Listings & Transactions Archives - CitySignal https://www.citysignal.com/tag/listings-transactions/ NYC Local News, Real Estate Stories & Events Fri, 14 Jul 2023 17:14:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.4 Rothko’s Historical Former East Village Apartment For Sale https://www.citysignal.com/313-east-6th-street-for-sale-rothko-history/ Mon, 03 Jul 2023 19:46:53 +0000 https://www.citysignal.com/?p=9135 313 East 6th Street, listed by Glenn Schiller and Tifany Gangaram of the Corcoran Group, went up for sale after over half a century and is now currently in contract as of June 26th, 2023. Formerly the residence of famed painter Mark Rothko and notable creators Alfred Leslie and Emile de Antonio, this building once […]

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313 East 6th Street, listed by Glenn Schiller and Tifany Gangaram of the Corcoran Group, went up for sale after over half a century and is now currently in contract as of June 26th, 2023. Formerly the residence of famed painter Mark Rothko and notable creators Alfred Leslie and Emile de Antonio, this building once ran a social club in the basement. Come take a look!

The pre-war multi-family townhouse located at 313 East 6th Street has been listed for the first time since the 1970s. While all New York buildings have their stories to tell, this one has seen more than most. Home to multiple famous artists and a documentary director, 313 East 6th Street has survived both raging fire and FBI surveillance units. It now awaits its next chapter and next owners. 

East Village Greek Revival Mansions

Originally constructed in 1853, later renovations reformatted the single-family home into three apartments. In 1902 the residence was officially relabeled a multi-unit dwelling.

The entryway features an original double-wide formal entrance and brownstone stoop. The house contains traditional Greek Revival elements with complimentary Italianate details, similar to other houses on that street. Brick interior walls, tall windows, and original staircases add authentic charm.

A large 30-foot backyard offers a green respite for sun and lounging while high ceilings deliver both northern and southern light to the bedrooms. The home has 6 bedrooms and 6 bathrooms with a total square footage of 5,480 square feet

313 East 6th Street is currently vacant and gutted. The building will require a top-to-bottom build-out. Future owners will have the rare opportunity to design and build the home, or apartments, of their dreams. This and other row houses on 6th Street received landmark status in 2012 when added to the East Village/Lower East Side Historic District. 

A 1948 Certificate of Occupancy states a “social club” was once located in the basement. Most recently, the bottom floor was kept as an art studio. A fire in 2022 partially damaged the upper quarters, but ensuing repairs verify the home is structurally safe and sound. Aside from architectural charm, the building was home to many famous voices of New York City’s past.

Mark Rothko’s Painting Stint in the 1930s

The late abstract artist Mark Rothko (born Markus Rothkowitz) and his first wife, Edith Sachar, occupied an apartment here in the late 1930s. During those years, Rothko was a part-time teacher at the Center Academy of the Brooklyn Jewish Center. He taught children from 1929 to 1952. Edith and he lived in many parts of the East Village until his wife’s pressure for him to become famous eventually drove them to separate.

Image of Mark Rothko by Consuelo Kanaga (American, 1894-1978). Yorktown Heights, ca. 1949. Gelatin silver print, 10 x 8in. (25.4 x 20.3cm). Brooklyn Museum, Gift of Wallace B. Putnam from the Estate of Consuelo Kanaga, 82.65.367 (Photo: Brooklyn Museum, 82.65.367_PS2.jpg)

A well-known painting of his titled “Thru the Window” was painted in this apartment. Both the artist’s signature and building address are written on the back of the painting.  

Rothko was propelled to fame in the 1940s and cemented himself as both an abstract painter and surrealist. Rothko was contemporaries with other famed artists such as Max Weber, Jackson Pollock, Willem de Kooning, and Franz Kline. Famous for monolithic works of color study, a Rothko original titled “No. 6 (Violet, Green and Red)” sold at Christie’s for $186 million in 2014, the 5th most expensive painting sale in history.

Abstract Expressionist Alfred Leslie at 313 East 6th

Painter and filmmaker Alfred Leslie, of the Bronx, also had a stint at 313 East 6th Street. As second artist in residence, Leslie utilized the garden level for his Manhattan studio.

Famous for macro-sized portraiture and an extensive series of watercolors, Leslie documented his road trips through original artworks.  Through his many iterations as an artist, Leslie was also a filmmaker; combining cartoons, home movies and old feature films. The 1959 film Pull My Daisy was directed by Alfred Leslie and narrated by Jack Kerouac. Other film collaborations included poet Frank O’Hara. He later got into sculptures made of found and everyday objects.

In the 1960s Leslie segued from abstract expressionism to realistic figurative pieces. Losing much of his work in a fire, Leslie later gained fame for his large-scale charcoal drawings. Alfred Leslie passed away from COVID-19 in 2023.

Documentary Maker’s Home

The last shift in ownership came in the 1970s when 313 East 6th Street was purchased by director Emile de Antonio and his wife. Still under ownership of the Antonio family, it was a surprise to some when this property was listed on the market.

Emile de Antonio, like Rothko and Leslie, also led a prolific creative and political career in New York City. Directing and producing documentary films on social, political and counterculture events, de Antonio has been called “the most important political filmmaker in the United States during the Cold War.” 

Amongst famous works including Painters Painting, released in 1972, de Antonio was in charge of distribution for Pull My Daisy, the film directed by Alfred Leslie. His film In the Year of the Pig was Oscar nominated in 1969. De Antonio is known to critique American culture and politics with an emphasis on political dissension. Because of this de Antonio was under constant surveillance by the FBI under J. Edgar Hoover. A 10,000 page dossier compiled regarding De Antonio became subject of his autobiographical film, Mr. Hoover and I.

Then and Now

Of course, times have changed. Located smack in the middle of Ukrainian Village, 313 East 6th Street is now in a bustling part of East Village, close to Whole Foods and Tompkins Square Park. Still, how many who wander by know Rothko used to look out those windows?

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Rose Hill Condo for “Happiest People in the World” lists for $2.2M by Serhant TMB Team https://www.citysignal.com/145-lexington-ave-8c-for-sale-serhant/ Fri, 23 Jun 2023 21:17:42 +0000 https://www.citysignal.com/?p=9099 145 Lexington Avenue #8 – An Apartment for the “Happiest People” Where do the happiest people in the world live? Well, according to Andrew Arrigo and Steve Clair of Serhant, it’s either Finland or their new 8th-floor listing at 145 Lexington Ave. While guaranteed happiness from this $2.2 million Rose Hill condo (situated where NoMad, […]

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145 Lexington Avenue #8 – An Apartment for the “Happiest People”

Where do the happiest people in the world live? Well, according to Andrew Arrigo and Steve Clair of Serhant, it’s either Finland or their new 8th-floor listing at 145 Lexington Ave.

While guaranteed happiness from this $2.2 million Rose Hill condo (situated where NoMad, Gramercy, Murray Hill, and Kips Bay all converge) is promised, it’s pretty clear that living here is gonna mean mo’ money mo’ problems.

For example, do you eat breakfast at your granite countertops overlooking your Miele and Sub Zero appliances in your chef’s kitchen? Or do you take your bowl of Wheaties (if you’re living in this home, of course you’re eating the Breakfast of Champions) to the sunlit den to take in the city sights? And don’t forget the endless internal dispute of when during a conversation you can casually drop that your home has its own private keyed elevator.

With natural light reaching all of the home, Unit 8 is comprised of two large bedrooms, two full bathrooms, a living room, dining area, kitchen, family room/den space, in-unit laundry, and plenty of closet space (a struggle to find in Manhattan).

Additionally, the primary bedroom benefits from an ensuite bathroom, a walk-in closet, and views of the Empire State Building, allowing for plenty of privacy and an Empire State of mind.

Residents of Gramercy 145, the building that houses the million-dollar listing, also benefit from a 24-hour virtual concierge/doorman service and a landscaped roof deck with an outdoor grill, kitchen, and bar. In the basement, there is space to house your bike, as well as a private storage cage.

Not sure if you can picture yourself there? The Millennial Broker team has done a good job at giving you a look into the space and what it might look like to live there.

 

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 145 Lexington Avenue #8 is listed by Andrew Arrigo and Steve Clair of Serhant.

