With the New York City luxury condominium market on a long hot streak — resales of condo units are now trading at a 19-year high — developers are rethinking traditional ways of doing business. One dramatic shift: Builders are increasingly plowing ahead with condo projects without putting together a fall-back plan to turn a property into a rental. [more]
Posts Tagged ‘stephen kliegerman’
In an age of supertall condominiums with outrageous amenities, walk-up apartments continue to hold their own, new data from Citi Habitats reveal. Indeed, the average monthly rent for one-bedroom luxury walk-ups in New York City jumped 5.7 percent over the past year, the data show, while the average monthly rent for one-bedrooms in full-service elevator buildings increased just 0.5 percent. [more]
The founder of web-based real estate broker CondoDomain is launching a free iPhone app today that connects mobile users with a wealth of neighborhood information from big data and social media. [more]
Closets: they’re not just for skeletons anymore. Beyond mere storage space, closets are becoming an increasingly important factor in the process of hunting for an apartment and in the decision to purchase a home, the New York Times reported.
“Closet space has always been very, very important,” Stephen Kliegerman, president of Terra Development Marketing, told the Times, “but it’s been something that developers overlooked in the past. What we’ve all certainly learned over the years is that although kitchens and bathrooms are very, very important, you cannot overlook closets.” [more]
Harlem development Windows on 123 Lofts has sold out, The Real Deal has learned. Located at 129 West 123rd Street between Adam Clayton Powell and Lenox avenues, Windows on 123 Lofts includes eight full-floor lofts, which range from 1,441 square feet to 1,892 square feet in size and $895,000 to $1.3 million in price.
All the sales have closed and the building is now fully occupied, according to a statement from Halstead Property Development Marketing, the exclusive marketer. R&D Development developed the property, with Halstead’s Boland Team, led by Julia Boland, directing sales, the statement said. [more]
Developers are increasingly adding townhouse components to their condominium projects, NY1 reported, and that’s boosting both their bottom line and prospective buyers’ options. “So what we are seeing is that people want the space of a house, but the amenities of a condominium,” said Halstead Property Development Marketing President Stephen Kliegerman. “So what developers have done is take the best of both worlds and combine them into one.”
Brown Harris Stevens is now handling the marketing of Richard Meier‘s On Prospect Park, taking over from the Corcoran Group, BHS said today.
SDS Procida Development Partners, the developer of the 80-percent sold glass condo tower at 1 Grand Army Plaza in Prospect Heights, has tapped BHS’ Stephen Kliegerman, president of Brown Harris Stevens Development Marketing, and Roberta Benzilio, executive director for Terra Development Marketing, to lead the sales of the 21 units remaining on the market. On Prospect Park has been on the market since 2008. [more]
From left: Halstead Property Development Marketing President Stephen Kliegerman and Citi Habitats President Gary MalinCiti Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman whipped out their crystal balls for amNY and noted five trends to watch for in the city’s “booming” real estate market in 2012.
Low interest rates, the strong rental market and the stock market’s daily swings will attract Wall Street investment to new developments, which Malin and Kliegerman say will become more prevalent next year. As for those new buildings, developers will likely offer deals on apartments in buildings that haven’t even begun construction yet in order to kick off sales. … [more]
Fifty percent of units are sold or under contract at Parkside Flats, the new development at 362 St. Nicholas Avenue in Central Harlem, Halstead Property announced today. The 11-story, 22-unit development has one- and two-bedroom units, some of which have a private terrace. Two units have already closed, while the rest, as well as move-ins will begin within 30 days. – Jane C. Timm … [more]
Construction is now complete and a temporary certificate of occupancy has been issued at 109 Gold Street, developer Gold & York LLC’s 33-unit Dumbo condominium, Halstead Property Development Marketing, which is handling sales at the building, announced yesterday. The building is approved for occupancy and closings. “Now, interested buyers will have the freedom to purchase and move in immediately,” said Stephen Kliegerman, president of Halstead Property Development Marketing. As The Real Deal previously reported, Halstead took over marketing the project from Prudential Douglas Elliman in July, after a team of Mordechai Werde and Michael Ettelson struggled to sell the units. Selling the building was a challenge, they said, because it went to market in November, 2010, far before construction was complete, an Elliman spokesperson told The Real Deal at the time. – Katherine Clarke … [more]
Construction may only have wrapped up in June at Long Island City-based Design & Development Group’s Harlem Sol 121 and 123, a two-building 12-unitcondominium development on West 131st Street, but the complex is now 50 percent in contract, Halstead Property Development Marketing, which is marketing the units, announced today.
Two of four units are in contract at 121 West 131st Street leaving available a one-bedroom home and a two-bedroom, 1.5-bathroom duplex with a private rooftop deck, according to data from Streeteasy.com. The remaining four of the eight units at 123 West 131st Street include three studios starting at $299,000 and one three-bedroom duplex for $729,000.
“We’re extremely pleased that Harlem Sol has reached this significant benchmark,” said Stephen Kliegerman, president of Halstead Property Development Marketing. – Katherine Clarke … [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.
