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.
All dogs go to heaven
If The Observer were an oracle, we’d prophesize this: dogs will one day take over the world. First, they’ll get the right to vote. Then they’ll run for office. Next will come the wars and eventually human beings will become their bitches (open to interpretation).
But perhaps we’re getting ahead of ourselves. Perhaps we got a little too excited about last week’s science-fiction-themed New Yorker.
We hope this is the case but one thing’s for sure: dogs have increasingly more sway in society. And we don’t just mean with entrepreneurs or boutique owners. They’ve now got developers and building managers clasped between their furry paws, too.
Rose Associates, the full-service real estate development and management firm, has named its new chief executive and chairman, effective immediately.
Until now, Rose Associates had never had a CEO position.
Neighborhoods in New York have always been fungible. Names change or are invented out of thin air, acronyms, and nearby landmarks. Borders shift like tectonic plates—slowly, imperceptibly, then, in a city-shaking tremor, all at once. We all pretend to hate it, but we live with it, quietly profiting off it all. This is a town singularly obsessed with real estate, after all. So who can really blame Rose Associates for pushing the boundaries of the East Village?
Residents of Sheffield57, perhaps the most ill-starred condo conversion in recent history, are “euphoric” that developer Kent Swig and his junior partners on Thursday formally lost control of the project they began four years ago.
“We’re going to have a number of celebrations,” said Larry Wagner, a condo owner and former Nomura CFO. That series Read More
The planned City Point building–a.k.a Albee Square, a.k.a. The Gallery at Fulton Street–has brought another residential developer on board, according to Joe Chan, the president of the Downtown Brooklyn Partnership, a public-private entity overseeing the neighborhood’s development.
Rose Associates, a 79-year-old Manhattan-based firm, has joined a consortium of developers already working on Read More