Clementina “Tina” Santi Flaherty won’t be leaving the penthouse after all at 1040 Fifth Avenue, the fabled limestone building that Jacqueline Kennedy Onassis also called home.
Business trailblazer, socialite, author and self-declared “powerchick,” Ms. Flaherty is keeping the duplex penthouse that she and her ex-husband William Flaherty, a zinc magnate, purchased in happier times. She is paying $13 million for the privilege of staying, according to city records.
Tales of Retail
It is a POPS done right.
The Apple Cube on Fifth Avenue managed to transform a windswept plaza at one of the busiest intersections in Manhattan into a destination known the world over—one that became a shrine to its creator when Steve Jobs passed away earlier this week. The Journal‘s Eliot Brown (an Observer alum!) talked with reclusive developer Harry Macklowe about how the cube came to be. Like all things Apple, it wasn’t his idea but Jobs’.
Fifth Avenue has long have been the summit of Manhattan retail. But high-end gear shop The North Face was initially wary of setting up on the glitzy strip. Nonetheless, the California retailer, which makes adventure apparel for the suburban set, is searching for space to open a new store on Fifth Avenue, a source said. Read More
Think twice before you elbow a tourist in Times Square. Rents in the wanna-be hotspot just soared 21 percent, thanks to the city’s tourism boom.
Retailers in the area are now paying upward of $1,700 a square foot annually, according to a quarterly report from the Real Estate Board of New York that came out this morning. That’s Read More
Time for Squares
The Times sat down with retail maven Robert K. Futterman yesterday to discuss his work in the city. He talked about the reliability of Soho and Fifth Avenue during the recession, that neither has seen a rent dip (our guess is all those foreign tourists), as well as two especially intriguing projects in Read More
July brings more modestly optimistic news for the city’s commercial real estate industry, according to the latest report from brokerage Cassidy Turley.
Manhattan-wide vacancies are still dropping, down from May’s 13.1 percent to 12.8 in June, marking the lowest amount of empty office space since at least April of last year. Downtown Read More
Starwood Hotels, owner of the gloriously stuffy Astor-built St. Regis New York, has hired CB Richard Ellis investment broker Darcy Stacom to market its cluster of tony storefronts along Fifth Avenue at 55th Street, according to a number of industry sources.
Rumor has it that a group of investors approached Starwood out of Read More
On the one hand, if a Fifth Avenue apartment couldn’t sell six years ago when it was asking $15 million, and then suffered a flood that damaged walls, ceilings, floors and furnishings, it’s slightly disconcerting that the place would hit the market again for $25 million.
But the seventh-floor condo at 817 Fifth Avenue is Read More
The global recession has not been good for architects, even deified Pritzker-winning ones: Lord Norman Foster, in Manhattan alone, has hit snags at his New York Public Library renovation, Aby Rosen’s 980 Madison tower, Lexington Avenue’s Shangri-La hotel, and ground zero’s Tower 2. But the 73-year-old British architect and his wife, Read More
When Manhattan real estate was at its bleakest late last year, there were a few weeks when it genuinely seemed that the only New Yorkers buying up expensive apartments were the brood of billionaires: Sheridan Mitchell Lorenz (daughter of a Texas natural-gas billionaire), Alice R. Gottesman (daughter of a Warren Buffett pal) and Roy Judelson Read More