Kirk Henckels and a rendering of 56 Leonard Street
The wealthy have flocked back to the Manhattan luxury market, spending even more than they did in the pre-crisis highs, but are doing so more discreetly, a new report seen by the Wall Street Journal shows. [more]
A rendering of 56 Leonard
After only about a week on the market, four of the 145 units at the luxury condominium building at 56 Leonard Street in Tribeca are in contract, Curbed reported. The long stalled project restarted construction in October and put its first round of units on the market on Feb. 28.
The contracted prices for the four units range in price from $4.3 million for a 1,691-square-foot two-bedroom unit to $10.5 million for a 3,412- square-foot four-bedroom unit. A 2,252-square-foot three-bedroom is also in contract for $5.5 million. [more]
A rendering of 56 Leonard
Construction was restarted in October on the previously stalled luxury condo building at 56 Leonard Street in Tribeca and now a fresh $350 million construction loan has been secured for the project, Izak Senbahar, president of Alexico Group, the project’s developer, confirmed. A consortium of seven major banks, led by Bank of America, are backing the massive loan. [more]
From left: 56 Leonard Street rendering, One Madison Park and 53 West 53rd Street rendering
The city hasn’t exactly reverted to the go-go days of the boom, but as The Real Deal reported in its July issue developers are revisiting planned condominium projects and completing them — not as rentals, for a change — to meet the growing demand. In 2007, 511 condo projects were planned for Manhattan and Brooklyn. In 2012, 255 such developments are in the works and the New York Times provided updates on some of the most closely watched ones. [more]
Already behind the controversial MoMA Tower and a new Bryant Park tower, perpetually under-the-radar real estate firm Hines Interests is undertaking another major project, the New York Observer reported in a lengthy profile, by reviving the stalled 56 Leonard Street condominium project in Tribeca.
The Herzog & de Mueron-designed 57-story condo was first announced by developer Alexico Group a month before Lehman Brothers collapsed, and even sold four of its planned 145 units. But the recession took the plans for the building down with it, and the site currently has a foundation and little else. Typical of the understated firm, Hines refused to divulge much detail other than to say it would become another of Herzog & de Mueron’s “global landmarks.”… [more]
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]
Boutique commercial brokerage TerraCRG has moved its operations to a new office at 592 Pacific Street in Downtown Brooklyn. Meanwhile, move-ins have begun at the Crystal Point development in Jersey City, and the Alliance for Downtown New York is installing five new public art works at Lower Manhattan construction sites. Click here for more…. [more]
Bank of America filed to foreclose on two loans totaling more than $30
million provided for the development of a rental project dubbed the
Oliver to be constructed by the luxury developer Alexico Group on the
East Side. The lawsuit describes one mortgage from 2007 as the fee acquisition
loan, valued at $28.32 million, and the second as a development rights
acquisition loan from 2008, valued at $2.3 million. Both loans were originally due November 2008, but the maturity date was
extended to May 1, 2009. The loans were not repaid by that time, and
the bank notified the borrowers that the loans were in default, the
suit filed in New York State Supreme Court August 13, says. The loans cover five mid-block lots from 951 to 961 First Avenue,
between 52nd and 53rd streets, although the planned 30-story
development is only on the three northernmost lots totaling 75 feet by
100 feet, court papers and property records show. The other two lots
are occupied by five-story apartment buildings…. [more]
Tribeca has transformed over the past five years, going from a commercial warehousing district to a hip neighborhood populated by celebrities. But the neighborhood’s boom has made its decline during the recession that much steeper. Several projects are stalled, including Five Franklin Place, now just a construction site surrounded by a fence. The developers at 34 Leonard, a building that appears to have finished construction, have been unable to sell out the building. The sales office at 56 Leonard has closed. Some developers say they have seen recent signs of improvements in sales, but others say developers who built projects during the boom misunderstood what types of buildings people wanted in the neighborhood. The Real Deal looked at the downturn’s impact on Tribeca in the August issue…. [more]
For NYC real estate updates provide email below
