Fifth Avenue north of 96th Street is finally becoming a developed, mature neighborhood, according to the Wall Street Journal.
Long home to middle-class residents, many of whom were employed by nearby Mount Sinai Medical Center, the area between Carnegie Hill and Harlem had resisted the luxury and expensive development that proliferated to the south. Now the area is home to new condominiums, foreigners buying in to those buildings and new museums. The only trailing component is retail. [more]
From the September issue:The market is heating up for condominiums, according to recent statistics for 2011. So far this year, Attorney General Eric Schneiderman has received offering plans for 89 proposed new condos containing some 1,903 new units, The Real Deal reported in the September issue, putting him on track to receive 133 by the end of 2011. That’s compared with the 444 new condo projects for which developers submitted plans in 2008. Some of the biggest new developments brewing, according to 2011 filings (See the top five in the chart above and the full chart after the jump), are in Williamsburg. New Manhattan properties are slated for Chelsea, Tribeca and Greenwich Village. [more]
Durst Organization President Douglas Durst, the Fetner family and various brokers, public relations gurus and hangers-on mingled at the grand debut of Durst Fetner Residential’s new 55-unit condominium development at 1212 Fifth Avenue last night, enjoying market chit chat and sensational appetizers (see photos above).
It was a lavish affair; the catering by award-winning chef and cookbook author Marcus Samuelsson of Red Rooster held its own against the pull of the Central Park views, featuring a swan carved from a large melon and various platters of exotic vegetables and dips, as well as cheeses.
Randi Fetner Sherman, a principal and executive vice president of Durst Fetner Residential, gave The Real Deal the grand tour of four separate units on the ninth floor of the building.
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Since 2005 an average of 3,800 new condominium units have hit the New York City market each year, but in the first half of 2011 just 278 units hit the market. The New York Post reported that that’s about to change.
According to figures from Corcoran Sunshine Marketing Group, 833 new condo units will hit the market in the second half of 2011, and over the next three-and-a-half years some 5,250 units will hit the market.
“People are sort of coming out of hibernation,” Town Residential’s Reid Price, a broker who specializes in new developments, told the Post. [more]
The first unit at 1212 Fifth Avenue is in contract, the West 57th Street pyramid is continuing as planned and construction will begin at 855 Sixth Avenue next April, Harold Fetner, president and CEO of Durst Fetner Residential, an affiliate of the Durst Organization, said in an interview with the New York Observer.
The 1212 Fifth Avenue project, which called for a complete gut renovation of the pre-war building at East 102nd Street, will open its accompanying sales office “any day now,” Fetner said, but he’s already seen interest in the apartment from 500 people on a waiting list to tour the units, and even accepted an offer last night. [more]
Durst Fetner Residential and Mount Sinai hospital have signed an agreement to redevelop an apartment building at 1212 Fifth Avenue, build
another tower for the hospital, and oversee the development of the
adjacent apartment building on East 102nd Street. S. Russell Groves
will design the renovated 1212 Fifth Avenue, which will include two-
and three-bedroom condominium units. Any of the building’s current nine
tenants who move out during construction will have his apartment
remodeled and will be offered the opportunity to purchase his unit,
DFR’s Hal Fetner said. The deal between Mount Sinai and DFR, a
partnership between the Durst and Fetner families, is expected to close
in September. [more]