Over 50 percent of the units at ONE48, a newly launched condominium at 148 East 24th Street from developer ADG Langsam, are either closed or in contract after just four months on the market, ADG Langsam, a partnership between Langsam Property Services and the American Development Corporation, announced yesterday. According to the developer, 28 contracts have been signed at the 55-unit property between Lexington and Third avenues so far, with closings and occupancy expected to begin in early fall 2011. “Despite the fact that summer is considered a slower time for real estate, potential buyers [were] highly interested in and attracted to the development and we expect the momentum to continue,” said Stephen Kliegerman, president of Halstead Property Development Marketing. The 27 remaining units are comprised of studios and one- and two-bedroom units ranging from 453 to 798 square feet and $599,000 to $899,000, according to data from Streeteasy.com. … [more]
Manhattan condominium projects are dropping dramatically in size, as banks remain reluctant to finance megaprojects and developers have difficulty finding sites for large-scale construction, the Wall Street Journal reported.
“You’re going to be very, very hard pressed to build a condo in this city for a number of years that has more than 100 units,” Ron Moelis, chairman and CEO of L+M Development Partners, which built the 1,000-unit Northside Piers in Williamsburg, told the Journal.
According to data compiled by Streeteasy.com, new condo projects hitting the market in 2005 and 2006 had an average of 83 units per building. That number has decreased to just 34 units in 2011. … [more]
Sales have launched at Fino 175, a new residential condominium at 175 Vanderbilt Avenue in Fort Greene, Halstead Property Development Marketing announced today.
The six-story, nine-unit boutique development is comprised of one-, two- and three-bedroom units ranging from 844 square feet to 2,079 square feet, all with a private terrace, yard or balcony. Asking prices range from $625,000 to $1.385 million.
Stephen Kliegerman, president of Halstead Property Development Marketing, said he expects it to be a fast sellout, similar to Solis, a Halstead project at 174 Clermont Avenue, also in Fort Greene, due to its similar size and finishes. Solis, a nine-unit property, sold out in less than 15 months, after launching in March 2010. – Katherine Clarke … [more]
Gold & York, the developers behind 109 Gold Street in Dumbo, have tapped Halstead Property Marketing Development to replace Prudential Douglas Elliman as the exclusive marketers of the 33-unit condominium.
Sales for some of the units launched last November, according to Streeteasy.com, and were listed by Elliman’s Mordechai Werde and Michael Ettelson. However, the site shows no sales closed.
Halstead was officially tapped to replace the Elliman team June 24, and began marketing the building July 5. The developer made the switch because sales were not going as expected, and because of Halstead’s success at the nearby Kirkman Lofts, a spokeperson for Halstead said. – Adam Fusfeld … [more]
Model units at Harlem Sol
After four years, construction wrapped up last week at Harlem Sol, the two-building project at 121 and 123 West 131st Street, between Lenox Avenue and Adam Clayton Powell Boulevard. The development, comprised of a renovated, four-unit brownstone with 14-foot ceilings and an eight-unit, new construction building next door with views of the city skyline, is 25 percent in contract. Two one-bedroom floor-through apartments and one two-bedroom duplex are left in the brownstone, No. 121, while six units are left at No. 123, which contains studios and one-, two- and three-bedroom duplexes. TRD … [more]
Terra Holdings, parent company of Brown Harris Stevens and Halstead Property, is launching a new development marketing company and Stephen Kliegerman, executive director of new development marketing at Halstead Property, has been selected to head it up, according to an internal memo leaked to The Real Deal. A public announcement is imminent, according to a spokesperson for Halstead.
Kliegerman will not be leaving Halstead. Terra Development will market development projects represented by both Brown Harris and Halstead, of which Kliegerman will become president.
Though the memo dates back to April, the move has remained relatively under the radar. When contacted by The Real Deal late yesterday afternoon, Halstead would not disclose any information about the move, but said a public announcement would be released within the next 48 hours or so. … [more]
From the 2011 Data Book: It was another slow year for new condo starts in New York City in 2010, though condo projects that were already underway and
on the market saw their fortunes brighten somewhat in their ability to lure buyers.
New condo units submitted to the Attorney General’s office (a measure of projects first entering the development pipeline)
dropped 28 percent citywide from the year prior, already a dark time for new construction.
The total number of units in 2010 amounted to less than one tenth of the number of projects in the pipeline during the boom in 2006. Stalled construction sites also increased citywide. “Especially for the next 12 to 24 months, you’re still going to see
a relatively small amount of [new development] supply,” said Stephen Kliegerman, executive director of Halstead Property Development Marketing. Click on the link at the top of the site or here to buy the 2011 Data Book. TRD … [more]
The Ellison, a new five-story condominium in West Harlem, has received its certificate of occupancy, Halstead Property Development Marketing announced today, signaling that construction is complete and the building is approved for immediate occupancy. The Ellison — at 2255 Adam Clayton Powell Junior Boulevard at 133rd Street — features 10 one- and two-bedroom condos ranging in size from 820 to 1,228 square feet, and in price from $569,000 to $799,000. Many of the units feature terraces and patios, in addition to a 1,000-square-foot common rooftop garden and terrace overlooking Manhattan. According to Stephen Kliegerman, executive director of Halstead, buyers will be eligible for a 25-year 421-a tax abatement, and those who sign before Jan. 31, 2011 will also receive six months of free common charges, which range between $600 and $800 a month. TRD … [more]