The transformation of the far western stretches of 42nd Street into a phalanx of apartment towers is nearing completion, a radical change almost as spectacular as the renaissance of Times Square and a precursor to the eventual redevelopment of the rail yards to the west of Pennsylvania Station.
Earlier this week, Steve Cuozzo of The New York Post reported that Joseph Moinian, the head of the Moinian Group, has put his huge development site at 605 West 42nd Street on the market The site is "shovel-read, has Department of Buildings permits, is registered as an 80-20 project eligible for tax abatement, and has a foundation that's 65 percent complete."
At the top of the for-sale market for apartments in Manhattan, price is not an exact science.
During the current financial uncertainties, however, reports of very expensive sales have continued to amaze most observers. While overall averages have declined, some owners have apparently been able to reap substantial profits on their recent investment in a "grand" apartment.
The litany of "location, location, location" is not chanted very much anymore as Fifth Avenue has been challenged, dramatically, by upstarts on Central Park West and as the city has significantly "discovered" new and very popular and "chic" neighborhoods in midtown and NoLita, SoHo and TriBeCa.
In its Third Quarter 2011 report on Manhattan's luxury apartment for-sale market, the Halstead Company report found that in the "downtown" market, defined as south of 34th Street, "pre-war co-ops saw an increase over a year in average price per room from $234,026 to $244,230 and post-war coops increased at a lower pace from $217,683 to $220,990."
In its report, The Corcoran Group said that resale co-op pricing in the "downtown" market "improved markedly over both last year and last quarter," adding that "median price increased 11 percent from last year to $720,000 while average price per square foot increased 7 percent to $1,224 due to higher sales of two- and three-plus bedrooms."
In its Third Quarter 2011 report on Manhattan's luxury apartment for-sale market, the Halstead Company report found that "coops and condos sold during the Third Quarter spent an average of 111 days on the market, down from the previous quarter, but 14 percent longer than a year ago."
"Sellers received 95.8 percent of their final asking price, virtually unchanged from the third quarter of 2010," it said.
The Landmarks Preservation Commission today sent the owners of the Puck Building at 295 Lafayette Street on the southeast corner at Houston Street back to the drawing board with their proposal to make rooftop additions to the landmark.
The building is owned by the Kushner Companies. Jared Kushner, the head of the company and the publisher of The New York Observer, a weekly newspaper in Manhattan, had proposed adding six penthouse units on the stepped roofs of the 1885-6 building that had been originally designed by Albert Wagner. Mr. Kushner is married to the former Ivanka Trump, whose father is Donald Trump.
Manhattan's luxury for-sale apartment market strengthened somewhat in the third quarter of this year, according to several new brokerage reports.
"Housing prices in Manhattan continue to remain stable," according to the Third Quarter 2011 report prepared by Miller Samuel Inc. for The Elliman Report.
"The medium sales price of a Manhattan apartment was $911,333 in the third quarter, essentially unchanged from $914,000 in the prior year quarter and up 7.2 percent from $850,000 in the prior quarter," it said, adding that "the other price indicators offset each other."
The New York City Housing Authority is considering selling advertisements on its buildings, according to an article published today by Jonathan Lemire at The New York Daily News.
The authority "quietly circulated notice last week that it's looking to hire a consultant to advise them on selling advertising space in developments that more than 400,000 people call home," the article said.
At a book party last night for the third edition of "New York from the Art" on the 49th floor of 7 World Trade Center, I ran into John Tauranac, the author who wrote the text for the book's sumptuous and spectacular aerial color photographs by Yann Arthus-Bertrand of New York City.
Mr. Tauranac, the author of a wonderful guidebook to Manhattan, the definitive book on the Empire State Building and a great book on "Elegant New York," reminisced with me about his recent effects to identify one of the buildings in the book. Apparently four well-known architectural historians had been unable to identify it. I was the fifth he had asked and I too was fascinated by the building, but stumped. Two weeks later, however, I figured out which building it was and called Mr. Tauranac right away. It was a 32-story skyscraper at 75 Livingston Street in downtown Brooklyn that had been designed by Abraham J. Simberg in neo-Gothic style.
If you think the sidewalks of Manhattan are crowded now, wait 'til next year when Alta Bicycle Share plans to put 10,000 rental bikes at 600 self-service "stations" on sidewalks and plazas south of 60th Street in Manhattan.
The Bloomberg administration announced today it has selected the Portland, Oregon-based company to create the bike-share program next summer.
"The administration, led in the effort by Department of Transportation Commissioner Janette Sadik-Khan, has enthusiastically committed to bicycle sharing, but the system will be the only one in the world not to receive public funds," according to an article by Jeremy Smerd in today's edition of crainsnewyork.com.
Rudin Management presented new plans Wednesday for St. Vincent's Triangle at the intersection of Seventh Avenue, 12th Street and Greenwich Avenue in Greenwich Village.
The triangular block has long been used as a trucking facility by St. Vincent's Hospital that owned much of the block across Seventh Avenue and the Edward and Theresa O'Toole Medical Services Building across 12th Street.
The hospital had planned to build a new hospital on the O'Toole site and had sold its numerous buildings on the east side of Seventh Avenue to Rudin Management that plans to convert some of them to residential use as well as build new residential buildings on the site.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.
All closed sales data has been provided by the New York City Department of Finance via the Automated City Register Information System (ACRIS). No warranty or representation is made as to the accuracy of any data provided by ACRIS or any other sources.