From the March issue: While New York’s new development condo market is improving, most developers are not quite ready to bring sexy back. That’s because, unlike boom-time buyers, those in the market for new development units today are more concerned about functionality than flashy amenities.

During the flush times of the mid-2000s, new condo buyers sought out brand-name, high-end appliances, along with jaw-dropping amenities and niche details. Now, they are much more intent on making sure fixtures actually work the way they’re supposed to. And because today’s buyers are more educated than ever, they can easily spot the difference between flash and substance. [more]

The Gotham Organization’s new 20-story Upper West Side rental tower finally has a name: “The Corner at 200 West.”
The 196-unit building, which wraps around an obtuse-angled corner, is located at 200 West 72nd Street and Broadway. The leasing office is open, and studios and one-, two- and three-bedroom units are available for occupancy April 1, Gotham announced today. A Trader Joe’s will open in the building later this year, the company said. The project broke ground in 2007 and rumors of the elaborate rooftop amenities at the building made waves this summer. The building, owned in a joint venture including Gotham, Rhodes NY and Philips International, will boast even more over-the-top amenities: an Andres Escobar- designed lobby with a 1,754-crystal chandelier and a curved accent wall made from 15-foot bronze rods. There’s also a “decompression room” — a 200-square-foot arched passageway made from pebbles lit with LED lights and “designed to impart a feeling of cleansing as the passerby transition from the outside world to the comforts of home.” There there’s the “The Corner Club,” which features a third-floor leisure terrace, lounge and fitness center. All the apartments come with their own Bosch washer and dryer. [more]

Concessions lead to flare-ups between agents and renters

One might think that months of free rent and scarce broker’s fees — hallmarks of the current marketplace — would ease the notoriously fraught relationship between renters and real estate agents.

On the contrary, the ever-changing array of incentives is leading to confusion for renters and fueling flare-ups with brokers, experts say.

“It can be very confusing for clients, because landlords will change these offerings on a moment’s notice,” said Bruno Ricciotti, a principal at Bond New York Real Estate.

When an incentive changes unexpectedly, renters often think they are being scammed.

“Unfortunately, clients always think that brokers are deceptive,” said Marc Lewis, the president of Century 21 New York Metro, who has recently seen several disputes between clients and agents arising from misunderstandings about incentives. [more]

From left to right: Justin Elghanayan, Jed Walentas, Andrew Sciame, Samantha Rudin, Raphael De Niro and Benjamin Levine

From the January issue: Signs of improvement appeared at the end of the year, but 2009 will be remembered for its epic real estate downturn. In response to the maelstrom of hard times, many longtime industry veterans took the opportunity to scale back their activities rather than tackling what promise to be several more difficult years. For example, Brown Harris Stevens announced plans to take over the 28-year-old Upper East Side boutique firm started by Edward Lee Cave, a fixture of the high-end brokerage scene. And Douglas Durst stepped down as co-president of the Durst Organization, after describing his day-to-day duties as “exhausting.” (He’ll remain chairman). But as some industry leaders recede, new opportunities are being created for young players, new ideas, new buyers and innovative business models. This month, The Real Deal looked at the next generation of New York City real estate, from the people poised to reshape the industry to the strategies that will help them do it. We looked at how the offspring of some of the city’s most established real estate families — including Ivanka Trump, Jed Walentas, Justin Elghanayan and Jamie and Harrison LeFrak — are handling the downturn. Because many old real estate families were conservative during the boom and avoided overleveraging, observers say their sons and daughters are uniquely positioned to profit from distressed opportunities.  More

[more]

Douglas Durst, developer of the Helena, drives a Mini E

Developers are trying to pave the way for electric cars by installing
car-charging stations in apartment building parking garages. Glenwood
Management is installing four charging stations at Emerald Green, a
569-unit rental building on 38th Street between Eighth and Ninth
avenues, and may add more stations if they turn out to be popular. The
Helena, at 57th Street and 11th Avenue, already offers electrical
outlets in its parking garage. The building was developed by the Durst
Organization, whose chairman, Douglas Durst, has been leasing a Mini E,
an electric car made by BMW. Several other car manufacturers will be
debuting electric models in the next two years.  [NYT]

[more]

From left: Pool pavilion and Turkish steam bath and lounge

Developer Africa Israel has announced that the remaining 50,000 square
feet of amenities at 20 Pine is complete and ready for use. In addition
to the already open library and terrace lounges, residents at the
embattled FiDi project being marketed by Shvo will now have access to
an indoor pool pavilion and 3,000-square-foot lounge, a
1,400-square-foot game room, and a gym, spa and Turkish steam bath and
lounge. Residents living above the 24th floor will also have access to
hotel-style services, including daily breakfast and a private lounge. TRD
[more]

The Real Deal looks at the change in focus from amenities to incentives.
[more]

From the May issue: While the New York City real estate market is in
something of a deep freeze, one building is rolling out a truly chill
new amenity: an ice cave. The cave, planned for the Setai at 400 Fifth
Avenue, between 36th and 37th streets, is modeled on a European spa-type treatment. Inside the
enclosed space, the temperature will be set to 45 degrees. Big in
Europe, ice caves — where patrons can rub ice chips on their skin –
are the cooling counterpart to a sauna or other type of steam room.
While officials at the Setai declined to comment, Steven Kass,
president of American Leisure, which designs and operates spas and
fitness centers and helped create the ice cave at the Midtown Setai,
said the cold temperatures are good for the body and the skin. “The ice
cave is part of a series of thermal and water treatments that vary body
temperatures at different levels of exertion, which is good for the
skin, circulation and internal organs,” he said. [more]