The Real Deal New York

Below-the-radar hotel builder becomes biggest in the city; 40 projects underway Checking in with Sam Chang ” class=”read-more-link”>[more]

Chelsea
Loft 25
420 West 25th Street
Sales have begun at RAL Companies & Affiliates’ 79-unit condominium conversion. Ceiling heights go up to 14 feet in the former industrial loft, where units range from studios to a 2,340-square-foot duplex penthouse with a 1,500-square-foot terrace. The average studio is 900 square feet and is priced below $1 million. Creative Design Associates and Traboscia Roiatti Studio designed the project; Stribling Marketing Associates is handling sales. Occupancy is anticipated in fall 2007. Contact: www.loft25.com.

Chelsea
520 West Chelsea
520 West 19th Street
Sales began in October at the 11-story, 26-unit condominium. The project, developed by Bishopscourt Realty, was designed by Selldorf Architects. The two- to five-bedroom units range in size from 1,460 to 4,232 square feet and are priced from $1.8 to more than $9 million. Core Group Marketing is handling sales. Contact: www.520westchelsea.com.

Clinton Hill
302 Washington Avenue
The five-story townhouse has been converted into four apartments, while a back carriage house will become a large fifth unit, the New York Post reported. Prices start at $685,000 for a 900-square-foot two-bedroom. The carriage house, a 2,300-square-foot triplex, is selling for $1.75 million. Contact: www.warburgrealty.com.

East Williamsburg
37 North Henry Street
The building offers eight units priced from $259,000 for a 450-square-foot studio to $449,000 for the 650-square-foot top-floor apartments, which have private roof decks with city views. Some of the other units have terraces and the rear first-floor apartment has a private garden. Staten Island-based Massimo Partners is the developer; the exclusive sales agent is aptsandlofts.com. Contact: www.37northhenry.com.

Greenpoint
267-269 Kingsland Avenue
TreeTop Development and Fields Development Group have started construction on the six-story, 16-unit condominium. The building, designed by architect Mark Gould, will have eight one-bedrooms and eight two-bedroom duplexes. Sales are expected to begin in March 2007. The Developers Group is the exclusive sales and marketing agent.

Harlem
Park North Condominium
157 West 111th Street
Ten condominium units are now available for sale in the newly
renovated 10-story building. Developer Zone Two LLC restored the property, originally built in the 1890s, into two- and three-bedrooms priced from $738,500 to $1.452 million. Occupancy is expected by the
end of the year. Warburg Marketing Group is the exclusive sales agent.
Contact: www.warburgrealty.com.

Harlem
Kalahari
40 West 116th Street
Full Spectrum NY, Goldman Sachs Urban Investment Group and L & M Equity Participants last month unveiled the 12-story, 129-unit green condominium, which comprises two buildings connected by a garden. One-bedrooms will be priced from the mid-$400,000s; two-bedrooms will start in the low $600,000s. The unit mix will also include three-bedrooms and duplex units. Completion is set for late 2007. The Marketing Directors Inc. is handling sales and marketing. Contact: 212-348-0090.

Harlem
245 West 115th Street
Sales are under way at Cardinal Investments’ five-story, 20-unit condominium. The 10 studios and 10 one-bedrooms have oak floors, Kohler fixtures and kitchens with granite counters. The building’s brick facade has been preserved, and the entranceway and hallways have been updated with new floors and oak staircases and banisters. Prices start at $229,000. The Corcoran Group is the sales agent. Contact: www.245w115.com.

Harlem
Rhapsody on Fifth Avenue
2056 Fifth Avenue
Developer AFC Realty Capital and BKSK Architects converted the century-old Beaux Arts church into a seven-story, 22-unit condominium. The exterior features a carved limestone façde; the lobby has a 17-foot vaulted ceiling. Studios to two-bedrooms range in size from 518 to 1,352 square feet and are priced from $405,000 to $1.55 million. Occupancy is expected in April 2007. The Marketing Directors Inc. is the marketing and exclusive sales agent. Contact: www.rhapsodyonfifth.com.

Long Island City
Fusion
42-51 Hunter Street
Roe Development Corp. is building a seven-story, 50,000-square-foot condominium designed by Manhattan-based Israel Peles Architects. The developer will try to rent the project’s ground-floor retail space to gallery and arts-related tenants. Prices for the 24 two-bedroom residential units, which range in size from 1,210 to 1,300 square feet, start at $849,000. Sales began in mid-November; occupancy is scheduled for spring 2007. The Roe Corporation is the exclusive sales agent. Contact: www.fusionlic.com.

Midtown
Residences at the Jumeirah Essex House
160 Central Park South
In addition to its $70 million hotel renovation, the Jumeirah Essex House is offering 35 condominium units. The one- to three-bedrooms range in size from 700 to 3,500 square feet and are priced from $1 to $9.5 million. Residents were expected to begin moving in in October and will have access to the hotel’s services. Colgate Sales LLC is the exclusive marketing and sales agent. Contact: www.essexhouseresidences.com.

Midtown East
East 57th Street and
Second Avenue
The Education Construction Fund has chosen World-Wide Group to develop a $500 million mixed-use project at the site, GlobeSt.com reported. The project will redevelop two New York City public schools and create a 320-unit residential condominium and 170,000 square feet of retail space. The project’s second phase will see the development of the residential units, of which 20 percent will be affordable. Skidmore, Owings & Merrill will design the residential component and retail space. Completion is projected for 2011.

Midtown West
600 West 42nd Street
Developer Larry Silverstein plans to build two 57-story towers with a common base at the site, the Post reported. The $917.6 million project would create 1,157 residential units, 18,277 feet of commercial space and a 194-car underground garage.

Prospect Lefferts Gardens
Lefferts South
2233 Caton Avenue
Sales are under way at the new six-story, 15-unit condominium just southeast of Prospect Park in Brooklyn. The two-bedroom units will range in size from 831 to 977 square feet, with prices starting at $439,000. All units will have two exposures and at least one balcony. The building will offer a roof deck and parking. Occupancy is slated for early 2007. The Developers Group is exclusive sales and marketing agent for the project. Contact: www.thedevelopersgroup.com.

