During the recession, as financing vanished and condo prices plummeted, the city’s real estate market was flooded with ultra-luxurious rentals. Developers, eager to fill what had been envisioned as condo towers, offered renters top-of-the-line finishes, sprawling floorplans and master-of-the-universe views—perks long denied to those who borrowed rather than bought.
And though such unprecedented luxuries came with unprecedented price tags—a penthouse at New York by Gehry debuted for $60,000 a month—renters materialized all the same. Brokers cooed about this new breed of renter, who preferred a lease to a deed not because of circumstance or financial necessity, but because they craved convenience and flexibility. Not so frequently discussed were the many would-be buyers swelling the ranks of luxury renters who would, presumably, abandon the high-rental market as soon as the housing market rebounded.
Tom Wolfe famously wrote of Manhattan real estate, “What drives people wild at bottom is the simple fact that le monde is sheerly divided into Good Buildings and those that, for whatever reason, are not Good.” Ten Gracie Square is one such “Good Building”—there are only 42 in Manhattan, sayeth Mr. Wolfe—but unlike Read More
It’s almost like those long-gone, beautifully bubbly days of ’07, back when lush apartments traded from one blue blood to another—or between TV stars, or Russians, or slightly crooked financiers—like baseball cards.
Barely five blocks away from the $1.5 million apartment that Mad Men director Alan Taylor just sold to Saturday Night Live’s Kristin Wiig, Read More
As Nigeria deals with gruesome violence between government troops and a strict Islamic sect, one of its prominent oilmen has apparently closed on three serious pieces of brand-name New York real estate.
Last month, neighboring apartments were bought under a trio of limited liability corporation names at the new Centurion condo on West 56th Street, Read More
The director of the Nature Conservancy in New York nabs co-op of former Bear Stearns credit derivatives ace. Read More
On Monday, the rare-maps dealer W. Graham Arader III was in the passenger seat of his black Mercedes SUV, thinking about all the wealthy people who have not bought his 12,000-square-foot, 22-room, 10-bedroom townhouse at 1016 Madison Avenue. “People have been clubbed to death by recent events,” he said. “The seals in Alaska had it Read More
Location: What’s Glenwood’s vacancy rate typically?
Mr. Jacob: Somewhere between 1 and 2 percent.
Really? When you hear various brokerages release their various vacancy rates for Manhattan, they all show it somewhere below 5 percent. Where do you think it is?
I would say that’s basically true, that, historically, the Read More