily News reports:

Rents increased by more than 10% in many apartment categories. Large apartment seekers witnessed the biggest hikes compared with last year, with the average price of a three bedroom surging 11.3% to $4,985.

Coupled with these enormous rent increases and a shockingly low vacancy rate of just 0.72% in the city, it is a wonderful time to be a renter and a real estate investor in New York City. Do you want to start profiting from the rent increases? Give our agents a call at 1-877-852-6636 or have a look at what’s available on our website today!

I’ve already written about the developments on the west side of Manhattan. The newest park on the island is continuing to expand. High Line provides a lush walkway for amblers who want to wander up and down Soho and Chelsea while taking in views of the Hudson and the downtown skyline. It’s fast becoming one of my favorite spots in the city.

It seems that it’s becoming a favorite of developers, too. Curbed is reporting that a new development may be in the pipeline at 11th and 23rd street (the area pictured left). The lot is owned by Richard Born, hotelier and co-owner of the Mercer Hotel, amongst other high profile properties in the city. According to the New York Post, Born might be selling the lot to investors who will develop some luxury loft apartments and a new event center–although with such proximity to the many spaces in Chelsea, I can’t imagine it getting much use. On the other hand, it seems clear that this area is going to see more residents and, presumably, more demand for events and activities.

The sale is slated to complete by August 2012, and the new developers will probably start construction as fast as possible to recoup the expense of buying the lot and building on it.

If the new developers go ahead with the lofts, they will probably be rentals, which will lower the supply of condos for sale near the High Line and increase demand accordingly. As if prices weren’t already going up at a fast enough pace, this new development is going to make luxury properties even costlier in the next few years. Buyers would be well advised to buy quickly to anticipate the rise in prices that has already started all over Manhattan.

Would you like to invest in Chelsea? Do you want to see what’s available near the High Line? Give one of our agents a call at 877-852-6636 or check out the listings on our website. We can help you save thousands on your commission, so give us a call!

The Wall Street Journal is reporting that two adjacent condos in the Plaza Hotel were sold for $19 million, which will certainly be yet another boon to the luxury real estate market in NYC, which has experienced quite the surge in recent weeks. WSJ is reporting that the buyer is Barbara Garza, a director of Mexican bottler Coca-Cola Femsa, in a deal that closed last week after a rather short negotiating period.

What’s surprising about the sale is that the previous buyer had purchased the two units just four years ago. In 2007, author and interior designer Gigi Mahon bought both apartments for around $14 million, yielding a $5 million profit in four short years, or over a 35% ROI!

This might surprise many who read about the economic downtown and the collapsing housing market in America, but it demonstrates one little-known fact about the real estate market in New York City: Manhattan is different. It always has been different and it always will be, so even if a rash of foreclosures are depressing the real estate market nationwide, the luxury market in Manhattan remains strong.

This also means that naysayers about the Manhattan market should be taken with a grain of salt. In 2005, Gothamist scoffed at asking prices in the same building, but Mahon is $5 million richer for not listening to them.

Not only that, but Mahon was able to sell the units for significantly more than market averages, suggesting a rise in sales prices might be on the way. The two adjacent condos sold for a total of $4,985 per square foot, which is significantly higher than condos in the area usually get, but still significantly less than Mahon’s original asking price of $22.5 million, which seems to me to be more grandstanding than anything else. Also worth noting is the fact that the units were never combined; they are still marked as 501 and 502 and were sold as a pair, and the listing was vague on whether zoning or building laws prohibit combining the two. With 3,811 square feet between them and over 1,500 square feet of terrace space overlooking Central Park, there is no lacking for space even if the units stay separated.

Now, Columbus Circle is less two luxury units, but there are still plenty more available for much less than $19 million! Have a look on our website for exclusive and MLS listings, or give one of our agents a call at 1-877-852-6636.