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Luxury Listings: New York’s Most Expensive Homes https://www.citysignal.com/most-expensive-nyc-homes-for-sale/ Wed, 05 Apr 2023 19:07:09 +0000 https://www.citysignal.com/?p=8931 Luxury real estate is bringing in more sales than ever before, with $10.3 billion in transactions in 2022 alone. New York recently beat London to claim top dog of the super-prime and ultra-prime real estate markets, aided by a strong American dollar. While rising interest rates in the second half of 2022 put a slight […]

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Luxury real estate is bringing in more sales than ever before, with $10.3 billion in transactions in 2022 alone. New York recently beat London to claim top dog of the super-prime and ultra-prime real estate markets, aided by a strong American dollar. While rising interest rates in the second half of 2022 put a slight damper on big spending, luxury real estate remains a force to be reckoned with. 

Browsing through New York’s most expensive home listings, it is clear the range of lifestyles that can coexist within one area code. Super-prime and ultra-prime listings include homes worth over $10 million or $25 million; in 2022, New York had 244 super-prime and 43 ultra-prime sales.

For the ultra-wealthy, skyscraper penthouses and Michelin-starred restaurants for residents only are just a normal part of everyday life. The handful of homes and condos featured below are some of the most expensive listings in both New York City and the world. From Manhattan to upstate, many unsuspecting buildings open up to palaces inside. Let’s take a look at some of the best this city has to offer.

Most Expensive Apartment in New York City

Currently up for grabs is the Central Park Tower penthouse at 217 W 57th St., also known as the world’s highest apartment. Soaring 1,416 feet above Central Park and overlooking much of Manhattan, the penthouse is listed for a cool $250 million by Ryan Serhant, making it one of Manhattan’s most expensive listings.

The Central Park Tower penthouse occupies the top three floors with seven bedrooms spread across a staggering 17,545 square foot layout. It is said the tenants can see the curvature of the horizon while standing on the terrace. Other notable features include a 1,500-square-foot grand salon, media room, library, staff bedrooms, observatory, gaming lounge, private gym, catering kitchen, storage spaces, and private reception gallery.

“Its unrivaled pair of baronial rooms–a 1,500 square foot grand salon and a nearly 2,000 square foot private ballroom–are truly empyrean,” details the Serhant listing “featuring glass curtain walls with the entire City as a backdrop and soaring 27-ft ceilings.”

Located on Billionaire’s Row along the south end of Central Park, residents of this penthouse are only 38 feet below the Empire State Building. Central Park Tower has 131 floors and is 1,550 feet tall. Central Park Tower is the second tallest only to New York’s famed One World Trade Center. Billionaire’s Row is known as home to the rich and famous, a neighborhood with some of the most expensive residences in the world.  

One major perk of living in the Central Park Tower is access to the Central Park Club, a three-floor hotel-style service with a 60-foot-long swimming pool, private park, gym, screening room, and Grand Ballroom. This might be one of the few buildings in New York City that truly has it all.

Most Expensive Real Estate in New York City

220 Central Park South’s Extravagant Listings

One specific residence, 220 Central Park South, is home to a number of rich and extravagant properties. Located on Billionaire’s Row, the most expensive area in NYC, and designed by former Yale School of Architecture Dean and architect Robert A.M. Stern, the limestone pre-war building is 70 stories tall with an 18-story section called “the Villa” that overlooks Central Park. Of the 118 units, most are duplexes, with three penthouses at the top of the building.

“220 Central Park South boasts a motor court with a porte-cochere – where residents and their guests can leave their vehicles – a wine cellar, an 82-foot-long saltwater swimming pool,” details the RealtyHop building profile, “a basketball court, an athletic club, a juice bar, a library, a golf simulator, a children’s play area, private dining rooms, and a 54-seat restaurant at the second floor that serves only residents.” Not mentioned is the private Jean-Georges Vongerichten restaurant that operates for residents only.

A four-bedroom penthouse was purchased in 2019 for $93 million, bought by hedge fund founder and billionaire Daniel Och, then later sold in 2022 for a staggering $190 million. Other famous residents of the building include Sting and numerous other hedge fund billionaires.

In 2021, Brooklyn Nets owner and Ali Baba founder Joseph Tsai paid $157 million for two units in 220 Central Park South. Purchased anonymously at the time, the units are located on the 60th and 61st floors, along with an 18th-floor studio for staff quarters.

The Most Expensive Home Sale

On record for the most expensive home sale in America goes to buyer Ken Griffin, founder of Citadel and the “richest man in Illinois.” In 2019 Griffin paid $238 million for the top-floor penthouse of 220 Central Park South, now called the Griffin Unit. The residence is 24,000 square feet inside. As if that wasn’t enough, Griffin returned months later and bought another two units in the building for $3.95 million. Neighbors in the building include Sting and heiress Renata de Camargo Nascimento.

220 Central Park South is nearly 100% sold out and continues to deliver some of the wildest real estate deals in both the country and the world. Even during the height of the pandemic, in 2020, the building processed $1.52 billion in cumulative sales across 46 separate units. 

Ultra-Prime Residences of the Ritz Carlton

The Ritz Carlton is another building known for its extremely lavish residences. A number of large real estate deals come from the Ritz Carlton building exclusively. Located at 50 Central Park South, this 14-unit condo building in midtown was originally conceived and built by architect Emery Roth in the 1970s. In 2002 the newly renovated Ritz Carlton Midtown West Residences were opened within the Ritz-Carlton, composed of eleven private residences occupying the top twelve floors.

 

50 Central Park S #PH23 for $34,000,000

This residence occupies the entire 23rd floor with 9,500 square feet in five bedrooms plus a 2,500 square foot primary suite. Other highlights include a formal dining room, park-facing library, media rooms, and multiple Central Park-facing terraces.

Residents enjoy access to the Ritz-Carlton Health Club, including a Movement Studio, La Prairie Spa, a Club Lounge, a Contour gastro lounge, and a hotel business center.

50 Central Park S #3031 for $90,000,000

Delisted in December of 2022, this three-bedroom and 10,875 square-foot condo, made up of the 30th and 31st floors of the building, has raised ceilings and a ballroom as its living room. With marble staircases, dressing rooms, massage rooms, and numerous ensuite baths, the residence is spacious and provided for.

The Sotheby’s listing detailed a “majestic room is lined with ten colossally-scaled arched windows, five of which overlook Central Park and the residence’s largest Terrace, which stretches almost 45 feet along the length of the façade.” 

Whether or not this unit will come back on the market is yet to be determined.

Mansions For Sale in New York

We’ve spent a lot of time looking within Manhattan’s luxury scene. What about the rest of New York? While much of New York’s wealth is concentrated around the Big Apple, there is still a lot to gawk over, Upstate and beyond. A home in Granite Springs listed for $100 million was quick to catch the eye of many.

At 142-203 Mahopac Ave in Westchester County is Stonewall Farm, a sprawling 8-bedroom mansion with 24,000 square feet on a 740-acre lot. Built in 2004, the residence includes a wine cellar, tasting room, game room, and pub, along with sprawling staircases, atriums, and horse stables. Beautiful features abound, giving the property a heavy rural charm. A wisteria colonnade connects the 60-foot heated pool to a 4,000-square-foot pavilion where residents can enjoy the fireplace, Jacuzzi, gym, sauna, and changing rooms. A private guesthouse is located behind the main house, near freshly trimmed hedges and walkways. 

At one time, this farm was known as the highest listing in New York at $100,000,000.

A beautiful home in Water Mill, New York, listed for $47 million dollars in 2022. Situated on a 2.6-acre oceanfront lot, the beach house at 381 Dune Road has a heated gunite pool, a separate guest house, and 250 feet of dune width. The guesthouse has a bonus loft, media room, and outdoor entertainment areas.

Houses near Scott Cameron and Dune Beach are highly sought after. The rolling ocean, warm sands, and multiple beaches to explore offer an enticing getaway for many city dwellers. This home was purchased in 2006 for $14 million, then listed in April 2022 for $47 million before being removed from the market in early June.

On the other hand, current active luxury listings in Water Mill look like 2040 Meadow Lane, priced at $24 million.

Luxury Sales Will Continue to Increase

While some of these listings have yet to sell, their existence speaks to the wealth and class embedded in New York City. Although interest rates have damped spending for some, the luxury market continues to soar as inflation pushes the dollar even higher.

“Despite rising economic headwinds and growing uncertainty, the world’s wealthy have been committing to luxury residential property,” said Liam Bailey, global head of research at Knight Frank, “with London and New York the standout cities in demand for ultra-prime sales.”

