New York City Real Estate Blog

$12M plans to raze 108-yr.-old church

“One of Brooklyn's oldest congregations is nearing a $12 million deal on its 108-year-old church, clearing the way to raze the sanctuary and replace it with condos.

The Bay Ridge United Methodist Church, which has invested thousands of dollars in preserving the church's dazzling but deteriorating limestone facade, is expected to be razed and replaced with a smaller church and big apartments.

"Even if we had the money we shouldn't be putting it all into repairs," said the Rev. Robert Emerick. "That's not what Jesus had in mind."

The sale would fund worthy causes such as helping the homeless, Emerick noted.

Church officials are nearing a deal with a developer despite a push by area preservationists to save the structure, a source familiar with the property said.”

Sacrificing sanctuary for condos(NYDailyNews)

"New York's real estate market should stay pretty strong"

“The bulk purchase has come to New York, as a group of Irish investors known as Keane Mahony Smith (KMS) Commercial recently bought blocks in a handful of new condo projects and is now marketing the apartments to potential customers in Ireland.

While notable, it's not quite the start of a trend, say new development brokers, because the city's market is still going strong. Buying in bulk will likely remain a niche business here.

"The only time I saw a mass purchase of condo units was when all the properties went back to banks in the 1980s," says Andy Gerringer, managing director at Prudential Douglas Elliman. "We're nowhere near that kind of situation in New York."

Gerringer says bulk sales are happening more in Las Vegas, Florida, and maybe soon in Washington, D.C., where hot markets recently cooled. But in New York, developers don't need to sell any of their units at a discount because sales aren't weakening at an alarming rate.

Robert Knakal, chairman and founding partner of Massey Knakal, agrees, explaining that one of the primary reasons for the low rental vacancy rate in New York is that 90 percent of the condos sold are bought by owner-occupants. "There's actually a need for more rentals in New York because the condos don't add to the rental market," he says.”

Buying up blocks(RealDeal)

As ideal properties grow scarce

‘Different indeed. A decade into the building boom, the great majority of obvious residential conversions—cast-iron loft buildings, high-ceilinged brick warehouses—have been remade. (Tribeca, it’s said, is more or less complete.) That means that developers have two remaining choices: build anew and then sell into a market that some are calling saturated, or try property that others have rejected. So everything is fair game, despite the challenges that refashioning odd spaces impose.

Developer Jed Walentas says 110 Livingston Street in Brooklyn, once the Board of Education headquarters and, before that, an Elks Club, was “infinitely the most difficult” building he and his father, David, ever took on. The demolition alone—which included clearing out rabbit-warren offices, a basement full of snarled telephone wire, and an entire side of the building (the floor plan was changed from a ring to a U, to admit more light)—cost $3 million. At Tribeca’s Mohawk Atelier, architect Joseph Pell Lombardi had to combine two adjacent but very different nineteenth-century buildings. There was enough area to have two units on each floor, but one building was too large for single units, he says, and the other was too small. (The finished apartments sprawl into both, with bedrooms sequestered in the smaller building.) ’

The Misshapesnymag

February chart appearing in the current issue of Crain’s New York Business

Source: Crain’s New York Business
matrix.millersamuel

Tips for buying a new home

The new housing market rose 4.8 percent in 2006. Sales of new single-family homes finished out the year at a seasonally adjusted annual rate of 1.12 million units, according to figures released in a joint report by the U.S. Census Bureau and Department of Housing and Urban Development. Compared to numbers released by The National Association of Realtors, existing home sales for 2006 finished at a seasonally adjusted annual rate of 6.22 million units -- the third highest year since NAR began tracking home sales in 1968 -- you can see that new home sales accounted for about 15% of all home purchases in 2006.

For those who are buying a new home, here are couple of tips:

• Mortgage Tips for a Soft Real Estate Market
  
• Mortgage Resources
  
• Ways to Find a Real Estate Agent

Buying a New Home From a Builder(HomeBuying)

Looking for a Condo in Ft. Greene

• The 182 condos in the Williamsburgh Savings Bank at One Hanson Place range in price from around $400,000 to $2 million.
• The 30 floors of the Clarett Group's Forté will offer 108 units hitting the market by early 2007, selling for around $750,000 to $1 million each.

Space-age architecture is just part of a general residential explosion in Fort Greene. Plans for 739 new condo units were submitted to the state Attorney General's office for approval this year through the third quarter, the most of any other any Brooklyn neighborhood other than Williamsburg, which had 812 units. In the last two quarters, new unit plans for Fort Greene outpaced those for Williamsburg.
Condo plans submitted to the Attorney General's office include more than 500 total units at the 40-story 306 Gold Street and its sister tower, the 35-story 313 Gold Street. Those projects won't hit the market until 2008. The towers are being built by developers Ron Herscho and Dean Palin, who are presenting them as located in Downtown Brooklyn.

via: http://www.therealdeal.net/issues/DECEMBER_2006/1164959314.php

 

 

Echelon LIC

Looking to buy a home in Manhattan but priced out.  You may consider LIC.

ECHELON LIC

Echelon Condominium offers complete luxurious living within studio, one- and two-bedroom units. The state-of-the-art architecture of the building boasts contrasting materials of textured manganese brick and smooth aluminum panels, shaping the 12 stories over a grand lobby and street-level shops. Come home to private terraces, home offices, grand windows, spacious rooms and breathtaking views. Enjoy the luxury of the on-site garage, doorman, FreshDirect delivery, and fitness center.