Italian actress Isabella Rosselini listed her Upper West Side condo for $2.895 million just a few months ago, and it’s already in contract for over her asking price, at 3.05 million (the buyer made an initial offer just 20 days after the unit was listed). The unit was a unique property, with three bedrooms on two floors and one terrace facing south and another wraparound terrace facing north. The floor-to-ceiling windows and expansive views made this a handsome property, so it isn’t too surprising that it would sell quickly. Also, with real estate prices in Manhattan refusing to go down, particularly in the luxury market, the high selling price is in step with trends in the city.

Rosselini is giving up city life for Long Island, having left the Upper East Side for the Upper West just a few short years ago. Long Island is still within commuting distance, so I’m sure the city will be seeing plenty of the actress in days to come.

Brunch

If you live in New York, you more than likely love to find a great brunch place on the weekend, especially in the summer when you can sit outside with a good meal and good friends! With literally hundreds of restaurants to choose from it’s difficult to find a place that you enjoy. Like other New Yorkers, I like to take a couple of hours to enjoy brunch and have found some personal favorites that I found myself frequenting time and time again.

The first is 7A Cafe in the East Village which is open 24 hours a day offering comfort food at any time. The brunch is casual and has delicious options like Salmon Eggs Benedict, Smoked Mozzarella Frittata, and Brioche French Toast. All paired with coffee, tea and options of a Bloody Mary, Screwdriver, Mimosa, or Bellini. There’s a reason the wait time is long and every weekend there are diners both in the restaurant and eating their brunch al fresco.

If you find yourself hungry for brunch on the Upper West Side, my pick is Good Enough to Eat which gives classic breakfast options like omelettes, pancakes, and waffles. Personally, I go for the Strawberry Almond Waffles which just melt in your mouth. The food is fresh, delicious, and the service is great! Be forewarned, you will more than likely see a line as you walk up, but the food is definitely worth the wait!

Elephant & Castle

My most recent brunch discovery is Elephant & Castle in the West Village. I can’t believe that I have missed this place so often when I’ve been in this area. This thirty-five year old restaurant’s dishes have been copied and served by other restaurants like it; forcing them adopt the motto “Copied by many, excelled by none”. The namesake of this restaurant has a long history based in England, but the food is unique to New York. The brunch menu has “favorites” such as Eggs Benedict on Potato Pancakes, Old Fashioned Porridge Brule and Yukon Brunch with Country Eggs, Spinach Puree, Hash Browns and Grilled Tomatoes. Nothing beats the warm drinks such as Spanish Latte or Hot Chocolate which are served in a bowl; not a cup!

Pates et Traditions

When I find myself in Williamsburg, Brooklyn, I’m always on the hunt for a unique experience in the young, artsy neighborhood. That’s why I was elated to find a little restaurant called Pates et Traditions that serves French classics and brunch favorites. As soon as you walk in, you feel as if you’ve been transported to the South of France, into some seaside retreat (sans the sea). The waiters (and just about everyone) greet you with a “Bonjour” and all speak French, but are more than happy to revert to English (French accent intact) as you order from their delicious menu. Croque Madame and Croque Monsiuer are offered, but if you really want, they will happily serve you a crepe instead of what’s on the brunch menu.

Wherever you’re having brunch, don’t worry about finding a place to live! Should you find a neighborhood that really catches your fancy, a representative is but a phone call away at 877-852-6636 to help you find the condo of your dreams!

Platinum Properties, a Wall Street-based luxury real estate firm that is among the fastest growing in Manhattan, announced that they have closed an $11.5 million sale at The River Lofts, 92 Laight Street, 12BD. The three-bedroom, four-and-a-half-bathroom home was listed for a mere five weeks and sold at a rare $2,996 per square foot, making it the highest price paid per square foot Tribeca has seen in years, and marking a powerful resurgence in New York City’s luxury market.

“The loft is a true gem,” says Daniel Hedaya, president of Platinum Properties. “We saw immediate interest in this home because of its unique architecture and size. And when you’re offering a spectacular product you can never be surprised when it jumps off the market for such a high price.”

