Category : Residential

FeaturedResidential

For Elliman’s Scott Kreitzer, jazz and apartments

REW Staff
by REW Staff1130
By Roslyn LoFor saxophonist Scott Kreitzer, life exists beyond the visceral—the world’s foundation may be built on science, mathematics and facts, but at the heart of the matter is soul. As a jazz musician and newcomer at Prudential Douglas Elliman, Kreitzer is now breathing life and passion into real estate. The daily grind of being musician demands flexibility, which spurred Kreitzer’s decision to become a broker.
FeaturedResidential

Mixed results for second quarter Manhattan sales

REW Staff
by REW Staff968
By Roland LiManhattan residential sales volume increased in the second quarter, compared to the first quarter, but price indicators were mixed, with some increases resulting from larger units selling, according to reports from the city’s major brokerages and the website StreetEasy. According to Prudential Douglas Elliman, overall sales were up 10.7% compared to the previous quarter, but 3.8% less than the second quarter of 2010, a period that was boosted by a federal tax credit for first-time home buyers.
FeaturedResidential

Coveted National Arts Club apartments coming to rental market

REW Staff
by REW Staff2434
By Linda O’FlanaganSome of the most coveted apartments on Gramercy Park are about to come to the rental market for the first time ever. Dianne Bernhard, the new president of the beleaguered National Arts Club, said 10 vacant apartments in the historic property are being prepped for new tenants. And, if they play their cards right, the club could pocket $100 per s/f for the units — or around $80,000 a year.
Residential

Seven-story Tribeca building sold for $9 million, relisted for $18 million

REW Staff
by REW Staff1190
By Roland LiA seven-story residential building at 177 Franklin Street has been sold for $9 million, according to city records, and it is now on the market for $18 million. The current owner is 177 Franklin Street Developments LLC, controlled by Michael Kirchmann of Praxis Development and Global Design Strategies, a company with offices in London and New York.
FeaturedResidential

Landlords face rising costs as Rent Board prepares vote on increases

REW Staff
by REW Staff1042
By Roland LiAs the city’s nine-member Rent Guidelines Board prepares to vote on new rent increases for rent-stabilized apartments on Monday evening, landlords are bracing for higher costs. The most recent reports from various city agencies indicate that taxes, fuel and other expenses are rising. A report in April from the Rent Board stated that citywide rent income from rent-regulated buildings increased by 1.4% in 2009. Meanwhile, operating costs increased by 0.1%, and net operating income increased by 5.8%.
Residential

Mixed reactions as rent regulations are strengthened

REW Staff
by REW Staff780
By Sabina Mollot, Town & Village, and Roland LiLawmakers in Albany have agreed to extend for four years rent regulations affecting over 1 million apartments in New York, while increasing the threshold for deregulation. Apartments that exceeded $2,500 in monthly rent would be deregulated, up from $2,000. Tenants earning $200,000 or more each year would be excluded from the regulations, which restrict annual rent increases, up from a previous limit of $175,000 a year. However, there will be no change to vacancy decontrol under the final agreement, reversing an April vote by the Democrat-controlled Assembly.
FeaturedResidential

Vilcek Foundation buys Upper East Side townhouse for $15.5 million

REW Staff
by REW Staff1299
By Roland LiThe Vilcek Foundation, which promotes awareness of U.S. immigrants in the sciences, arts and culture, has purchased 21 East 70th Street for $15.5 million, according to city records. Officials at Vilcek declined to comment. The Foundation is currently located at 167 East 73rd Street, a building it purchased for $6.9 million in 2006, according to city records.
FeaturedResidential

Madoff penthouse owners sell Columbus Circle unit for $20.5 million

REW Staff
by REW Staff838
By Roland LiPatsy and Alfred Kahn paid $8 million for Bernard Madoff's Upper East Side penthouse in February 2010, undeterred by the home's infamous former owner. Around the same time, they put their five-bedroom, five-bathroom apartment at the Time Warner Center at 25 Columbus Circle on the market for $33.6 million. The price was later decreased to $29.75 million, and then $24.95 million, according to StreetEasy. Now, the property, Unit #62CE, has sold for $20.5 million, according to city records.
FeaturedResidential

French art director Fabien Baron buys West Village townhouse for $9.4 million

REW Staff
by REW Staff1956
By Roland LiFrench art director Fabien Barron, head of Interview magazine and creative director for Calvin Klein, has purchased a townhouse at 55 West 9th Street for $9.4 million, according to city records. The seller was Victor Hazan, an Italian wine writer, who is married to Marcella Hazan, an Italian cooking guru. Hazan bought the property for $1.35 million in 1995. The property was first listed in June 2009 for $11.75 million, before being cut to $10.75 million in December 2009 and $10 million in March 2010.
FeaturedResidential

Berkley Acquisitions buys 53 Greene Street for $10.8 million

REW Staff
by REW Staff1442
By Roland LiEli Braha’s Berkley Acquisitions, a New York-based developer, has purchased 53 Greene Street for $10.8 million, according to sources. Braha declined to comment. The all-cash transaction was financed by the Praedium Group, a New York-based real estate investor and fund manager. The seller was 8008 Realty Corporation, according to city records, a local landlord who had owned the property since the 1940s.