Amenities & Features

Double Height Lobby

Pet-friendly

On-site parking

Video Security

Fitness Center

Concierge

Cable/Internet ready

FreshDirect Preferred

Roof Deck with Views

Washer/Dryer with every unit

On-site Superintendent

Individually controlled air/heat

Sample Prices

Echelon, 10A  1154  2    2   $810,000

Echelon, 10C  867  1    1    $535,000

Links:

http://www.thedevelopersgroup.com/buildings/building.aspx?buildingid=1065& 

http://radar.planetizen.com/node/10343

http://www.licnyc.com/2006/09/tour_of_the_echelon.html

http://www.wirednewyork.com/forum/showthread.php?t=10936

 

 

 

Technorati tags: Long Island City, Echelon LIC

W Hoboken Residences

GNYRE will be doing a series on New development in the New York Area on a weekly basis.  This is a new format and we would be happy to hear back from our readers regarding this.  Feel free to email us at realestateblog at gmail.com

For this week, we are covering the W Hoboken Residences which has received widespread press coverage. 

 

Description: Coming Fall 2006. Luxury 270 room hotel & condos. Sales at 335 River St.  This a full service building with premier concierge service. 

탾 Hudson River and Manhattan views
탾 Kitchens featuring Viking Professional Series range and Miele dishwasher, Sub-Zero built-in
refrigerator/ freezer, Viking Professional Series wine cellar, General Electric Advantium
microwave, JetMist granite floors and countertops,  and sleek, aluminum-finish cabinetry
탾 Bathrooms finished with JetMist granite countertops and floors, luminous glass tile,
Kohler faucets and American Standard soaking tub

탾 Wired and Wireless: Leading-edge media and technology
탾 Bosch washer and dryer
탾 Bamboo flooring throughout
탾 10 ft high ceilings
탾 Solid wood interior doors
탾 Central-ducted heating/air conditioning

Features:

탾 Whatever/Whenever ® service
탾 W Living room lobby with signature restaurant and bar
탾 Bliss ® Spa
탾 SWEAT ® Fitness
탾 Wheels탺limousine and car service and valet parking
탾 Gwathmey Siegel & Associates architectural design
탾 Fully-equipped media center
탾 Style: Housekeeping services and laundry services
탾 Woops: 24/7 in-home maintenance service
탾 Woof/Meow pet services: walking, feeding, grooming
탾 Weekly botanical service

Website: W Hoboken Residences

Reviews and Feedback

http://www.kannekt.com/review/hob50398.htm

News Coverage

"Home buyers at the W will have access to the hotel’s planned high-end restaurant, the Living Room lounge and bar area with a view of the Manhattan skyline, the Bliss Spa, 24-hour room service and the chain’s concierge service, which is dedicated to fulfilling whims.

“You can call downstairs and say you’d like to arrange a four-course dinner for a party of 12 in three hours, and have it done,” Mr. Barry said. “You can be seized with the desire for Beluga caviar and Champagne at midnight, and the staff will scurry around and find just what you want.”

Condo residents can also pay extra for daily housekeeping and laundry service, pet walking and grooming, houseplant maintenance, in-home spa service and so on, Mr. Barry said.

The condo units feature 10-foot ceilings — as do those in the Trump building — and bamboo floors, granite floors and counters in the kitchens, built-in wine coolers, and soaker tubs and glass-tile walls in the baths.

The W condos will be ready for occupancy in the summer of 2008, according to Mr. Barry, and the Trump Plaza building is slated to open in late 2007, Mr. Geibel said. Construction of the second Trump tower, which will be 50 stories, will begin once a large percentage of units in the first tower have been sold, Mr. Geibel added."

http://travel2.nytimes.com/2006/11/05/realestate/05njzo.html

 

Map

 

Technorati tags: W Hoboken Residences, W Hotel, Hoboken Condo

Hoboken Condo Prices

A great chart courtesy of hobokensbest.com of Hoboken Condo prices over the past 6 year"

http://www.hobokensbest.squarespace.com/the-hoboken-condo-market-expos/

 

Technorati tags: Hoboken Condo prices

Prices are coming down but some properties are still in demand - the nytimes reports

The NYTIMES reports that:

"In Hoboken, a developer of 76 one- and two-bedroom condominiums on Adams Street is seeking to snare buyers with a fat package of incentives, including a chance to win a paid two-year lease on a BMW, a down payment capped at $2,500, fully paid closing costs and no common charges for a year.

Yet less than a mile away, at the Waldo Lofts in Jersey City, no buyer incentives are being offered on similar-sized units unveiled two weeks ago. Nine of the 41 available condos sold within four days."

Source: http://www.nytimes.com/2006/11/12/realestate/12njzo.html?ref=realestate

For more information about Waldo Lofts:

"Jersey City
Waldo Lofts
159 Second Street
Sales are under way at the 82-unit conversion of a 12-story brick warehouse building. The units range from 700-square-foot studios to 2,400-square-foot duplex penthouses, the Post reported. Prices range from $390,000 to $1.5 million, not counting a handful of units being sold at below-market prices to artists who meet income qualifications. Contact: www.waldolofts.com."

Source: http://www.therealdeal.net/issues/MAY_2006/1146523710.php

To get some idea of other buyers feedback:

http://www.kannekt.com/review/jer20745.htm

In case you want to buy: http://www.waldolofts.com/site.html

 

Technorati tags: Waldo Lofts, New Jersey