Tribeca
Zinc Building
475 Greenwich Street
Sales have begun at the seven-story, 21-unit loft condominium developed by Douglaston Development and Montagu Square Development. Greenberg Farrow Architects designed the building, which will also house 5,000 square feet of retail space. One- to three-bedroom units and three duplex penthouses will range from 880 to 2,720 square feet in size, with prices running from $955,000 to $4 million. Occupancy is scheduled for winter 2007. The Corcoran Sunshine Marketing Group is the exclusive marketing and sales agent. Contact: www.zincbuilding.com.

Upper West Side
595 West End Avenue
Sales have opened for the 32 condominium units in the 16-story prewar conversion. Samson Management has renovated the 60,000-square-foot building, which was built in 1923, into one-, two-, three- and five-bedrooms ranging in size from 700 to 3,600 square feet. Units are priced from $728,000 to $4.5 million. Halstead Property is handling sales and marketing. Contact: www.595wea.com.

Williamsburg
188 South 3rd Street and 326 South 1st Street
TreeTop Development has begun renovations on two rentals that will begin leasing 71 new units in early 2007. The six-story building at 188 South 3rd Street will have 41 two- and three-bedroom units, with rents starting at $1,700 for the two-bedrooms and at $2,300 for the three-bedrooms. The six-story building at 326 South 1st Street will have 30 two-bedrooms with rents starting at $1,700, as well as 1,650 square feet of ground-floor retail space. Contact: www.treetopdev.com.

Williamsburg
215-223 North 11th Street and 6 Roebling Street
Sales are under way, and eight of the five-story project’s 24 condominium units had sold by early last month. The connected buildings house one- to three-bedrooms ranging in size from 650 to 1,400 square feet, with prices starting at $540,000. Penthouse duplexes have private roof terraces with views of the Manhattan skyline. The Developers Group is the exclusive sales and marketing agent. Contact: www.thedevelopersgroup.com.

Construction Update

Flatiron
The Oculus Condominium
50 West 15th Street
Alchemy Properties has broken ground for the 47-unit condominium designed by FXFowle Architects. The building will have a terra-cotta facade and contain studios to three-bedrooms ranging in size from 624 to 2,442 square feet. Prices run from $680,000 to $2.77 million. Sales are under way, and 16 units had sold by mid-October, the New York Sun reported. Completion is scheduled for 2007. Contact: www.oculuscondo.com.

Lower Manhattan
233 Broadway
The Witkoff Group may cancel plans to convert the 29th through 57th floors of the landmark Woolworth Building into residential condominiums on account of the strength of Downtown’s office leasing market. The decision was expected by early December, according to Crain’s.

Soho
Trump Soho Hotel Condominium
246 Spring Street
The city was expected last month to approve construction permits for Donald Trump’s 45-story, 411-unit condo-hotel tower, the New York Daily News reported. The Buildings Department was considering a restriction on buyers that would allow them to live in the building no more than 100 to 150 days a year.

Union Square
8 Union Square South
The Claremont Group in late October topped out the 20-unit condominium, which is scheduled for occupancy in July 2007. Prices run from $1.1 million for an 866-square-foot one-bedroom to $8.9 million for a 3,100-square-foot duplex penthouse. Shvo Marketing is the exclusive marketing and sales agent. Contact: www.8uss.com.

Financing

East Williamsburg
924-932 Metropolitan Avenue
Chicago-based Wrightwood Capital provided $7.3 million in construction financing for the five-story, 32-unit rental building. Rush Brook Partners LLC will demolish the current 25,000-square-foot warehouse at the site to make way for a building with one- and two-bedroom units, a fitness center and 18 parking spaces.

Lower Manhattan
William Beaver House
15 William Street
Fremont Investment & Loan closed $247 million in financing for the Sapir Organization and SDS Investments for the construction of the 319-unit condominium designed by Andr Balazs. Contact: www.williambeaver.com.

Sales Update

Battery Park City
Riverhouse
One Rockefeller Park
The 31-story, 264-unit condominium had sold 50 units as of early last month, within three months of sales, the Post reported. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.oneriverterrace.com.

Battery Park City
The Verdesian
211 North End Avenue
All 253 units in the Albanese Organization’s green rental were leased by late October, six months after it opened for occupancy. Contact: www.verdesian.com.

Downtown Brooklyn
The Smith
75 Smith Street
The 50-unit condominium was more than 80 percent sold as of mid-October. The one- to three-bedrooms are priced from $550,000 to $1.295 million. Occupancy is expected in January 2007. Corcoran Group Marketing is the exclusive marketing and sales agent. Contact: www.75smith.com.

East Flatbush
The Bay Front Estates at Mill Basin
The six-acre project on the waterfront in southeast Brooklyn marked its grand opening last month. Sales are under way for the 34 fully detached single-family homes, which have four to five bedrooms and span 4,300 to 4,700 square feet. The lot sizes range from 5,000 to 12,000 square feet, and each home has a boat slip in the community’s marina. Coldwell Banker Mid Plaza Real Estate is handling sales. Contact: www.millbasinhomes.com.

East Village
One Avenue B
Eight of the condominium’s 24 units had gone into contract by early last month, within three weeks of sales, the Post reported. A 426-square-foot studio is priced at $525,000, or $1,232 per square foot. Citi Habitats Marketing Group is the exclusive marketing and sales agent for the building. Contact: www.oneavenueb.com.

Greenwich Village
184 Thompson Street
The eight-story, 140-unit condominium was 20 percent sold as of mid-October, after three weeks of sales. The building has 95 studios, 42 one-bedrooms and three two-bedrooms ranging from 400 to 1,800 square feet in size. Prices start at $450,000. The Developers Group is the exclusive sales and marketing agent. Contact: www.184thompson.com.

Lower Manhattan
37 Wall Street
The rental office opened last month for Skyline Developers’ 25-story, 373-unit rental. Citi Habitats Marketing Group is the exclusive marketing and leasing agent. Contact: www.37wall.com.

