Summer’s Almost Gone

Although Katrina’s aftermath and William Rehnquist’s death rightfully dominated the news cycle this long weekend, there’s still interesting real estate news out there.

The New York Times provides an update (2nd item) on a deal that The Real Estate reported in July, involving China’s most famous woman, Yue-Sai Kan. The wealthy businesswoman and TV star plans on combining a recent townhouse purchase with her current home. The result will be a 20,000-square-foot spread with a whopping $42 million pricetag. If the size alone doesn’t sway you, consider summer cookouts with Kofi Annan, who shares the private community garden.

Although record-breaking sales grab headlines during Manhattan’s housing boom, the majority of people still dwell at the lower end of the buying spectrum. So how does the person not in the market for a palatial Sutton Square townhouse jump into the fray?

While your average New Yorker pinches pennies in hopes of buying that first apartment, television personality and Jeopardy contestant Bob Costas happily drops $100,000 on a new closet in the Time Warner Center, according to the New York Post. Also, are there any celebrities left that have not yet moved to One Beacon Court?

This summer, mega-developer Gary Barnett’s two 30-plus story condos garnered the most attention at 99th and Broadway, including community protests and the collapse of a Gristedes that was being demolished. But in the midst of all this drama, a small neighborhood theater might close. Umm…again.

-Michael Calderone Summer’s Almost Gone