In Manhattan, real estate sales fell 38% in the first quarter, but luxury deals rose to a record high of over 11%. Wealthy buyers are there no matter what. Now if only they’d give an open house.

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Sustainable Real Estate In NYC Makes Everyone Green https://www.citysignal.com/sustainable-real-estate-nyc/ Mon, 06 Mar 2023 14:00:11 +0000 https://www.citysignal.com/?p=8865 A sustainable apartment in New York City would be unheard of ten years ago. LEED certifications and Passive Houses that use a tenth of the energy of a regular house seem out of place in a city that spares at no expense. That may be beginning to change.  Buildings are responsible for two-thirds of New […]

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A sustainable apartment in New York City would be unheard of ten years ago. LEED certifications and Passive Houses that use a tenth of the energy of a regular house seem out of place in a city that spares at no expense. That may be beginning to change. 

Buildings are responsible for two-thirds of New York’s greenhouse gas emissions, pushing officials to scramble for sustainable solutions. Recent laws passed to curb emissions have created momentum for building green, and a looming 2024 retrofitting deadline has builders adjusting their plans to comply.  

Sustainability has become a popular topic, even in New York. At nearly sea level, in a region prone to hurricanes and storms, New York is more fragile than it would like to admit. Mayor Bill de Blasio, called the Climate Disaster Mayor, has enacted a number of laws to combat climate change, including the Climate Mobilization Act of 2019. While passing the act, De Blasio pledged to make New York City a carbon-neutral city by 2050 while reducing greenhouse gas emissions by 80%. Sustainable building is the path to this reality. 

Is NYC a Sustainable City?

Sustainable Building As The End Goal

Compared to the rest of the United States, New York is not doing poorly. With less greenhouse gasses per capita than any other city, New York is one of the most energy-efficient places in America. New Yorkers travel mostly by foot or mass transit, leading to a minimal transportation footprint, while in the United States, the majority of greenhouse gasses come from transportation, mainly single-passenger vehicles. Even so, any gains made through mass transit are quickly lost through the high-energy use of buildings. 

Multifamily and office buildings use 87% of the energy benchmarked for buildings. Half is in the form of electricity, with space heating, mostly by natural gas, as the largest end use. The US would save $20 billion in energy costs through green-improved buildings. Environmentally friendly design techniques, eco-friendly materials, and advanced technologies all save on both energy and money.

Among the laws passed within the Climate Mobilization Act is Local Law 97. This law requires buildings over 25,000 square feet to meet new energy efficiency and greenhouse gas emission requirements by 2024, followed by another set of more stringent requirements in 2030. Buildings that fail to comply will be issued steep fines.

Some folks were already prepared. A number of realtors and developers went green long ago. With “passive house” and LEED certification becoming selling points for the wealthy- this is likely a growing trend.

Sustainable Apartments and Homes in NYC

Sustainable apartments sound like a thing of the future. But people are seeking them out to reduce the overall carbon footprint. Real estate firms that list thousands of residences a month are seeing eco-friendly features on the rise- Douglas Elliman reports about 5% of listings include eco-friendly features. This number was zero in 2016.

Features like closed foam insulation, low-emission windows, solar paneling, sealed attics, energy-efficient utilities and heat pumps, and complex framing techniques all work together to reduce costs and save on energy. Not to mention green homes have higher resale value than regular homes.

Sustainable buildings are denoted through the coveted LEED certification, a globally recognized symbol, and standard of sustainability achievement and leadership. Another green term, “Passive House,” is an energy-efficient building using 1/10th the energy of a regular house. Known for being both practical and comfortable, these buildings are well-insulated, airtight, and maximize heating and cooling efficiencies to keep energy use at a minimum 

A number of green residential properties already exist. Manhattan’s first passive house was Perch Harlem, located at 542 West 153rd Street in Hamilton Heights. The building uses waste heat from appliances to warm the building, leading to a 90% reduction in energy use. 

255 Columbia Street, located in Brooklyn, was the first residential building to earn passive house status in the boroughs at large. This 13-unit condominium features triple-paned windows, mechanical ventilation, advanced insulation, and innovative heating and cooling technologies.

Another green building is 160 Schermerhorn Street, an 11-story, 116-unit building housing low-income members of the community. This building optimizes energy through a high-efficiency boiler, recycled building materials, and a rooftop garden to help with air quality and insulation.

New York City’s most sustainable condominium, Charlotte at the Upper West Side, has been turning a lot of heads lately. Located at 470 Columbus Ave, this eight-story seven-unit building is Passive House Institute certified. Other attributes include triple-layered windows, extra insulation, non-toxic finishes, and energy-efficient appliances. All marble has been locally sourced, and air within community spaces is UV treated.  

Last to look at is a Brooklyn property called Toren. Located at 150 Myrtle Avenue, this LEED Gold-certified building won certification for its rain screen system, basement cogeneration plant, and fresh air initiatives.

Sustainable Buildings

“We were doing sustainable development before there was investor pressure, but now there is investor pressure,” Sara Neff, head of sustainability at Lendlease, told the NYTimes.

Investors are beginning to prefer high-performance green assets. The effect of natural disasters on real estate has many aware of climate change. Over 88% of large companies have had at least one physical asset impacted due to extreme weather.

Sustainable buildings seem a vision of the future, but really, they’re popping up all around us! With technology continuing to advance, tenant emissions can now be offset through 100 percent renewable energy. Increasingly, sustainability is a core feature of financing plans as investors begin to request sustainable components for their projects.  

Sustainable buildings are constructed to conserve water, materials and energy. The common features of a sustainable building are close proximity to public transportation, all-electric components, and solar paneling. Metrics tools are also important, allowing customers to monitor and analyze performance while calculating how much energy and money are saved. Feedback is used by developers to continue optimizing technology. 

“Carbon counting and the focus on carbon will define the decade ahead, without a doubt,” said Dan Winters, head of the Americas region for GRESB, a real estate sustainability benchmark used to analyze $5.3 trillion in assets globally.

You might be surprised by who is green and who isn’t. Some of the greenest buildings in New York City include iconic giants such as the Empire State Building, the Bank of America Tower, and One World Trade Center. If these buildings have secured sustainability status- why aren’t others making the move as well?

The Empire State Building is LEED Gold-certified, one of the few National Historic Landmarks with this title. Recycled carpets, green cleaning supplies, low off-gassing wall covers, and ultra-low-flow water fixtures helped earn this certification.

When One World Trade Center won the LEED Gold certification in 2016, it became the tallest building in the Western Hemisphere also LEED certified. The building is skinned with insulated spandrel, allowing natural light into 90% of office areas, reducing light and heat needs. The glass is designed with low-E glass coating, minimizing heat gain.

The Bank of America Tower is LEED Platinum-certified, with an emphasis on daylight, fresh air, and other natural inputs. Broadway’s first green theater, run by Stephen Sondheim, is included with an urban garden room.

Co-Op That Embraces Food Waste And Recycling

Some buildings are combating waste in other arenas through food waste and recycling. Every residential building in New York City has to recycle and have recycling containers, per law. Buildings face a fine of several thousand dollars for non-compliance. Some buildings are taking that even further with food waste.

Morningside Heights Housing Corporation, a New York cooperative building at various addresses, including 100 and 80 La Salle, was selected to participate in NYC’s Organic Food Waste Recycling Pilot Program. Designed to reduce post-consumer waste and landfill occupancy, the pilot was a major success. Convenient, on-site scrap collection reduced the building trash load by 35%.

Food scrap containers were made available to residents for free, allowing the Department of Sanitation to collect food waste and turn it into renewable energy and compost. Officials are looking at expanding this program throughout the city and teaching residents how to reduce their waste. 

The Downtown Alliance Compost Program, operating in Manhattan, features 10 public compost pins around the city. With 24/7 access to composting, residents can sign into an app to unlock the bin. Each food scrap donation moves us slightly closer to a sustainable future.

Ways You Can Help Improve Energy Efficiency

Not everyone has the resources to move into a sustainable building- some of them are quite expensive! If you’re a New Yorker looking to reduce your carbon footprint and contribute to the cause- here are three ways you can reduce energy consumption within your home:

  • Improve heating- through refurbishing or replacing steam heating systems.
  • Reduce AC energy loss- Repair window and wall leaks surrounding AC units to reduce heating and cooling expenses.  
  • Efficient Lighting- Investing in newer, energy-efficient light bulbs and light systems reduce can drastically reduce the amount of energy spent.