Midtown West
The Atelier
635 West 42nd Street
More than 50 percent of the 46-story condominium’s 478 units had sold by the end of October. The building, designed by Costas Kondylis Architects and developed by the Moinian Group, offers studios to two-bedrooms ranging in price from $630,000 to $1.5 million. Occupancy is slated for early 2007. The Marketing Directors Inc. is the exclusive marketing and sales agent. Contact: www.ateliercondos.com.

Tribeca
101 Warren Street
The condominium’s 228 units were nearly 60 percent sold as of last month, the Post reported. Sales began in March. The Sunshine Group is the exclusive marketing and sales agent. Contact: www.101warren.com.

Upper West Side
Element
555 West 59th Street
Sales are under way at the 35-story, 193-unit condominium being developed by Brack Capital Real Estate, Coalco International Ltd. and Continental Ventures Realty. Amenities will include 12,000 square feet of landscaped outdoor space and a 90-foot lap pool. One- to four-bedrooms with curved floor-to-ceiling window walls are priced from $850,000 to $6.5 million and will be ready for occupancy in 2007. Corcoran Group Marketing is the exclusive marketing and sales agent. Contact: www.elementcondominium.com.

Development in Brief

Manhattan (north to south)

West 77th Street and Amsterdam Avenue
The Landmarks Preservation Commission decided last month not to extend landmark status to the former Dakota Stable, the New York Times reported. The Related Companies has retained the architect Robert A. M. Stern to design a 14-story condominium on the site.

170 Central Park West
The New York Historical Society wants to start a $20 million renovation of its landmark building that would include allowing a developer to build a 23-story glass apartment tower behind the society’s museum and library. The society has approached the Landmarks Preservation Commission, the Times reported.

459 West 18th Street
Della Valle + Bernheimer LLP is the architect and developer of the ground-up luxury condominium at the site.

401 Broadway
The owner of the 29-story office tower is seeking city permission to convert it into 90 condominium units, the Tribeca Tribune reported.

95 Chambers Street
Plans are under way to demolish the emporium at the site and replace it with a 63,000-square-foot condominium building, the Tribune reported.

New Developments from Previous Month

The city’s largest and most prestigious real estate group plans to make its thousands of listings accessible to the public, a move the masses may applaud but which some members of the trade association have responded to with mounting anger, accusations of mismanagement and talk of a lawsuit from aggrieved brokers who worry that when they lose exclusive access to proprietary data, they will go out of business. REBNY’s portal plan stirs revolt” class=”read-more-link”>[more]

Harder fall drop-off this year Q & A: Scorching rental market now just hot” class=”read-more-link”>[more]

If you want to get wealthy fast, you better not go into the real estate business. People who enter the industry with a get-rich-quick mentality may be frustrated with immediate earnings that are nowhere near their million-dollar expectations. “The reality is it’s not a get-rich-quick scheme,” said Gary Malin, COO of Citi Habitats. How much they make” class=”read-more-link”>[more]

Queens developers are pushing into neighborhoods that in the past rarely inspired high-profile construction. Even as planned development shrinks in the borough, a 58-unit condominium is in the pipeline in Hollis; a 190-unit condo is slated for Jackson Heights; and a 27-unit condo is on the drawing board in Elmhurst.
Unlovely Queens gets new suitors” class=”read-more-link”>[more]

Outer borough hotels capture 25 percent of growth in the city; more construction planned [more]

REBNY’s semiannual tally shows high rents, except on East Side corridors [more]

Investors expect prices to hit new peaks as $1,000-per-square-ft ceiling breached [more]

The Flatiron Building may be a grand old lady of New York City real estate, but that’s not who shops near the Manhattan icon. In the rush to capture those young buyers, rents in the area have increased 25 to 50 percent over the past 18 months. [more]

Largest month-over-month hike since 1991 [more]

Data shows steady price increases for properties over the past two years [more]

Brands from the same country tend to cluster, open as prelude to IPO [more]

Huge returns seen on Manhattan parcels in newly hot areas [more]

Parking lots in New York can generate income right up until shovels go in the ground [more]

Cheaper Manhattan sites may help fuel new rental, hotel development [more]

If you’re looking for steady 6 percent commissions on your sales, commercial brokerage isn’t for you. [more]

Directors say landlords welcome new retail, residential tenants to gain higher rents [more]

Population increase pushes early stages of an upscale retail renaissance [more]

Numbers could rise as ARMs come due, housing market cools [more]

Growth in new agents drops to a five-year low [more]

Prices, sales numbers stay even, though top end rises; brokers expect wave of buying in ’07 [more]

It’s unlikely that prestigious Upper East Side co-op buildings like 740 Park Avenue and 834 Fifth Avenue are going to let the riff-raff in any time soon. However, Manhattan co-op buildings as a whole — despite trumping condos by three-to-one in sheer number — have been losing a bit of steam as the primary apartment choice in recent years. NYC condos grab larger share of the pie” class=”read-more-link”>[more]

Firms, developers, government are looking to meet the demand for affordable housing Blue-collar buyers mean big business in outer boroughs” class=”read-more-link”>[more]

While New Jersey brokers saw lower sale volume and prices in October and September as compared to same period last year, brokers seem more concerned about the economic infrastructure of the state. [more]

Westchester County’s brokers expect real estate prices to continue to decline but say that buffering economic factors could return activity to healthy levels sometime in 2007. Westchester sales to rebound in 2007?” class=”read-more-link”>[more]

Fairfield County’s residential sellers are taking a more realistic approach now that the market is cooling. High inventory concerns Fairfield sellers” class=”read-more-link”>[more]

Like all of New York City’s satellites, Long Island is experiencing a deceleration in its residential market. Housing prices decline on Long Island” class=”read-more-link”>[more]

This month, Riva Froymovich drops in on open houses at new developments in Chelsea. [more]

…to sell your company for a large sum of money [more]

Buyers pay a premium for soaring heights as builders aim higher [more]

Developers shift to smaller units at higher prices per square foot [more]

Architect’s modernist vision of luxury is taking shape in Brooklyn Meier makes more room On Prospect Park” class=”read-more-link”>[more]

