Category Archives: Real Estate

Moving to Harlem: 5 arguments for the move North

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Harlem, that misunderstood neighborhood to the north that every New Yorker has an opinion on but one that relatively few have actually spent extended periods of time in. However, this iconic cultural powerhouse has been heating up into a real estate hotspot over the past 15 years, giving Blocksy 5 arguments for moving to Harlem.

#1- Classic and Modern Housing Stock

Brownstones, pre-war walk-up apartments, and modern glass apartments. Harlem has it all. Moreover, Harlem has housing stock that can be found no where else in the city, such as Striver’s Row and Astor Row. Sub-neighborhoods, such as Morningside Heights, contain a mix of both new and renovated brownstone structures.

Classic Harlem style Brownstones (Taken from Guadrian.co.uk)

#2- Express Train Access

Harlem is unlike many residential neighborhoods in Manhattan, due to its numerous express trains. Residents, from 125th street, to Columbus Circle in 15 minutes, door to door, via the A and D trains. Other express trains that serve Harlem residents are the 2,3 trains and the 4,5 trains.

Local trains include the 1, B, C, and the 6 train. Harlem also has excellent inter-borough bus access including the M-60 bus that goes through Harlem to LaGuardia  Airport.

Columbus Circle is just 10 minutes away from this platform via express train (Taken ExtraordinaryCity.com)

#3- Amazing Cultural Smorgasbord

Harlem offers a great variety in cultural options that almost no other New York neighborhood can claim. This variety is especially apparent in the culinary options available in the different parts of Harlem.

One can go to East Harlem and score amazing food from Puerto Rico, Mexico, and even Cuba. In central Harlem, there is excellent soul food and West African restaurants with savory dishes from countries like Senegal and Cote D’Ivoire. Harlem is also slowly gaining respect as a cool bar scene, including pubs such as Harlem Tavern, Bier International, Harlem Public, and Corner Social.

Amor Cubano in East Harlem (Taken from GogoBot.com)

#4- Parking

While Harlem will need to eventually add additional parking facilities for its growing population, residents with cars in this neighborhood have a much easier time of finding parking in Harlem than in any other part of the city.

Private residential parking in Strivers Row (Taken from Kennected.blogspot.com)

#5- Potential

Someway somehow, Harlem has managed to get better every year through renovated and newly constructed residential structures, new schools, falling crime rates, and added social amenities. This iconic neighborhood has been able to maintain its soul while acquiring an added element of refinement.

Renovated Harlem Brownstone (Taken from Harlem BeSpoke)

SOHO apartment demonstrates efficient living

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Many New York apartment owners would agree that for the amount they pay in rent, mortgage, or sell price, their dollar spent per square foot is much higher than they care to pay. In FairCompanies’ video, a SoHo apartment owner gives us a Blocksy a lesson in sustainable living.

FairCompanies.com, a website dedicated to sustainable and efficient living, goes into the apartment of a SoHo resident who takes his 400 square foot apartment and gives it the same amount of relative space as a 800 square foot apartment through more storage space and by simply using less “stuff.”

View of fold out wall and Optional second bedroom

The lesson from this video is that by using less, one creates more space and more money (including money saved on utilities). In a tight economy and in a world that becomes increasingly competitive for resources, Blocksy readers can take away from this video the value of sustainability and efficiency.

The Barclay Center gets a pre-fab neighbor

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In one year, the junction of Atlantic and Pacific Avenues has gone from “a lot” to “a ton.” For years, the area was known as a bustling little business district. However, with the opening of the Barclays Center, this one time shopping destination has become an architectural epicenter.

On Tuesday, New York City officials held a “groundbreaking” (during which no soil was actually dug up) for a 32-story, 363-apartment tower. This apartment tower, located next to the Barclays Center will be the worlds largest prefabricated “modular” building.

 

Barclays Center apartment navy yard Brooklyn modular construction

New Brooklyn complex going up next to the Barclays Center

 

Constructed in parts just two miles away from the Barclays Center at a Brooklyn Navy Yard factory, this building will be comprised of 930 chassis (steel-framed boxes). Each piece will  trucked to the project site from the Navy Yard, where it will be lifted into place and bolted. This method varies from conventional construction in which the building is cosntructed on site and “essentially” in one piece.