Every little bit helps. Any investment towards sustainability now will be money saved in the future. “Today, you don’t sacrifice returns for sustainability, you create returns with sustainability,” added Stephen Tross, CIO at Bouwinvest, a Dutch investment firm. Perhaps LEED and passive house status will become the benchmarks of the future.

Now, how do we get rid of plastic bags?

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How Realistic Is the NYC “Friends” Series Apartment? https://www.citysignal.com/friends-apartment-nyc/ Wed, 15 Feb 2023 14:53:12 +0000 https://www.citysignal.com/?p=8781 “So no one told you….”  rent was gonna be this high. New York City is one of the most expensive housing markets in the United States, fending off challengers from other US cities like Los Angeles and Miami. Not only that, it has recently been locked in a race with Singapore as the most expensive […]

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“So no one told you….”  rent was gonna be this high.

New York City is one of the most expensive housing markets in the United States, fending off challengers from other US cities like Los Angeles and Miami. Not only that, it has recently been locked in a race with Singapore as the most expensive city internationally to buy or rent a home in. Bottom line is, finding an affordable apartment in New York City is difficult depending on a variety of factors, but it’s easier to find when you’re with Friends. 

Friends, the seminal sitcom about six twenty-somethings navigating the world of 90s New York City, is credited with inventing “The Rachel” (which is back in style as of 2022), and of course, who could forget Ross’ iconic plea “we were on a break!

But the housing market in New York has never gone on break. Since the early 90s, rents around the city began to trend upward noticeably, continuing through the 2000s. In 2022 it’s estimated that a minimum-wage worker would have to work over 100 hours weekly to afford a one-bedroom apartment.

 

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 So were the 90s really that different? How did Rachel, Ross, Chandler, Phoebe, Monica, and Joey afford their places when they were broke, their jobs were jokes, and of course, their love lives were DOA?

What did the Friends do for work?

One of the most important factors when determining the affordability of a housing situation is the jobs the tenants have and how much of their paychecks they’re able to fork over each month. The Friends had an odd array of jobs that, by today’s metrics, make it difficult to believe they could afford to live in New York at all, let alone with the luxuries afforded to them by their admittedly modest apartments. 

Rachel, for instance, worked as a waitress at Central Perk (now a real-life location) from the first season until “The One Where Rachel Quits” in season 3. She eventually entered the fashion industry, landing a position as a fashion executive at Ralph Lauren while courting another offer from Gucci in Paris in the final season; quite the come-up.

 

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Monica was a chef throughout the series, working her way up through the kitchen until reaching head-chef status. She ended the series as a respected food critic and owner of two prestigious NYC eateries. 

Joey Tribbiani is an actor who, more often than not, is out of work, minus a brief stint playing opposite a robot for the sitcom “Mac and C.H.E.E.S.E.”

Phoebe is similarly in the arts, being a musician and songwriter. She’s also a masseuse and has at times, even resorted to mugging to make a quick buck. 

Chandler and Ross represent the corporate and academic spheres, respectively. Chandler worked as a copywriter for an ad company, while Ross found work as a professor of paleontology, a notoriously controversial and boring profession. 

Some of these jobs make it easier to believe their lives in Greenwich Village, where the show is set, were feasible. Professors in the 90s, for example, were earning, on average, anywhere from $42,000 to $50,000 per year in New York. Adjusted for inflation this would see Ross easily raking in more than $120,000 today, more than enough for a single-bedroom apartment where he lived. As a chef, Monica’s pay would’ve received modest increases throughout the series as she worked her way up the chef ladder from line cook to sous chef to executive. But at the beginning of the show, she was likely not making much more than $10,000 (or $23,000 by today’s standards) yearly.

Phoebe, who also doesn’t live with any of the other friends throughout the show, has a uniquely affordable living situation. After living with and taking care of her grandmother, (played by the late Audra Lindley), it can be assumed that Phoebe inherited her apartment, and life insurance possibly afforded her additional funds to continue living there.

How much rent is too much rent?

When deciding the affordability of a living situation, how much rent is too much to pay? Well, it’s entirely based on your job and salary and desires.

There are a couple of rules that make calculating affordability easy, such as the 40x rule or the 30% rule. Many landlords require that your annual gross income be at least 40 times your monthly rent. For example, to afford a $3000 apartment, you’d have to make approximately $120,000 per year. This may sound like a lot of money, but it helps to account for unforeseen expenses and the cost of other amenities such as gyms.

Another similar rule is the 30% rule which is exactly what it sounds like; allowing for 30% of one’s gross annual income to be paid toward rent. For instance, if one makes $90,000 yearly, following this rule, they should be prepared to spend no more than $27,000 a year, or $2,250 monthly. In Friends, Joey Tribiani spent some time starring in “Days of Our Lives” in a recurring role as Dr. Drake Ramorey, where he would’ve been making something close to $400 to $900 an episode, translating to approximately $230,000 at the end of a 260 episode season. If he was making this amount consistently, Joey could’ve narrowed down his options during “The One Where Joey Moves Out” to apartments with rents at or below $5,750 per month. However, tragically, Dr. Drake Ramorey spent most of his time on the show in a coma following an unfortunate tumble down an elevator shaft.

Additional expenses such as utilities, food, and transportation can be a major drain on funds as well. The cast of friends, for instance, spent somewhere close to $2100 on Central Perk coffee alone throughout the course of the show. These additional funds account for up to 20% of one’s annual income on average. This means that between these additional expenses and rent payments, one could see 50% of their paycheck vanish; spent entirely on the necessities of city living. These percentages are subject to change, and things such as inflation and a volatile economy can cause the percentages paid toward such expenses to skyrocket.

These numbers are in many ways themselves less-than-realistic, as currently, over half of New York renters spend more than 30% of their paychecks paying rent.

Where did the Friends Live?

Friends is set in Greenwich Village in downtown Manhattan. Like many television sets, the apartment does not actually exist. In actuality, the show was largely shot in Burbank, California. Monica’s apartment is what fans commonly refer to as the “Friends” apartment, although there was a season 4 stretch where Chandler and Joey temporarily swapped apartments with her after winning a bet in “The one with the Embryos”. Its exterior shots can be traced back to 90 Bedford Street, a common tourist attraction; however, the apartment’s actual address is different. In the episode “The One With The Invitations”, a wedding invitation is shown which reveals the apartment’s in-world address to be 495 Grove Street, Greenwich.

Greenwich is currently a relatively expensive neighborhood to rent in, a 2-bedroom averaging around $5,500 monthly. This is similarly a good guess at what the price of the Friends’ condo would cost today

The Friends Apartment Building

The building was a pre-war walkup, meaning there’s no elevator, which would have come in handy in “The One With The Cop” and its pivotal couch-moving sequence. The apartment and its affordability actually come up as issues in the plot of the show in an episode called “The One with the Ballroom Dancing”. In the episode, it is revealed that the apartment actually originally belonged to Monica and Ross’ grandmother, who lived there before rent regulation in the 1940s. The episode’s plot surrounds Monica attempting to trick or otherwise convince her landlord to let her sublet the apartment from her very-much-deceased grandmother, keeping her stabilized rent payments. This resulted in Monica being able to afford the apartment by keeping payments astronomically low. How low were these payments? According to the show, about $200 a month! Adjusted for inflation, this means that she was only paying about $450 a month by today’s standards!

This arrangement means that the Friends apartment, despite its size and location, was uniquely affordable for Monica and the gang, even if it was only possible through some shady backroom dealings (or shady Ballroom dealings if you know the episode.) Rachel, as a recently estranged daughter of a wealthy family, is likely not paying rent for the majority of the time she’s staying with Monica, which wouldn’t be a problem if payments were so low. Chandler and Joey live in a significantly smaller space, which is possibly similarly rent-controlled. However, Chandler’s relatively non-descript corporate job seems capable of paying the bills, even when Joey is enduring one of the (many) dry spells in his acting career. 

Is the Friends Apartment Realistic?

Yes and No. Under the circumstances of the show, Monica’s grandmother dying and the subsequent finessing of their landlord would allow them to live there indefinitely. Chandler and Joey’s apartment is similarly affordable, while Ross and Phoebe’s arrangements are also feasible. But is the apartment is “realistic,” as in, does it exist in real life? In this case, the short answer is no. Even if the apartment existed, it would likely not be as large and spacious as the one featured in the show.