Following the mixed results of Related Companies’ Astor Place, new projects are smaller, less expens Luxury’s bell tolls at lower prices in East Village” class=”read-more-link”>[more]

Developers think Penn Plaza/Midtown South could be next hot residential area New tower to lure Chelsea renters a few blocks north” class=”read-more-link”>[more]

Marketing firm gone; groundbreaking eludes hyped project Calatrava cubes headed south” class=”read-more-link”>[more]

New condos, retail, parking under construction in towns like Cranford NJ suburbs to get urban-style development” class=”read-more-link”>[more]

Tallest residential building in City Hall area expected to have 800 units Excavation proceeds on Gehry design” class=”read-more-link”>[more]

New construction breaks height records around the city, more planned Taller than ever, residential buildings kiss the sky” class=”read-more-link”>[more]

Long Island groups advocate new urbanism Seeking pro-pedestrian construction” class=”read-more-link”>[more]

Chelsea
Loft 25
420 West 25th Street
Sales have begun at RAL Companies & Affiliates’ 79-unit condominium conversion. Ceiling heights go up to 14 feet in the former industrial loft, where units range from studios to a 2,340-square-foot duplex penthouse with a 1,500-square-foot terrace. The average studio is 900 square feet and is priced below $1 million. Creative Design Associates and Traboscia Roiatti Studio designed the project; Stribling Marketing Associates is handling sales. Occupancy is anticipated in fall 2007. Contact: www.loft25.com.

Chelsea
520 West Chelsea
520 West 19th Street
Sales began in October at the 11-story, 26-unit condominium. The project, developed by Bishopscourt Realty, was designed by Selldorf Architects. The two- to five-bedroom units range in size from 1,460 to 4,232 square feet and are priced from $1.8 to more than $9 million. Core Group Marketing is handling sales. Contact: www.520westchelsea.com.

Clinton Hill
302 Washington Avenue
The five-story townhouse has been converted into four apartments, while a back carriage house will become a large fifth unit, the New York Post reported. Prices start at $685,000 for a 900-square-foot two-bedroom. The carriage house, a 2,300-square-foot triplex, is selling for $1.75 million. Contact: www.warburgrealty.com.

East Williamsburg
37 North Henry Street
The building offers eight units priced from $259,000 for a 450-square-foot studio to $449,000 for the 650-square-foot top-floor apartments, which have private roof decks with city views. Some of the other units have terraces and the rear first-floor apartment has a private garden. Staten Island-based Massimo Partners is the developer; the exclusive sales agent is aptsandlofts.com. Contact: www.37northhenry.com.

Greenpoint
267-269 Kingsland Avenue
TreeTop Development and Fields Development Group have started construction on the six-story, 16-unit condominium. The building, designed by architect Mark Gould, will have eight one-bedrooms and eight two-bedroom duplexes. Sales are expected to begin in March 2007. The Developers Group is the exclusive sales and marketing agent.

Harlem
Park North Condominium
157 West 111th Street
Ten condominium units are now available for sale in the newly
renovated 10-story building. Developer Zone Two LLC restored the property, originally built in the 1890s, into two- and three-bedrooms priced from $738,500 to $1.452 million. Occupancy is expected by the
end of the year. Warburg Marketing Group is the exclusive sales agent.
Contact: www.warburgrealty.com.

Harlem
Kalahari
40 West 116th Street
Full Spectrum NY, Goldman Sachs Urban Investment Group and L & M Equity Participants last month unveiled the 12-story, 129-unit green condominium, which comprises two buildings connected by a garden. One-bedrooms will be priced from the mid-$400,000s; two-bedrooms will start in the low $600,000s. The unit mix will also include three-bedrooms and duplex units. Completion is set for late 2007. The Marketing Directors Inc. is handling sales and marketing. Contact: 212-348-0090.

Harlem
245 West 115th Street
Sales are under way at Cardinal Investments’ five-story, 20-unit condominium. The 10 studios and 10 one-bedrooms have oak floors, Kohler fixtures and kitchens with granite counters. The building’s brick facade has been preserved, and the entranceway and hallways have been updated with new floors and oak staircases and banisters. Prices start at $229,000. The Corcoran Group is the sales agent. Contact: www.245w115.com.

Harlem
Rhapsody on Fifth Avenue
2056 Fifth Avenue
Developer AFC Realty Capital and BKSK Architects converted the century-old Beaux Arts church into a seven-story, 22-unit condominium. The exterior features a carved limestone façde; the lobby has a 17-foot vaulted ceiling. Studios to two-bedrooms range in size from 518 to 1,352 square feet and are priced from $405,000 to $1.55 million. Occupancy is expected in April 2007. The Marketing Directors Inc. is the marketing and exclusive sales agent. Contact: www.rhapsodyonfifth.com.

Long Island City
Fusion
42-51 Hunter Street
Roe Development Corp. is building a seven-story, 50,000-square-foot condominium designed by Manhattan-based Israel Peles Architects. The developer will try to rent the project’s ground-floor retail space to gallery and arts-related tenants. Prices for the 24 two-bedroom residential units, which range in size from 1,210 to 1,300 square feet, start at $849,000. Sales began in mid-November; occupancy is scheduled for spring 2007. The Roe Corporation is the exclusive sales agent. Contact: www.fusionlic.com.

Midtown
Residences at the Jumeirah Essex House
160 Central Park South
In addition to its $70 million hotel renovation, the Jumeirah Essex House is offering 35 condominium units. The one- to three-bedrooms range in size from 700 to 3,500 square feet and are priced from $1 to $9.5 million. Residents were expected to begin moving in in October and will have access to the hotel’s services. Colgate Sales LLC is the exclusive marketing and sales agent. Contact: www.essexhouseresidences.com.

Midtown East
East 57th Street and
Second Avenue
The Education Construction Fund has chosen World-Wide Group to develop a $500 million mixed-use project at the site, GlobeSt.com reported. The project will redevelop two New York City public schools and create a 320-unit residential condominium and 170,000 square feet of retail space. The project’s second phase will see the development of the residential units, of which 20 percent will be affordable. Skidmore, Owings & Merrill will design the residential component and retail space. Completion is projected for 2011.

