The story of a new development is often as follows: a project hits the market with a splashy ad campaign; a drawn out process of finding qualified buyers and signing contracts ensues; and closings happen all at once, often in a matter of weeks or months. But inquiring minds want to know: how much are these new developments raking in when the deals are finally done? Using data from real estate database CityRealty, The Real Deal ranked the Manhattan new developments that brought in the most money from closed sales in the first half of 2013…. [more]
Posts Tagged ‘250 west street’
It appears as though Leonardo DiCaprio is not in fact buying an apartment at 250 West Street in Tribeca, the Tribeca Citizen reported.
After The Real Deal received a tip that the actor, who recently wrapped production on Martin Scorsese’s “The Wolf of Wall Street,” signed a deal for the 7,200-square-foot penthouse condo for $42 million, the Citizen received an email from Shawn Sachs of Sunshine Sachs, who presumably represents DiCaprio, denying the sale. [more]
A penthouse atop El-Ad Group’s 250 West Street in Tribeca has hit the market asking $42 million, the Wall Street Journal reported.
The 7,200-square-foot, four-bedroom, five-bathroom apartment was only placed on the market this month, though sales in the 106-unit building launched in 2011. It is listed with Ariana Meyerson of Cantor & Pecorella, which is handling sales for the building. [more]
A number of new loft and warehouse residences have opened in Tribeca recently, despite the area’s designation as a historic district, which can limit new development, the Wall Street Journal reported. In fact, the historic designation may be helping attract buyers to the neighborhood, as the limited inventory has driven interest, brokers told the Journal. [more]
Wealthy homebuyers are flocking to a secluded area north of Tribeca, but don’t expect destination restaurants to follow.
The New York Post names a group of new condominiums, including 250 West Street, 471 Washington Street, 1 North Moore Street, 60 Collister Street, 482 Greenwich Street and 52 Laight Street, that have recently sprouted north of Tribeca and south of Hudson Square, off the western most part of Canal Street. [more]
Even as luxury condominiums flood southern Tribeca, the portion of the
once-gritty neighborhood north of Moore Street is outpacing the
neighborhood’s southern portion in terms of real estate prices, reported
the Wall Street Journal. The median price of a condo in northern Tribeca is $3.3 million, or
$1,472 per square foot, according to data from Streeteasy.com. In
southern Tribeca the median price is only $2.8 million. The Tribeca
allure lies in the lack of tourist foot traffic and a quiet,
undiscovered feeling that suits young families, the Journal said…. [more]
Israeli-based property investment firm Fishman Holdings closed on a development site at 5 Franklin Place in Tribeca last week, after successfully bidding for the property at a foreclosure auction in September, and has released some details, including a rendering, of its plans for the site exclusively to The Real Deal.
The firm is planning a 19-story, 58-unit condominium, Yehuda Mor, executive vice president of Fishman, told The Real Deal. Construction on the new development will begin in the first quarter of 2012. Mor declined to comment on the size or price of the units or on who would be marketing the building, saying it was premature.
“We think the time is right to enter the Tribeca housing market,” he said. … [more]
The ongoing financial crisis has made many prospective condominium buyers reluctant to buy based on specifications alone, the Wall Street Journal reported, but one Tribeca whole-block warehouse conversion project, between Hubert and Laight streets, is bucking the trend.
The Elad Group’s 250 West Street is drawing strong interest, the Journal said, thanks to its large units, and is selling despite the fact that it won’t be completed till fall 2012. Twenty-two buyers have reportedlt signed contracts so far in the 111-unit building and 11 more have made deals to purchase, but have not yet gone into contract.
“Believe it or not, we have a market going, despite a global financial collapse,” said Donna Olshan, president of Olshan Realty and publisher of a newsletter on apartments selling for more than $4 million in Manhattan. Last week four of 10 such sales were at 250 West Street, she said.
Back in 2008, the Elad Group found a buyer for its Tribeca warehouse building at 250 West Street but it turned out the buyers couldn’t come up with the cash. Elad held on to the 11-story warehouse, occupying an entire block from West to Washington streets, and has today listed the first of its units, according to Curbed.
Prices range from $1.15 million for a 1,035-square-foot studio to $9 million for a 4,018-square-foot three-bedroom with 325 square feet of outdoor space, according to data from Streeteasy.com.
The building isn’t yet completed, so brokers will have to sell using just a model apartment. … [more]
Developer the Elad Group has unveiled its first new condominium building in New York since 2006. The condo, at 250 West Street, will have 111 units in a renovated 11-story warehouse occupying an entire block from West Street to Washington Street in Tribeca, the New York Times reported, and is set to be completed by the fall of 2012.
Units will range from 1,250-square-foot studios to 5,000-square-foot four-bedrooms, said Tom Elliott, vice president of Elad, as well as a penthouse with its own garage and elevator. The apartments would most likely be listed for $2 million to $10 million, he said.
Elad, which is behind the embattled conversion of the Plaza Hotel, recently sold the last condo at the 181-unit Plaza.
Miki Naftali, the CEO and president of Israeli real estate and hotel development conglomerate Elad Group, announced last week that he would step down from the role he’s held for more than a decade in order to start his own company, and The Real Deal got him on the phone to find out more. Naftali, who will retain a 49 percent stake in New York subsidiary Elad Properties, chatted about his new real estate venture, the Naftali Group, and about what will become of Elad in his absence. Meanwhile, Naftali sought to quash rumors that recent retail struggles at the Plaza Hotel — the revival of which was the hallmark of his tenure, at least as far as New York City is concerned — had anything to do with his departure. Click here for the Q & A.
The real estate industry is still suffering but there are
opportunities in niche areas, as the overall market starts to recover,
a number of developers said at a panel discussion Wednesday night at
the Young Jewish Professionals Real Estate Network event held at the
Henry Justin, CEO of HJ Development, said that while prices are starting to stabilize, it is … [more]