Looking at Greenwich Village now, we can find some similar listings, such as this 2 Bedroom 2 bathroom at 231 Sullivan Street, which is newly renovated and features an open kitchen and floor plan, something similar to Monica’s iconic pad. The floor plan, however is still significantly smaller than the Friends apartment, but a lot of this can be attributed to it being a television set over an actual building. 

 

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 Production designer John Shaffner designed and helped to build the set along with his partner, Joe Stewart. The two sought to create a set that would “feel as comforting to the viewer as their own home.” Greg Grande, another designer of the set, said of the space that he wanted “a whole new kind of eclectic taste with a flea-market, whimsical, anything-goes style”, which resulted in the creative mish-mash of decor which appears on the screen.

The point is the apartments on Friends weren’t built for people to live in, they were designed to be visually and aesthetically pleasing while remaining functional for television filming. Most television and film sets are just that, sets, superficial facsimiles of actual or imagined locations. There’s no ‘fourth wall’ behind where the cameras sat most of the time, and therefore the apartment’s design and dimensions are largely inflated, something that’s more obvious when viewing behind-the-scenes images of the set. But Friends was never about being realistic. In many ways, it’s a fantasy about city living in the same vein as Sex and The City or Seinfeld. So while in some ways, Monica, Joey, Ross, Rachel, Phoebe, and Joey’s lives in the early 90s were absolutely possible, they weren’t realistic by any standards.

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9 Most Affordable NYC Neighborhoods https://www.citysignal.com/cheapest-neighborhoods-to-live-nyc/ Mon, 06 Feb 2023 14:00:02 +0000 https://www.citysignal.com/?p=8624 Whether you’re looking to move to the city for the first time or need to switch things up, affordable rent is always something to look out for.  We’ve rounded up a list of the most affordable neighborhoods for one-bedroom apartments in NYC as of February 2023 to get you started. Without further ado, here are […]

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Whether you’re looking to move to the city for the first time or need to switch things up, affordable rent is always something to look out for. 

We’ve rounded up a list of the most affordable neighborhoods for one-bedroom apartments in NYC as of February 2023 to get you started. Without further ado, here are the options in the 5 boroughs of NYC.

Cheapest Places To Live NYC

Bay Ridge, Brooklyn

Average 1br rent: $2,000

The neighborhood of Bay Ridge in Brooklyn is a historic enclave that offers its residents a quiet and comfortable place to call home. 

And best of all, it is one of the cheapest places to live in NYC. Originally settled by Dutch farmers, the area has seen a great deal of redevelopment in recent years, with new housing and businesses popping up along its tree-lined streets. 

There’s something for everyone in Bay Ridge, from trendy cafes and restaurants to mom-and-pop shops and art galleries. 

The people who live here are warm and welcoming, making it easy to feel at home in this vibrant community with great schools and convenient commutes – great for families!

Sunnyside, Queens

Average 1 br rent: $2,500

Sunnyside Queens is a lively and vibrant neighborhood located in the borough of Queens, New York. It is known for its close-knit community and its diverse population. 

The area is home to many cultures. The streets are alive with activity throughout the day, as people make it to their destinations. Sunnyside has become known for its local restaurants and cafes that cater to all kinds of tastes. 

After dark, Sunnyside transforms into a bustling social scene where one can find bars and pubs that offer live music entertainment or karaoke nights. 

Sunnyside also offers a variety of outdoor activities such as biking trails and parks that allow residents to get out and enjoy nature from within the city limits. 

There’s never a dull moment in Sunnyside, making it one of the best affordable neighborhoods in NYC. 

Bed-Stuy, Brooklyn

Average 1br rent: $2,683

Bed-Stuy, also sometimes referred to as Bedford–Stuyvesant is an iconic, vibrant neighborhood in NYC renowned for its cultural diversity and rich history. 

It’s a melting pot of people from all walks of life, from young families to senior citizens, from those born and raised in the area to newcomers. 

With its grand brownstones, tree-lined blocks, and diverse population, Bed-Stuy is a neighborhood like no other. 

From trendy cafes and chic boutiques to local hot spots, Bed-Stuy has an abundance of great places to explore. 

Whether you’re looking for the best spot to grab a bite or just enjoying a stroll around the block, you will be sure to find something special when exploring Bed-Stuy.

Kew Gardens

Average 1br rent: $1,800

Kew Gardens can be found in Central Queens, about a 30-minute subway ride away from Midtown Manhattan. The neighborhood has been around since 1868 and was one of seven planned garden communities built in the 19th century to 1950. 

There are a lot of single-family, million-dollar homes in the area, but there are also plenty of spacious, cheap rental opportunities. Prime architectural styles are Dutch Colonial Revival, and Beaux-Arts styles, and buildings tend to have spacious apartments that are between four to ten stories and are a mix of both standard rentals and co-ops. A change to the neighborhood makeup has started to occur as homeowners are selling their properties to developers who in turn are building high-rise and flashy new developments. 

While the building make up has started to change, the Hispanic and Asian populations have grown since 2000, providing a haven for members searching for those communities. 

Residents of the area have access to Forest Park to the West and Maple Grove Cemetery, two places that allow New Yorkers to get a breath of fresh air.

Washington Heights

Average 1br rent: $2,200

Washington Heights is an enchanting neighborhood in New York City, located near the Harlem River and boasting stunning views of the Hudson River. 

It’s an incredibly vibrant area that offers a unique blend of culture, cuisine, and entertainment for both locals and visitors alike. Washington Heights also has several parks and green spaces for relaxation and recreation. 

Its close proximity to Manhattan means that locals can easily access all of the shopping, dining, cultural attractions, and nightlife the city has to offer. 

Whether you’re looking for a quick bite or a night out on the town, Washington Heights has something for everyone.

Riverdale, Bronx

Median rent: $2,573

Riverdale is described as being often being confused for the suburb, and no, it’s not the TV show we’re talking about. In the 19th century, Manhattan’s notable figures would build their country estates in the area and later brought wealthy businessman who lived their year round. 

A mix of both single family homes, co-ops and rental buildings, Riverdale is a perfect example of a mix of city and suburbia. Residents get to be in close proximity to the Hudson River, Yonkers and the city.

Astoria, Queens

Average 1br rent: $2,675

Astoria is a historic and vibrant neighborhood in Queens, New York City. Situated along the East River, it is bordered by Long Island City to the west, Sunnyside to the south, and Woodside to the north. 

The area is known for its cultural diversity and history and popular attractions, including Astoria Park, The Museum of the Moving Image, and so much more! 

The neighborhood also has many local restaurants serving up a variety of cuisines from around the world. Not to mention – it’s affordable! 

Harlem, Manhattan

Average 1br rent: $2,600

Historically, Manhattan has never been the cheapest borough to live in NYC, but Harlem provides a little exception. Living in Harlem is a great experience. 

There are many things to do in the neighborhood, and it’s close to all of the amenities you could need. The people who live there are friendly and welcoming, and it’s a safe place to live. 

You’ll find everything you need here, from restaurants to shopping to nightlife. From cultural attractions and historical landmarks to vibrant nightlife and delicious cuisine, there’s something for everyone. 

If you’re looking for a great place to call home, Harlem is a great choice! 

Cheapest Borough to Live in NYC

North Shore, Staten Island 

Average 1br rent: $1,800

If you don’t mind a bit of a commute – including a ferry ride – you might consider adding Staten Island, the cheapest borough in NYC, to your browsing list. The North Shore of Staten Island is made up of multiple neighborhoods but is most notably known for housing West Brighton, New Brighton, St. George, Tompkinsville, Clifton and Port Richmond. 

A few-minute bus ride will get you from your apartment to the Staten Island Ferry that runs 24 hours a day, 7 days a week. From there, you’ll be brought to the south of Manhattan where you can access the rest of the island via a transit method of your choice. You also have easy access to the Verrazano-Narrows Bridge where you can take a bus to get to South Brooklyn.

Residents love that Staten Island is so close to nature, with easy access to hiking trails and fishing spots in nearby Clove Lakes Park. There is also the benefit of being close to shopping as Empire Outlets is right off the ferry stop in St. George. You’re far more isolated from Manhattan than in other boroughs of New York, but some people prefer the space that allows them to disconnect. 