Purchased as a white box and completely renovated with custom details, the residence offers a full-size fitness room, separate dressing and laundry rooms, his and her water closets off the master suite, a private balcony looking east over Manhattan and panoramic views of the Hudson River. In addition, the home contains an elegant powder room finished in gold leaf and hammered bronze, influences of Richard Serra, an American minimalist sculptor known for working with large-scale assemblies of sheet metal.

Built exclusively with the finest quality materials and most expert attention to detail, the home includes wide plank Sapele floors and seven-coat matte lacquer Venetian plaster walls, with full insulation from two layers of sheetrock to block out unwanted noise from the street below.

The spacious, Poliform stainless steel kitchen features Calcutta Gold marble countertops and backsplashes, Dornbracht fittings, a Sub-Zero refrigerator and freezer and Miele appliances.

The entire residence is outfitted with a state-of-the-art Crestron Electronics system, including a touchpanel interface in each room to individually control lighting, music, shades, security, temperature and humidity, to keep everyone in the house at their ideal comfort level at all times.

The 13-floor, 38-unit condominium provides full concierge service and access to a garden, amenities enjoyed by Meryl Streep and Gwyneth Paltrow, who also own lofts in the building.

Want a luxurious loft for yourself? Give us a call at 877-852-6636. For more of the latest on NYC real estate visit us at http://www.newyorkcondoloft.com/.

About Platinum Properties:

Established in 2005 by CEO Khashy Eyn, Platinum Properties is a Wall Street-based real estate services firm with offices also located in Midtown Manhattan and internationally in Paris, France.  A steadily growing firm, Platinum’s staff consists of more than 60 street savvy agents and represents buyers on some of the City’s most notable residential transactions. In addition to residential sales and rentals and the company’s new commercial division, the firm has expanded its services into property management, including its successful Platinum Management program, which has proven instrumental in serving the needs of international investors looking to own and manage property in Manhattan, as well as launched an on-site leasing and sales division. For more information, please visit the website at www.platinumpropertiesnyc.com or by e-mailing info@platinumpropertiesnyc.com.

This is your chance to own a large sun-drenched split two bedroom home in the intimate Lookout Hill Condominium. Residence 9A boasts 1,290 square feet of interior space with three exposures and a private 370 square foot terrace situated off of the living room.

The open modern kitchen features Poggenpohl cabinets, state of the art stainless steel Viking appliances and granite countertops.

The master bedroom comes en-suite with a spacious walk-in closet and the master bathroom is equipped with double vanity, separate glass enclosed stall shower, an extra deep soaking tub and luxurious Kohler Purist bathroom fixtures.

The large linen closet outside of the second bedroom and bathroom comes with a stackable washer/dryer.

Central to everything you could ever want in New York with top of the line construction and amenities. Enjoy the old world charm of Brooklyn Heights’ cobble stone streets, the funky restaurants of Smith Street, the antique shops and boutiques of Atlantic Avenue and Carroll Gardens, art galleries of DUMBO all within steps of this modern and tranquil, hotel-like gem.

Subways 2.3.4.5.A.C.F.R are steps away. 10 minutes to Financial District, 20 minutes to Midtown. Near Brooklyn Bridge and Brooklyn Heights Promenade. Gym/pool/sauna/steam room/parking/car rental are directly across the street and Trader Joe’s is a stone’s throw from your door.

Children’s Playroom, Additional Common Garden, Doorman, Live-in Super, Elevator.

Purchase Price: $1,225,000.00
Common Charges: $997.87/month
Real Estate Taxes: $93.88/month
Interior Sq Ft: 1,290
Exterior Sq Ft: 370
Bedrooms: 2
Bathrooms: 2
View Floorplan

Contact us regarding any questions on 199 State Street:

Brett Malvin

917-860-8113

brett@CondoDomain.com