Who would want to live all the way out on 11th Avenue, at 54th Street, no less? What’s there? Nothing! Except the Mercedes House, where the answer to first question appears to be: everyone!
According to Two Trees’ Asher Abehsera, the second phase of the massive Far West Side development has been renting faster than a sports car, with more than half of the units gone since coming on the market a little over two months ago. So far, 174 of the 384 units have been leased, and move-ins are underway—without the help of any outside brokers, Mr. Abehsera said.
“I don’t know that other people have done 170 apartments at market-rate prices with no outside brokers in two and a half months. That’s probably a big deal,” he said.
Living in Hell’s Kitchen has been, well, Hell recently—at least for neighbors of the vaunted Mercedes House on 11th Avenue.
on the waterfront
As The Observer previously reported, Brooklyn Bridge Park had attracted a swell of high-profile development and design attention to the first new development parcel planned alongside the park. Calling for a hotel and luxury apartments, the competition attracted not only the firms we knew—Two Trees, Toll Brothers, Dermot, Extell and Hamlin—but also Read More
under the bridge
Even if the city could be headed for further construction slowdowns, developers are still readying themselves for the (eventual?) recovery. The MoMA Tower, Hudson Yards, East Coast Number 4—all are showing signs of life. And they all have something in common, as well: their developers have their sights set on the first site at Brooklyn Bridge Park.
Punch Drunk Love
Don’t listen to all the reports of economic doom and gloom. The good times are here again! How do we know? Because insane condo parties have returned.
Tech and the City
Dumbo, the impossibly hip haven conjured by David Walentas two decades ago, has become the first area of New York City where the parks and the plazas are covered by free wireless Internet access. Don’t expect it to spark a trend, though, as Adrianne Jeffries at our sister site BetaBeat reports:
We can’t imagine Read More
The wind turbine craze isn’t likely to catch on in New York City anytime soon, but the same apparently can’t be said for Dumbo office space. Yet another company, Wind-Products, is abandoning Soho and moving across the bridge in search of hip office digs and perhaps a tax credit. It has leased 2,972 square feet Read More
The day Dumbo gets an extreme sports tenant will be the day elephants fly, or so we once thought.
Tough Mudder (“not your average lame-ass mud run or spirit-crushing ‘endurance’ road race,” says its Web site) has signed a one-year lease for 2,214 square feet of office space at 55 Washington Street. Trilogy Lacrosse has taken Read More
David Walentas and his Two Trees Management made a name for itself–well-worn by now–transforming Dumbo into the BroBo, live-work paradise it is today. Taking a page from his father’s book, Jed Walentas is hard at work on transforming a former industrial building in Williamsburg into a luxury hotel.
Granted Williamsburg is well beyond the undiscovered Read More
David and Jed Walentas, the father-and-son real estate moguls whose Two Trees Management got its start decades ago in Soho, before abandoning it to craft Brooklyn’s Dumbo neighborhood almost wholecloth, are buying a Manhattan office building, the only one in their portfolio.
The family is in contract to buy the 340,000-square-foot 50 West 23rd Street, Read More