Need a helpful place to start your search in your budget? We leaned heavily on RentHop’s Stats & Trends page to get an idea about what was out there. Moving to NYC (or relocating in NYC) can be challenging and daunting, but don’t fret, hundreds of other people have been in the same boat as you.

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Benjamin N. Duke House Listed For Sale by Owner Who May Have Never Lived There https://www.citysignal.com/benjamin-n-duke-house-listed-for-sale/ Mon, 30 Jan 2023 22:47:54 +0000 https://www.citysignal.com/?p=8652 Want to own a historic Beaux-Arts mansion across the street from the Met Museum and have $80 million in the bank? Well, you just might be in luck! 1009 5th Ave Listed For Sale The Benjamin N. Duke House has just been listed for sale at $80,000,000 by Compass agent Jorge Armando Lopez. One of […]

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Want to own a historic Beaux-Arts mansion across the street from the Met Museum and have $80 million in the bank? Well, you just might be in luck!

1009 5th Ave Listed For Sale

The Benjamin N. Duke House has just been listed for sale at $80,000,000 by Compass agent Jorge Armando Lopez. One of the last remaining mansions on the Gold Coast of 5th Avenue, also romantically known as “Millionaire’s Row,” this property boasts all the same elements as other Gilded Age Beaux Arts Mansions. During its landmark designation process in 1974, it was stated that it is “one of the few surviving houses which once formed part of an almost uninterrupted series of palatial residences facing Central Park.”

History of the Benjamin N. Duke House

Developers William W. Hall and Thomas M. Hall built this property designed by Welch, Smith & Provot between 1899-1901, and it is rumored to have been for no specific owner. In 1901 Benjamin N. Duke, who was the Vice President of the American Tobacco Company and founder of Duke Energy, purchased the property. In 1907, Duke’s brother James B. Duke purchased the home until his own mansion at 1 East 78th Street was ready in 1912. The Duke brothers were the classic example of Gilded Age socialites who were categorized as  “wealthy industrialists, philanthropists, and residents of New York’s most fashionable Avenue”.

Benjamin Newton Duke. Public domain, via Wikimedia Commons

From there, the mansion was passed to Angier Buchanan (Benjamin’s son), then Mary Lillian Duke and A.J. Drezel Biddle Jr, and later Mary Semans (aka Mary Duke Biddle). The property stayed in the hands of the Duke family until 2006, when it was sold to Tamir Sapir for $40 million, who later sold it to Carlos Slim. 

Carlos Slim and 1009 5th Ave

Back in 2010, Mexican telecom mogul Carlos Slim Helú purchased the Benjamin N. Duke House for $44 million, telling Forbes that he was purchasing it as an investment. In fact, in 2015 when Slim went to sell the home for $80 million, he said he had never stayed in the residence. It was reported he preferred to stay in luxurious hotels when in NYC and that may have been the case up until recently. Does this mean that no furniture was brought to the property?

Currently, Carlos Slim is worth $93.5B, according to Forbes.

Previously, the home was listed by Sotheby’s, but it seems that Slim has pivoted towards Compass in hope of getting the deal closed this time around. 

Inside 1009 5th Ave

The Benjamin N. Duke home is a New York City Landmark designed in the Italian Renaissance palazzo style with “strong Beaux Arts elements” that has over 20,000 square feet of living space. It’s a limestone and red-brick building with 100 feet of frontage looking out over 82nd street and 27 feet of side section staring directly at the MET and Central Park. 

 

 

 

 

 

There are 8 bedrooms and 10 baths, as well as numerous fireplaces, ornate moldings, glass and wrought iron doors, stone balconies, and gorgeous chandeliers. Like so many people dream of in NYC, the rooms have spacious rooms, high ceilings, large windows, and natural light.

 

The listing states the property could be owned as a private residence, however, there is the ability to transform it into a gallery or museum. These options seem most likely due to the building’s historic nature and coveted space near the Met Museum and other notable museums on Museum Mile. 

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2023 Luxury Real Estate Trends in NYC https://www.citysignal.com/nyc-luxury-real-estate-trends-in-2023/ Wed, 11 Jan 2023 14:00:59 +0000 https://www.citysignal.com/?p=8510 The luxury real estate market caters to a small but active buyer pool in New York City; offering everything from condos with lux amenities and towering penthouses, to contemporary townhouses and vintage brownstones.  It seems like the only thing it never has is certainty. Still, it’s useful to identify certain trends that may help inform […]

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The luxury real estate market caters to a small but active buyer pool in New York City; offering everything from condos with lux amenities and towering penthouses, to contemporary townhouses and vintage brownstones. 

It seems like the only thing it never has is certainty. Still, it’s useful to identify certain trends that may help inform buyer and seller decisions in the upcoming year.

What is Luxury Real Estate?

Defining luxury real estate across various markets can be challenging. Standards vary depending on the local market. What may be considered a luxury family home in a small Midwest town won’t be the same as a luxury condo in a busy East Coast city.

As a general rule, you can consider the luxury real estate market as the top 5%, or 10% of listings in a given area. In large metro areas such as Dallas and Chicago, high-end properties usually start at $1 million or more. In cities like New York, the top 5% of properties start at around $4 million. 

Recently, 217 W57th, “The One Above All Else” has made headlines due to its large pricetag and unmatched design. Staircase in the penthouse apartment at 217 W57th Street via RealtyHop listing

Luxury Real Estate in NYC

Luxury residential real estate operates a bit differently than the regular market. Although overall sales have been impacted by climbing mortgage rates and persistent inflation, top-tier real estate remains a must for NYC power players. 

“There are still bidding wars where there’s a scarcity of that type of property,” says Pamela Liebman, President and CEO of the Corcoran Group, to Variety Magazine. She finds that no bargains are being made among her clients when it comes to chasing their dream New York apartment. 

Luxury condo for sale in NYC at 22 Mercer. RealtyHop

According to Compass data published by Variety, a total of 841 homes priced at $5 million+ have sold in Manhattan alone through August of this year. That’s a 35.6% increase for the first 8 months of 2022 when compared to the same periods in 2021 and pre-pandemic luxury sales in 2019. 

Jeremy Stein of Sotheby’s International Realty believes the luxury market is entering neutral territory. Unlike 2021 and early 2022, the market is favoring neither buyers nor sellers. “It’s safe to say, whichever way the market heads, it won’t be nearly as dramatic as it has been,” said Stein to Variety Magazine.

In May 2022, we witnessed the end of a volume of sales that was “historic and epic” according to Stein. It marked the end of a 16-month run for luxury real estate in NYC. By August, the market was already showing signs of cooling off, with only 15% of luxury deals closing above list price. 

Liebman adds that “2021 was the greatest year in the history of New York City real estate.” She reiterates it’s not a year to benchmark for comparison in the future.             

Luxury Real Estate Design Trends on the Rise 

Architectural Digest recently published an article on the latest trends being observed in luxury real estate. In terms of design, there were three home features that are expected to increase in popularity this year.  

Luxury Bunkers

A growing number of high-net worth individuals are investing in bunkers. It’s not surprising, given that we’ve experienced a global pandemic, a significant war in Europe, and a bleak economy all within the last three years. In fact, the demand has been so great, there are now entire companies dedicated to developing underground residences, such as the Swiss firm, Oppidum. 

In their search for enhanced security, million-dollar homeowners are building subterranean chalets with reliable off-grid power supply and military-grade technology. Some of these luxury bunkers even come with sophisticated lighting systems that mimic the daily ebb and flow of natural sunlight, as well as art galleries and wine cellars for entertainment.

Above Ground Pools

For a long time, above ground pools were considered tacky but it seems that their appeal is returning within the luxury market. Underground pools are more aesthetically appealing, but they’re also quite a hassle. 

 

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Installing and maintaining an underground pool can be a headache, especially if you don’t have the adequate space for it. As a result, some luxury buyers are choosing for a more simple look for their pools, redesigning shipping containers and stock tanks into above ground swimming pools. 

The Pied-à-Terre—with a twist

The pandemic motivated many city dwellers to move away for some time. They’re now returning, but not 100%. Hybrid living has been on the rise and has popularized the convenient idea of living in a hotel with a personal touch of a home. 

Short-term living was previously linked with unappealing corporate housing that lacked the “homey” feel so many of us want. Now that people have become more transient, working in one part of the country and living in another, short-term rental options have expanded and enhanced their offerings. 