The use of modular construction saves the developer, Bruce Ratner, heaps of money in completing this building which will contain 181 low and middle income units and 182 units at market price. The design of the building has been coordinated and completed by ShoP Architects, who also designed the Barclay Center.

Construction is expected to be completed by the Spring of 2014.

 

Brooklyn property auctions tomorrow, starting at $175,000

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brooklyn property auction kings county

Auction will take place at 360 Adams Street (Brooklyn)

Tomorrow December 18th , Kings County will be auctioning off ten Brooklyn single family properties (with exception to one multi-unit residence). Many of these properties are estates, including one at 573 Alabama Avenue which was damaged in a fire.

These ten Brooklyn properties included neighborhoods such as Bed-Stuy, Bushwick, and Williamsburg…so like all the hipster hot-spots.

Potential buyers are requested to be present at the Brooklyn Supreme Court Building (360 Adams Street) by 12:45 to register for the 2 pm auction. A certified or bank check with 10 percent of the opening bid price and a blank check for the remaining balance is required.

Brooklyn Auction 299 Bay 13th Street, Brooklyn, NY 11214 Bath Beach real estate

Blocksy Pick: 299 Bay 13th Street in Bath Beach, starting at $410,000

Upper East Side luxury tower Azure heats up

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The once troubled Upper East Side luxury tower, the Azure, is back on a roll with over 60% of the towers 128 units sold. Designed by SCLE  architects, the 34 story Upper East Side tower at 333 East 91st Street is now trying to get it’s two big ticket penthouses off the block.

According to CurbedNY, the two Azure penthouses were listed together back in 2010 for $11,372,000. However, after that joint listing proved unsuccessful, the two were listed separately. But when that also failed (lol), they were listed back together with a combined 5,308 square feet for $13,000,000. I guess there’s something about this most recent joint listing that justifies the $1.5 million dollar increase from 2010… well I hope there is.

Image taken from Elliman.com

Azure’s allure?

Some of the extra pollen that will hopefully draw the bees to the flower are the many amenities at this Upper East Side luxury building. Residents of the Azure will have 24-hour concierge & doorman service, a rooftop garden, a lounge & private dining room, a children’s playroom, and a fitness center. But those amenities are actually a bit standard.

So what residents of the Azure are really buying, apart from living on the Upper East Side, are the 9’6″ ceilings, the Brazilian Afromosia flooring, massive expansive floor-to-ceiling windows, white oak kitchen cabinetry and Viking Professional appliances that come with every unit.

Million Dollar question: Will these amenities alone get someone drop $13 million on a penthouse? Not exactly. But will these penthouses get bought? Yup, probably… I mean it is Manhattan.

 

Appellate Court sides with Governor Cuomo in Rushmore saga

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In the Upper West Side condominium saga at 80 Riverside Boulevard, the New York State appellate court ruled 5 to 0 in favor of Governor Andrew Cuomo’s order of refunds to 41 buyers at the Rushmore, a luxury condominium on Manhattan’s Upper West Side. This refund order was made by Governor Cuomo while he was serving  as the New York State Attorney General.

Dispute and Original Ruling

This ruling by the appellate court comes after Extell Development and Carlyle Realty Partners, the developers of this luxury Upper West Side condominium, had already appealed a ruling by Supreme Court Justice Anil Singh which also affirmed Cuomo’s rescission order.

The rescission of more than $16 million in escrow deposits for the New York Upper West side condominium had been ordered back in 2008 by Cuomo after Extell and Carlyle had missed a September deadline in the offering plan agreement on holding a first closing on unit sales.

80 Riverside Boulevard The Rushmore Extell Carlyle

Image Taken from CityRealty.com

The developers however contended that the closing date in the offering plan stemmed from a simple one digit typo and that buyers were motivated to get their refunds amidst the 2008 economic downturn when property values across the nation were plummeting.