Midtown West
600 West 42nd Street
Developer Larry Silverstein plans to build two 57-story towers with a common base at the site, the Post reported. The $917.6 million project would create 1,157 residential units, 18,277 feet of commercial space and a 194-car underground garage.

Prospect Lefferts Gardens
Lefferts South
2233 Caton Avenue
Sales are under way at the new six-story, 15-unit condominium just southeast of Prospect Park in Brooklyn. The two-bedroom units will range in size from 831 to 977 square feet, with prices starting at $439,000. All units will have two exposures and at least one balcony. The building will offer a roof deck and parking. Occupancy is slated for early 2007. The Developers Group is exclusive sales and marketing agent for the project. Contact: www.thedevelopersgroup.com.

Tribeca
Zinc Building
475 Greenwich Street
Sales have begun at the seven-story, 21-unit loft condominium developed by Douglaston Development and Montagu Square Development. Greenberg Farrow Architects designed the building, which will also house 5,000 square feet of retail space. One- to three-bedroom units and three duplex penthouses will range from 880 to 2,720 square feet in size, with prices running from $955,000 to $4 million. Occupancy is scheduled for winter 2007. The Corcoran Sunshine Marketing Group is the exclusive marketing and sales agent. Contact: www.zincbuilding.com.

Upper West Side
595 West End Avenue
Sales have opened for the 32 condominium units in the 16-story prewar conversion. Samson Management has renovated the 60,000-square-foot building, which was built in 1923, into one-, two-, three- and five-bedrooms ranging in size from 700 to 3,600 square feet. Units are priced from $728,000 to $4.5 million. Halstead Property is handling sales and marketing. Contact: www.595wea.com.

Williamsburg
188 South 3rd Street and 326 South 1st Street
TreeTop Development has begun renovations on two rentals that will begin leasing 71 new units in early 2007. The six-story building at 188 South 3rd Street will have 41 two- and three-bedroom units, with rents starting at $1,700 for the two-bedrooms and at $2,300 for the three-bedrooms. The six-story building at 326 South 1st Street will have 30 two-bedrooms with rents starting at $1,700, as well as 1,650 square feet of ground-floor retail space. Contact: www.treetopdev.com.

Williamsburg
215-223 North 11th Street and 6 Roebling Street
Sales are under way, and eight of the five-story project’s 24 condominium units had sold by early last month. The connected buildings house one- to three-bedrooms ranging in size from 650 to 1,400 square feet, with prices starting at $540,000. Penthouse duplexes have private roof terraces with views of the Manhattan skyline. The Developers Group is the exclusive sales and marketing agent. Contact: www.thedevelopersgroup.com.

Construction Update

Flatiron
The Oculus Condominium
50 West 15th Street
Alchemy Properties has broken ground for the 47-unit condominium designed by FXFowle Architects. The building will have a terra-cotta facade and contain studios to three-bedrooms ranging in size from 624 to 2,442 square feet. Prices run from $680,000 to $2.77 million. Sales are under way, and 16 units had sold by mid-October, the New York Sun reported. Completion is scheduled for 2007. Contact: www.oculuscondo.com.

Lower Manhattan
233 Broadway
The Witkoff Group may cancel plans to convert the 29th through 57th floors of the landmark Woolworth Building into residential condominiums on account of the strength of Downtown’s office leasing market. The decision was expected by early December, according to Crain’s.

Soho
Trump Soho Hotel Condominium
246 Spring Street
The city was expected last month to approve construction permits for Donald Trump’s 45-story, 411-unit condo-hotel tower, the New York Daily News reported. The Buildings Department was considering a restriction on buyers that would allow them to live in the building no more than 100 to 150 days a year.

Union Square
8 Union Square South
The Claremont Group in late October topped out the 20-unit condominium, which is scheduled for occupancy in July 2007. Prices run from $1.1 million for an 866-square-foot one-bedroom to $8.9 million for a 3,100-square-foot duplex penthouse. Shvo Marketing is the exclusive marketing and sales agent. Contact: www.8uss.com.

Financing

East Williamsburg
924-932 Metropolitan Avenue
Chicago-based Wrightwood Capital provided $7.3 million in construction financing for the five-story, 32-unit rental building. Rush Brook Partners LLC will demolish the current 25,000-square-foot warehouse at the site to make way for a building with one- and two-bedroom units, a fitness center and 18 parking spaces.

Lower Manhattan
William Beaver House
15 William Street
Fremont Investment & Loan closed $247 million in financing for the Sapir Organization and SDS Investments for the construction of the 319-unit condominium designed by Andr Balazs. Contact: www.williambeaver.com.

Sales Update

Battery Park City
Riverhouse
One Rockefeller Park
The 31-story, 264-unit condominium had sold 50 units as of early last month, within three months of sales, the Post reported. The Sunshine Group is the exclusive sales and marketing agent. Contact: www.oneriverterrace.com.

Battery Park City
The Verdesian
211 North End Avenue
All 253 units in the Albanese Organization’s green rental were leased by late October, six months after it opened for occupancy. Contact: www.verdesian.com.

Downtown Brooklyn
The Smith
75 Smith Street
The 50-unit condominium was more than 80 percent sold as of mid-October. The one- to three-bedrooms are priced from $550,000 to $1.295 million. Occupancy is expected in January 2007. Corcoran Group Marketing is the exclusive marketing and sales agent. Contact: www.75smith.com.

East Flatbush
The Bay Front Estates at Mill Basin
The six-acre project on the waterfront in southeast Brooklyn marked its grand opening last month. Sales are under way for the 34 fully detached single-family homes, which have four to five bedrooms and span 4,300 to 4,700 square feet. The lot sizes range from 5,000 to 12,000 square feet, and each home has a boat slip in the community’s marina. Coldwell Banker Mid Plaza Real Estate is handling sales. Contact: www.millbasinhomes.com.

East Village
One Avenue B
Eight of the condominium’s 24 units had gone into contract by early last month, within three weeks of sales, the Post reported. A 426-square-foot studio is priced at $525,000, or $1,232 per square foot. Citi Habitats Marketing Group is the exclusive marketing and sales agent for the building. Contact: www.oneavenueb.com.

