The Frick Collection Autumn Dinner
The NEW YORK project
The NYC Department of Buildings increased in 2014, with a total of 20,329 units authorized in 1,513 buildings. This is an 11% increase from 2013 and an 84% increase from 2012. 37% of those units were in Brooklyn, giving it the highest number of permitted units for the third consecutive year, Real Estate Weekly reports. These numbers are still below 2005 to 2008, when the DOB issued permits for more than 30,000 units a year. Kings County also had four of the city's top 20 project starts, three in Downtown Brooklyn and one in Williamsburg. Meanwhile, Manhattan had 14 of the top 20 new residential projects, including the Jean Nouvel-designed MoMA Tower at 53 W 53rd St and Extell's Nordstrom Tower on W 57th St. [REW]
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A. The average price per square foot in Manhattan’s luxury market — defined as the top 10 percent of sales — climbed to a record $2,735 during the second quarter, up more than 36 percent from $2,006 last year, according to real estate appraisal firm Miller Samuel.
The average sales price, $7.25 million, and median sales price, $4.97 million, were also up year over year.
B. Wealthy foreign investors flooded New York’s real estate market in recent years thanks, in part, to the popularity of the EB-5 visa program, which gives investors a green card in exchange for $500,000 and a commitment to create 10 jobs.
But as of late last month, the program’s annual quota of 10,000 visas was exhausted.
Practically speaking, investors cannot apply for EB-5 visas until the new federal fiscal year starts Oct. 1.
But because investors from a single country can’t hold more than 7 percent of the visas issued, investors from China — where the program has been exceptionally popular — are already lining up in force to get a piece of next year’s action. That will create a backlog among Chinese investors
The Crown Building on Fifth Avenue has hit the market, seeking between $1.5 billion and $2 billion.
The other three corners of the intersection are occupied by luxury retailers Bergdorf Goodman, LVMH and Tiffany, making this property a retail sweet spot.
The 400,000 square-foot tower is currently owned by the Winter family and the Spitzer family, now headed by former Governor Eliot Spitzer. Building tenants include talent and literary agency ICM, private-equity firms KKR and Apollo Global Management, men’s designer Ermenegildo Zegna, Bank of America, Piaget, Bulgari and Mikimoto. - 2014 Dec 5 NEW YORK POST
Helmsley Building on Park Avenue
Helmsley Building on Park Avenue
The owners of 230 Park Ave. are expected to put the office tower on the market for at least $1.5 billion, sources say.
The Chinese Acquisitor
The scandalous revelations from Vanity Fair reporter Vicky Ward’s new book, “The Liar’s Ball: The Extraordinary Saga of How One Building Broke the World’s Toughest Tycoons” just keep on coming. Here are five eye-catching facts about the GM Building via the Economist.
1. The building’s developer Cecilia Benattar – known as the “housewife tycoon” — was so wrapped up in high-stakes deal-making in the building that it took her six months to name her first child. At the time, Benattar was the President and Chief Executive Officer of the North American wing of the vast British holding company London Merchant Securities PLC.
2. Master of self-promotion Donald Trump was the first to push rents over the magic $100 per square foot figure in the building. Recently, Donald Trump – as he is wont to do – trumpeted his take on the book [http://therealdeal.com/blog/2014/10/17/trump-blasts-book-about-gm-building-deal/]. No surprises, Trump didn’t like it, calling it “poorly written & very boring.”
3. The late founder and CEO of Starrett City Associates, which owns Starrett City in Brooklyn, Disque Deane literally “broke bottles over heads” while making high pressure deals at the building. Deane, who the Economist calls “a uniquely unpleasant financier,” was unhappily married three times. He took his second wife Marjorie Angele Schlesinger, then Chairman and Publisher of the Tobe Report, to Bermuda to obtain a divorce – the best way to avoid having to pay her a fair share of his wealth.
4. Harry Macklowe got his hands on the block-sized building in 2003, paying a record $1.4 billion, only to lose it five years later – he had used it as collateral for the ill-advised purchase of seven other buildings. But Macklowe’s reflection on his extraordinary loss is remarkably zen: “Business turns. Business always turns,” he says.
5. Today, the skyscraper is owned by Boston Properties and Chinese and Brazilian interests. Moreover, it is estimated to be worth more than twice what Macklowe paid for it a decade ago. [The Economist]
Cracks in the Luxury Market?
New York City’s luxury residential market has, for the last few years, been firing on all cylinders.
But there may be cracks in the veneer.
Top brokers said they’re seeing some skittishness and price sensitivity at the highest reaches of the city’s residential market. And frenetic building in certain pockets of the city (most notably the Midtown corridor and the neighborhood surrounding the High Line) has some brokers concerned that developers could overload the market with luxury condo projects.
There’s no doubt, of course, that trophy apartments are still trading for astronomical prices: This spring alone saw two $70 million record co-op sales. And during the second quarter, the average price per square foot among the top 10 percent of residential sales in Manhattan hit a new record of $2,735 — a 48 percent spike from five years ago. -- September 2014 REAL DEAL
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