Get ready to hear the clack of high heels on the Financial District’s cobblestones.
“There is a growing group of people that have moved to Financial District because their job is here or was relocated here,” said Ariel Cohen, a broker in the Ariel Cohen Team at Douglas Elliman. “I expect we’ll see more of that, especially with Condé Nast moving to the area.” Read More
The walls of Molly Crabapple’s Financial District loft are lined with paintings. Works in progress rest on easels and drafting tables around the apartment, where she has resided for the past five years with her boyfriend, the illustrator Fred Harper, and her senescent cat, Puddy. During the protests in Zuccotti Park in 2011, Ms. Crabapple, 30, turned her living quarters into a press room, and Matt Taibbi, whose new book she is illustrating, has called her “Occupy’s greatest artist.” The Museum of Modern Art seems to concur—they just acquired one of her Occupy prints.
While Verizon is planning to move 1,100 workers out of Lower Manhattan after two building floods in as many years, TF Cornerstone is banking on the fact that luxury renters will still want to live in FiDi, even if things didn’t go so well the last time around.
TF Cornerstone has invested $15 million to repair its severely storm-damanged 51-story tower at 2 Gold Street and the adjacent 201 Pearl Street, going so far as to install a 13-foot-by-11-foot aluminum gate that uses nitrogen-fueled gaskets to create a watertight seal for the basement.
The Lower Manhattan real estate market: is it down and out after Sandy, or an unstoppable, unshakeable force, impervious to hurricanes and the floods and power outages that might cripple less desirable neighborhoods and cities.
Well, it all depends on if you’re a faithful reader of The New York Times or The Wall Street Journal. Read More
after the storm
As all New Yorkers are well aware, Hurricane Sandy brought a devastating combination of winds and ocean surges to the city last night, resulting in a multiple deaths and untold amounts of property damage. Throughout it all, as with many major emergencies, a remarkable collection of photos capturing the action emerged.
Are you sick and tired of people complaining about the crippling rents they pay? And the fact that said rents will only become more crippling in the future and most likely not be accompanied by commensurate pay raises? Downers, right? You should go hang out in the Financial District, where no one is even bothering to file some paperwork that would make their market rate apartments rent stabilized, reports The Wall Street Journal.
Red Carpet Real Estate
The Financial District may have a lot going for it these days—Frank Gehry’s tower, the new World Trade Center—but it will soon be missing one of its prized assets: hip-hop pioneer Russell Simmons.
Mr. Simmons has listed his duplex penthouse condo at 114 Liberty Street for $11 million, a listing first spotted by The Real Deal.
While Oliver Stone may be the director most associated with Wall Street, Spike Jonze can now truly lay claim to the road of the 1 percent. Mr. Jonze (nee Adam Spiegel) has purchased a Wall Street apartment, city records show, along with his sister Julia Spiegel Lunn.
THE ECSTASY OF DEFEAT
WE HEARD IT FROM THREE BLOCKS AWAY. The Observer left North Brooklyn sharing a cab with a neighboring journalist who had also been covering the protests shortly after 5:30 AM. By the time the cab pulled onto Broadway, after a quiet ride into Manhattan, traffic was at a standstill. It was around then we heard the noise, seeping in through rolled-up windows: yelling and shouting in a distant, chaotic baritone. The loudest chants of previous protest days paled in comparison. It started, we thought, fearing the worst, and without much discussion, the fare was paid, we jumped out of the cab, and ran toward the commotion, our adrenaline beginning to surge.
Since 2002, Stuart Gross has served as executive managing director at Eastern Consolidated, where he has specialized in complicated restructuring deals and investment sales transactions. Mr. Gross, 58, spoke to The Observer about 116 John Street, until recently one of few remaining office building on a street once teeming with commercial assets. Now, the building is being converted to rental apartments and leasing is expected to begin early next year.
What was the motivation behind converting 116 John Street into a residential building?
Mr. Gross: That was a complicated form of ownership that required some sort of financial engineering. But, as always, that tail should not wag the dog. The real issue had been, what’s the property worth and what’s its highest and best use, and who’s the best person to exploit that use.