Greenwich Village
184 Thompson Street
The eight-story, 140-unit condominium was 20 percent sold as of mid-October, after three weeks of sales. The building has 95 studios, 42 one-bedrooms and three two-bedrooms ranging from 400 to 1,800 square feet in size. Prices start at $450,000. The Developers Group is the exclusive sales and marketing agent. Contact: www.184thompson.com.

Lower Manhattan
37 Wall Street
The rental office opened last month for Skyline Developers’ 25-story, 373-unit rental. Citi Habitats Marketing Group is the exclusive marketing and leasing agent. Contact: www.37wall.com.

Midtown West
The Atelier
635 West 42nd Street
More than 50 percent of the 46-story condominium’s 478 units had sold by the end of October. The building, designed by Costas Kondylis Architects and developed by the Moinian Group, offers studios to two-bedrooms ranging in price from $630,000 to $1.5 million. Occupancy is slated for early 2007. The Marketing Directors Inc. is the exclusive marketing and sales agent. Contact: www.ateliercondos.com.

Tribeca
101 Warren Street
The condominium’s 228 units were nearly 60 percent sold as of last month, the Post reported. Sales began in March. The Sunshine Group is the exclusive marketing and sales agent. Contact: www.101warren.com.

Upper West Side
Element
555 West 59th Street
Sales are under way at the 35-story, 193-unit condominium being developed by Brack Capital Real Estate, Coalco International Ltd. and Continental Ventures Realty. Amenities will include 12,000 square feet of landscaped outdoor space and a 90-foot lap pool. One- to four-bedrooms with curved floor-to-ceiling window walls are priced from $850,000 to $6.5 million and will be ready for occupancy in 2007. Corcoran Group Marketing is the exclusive marketing and sales agent. Contact: www.elementcondominium.com.

Development in Brief

Manhattan (north to south)

West 77th Street and Amsterdam Avenue
The Landmarks Preservation Commission decided last month not to extend landmark status to the former Dakota Stable, the New York Times reported. The Related Companies has retained the architect Robert A. M. Stern to design a 14-story condominium on the site.

170 Central Park West
The New York Historical Society wants to start a $20 million renovation of its landmark building that would include allowing a developer to build a 23-story glass apartment tower behind the society’s museum and library. The society has approached the Landmarks Preservation Commission, the Times reported.

459 West 18th Street
Della Valle + Bernheimer LLP is the architect and developer of the ground-up luxury condominium at the site.

401 Broadway
The owner of the 29-story office tower is seeking city permission to convert it into 90 condominium units, the Tribeca Tribune reported.

95 Chambers Street
Plans are under way to demolish the emporium at the site and replace it with a 63,000-square-foot condominium building, the Tribune reported.

New Developments from Previous Month

Manhattan building owner and developer, age 46 [more]

Bay Area gets hotel boost
Hotels in San Francisco are finally seeing positive growth after an industry slump. PKF Consulting, which tracks industry trends, found San Francisco’s average daily hotel rate at $167 this year, only $2 short of the city’s record-high 2000 average rate. Occupancy rates, now at 78 percent, are also expected to continue rising. Brokers predict that by 2010, average daily hotel room rates will be above $200 in the city. The few new hotels in the pipeline will also drive up rates. And a recent labor agreement between 13 hotels and more than 4,000 hotel workers has also helped fuel the turnaround.

–
Atlanta

Commercial
Atlanta is grappling with its biggest commercial real estate slump in 10 years, according to brokerage Cushman & Wakefield. The downtown vacancy rate hit 29 percent in the second quarter, the nation’s highest. (In the third quarter, it fell to 27.2 percent.) Some high-rise office buildings in downtown have vacancy rates as high as 80 percent, and Fortune 500 companies are moving out of the city center. Brokers say overdevelopment is partly responsible. About 3.9 million square feet of office space was under construction during the third quarter of 2006. Additionally, Atlanta’s unemployment rate stood at 4.5 percent at the quarter’s end. In 2000, it was 2.6 percent.

Residential/Commercial
A big property sale should speed revival of the downtown railroad district, once Norfolk Southern railroad sells a quartet of Spring Street buildings. Two historic buildings in the former railroad headquarters complex will be turned into 250 apartment units, which will be a mix of condominiums and rentals, the Atlanta Journal-Constitution reported. Developer Wood Partners also plans a new residential building with 250 units near the railroad tracks and a pair of office buildings. The $80 million complex will bridge the surrounding residential communities and the downtown business district.

Austin

Residential
East Austin is seeing a wave of residential development as trendy residential lofts replace industrial and warehouse space, the Austin Statesman reported. About a dozen condo and rental projects are expected to bring more than 900 units to the neighborhood. Real estate analysts say the construction boom is due to low land prices and demand to live near downtown. One of the new condo projects is the 67-unit Este, on East Sixth Street, where individual unit prices will range from $180,000 to $275,000.

Boston

Residential
Home prices are falling in Boston, but residents aren’t seeing a break on taxes. Massachusetts property taxes, which have shot up 42 percent this decade, will continue to rise this year despite the softening housing market, the Boston Globe reported. The average statewide property tax bill grew to $3,703 from $2,577 six years ago. The rises are a result of a flawed assessment system, critics say, where tax increases are based more on local budgets rather than assessed values. Many brokers say the residential sales market is hurting as a result of higher taxes.

Commercial
The $563 million CitySquare development is seen as a leading driver of Downtown Worcester’s revitalization, as the residential, office and commercial space replaces the vacant Worcester Common Outlets mall complex, about 49 miles west of Boston. Costs for the urban village project will be partially met with state bonds, the Worcester Telegram reported. The project will entail demolition work, construction of new streets and the design of underground parking garages.

Chicago

Commercial
More New York investors are putting their money in cheaper Chicago office buildings. Last month, New York-based investor Robert Gans and partners bought the Citadel Center, a trophy office property on South Dearborn Street, for $560 million. The price is about $370 a square foot for the 1.5-million-square-foot building constructed in 2003. A similar structure in New York would cost around $800 million, or $530 a square foot, Crain’s reported. Also sold this year to New York-based investors was 311 South Wacker Drive and 19 South LaSalle Street, which sold for $292 million and $29.8 million, respectively.

