From left: Angelo Gordon & Co.'s CEO John Angelo and COO Michael Gordon, Tricia Cole, executive managing director of Corcoran Sunshine Marketing Group, and the Printing House (credit: PropertyShark)
The Printing House, a converted residential property in the West Village, is planning a major relaunch by September as a new ownership group is renovating most of the building’s sponsor-owned rental apartments and will offer them as luxury condominiums, The Real Deal has learned. [more]
From left: David Behin, president of investment sales at MNS, and the condo-turned-rental 100 Luquer Street, which he is marketing
A new group of condominium-turned-rentals are hitting the market in Brooklyn, Crain’s reported, most recently in Williamsburg and Carroll Gardens.
“It’s a perfect storm,” Ofer Cohen, the president of TerraCRG Commercial Realty Group, said to Crain’s. “Owners can sell a new rental building in a short amount of time for almost the same price as a [normally far more expensive] condo.” [more]
Jared Kushner intends to transform Soho’s landmarked Puck Building into luxury penthouses, the Post reported, with a private lobby and entrance on Lafayette Street.
The Kushner Companies principal has planned six units at the Puck Building at 295 Lafayette Street that will range in size from 5,000 square feet to 8,500 square feet and range in price from $15 million to $50 million, along with a small rooftop addition still to be approved by the Landmarks Preservation Commission, the Post said.
“They are designing six, very customized high-end homes with great finishes, big closets and layouts planned as if they were moving in themselves,” a source said.
A portion of the Puck Building’s ground and lower levels are being renovated for a new 39,000-square-foot outdoor gear store set to open in November.
Other floors are currently leased to office tenants. [Post] [more]
Closings have begun at the Residences at the Williamsburg, the condo portion of the Williamsburg Hotel (note:correction appended) . Two apartments have sold, according to public records, both one-bedroom units, one for $445,000, the other for $456,000, according to Curbed. Another 910-square foot apartment is on the rental market for $4,200 a month after being marketed for sale at $727,000. Another one-bedroom is available for rent for $2,600 a month. The residences were developed by KM Construction and Development Group. [more]
From the March issue: In the mid-2000s, Manhattan real estate prices roared upward, luring a plethora of small investors aiming to double or triple their money in a few short years. When prices fell after the financial crisis, however, those buyers largely vanished from the market.
Now, after two years of sitting on the sidelines, would-be investors are showing a renewed interest in Manhattan condos. Industry experts attribute their reentry to several factors: Prices have stabilized while rents are ticking up, mortgages are easier to obtain, and interest rates are low. [more]
From the March issue: The old church at 58 Strong Place in Brooklyn hasn’t hosted a mass in years — but lately, Sunday crowds are back.
Those flocking to the 160-year-old building aren’t worshippers, not in the usual sense. They’re there for open houses at the Landmark at Strong Place, the church’s new name as of December, when it opened for sales as Cobble Hill’s latest big condo building.
In a neighborhood where new construction is rare, sales have been strong, the project’s representatives at Brooklyn Bridge Realty say. Of its 23 units, Saul Retig, an associate broker at the firm, said 10 were in contract as of mid-February. [more]
Devloper William Rudin’s four-year-long effort to build a Greenwich Village condo complex is finally nearing fruition — and experts say the timing couldn’t be better, according to Crain’s. The 300-condo unit development, which will also include five townhouses, will be built on St. Vincent Catholic Medical Centers’ East Campus, with construction set to start sometime next year. The project had been stalled for some time due to St. Vincent’s bankruptcy, but multi-million contributions from the Rudins and healthcare provider North Shore-Long Island Jewish Health System put the medical center back in business. [more]
Sales of office condominiums in Manhattan showed some momentum through November of this year, compared to the first 11 months of 2009, according to commercial real estate brokerage Rudder Property Group, which released its fall office condominium report today, based on sales across the borough (see full report after the jump). There were 305,650 square feet sold during the first 11 months of the year, up 39 percent from 2009 when 220,089 square feet sold, while there was a 9 percent increase in the total dollar volume transacted — $173.17 million sold through November of this year, compared to $158.19 during the same time period a year earlier. But the average price per square foot dipped to $567 this year, down from $719 during 2009. This could signal a market correction, however: the five-year average price per square foot recorded by RPG was $591. TRD [more]
Co-op and condominium buyers have more leeway to pursue legal action against developers, according to Crain’s, following a New York Appellate Division ruling last week. The ruling, which related to a suit against JPMorgan Chase in which the plaintiff claimed the defendant committed gross negligence, superseded a law that typically allows only the attorney general to file class action suits in regard to securities. The law, known as the Martin Act, has forced tenants in the past to go through the attorney general’s office to instigate legal action against their developer, according to real estate attorney Steven Sladkus of Wolf Haldenstein Adler Freeman & Herz. [more]
From the October issue: It’s an odd time for new condo development to be making a comeback. The national economy is still in shambles, unemployment is high and getting a mortgage is still no picnic. And yet, industry experts are reporting unmistakable glimmers of life in New York’s long-suffering new condo market, which has struggled mightily since the financial crisis of 2008 and lagged behind the resale market on the recovery front.
Buyers are showing a renewed interest in new developments, brokers say. Suddenly, units in newly built projects — with prices marked down substantially from the boom — are moving faster than expected. [more]