Real Estate Agents are Hopeful for 2023

Luxury Portfolio International conducted a study among 200 member brokers to gain insight on what luxury residential real estate professionals believe is on the horizon for 2023. The report, titled the Business of Luxury Real Estate, polled brokerages, their principles, and top-producing agents. 

The study highlighted a few key findings:

  • 95% reported optimism about their overall market in the next 12 months
  • Signs of a shift towards a buyers’ market are starting to show due to larger inventories, increased days-on-market, and price reductions in certain markets
  • Updated amenities, prime location, and size are the most common factors selling luxury homes at the moment

Across the board, real estate professionals recognized that COVID influenced an unprecedented, yet unsustainable market with most municipalities experiencing historically low levels of inventory. 

More competitive markets experienced as low as one month of available inventory at some point in time. To provide a point of comparison, a stable luxury market will generally have 12-18 months of available inventory.

Taking into account that 2020, 2021, and the first half of 2022 have represented an industry anomaly, the vast majority of professionals surveyed believe that the market will stabilize in 2023. 

The study also found that 76% of likely homebuyers admit that “even in times of personal financial uncertainty, I buy high-quality products.” Even as interest rates continue to rise, the luxury real estate buyer will remain in the market. 

Impact of International Buyers on the Luxury Market

At the time of LPI’s study, international buyers accounted for 18% of total luxury business for 79% of LPI member firms. It’s worth noting that the growth experienced by the luxury residential real estate market in 2020, 2021, and the first half of 2022 occurred without much, if any, impact from international buyers due to COVID travel restrictions.

The fact that luxury homes sales continued to be robust through this period of economic uncertainty with international buyers being largely absent from the market, speaks to the strength and viability of the luxury sector as a whole.

In 2023, international buyers are expected to continue their return to the market and search for homes offering privacy, safety, high-quality private schools, better infrastructure (e.g., medical facilities), safer investments, and cultural enhancements.

The Impact of a Recession on the Luxury Housing Market 

On December 9th, New York-based president of Luxury Portfolio International, Mickey Alam Khan, hosted the Luxury Hour Webinar on the outlook for luxury real estate in 2023. He and his team had the following to share about market expectations for the new year.

Low housing inventory, rising mortgage rates and a peak inflation rate of 9 percent have all contributed to the housing market slowing down. However, the market isn’t necessarily in bad shape. 

Despite public perception, mortgage rates aren’t at a historic high—inflation is, which means that interest rates need to be pushed up to control the money supply.

“The real problem and the real root of inflation is money,” says Gregory Heym, Chief Economist at Brown Harris Stevens in New York. “Our money supply [in the United States] has gone up 40 percent since COVID.” 

Heym also shared that over the last 50 years, the average 30-year conforming rate is at about 8%. There was a time where mortgage rates were as high as 18%. Taking this into account, 6.5% isn’t a high mortgage rate. 

Still, high levels of inflation and stock market lows are enough to plant seeds of doubt in regards to a global recession. But, Heym believes that this may not be a bad thing for the housing market. “Recessions are the only things that reset housing prices.”

Given that the luxury market historically favors all-cash buyers and caters to wealthy Americans who have access to either equity or large sums of cash, the recession isn’t likely to impair their ability to acquire new property. Rather, it may influence their decision to downsize, compromise on certain features, or wait the market out.

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Where To Live Near NYC True Crime https://www.citysignal.com/where-to-live-near-nyc-true-crime/ Wed, 04 Jan 2023 14:00:32 +0000 https://www.citysignal.com/?p=8460 Crime in New York City seems to be perpetually on the rise; with frightening headlines and the political climate to match. Although murders and shootings had been trending upward for the last two years, that’s recently reversed as violent crimes are on the decline; however other types of serious street crime are conversely on the […]

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Crime in New York City seems to be perpetually on the rise; with frightening headlines and the political climate to match. Although murders and shootings had been trending upward for the last two years, that’s recently reversed as violent crimes are on the decline; however other types of serious street crime are conversely on the rise. A combination of public fascination with true crime, sensationalized messaging, and frightening statistics make it hard to believe that the rate of both serious crimes and street crime has declined dramatically since the 1980s and early 90s when such events were five times more likely to occur. Americans are obsessed with true crime, with more than 50% of the country tuning in to programming; likely because it helps us feel safer and process negative emotions. For those true crime disciples who want to take their fandom to the next level, below you’ll find some unsavory real-life locations in New York City you can and live near today, from serial killers’ neighborhood haunts to mafia mass graves.

Staten Island Sins

Staten Island, the forgotten borough, has had more than its fair share of fascinating cases of true-crime horror, from The Nimer Murders to the murder spree of Salvatore Perrone. But perhaps no name is as famous or feared as that of convicted kidnapper Andre Rand, who is currently serving several consecutive life sentences for several murders and kidnappings in the city. The borough’s most notorious serial killer, in 2004, he was convicted of abducting Holly Ann Huges from her Port Richmond neighborhood on the East Shore in the early 80s. But his terrible misdeeds stretched back earlier, all the way to 1972 with the disappearance of at least six other people, although he was never formally charged for their disappearance. 

In August 1987, the body of a 12-year-old Westerleigh resident, Jennifer Schweiger, was found in a shallow grave on the grounds of what is now the College of Staten Island; but the jury only convicted him on kidnapping charges, not murder.

It’s unknown how many more victims Rand has, and he shows very little remorse for his actions. Rand is a prolific writer known for sending out several Mother’s Day missives “to all the ladies of Staten Island who supported ‘prosecutorial vincitvness’ against an innocent person.’  In 2001, while in prison, he released a series of letters to The Advance, a newspaper, the earliest of which was written back in 1994. The letters include an argument against nuclear proliferation, autobiographical stories of his youth, and a detailed sketch of a small aircraft. The quiet neighborhood where Rand lived in what is now West Brighton only blocks away from the famous Staten Island Zoo, with listings such as this 3 Bedroom on Marion Street only a few minutes walk away from Rand’s previous home.

Bad Clams in Manhattan

Located at 129 Mulberry Street, Umberto’s Clam House in Little Italy was the location of one of the most sensational assassinations of a mob boss, when Joey “Crazy Joe” Gallo was murdered only weeks after getting married. After celebrating his birthday with his wife, his sister, child, and bodyguard at the Copacabana, Gallo and his entourage were found dining at the Clam House, Joey ordered the shrimp and scungilli salad. While they ate, a quartet of gunmen arrived and open fire at the family, fatally wounding Gallo but not before they were able to turn the butcher table on its side to provide shielding for the rest of his family. Gallo stumbled to the front door, cursing at the gunmen as they fled before collapsing into a puddle of his own blood in the street: a scene straight out of any mafia movie

This was a particularly brazen attack as the hit had been conducted while Gallo was celebrating his birthday and was with his family at the time, and was a marked escalation in the conflict between the Five Families of New York. “Crazy Joe” had started a war against his bosses for control of the family and paid for it with his life. His death started another war when his crew broke off from the rest of the Colombo Family, leading to a series of ten gangland slayings before they eventually rejoined, making it one of the bloodiest mafia wars in the city’s history. 

The restaurant had only been open for two months before the 1972 hit, but Umberto’s Clam House is still open, serving as a historical landmark and tourist attraction for true-crime fans, mafia aficionados, and clam lovers alike. Want to live where the mafia used to frequent? Right around the corner is 181 Hester Street, where you can snap up a 1 bedroom apartment and feel like the mob boss that you are.

 for Sale at 181 Hester Street, New York, NY 10013
181 Hester Street. RealtyHop

The Red Circle Slayer of Queens 

The Red Circle Slayer terrorized the quiet community of Hollis Hills in Queens, New York, throughout the late 1920s and early 30s, and although a suspect is currently behind bars, no one is sure if it’s the right man. The popular patch of woods where the first attacks took place was filled with booze, used condoms, and underwear; a popular spot for young lovers at the time. The killer attacked young couples and lovers who found themselves within his unfortunate gaze, often while out “necking” or making out in their cars. His first victims were Lewis Weiss, 20, a clerk at a steel company, and Frances Hajek,19, who worked at her family’s bakery.

Separate similar incidents earlier in the decade were attributed to the 3X Murderer who taunted police and had victims near the site of the Red Circle slayings, although this did nothing but murky the waters of a new, potentially dangerous killer on the loose. 