During the trial, then Cuomo’s office denied Extell and Carlye’s request to cross examine buyers regarding their motivations because the offering plan was unilaterally drafted and edited, disallowing the buyer’s motivations to be material.

Extell and Carlye offered no comment.

Blocksy’s Take

While we at Blocksy love developers for all the fabulous apartments they put up, a deadline is a deadline. Moreover, a developers typo, especially one that costs you $16 millions, should clearly be their problem, not the buyers’. So Extell and Carlye, just give up and pay what you owe.

Crib Wars: Midtown East Rudolph House vs. Greenpoint Chateau

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This week’s “Crib War” is being waged by two foes which could not be anymore diametrically opposed to each other. The properties in comparison are the Paul Rudolph House of Midtown East (23 Beekman Pl.) and a “Brooklyn-style chateau” in Greenpoint at (28 Broome Street).

23 beekman rudolph house 28 broome street crib war

(Taken from Brown Harris Stevens website) The Paul Rudolph House at 23 Beekman

In the land of fitted suits, hedge-funds and other “American Psycho” cliches sits the Paul Rudolph Home at 23 Beekman Place in Turtle Bay, Midtown East. The 4 unit townhouse constructed by Paul Rudolph in a modernist fashion has already been landmarked by the New York City Landmarks Preservation Committee.

Apart from its historically convention defying architecture, the townhouse is crowned by a 4,000 sq foot penthouse which was previously listed at $14,000 per month and sits above a wall spitefully constructed by one of its immediate neighbors.

The owner of the Paul Rudolph house, who purchased the townhouse for $ 6.325 million in 2002, is listing this iconic Midtown East spectacle at $27.5 million.

The Greenpoint Chateau

In perfect contrast to its stereotypically audacious and pricier rival across the East River, sits a very lucid and stoic “Brooklyn-esque chateau” at 28 Broome Street in Greenpoint.  This cylinder 5 unit walk-up is relatively new in its construction with a 2008 completion date.

23 beekman paul rudolph house 28 broome street crib war

(Taken from ResidentsTeam.com) Views of 28 Broome Street

Offering rooftop terrace views to all 5 tenants, 3 car garage access, green space (for all but one unit), full stainless steal appliances, central air, and even jacuzzi tubs for select units, this building is of course quite the bargain with a listing price of $2.8 million.

Crib War Winner

The Blocksy pick is (drumroll….) 28 Broome Street. With the Brooklyn housing market heating up despite a global recession, the value of this property will only increase.

While both modern and prestigious, the Rudolph’s $27.5 million asking-price and prick-ish neighbors seem to have brought the demise of this townhouse in this week’s Crib War.

When it rain’s it “pours”…

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55 Water Street

At 9:40 am Saturday morning emergency, fire crew responded to a fire at 55 Water Street, which was just one of many Lower Manhattan office buildings rendered powerless after it’s electrical system was damaged by Hurricane Sandy flooding.

For Lower Manhattan, it seems to pour when it rains. Just a month after Hurricane Sandy, the business district is still struggling to get back onto its feet.

The 53 story 55 Water Street is “home” to the credit rating agency Standard & Poor’s, insurance company Emblem Health, and the New York City Department of Transportation.

The fire at 55 Water Street has been reported, by FDNY spokesperson Frank Dwyer, to have been caused by a short in a feeder cable, which was re-energized earlier that morning in order to complete post-Hurricane repairs to damaged cables as part of post Hurricane Sandy  repair work to electrical cables damaged during the storm.

Slow Lower Manhattan Revival

This latest blow to 55 Water Street is simply symbolic of the difficulties lying ahead of the Lower Manhattan. As reported by the Associated Press, much time is expected to pass before a substantial recovery is completed in the region.

After a month from Hurricane Sandy, some high-rises have reemerged quickly while other buildings remain eerily dark and vacant.

Numerous Lower Manhattan landlords have told tenants that full power won’t be back for weeks, and in some cases, months, causing displaced businesses and residents to be uncertain of their return. JP Morgan Chase, the Daily News and the American Civil Liberties Union are some of the tenants currently operating in satellite locations after being flooded out of their downtown headquarters.