Residential
Demolition started last month on the long-shuttered Columbus Hospital to clear the 3.5-acre site for what will be the first major multifamily project to go up in Lincoln Park since the 1970s, the Chicago Tribune reported. The triple tower high-rise will include 312 units and 13 townhouses. Few big new projects have been built in Lincoln Park because appropriate sites are scarce. That should help insure the project’s success despite the slow market, brokers say. The $350 million project is expected to be finished in about three years.

Las Vegas

Commercial
Developers plan to build a 50-plus story jewelry marketplace in downtown, the Las Vegas Sun reported. The World Jewelry Center will look to attract corporate jewelry and gem offices from around the world, brokers say. Approximately seven of the top floors of the planned tower will be sold as luxury residential condos. The 5.4-acre site is located between Interstate 15 and the Spaghetti Bowl freeway interchange. The jewelry market will include a smaller retail building open to the public and a jewelry museum.

Commercial
The Las Vegas office vacancy rate is rising, a sign the market is headed for a slump. During the third quarter, the vacancy rate reached 9.9 percent and is predicted to go as high as 12 percent in the next year, In Business Las Vegas reported. Analysts say the amount of office space under construction is responsible for the rising vacancy rate. Brokers predict the market glut will worsen with another 4.4 million square feet of office space under construction and 6.8 million square feet in the planning stages.

Los Angeles

Residential
Home sales in Los Angeles County continue to drop as the real estate market slows. At the end of September, sales volume was down more than 31 percent from the year before, despite the median price increasing 4.4 percent to $585,700 during the same period, the Los Angeles Daily News reported. Sales are taking an average of 54 days rather than 30 days a year ago, though brokers say the market is still performing steadily.

Residential
The housing slowdown has led to major layoffs at Los Angeles-based mortgage giant Countrywide Financial Corp. The mortgage company is cutting 5,000 jobs nationwide to save $500 million a year, the Los Angeles Daily News reported. Most staff cuts are expected in the Los Angeles area, where Countrywide has around 18,000 employees. (The company has more than 55,000 employees total.) Real estate financing has remained flat despite a decline in interest rates during the past quarter, and Countrywide said it expects home sales will slow dramatically during the fourth quarter.

Phoenix

Commercial
Phoenix’s public school system will see a bigger bump in funds for new school construction. The state’s Joint Legislative Budget Committee agreed to an increase of 12.2 percent per square foot, the Arizona Daily Star reported. The increase reflects the nationwide jump in construction costs. The rise is estimated to add more than $38 million in taxpayer costs to the $361 million already in the budget.

San Francisco

Residential
The decommissioned Treasure Island Naval Station will be redeveloped into a self-sufficient community under a $1.2 billion plan approved by the city last month. The 403-acre island in San Francisco Bay and its smaller neighbor, Yerba Buena Island, will get 6,000 homes, a new ferry terminal and 300 acres of open space, the San Francisco Chronicle reported. The lead developer in the project is Kenwood Investments.

Seattle

Commercial
Seattle is the best office market in the U.S. to invest in right now, according to a survey by the Urban Land Institute. The survey found tight supply and office rents set to rise in the city, the Wall Street Journal reported. Seattle is also expected to benefit more than any other West Coast city from Asia’s economic growth, according to the annual Emerging Trends in Real Estate 2007 report.

Washington, D.C.

Residential/Commercial
Along with major redevelopments, some areas of Washington, D.C., are also getting renamed. Southeast Waterfront, which is seeing a boom in commercial and office construction, is now being called “The Yards” because of its proximity to the Navy Yard, NBC4 reported. The intersection of Pennsylvania and 7th Street is now being called Penn Quarter by some. Real estate agents are calling the neighborhood north of Massachusetts Avenue NoMa. South of Florida Avenue is — of course — SoFlo.

Pricey condos, land sale set for prime development site

Miami city commissioners last month approved plans for a 63-story condominium and hotel at the foot of the Venetian Causeway, ending months of debate about the prime bayfront site.

The Miami Herald’s parent, McClatchy Co., is selling the 10 acres to a development group led by developer Pedro Martin for $190 million. Martin’s group plans to flip eight of the acres for at least $230 million, according to the Herald, which would rank among the most expensive land purchases per acre in South Florida — if not the most expensive ever.

Housing market shows signs of steadiness

The number of sales are slowing, but home prices are staying steady in South Florida, according to the latest report from the Florida Association of Realtors.

The median price of a single-family home in Miami-Dade County was $371,700 in September, down only slightly from $371,200 in September 2005.

Single-family home sales have dropped 12 percent during the past year, but were actually up 10 percent from the month before.

Condos sales fared much worse. Sales volume in September was down 40 percent from a year ago and 12 percent from the month before.

But September condo prices, with a median of $270,800, were actually up across the board — rising 1 percent from the month before and 8 percent from a year ago.

Still, there are storm clouds.

There is an inventory of more than 62,000 homes on the market in Miami-Dade and Broward — nearly 2,000 more than August and almost triple the number a year ago.

60-acre project gets OK in Broward

Broward County is set to get a huge development of condominiums, shops, restaurants and offices totaling more than 60 acres. The project, the Village at Gulfstream Park, got the go-ahead from Hallandale Beach commissioners last month, and developer Forest City Enterprises plans to break ground by next June, the Miami Herald reported. The project is slated to be built over 15 years, and the first phase of the development will have about 70 shops and restaurants. More than 1,500 condos, 750,000 square feet of retail space, 140,000 square feet of office space, a 500-room hotel and 2,500 movie seats are planned.

Construction slowdown could affect economy

A slowdown in the construction industry may put a dent in South Florida’s impressively low jobless rate.

Unemployment in Miami Dade County remained near all-time lows in October at 4.2 percent, down from 4.5 percent in September, according to the Florida Agency for Workforce Innovation.

In Broward County, the jobless rate was 2.8 percent — a record low first hit in March of this year.