Due to a number of bad leads, unreliable witnesses, and false admissions of guilt, the killer, who was known for placing a red circle painted in lipstick on the foreheads of victims, has never been confirmed. But in 1938, Walter Wiley, a career criminal with a long rap sheet, could not come up with an alibi for the night of Hajek’s death. While a jury was ultimately unable to indict Wiley on murder charges, he was put behind bars for unrelated robberies and spent 40 years behind bars, effectively ending the Red Circle Slayer’s reign. Locals, although, were less reassured; perhaps there’s a serial killer living amongst the quiet Queens community after all these years. For those amateur sleuths or those who simply want to do a little necking in a picturesque New York neighborhood, this three-bedroom, second-floor apartment is in a beautiful, safe location, but only minutes away from the Red Circle site.

198-17 111th Avenue
3 bedroom apartment at 198-17 111th Avenue. RentHop

The Hole of Brooklyn

John Gotti, or the Teflon Don, is one of the most famous names in popular media when it comes to the Italian Mafia. Before passing away in prison at the age of 61 while serving a life sentence, he was the leader of one of the most notorious crime families in New York, the Gambinos. After seizing power by ordering the murder of Paul Castellano, who was the head of the family at the time, he became a famous public figure. Gotti was known for his expensive taste and less-than-scrupulous business practices, earning him an additional nickname; the Dapper Don. But the Dapper Don had some dark secrets, not including the bodies that his “operations” would inevitably pile up; and he needed a place to dump them. Enter The Hole.

This ten-block stretch between East New York and Howard Beach is directly on the border of Brooklyn and Queens, and today is almost unrecognizable as “New York City” from a traditional standpoint. The neighborhood is at a lower elevation than the surrounding area, resulting in a noticeable dip, earning it its name. The Hole is also named so for another reason, as it was one of the largest mass graveyards for the mob, and a personal favorite of John Gotti. Residents of The Hole have recovered so many bodies from the area that they can be used as landmarks, and they continue to be found even as recently as 2004 when the bodies of Dominick “Big Trin” Trinchera and Phillip “Philly Lucky” Giaccone were exhumed. THe area now serves as a base for a branch of the Federation of Black Cowboys. While living in The Hole is a bit risky, the area frequently floods due to its low elevation; those who want to live near this grim reminder of mob history will be happy to know there are many listings near the neighborhood, such as this fully furnished 2 bedroom duplex only blocks away from where bodies were found.

689 Crescent Street
689 Crescent Street living room. RentHop

The Son of Sam in The Bronx

David Berkowitz, also known as the Son of Sam, lived at 35 Pine St, Yonkers NY after being brought up in the Bronx. After the death of his adoptive mother, he became a loner before joining the army in 1971, distinguishing himself as a marksman. After his return to New York he worked as a security guard, all while being haunted by the voices in his head, demons he would later claim, who were spurning him on toward murder. He took his first victims in 1975 on Christmas Eve, when he attacked a young Michelle Foreman and another unidentified woman with a hunting knife. Foreman was 15 years old at the time. Berkowitz moved to Yonkers in 1976, where the demons in his head took the form of the neighborhood dogs and eventually Sam’s neighbors themselves; it wasn’t long before he continued his spree.

With victims in four of the five boroughs, not including Staten Island, the entirety of New York felt the terror of the .44-caliber killer, so named because of the bullets used to tie the murders to a single killer.

After sending a series of letters out to previous landlords, neighbors, and other affiliates, local police were alerted to a potential candidate for The Son of Sam and reported it to the NYPD’s special Omega Task Force tasked with nabbing the killer, but these tips ultimately went unheeded because of the sheer number of false leads. It wasn’t until an eyewitness came forward to report that she’d seen Berkowitz with a gun only moments before she heard gunshots in Brooklyn that he was finally apprehended by the police.

When his Yonkers apartment was searched, they found satanic graffiti drawn on the walls and diaries detailing over 1,400 arsons he was also allegedly responsible for. Berkowitz ultimately rescinded his claims of demonic influence and stated he instead was lashing out in anger at a world he felt had rejected him. True crime fans who want to see and hear the demons that drove Berkowitz mad can find availabilities at the 42 Pine Street apartments just a few doors down from his Pine St resident, though his building is now privately owned, dark tourists aren’t guaranteed welcome.

 for Sale at 42 Pine Street, Yonkers, NY 10701
42 Pine Street. RealtyHop

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The Affordable Housing Lottery is Now Open for 269 Wallabout Street Apartments https://www.citysignal.com/affordable-housing-lottery-269-wallabout-street-apartments/ Tue, 29 Nov 2022 20:50:54 +0000 https://www.citysignal.com/?p=8189 Located in East Williamsburg, the Wallabout building located at 269 Wallabout Street has opened its lottery. Fischer, Makooi Architect, and Rabsky Group designed and developed the property to be eight stories and mixed-use with 159,098 square feet and 128 parking spaces to accommodate residents and visitors. The building accommodates household sizes of 1-9 and incomes […]

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Located in East Williamsburg, the Wallabout building located at 269 Wallabout Street has opened its lottery. Fischer, Makooi Architect, and Rabsky Group designed and developed the property to be eight stories and mixed-use with 159,098 square feet and 128 parking spaces to accommodate residents and visitors. The building accommodates household sizes of 1-9 and incomes falling between the range of $29,760 and $202,515, or 40-115% of the local median income.

Amenities at 269 Wallabout Street

Inside units and the building, there are a host of amenities. Top to bottom, this is what the 269 Wallabout has to offer its residents.

Building amenities include:

  • Garages
  • Bike storage lockers
  • Elevator
  • On-site laundry room
  • Security cameras
  • Convenient location
  • Accessible entrance
  • Smoke-free
  • Easy access to M, J, and G

Unit Amenities include:

  • Dishwashers
  • Intercoms
  • Energy-efficient appliances
  • Patios and balconies
  • High-end and energy-efficient appliances, countertops, and finishes
Housing Connect

More on the Wallabout Units

Unit eligibility is limited on a layout basis. For example, a one-bedroom requires an AMI of 40%, which translates to eligibility as $29,760 for one person household, $29,760 for a two-person household, and $29,760 for a three-person household. This ranges all the way up to a four-bedroom unit, which has an AMI of 115%. Eligibility for this unit ranges from 4-9 people, and an income qualification ranges between $11,429 and $202,515.

Unit availability is based on what percentage of AMI (area median income) a household has. Availability is as follows:

40% AMI

  • One Bedroom – 12 units
  • Two Bedroom – 12 units
  • Three Bedroom – 7 units
  • Four Bedroom – 7 units

60% AMI

  • One Bedroom – 9 units
  • Two Bedroom – 6 units
  • Three Bedroom – 5 units
  • Four Bedroom – 2 units

115% AMI

  • One Bedroom – 6 units
  • Two Bedroom – 4 units
  • Three Bedroom – 3 units
  • Four Bedroom – 2 units

Some units at the Wallabout Apartments will be set aside for certain disabilities. As of now, 5% of units are set aside for mobility and 2% for vision/hearing impairments. Similarly, preference for a percentage of units goes to 50% community board residents and 5% NYC employees. Occupants will be responsible for paying electricity, including stove use, but rent includes gas, hot water, and heat.

Bedford Avenue in Williamsburg

About the Area

East Williamsburg, Brooklyn, is a highly desirable neighborhood. With something for everyone, people of all ages are attracted to the dynamic location. It is conveniently located near Greenpoint, Bed-Stuy, Bushwick, and Ridgewood, allowing for easy access in any direction. If up for walking, residents can enjoy a short walk to Manhattan and Broadway or McCarren and even shorter commutes using the trains. No need to travel – there is plenty to do right in the neighborhood. From restaurants repping every country in the world to the best drinks you’ll ever have, East Williamsburg is a hot destination.

How to Apply

Before applying, be sure that you meet the guidelines outlined by the New York Housing Connect. Applicants may submit their information online or request an application to be delivered via mail. Those opting for mail must send a self-addressed envelope with their request. There are no deposit or application fees. Housing Connect also states that there is one application permitted per lottery and no duplicate applications. Additionally, do not submit both a virtual and a paper application or risk disqualification. The lottery runs until January 9th, 2023.

For information on Wallabout, visit here. You can read more about how to apply for an affordable housing lottery or other buildings available on Housing Connect on CitySignal.

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