(Taken from WSJ.com) Water being pumped from Verizon's 140 West Street headquarters

After Sandy, the city’s Buildings Department declared just nine buildings in lower Manhattan to be unsafe because of structural damage from the storm, while Consolidated Edison has restored electricity and steam power “access” to all buildings

Yet still, real estate consulting firm, Jones Lang LaSalle, says that 49 of the 183 office buildings in the Financial District were closed because of mechanical failures. By their latest count, at least 50% of these buildings were back in full operation, even if relying upon temporary power.

 

 

Councilman Lander seeks to halt Lightstone Group’s Gowanus development

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New York City Council member Brad Lander, in an open public letter released Tuesday last week, asked the Lightstone Group CEO, David Lichtenstein, to forgo all plans on its multi-million dollar Gowanus development.

http://onlytheblogknowsbrooklyn.com/wp-content/uploads/2012/07/image-2.jpg

Councilman Lander

In light of the devastation caused by Hurricane Sandy to low lying neighborhoods in New York City, Councilman Lander of the city’s 39th district, asked that Lichtenstein and the Lightstone group to withdraw a proposal it made earlier this year to the New York City planning commission to construct 700 new rental units on the banks of the Gowanus Canal in Brooklyn.

Councilman Lander is not the only one seeking to halt future development in Zone A, which includes Gowanus, in light of Hurricane Sandy. The Friends and Residents of Greater Gowanus (FROGG) also released a statement asking the City Planning Commission to place a halt on the Lightstone development proposal.

History of Contention

The appeals of the Councilman and FROGG are just the latest troubles developers have encountered in the Gowanus region, which received several feet of water water from Hurricane Sandy.

In 2010 ,the Environmental Protection Agency halted a development at the very same Gowanus canal site due to concerns of early 20th century pollution of the canal.Now safety concerns surround issues of tropical storms and not old factory waste.

http://cdn.brownstoner.com/wp-content/uploads/2012/11/lightstone.jpg

Interestingly, as pointed out by critics of Councilman Lander raised no opposition to the 2010 Toll Brothers proposal which was halted by the EPA. Lightstone for the time being remains committed to their development project of Gowanus as indicated in a public statement where in Lightstone states that it will “move forward to build a high-quality, environmentally-sound residential complex.”

With both sides of the aisle committed to their positions, it will be interesting to see who will win this battle. Profits vs. Storm Safety: both are rather important in New York City.

 

 

 

 

 

“Rooftop generators are one solution,” argues Mayor Bloomberg

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In light of Hurricane Sandy-related generator failures in Manhattan below 34th street, Mayor Michael Bloomberg has suggested that New York buildings should consider rooftop generators. Such rooftop generators would not be affected by any future tropical storm flooding.

Although current New York City building codes disallow from building owners from placing generators on their roofs, Mayor Michael Bloomberg believes such flexibility in municipal building codes should be present. Instead of being located in building basements, the NYC mayor contends that generators and even their fuel source, should be placed on roofs.

Mayor Bloomberg recently proposes rooftop generators for NYC buildings to avoid tropical storm damage. Skeptics find the logistics to be off.

Steven Spinola, president of the Real Estate Board of New York (REBNY), in a statement to The Real Deal said: “REBNY agrees with the mayor that we need to identify a safe way to locate generators and fuel somewhere other than below grade. We will be working with the city to identify such safe options that would offer a greater opportunity to keep pumps running and generators going to better serve our tenants.”

Skepticism of Bloomberg’s rooftop generator idea

Like many of the mayor’s beliefs, his new and unconventional position on the location of building generators has met critics and skeptics alike. While acknowledged by many as a great mayor, not all are sold on his architecture.

The city’s Fire Department is one of those skeptics. One of the main issues Frank Dwyer of the New York Fire Department has with the mayor’s proposal is rather intuitive: safe storage of fuel for these generators. Moreover, any new convention of rooftop generators complicates any future rescue efforts for fire firefighters.

To date, rooftop generators are relatively uncommon, but allowed by the FDNY in certain cases, wherein the specified safety measures are implemented.