But the cooling real estate market could shake things up, the Miami Herald reported.

The construction industry lost 500 jobs in October, down 0.1 percent from the previous month but still up 4.4 percent versus a year ago.

“We have seen lots of announced layoffs, but we haven’t seen them in the numbers yet,” said Mark Vitner, an economist at Wachovia Bank. “But there is little doubt the economy is going to slow.”

High prices leave single-parent families homeless

Single-parent families are having the hardest time staying afloat in the South Florida real estate market, the Sun Sentinel reported.

About 110 families — 112 adults and 227 children — are on waiting lists for emergency shelters, according to the Coalition to End Homelessness in Broward County.

That’s about four times more than several years ago, said Laura Hansen, CEO of the nonprofit organization that serves the homeless and service providers. She says rising housing costs in South Florida are pricing out single mothers.

Housing prices are too high and foreclosures are up, say some market watchers.

A 2005 report by the Florida Office on Homelessness estimates that 38 percent of the state’s homeless population is made up of homeless families, with children accounting for 25 percent of the total number of homeless.

Broward County’s Housing and Community Development Division and the Housing Finance Authority have already begun to solve the problem, giving developers $64.4 million this year to build new housing and restore existing affordable homes.

Magic targets Little Havana

Basketball great Earvin “Magic” Johnson is investing into Miami’s Little Havana, taking a majority stake in the biggest condo project that has ever been proposed for the neighborhood.

The development, called Morrison, will be constructed on Southwest Flagler Street between Southwest 7th and 8th avenues, the Sun Sentinel reported.

The project includes two 19-story residential towers over a seven-story parking garage. In addition to 395 residential condos, more than 64,000 square feet combined office space and retail space will be built.

Brokers say the developer is targeting Morrison to members of the local workforce — municipal employees or people working for businesses in the area, as well as vacation-home buyers — with midpriced units.

“We want to show people that urban America is a place that makes good business sense and that we could be socially conscious at the same time,” Johnson said.

“We’ll be able to touch a lot of people with this development, by providing jobs in construction as well as for people working inside the retail.”

Most of Morrison’s units will cost between $250,000 and $350,000 with a 5 percent down payment.

Canyon-Johnson Urban Funds is led by Johnson and business partner Bobby Turner. Miami developer mFm Construction is the builder for the $120 million project. Groundbreaking is set for next year and it is expected to be completed in mid-2009.

Miami Briefs from Previous Month

Developer of condo project, which first sold units in 2003, navigates boom-and-bust cycle Third phase of Loft Downtown opens in stalled market” class=”read-more-link”>[more]

Glass and steel projects poised to tower expensively over historic brownstones [more]

Manhattan’s dormitory annex gets pricey as apartment shares dwindle in hot rental market [more]

Aggressive promotions seek to bolster demand in high-supply Brooklyn neighborhood Newly upscale Billyburg braces for a slowdown” class=”read-more-link”>[more]

Building boom follows subsidies, grants in Brooklyn neighborhood Houses rise in hardscrabble East New York” class=”read-more-link”>[more]

New AG may charge more for offering plans that need fast-track approval Cuomo considered the ultimate pragmatist” class=”read-more-link”>[more]

Broker licensing hours to increase
New brokers will soon need to put in more hours to get their licenses. The Department of State plans to increase the number of hours required for licensing starting in January 2007. Continuing education will also be expanded.

City proposes LES zoning change
A new city plan would limit the height of new buildings on the Lower East Side and in the East Village to eight stories, the New York Post reported. The move comes in response to recent construction in the neighborhoods that City Planning Commissioner Amanda Burden called “out of scale.”

MetLife penalties light
After reneging on a half-decade-old deal that exchanged tax breaks for a promise to relocate 1,700 of its employees to Long Island City, Metropolitan Life appears to have gotten off with only a “slap on the wrist.” The insurance giant could have faced $24 million in penalties for backing out of the LIC deal, but the Bloomberg administration cut MetLife’s fine to $5 million after negotiating a new employment promise.

No tax breaks for Merrill Lynch
Merrill Lynch has indicated it may move its headquarters from the World Financial Center when its lease expires in 2013. Some industry observers wonder if Merrill’s moving talk has more to do with securing property tax breaks than with any actual desire to relocate. If so, the city’s not playing ball. Mayor Bloomberg has said he will not offer Merrill tax breaks to stay in Lower Manhattan.

City takes action against illegal construction
Two bills approved by the City Council will firm-up penalties for illegal construction, the New York Times reported. One bill makes demolishing a one- or two-family home without the required permits a criminal offense, while the other increases the fines for contractors who defy Buildings Department stop-work orders.

Developer to get tax breaks for Diamond Tower
The New York City Industrial Development Agency last month approved conditional tax breaks for the construction of a 30-story tower in Manhattan’s Diamond District. Developer Gary Barnett could receive just under $50 million in combined state and city tax breaks for the proposed Extell Diamond Tower on 47th Street if he can meet requirements set out by the agency.

Ground Zero performing arts center delayed
Security concerns could delay plans to build a performing arts center at Ground Zero, the New York Daily News reported. Gov. Pataki’s anti-terrorism chief James Kallstrom says the World Trade Center site needs an emergency access road to underground parking areas — but the road would go directly through the footprint of the proposed performing arts center. Originally planned to open in 2009 or 2010, the center will be designed by architect Frank Gehry and occupied by the Signature Theatre Co. and the Joyce International Center for Dance.

Bloomberg to scale back on construction
Mayor Bloomberg has asked city agency heads to draw up plans to scale back on spending on already announced construction projects, the Post reported. The scale-backs could amount to as much as 25 percent of the four-year, $36.5 billion capital budget adopted by the city in June.

Council OKs Stapleton development plan
The City Council approved the $66 million redevelopment plan for 36 acres of the Stapleton waterfront in Staten Island, the Staten Island Advance reported. The city will solicit proposals from private developers to build on three residential and three commercial sites.

City revamps Uptown New York plans
The city reissued a request for proposals to buy and develop a site between 125th and 127th streets and Third and Second avenues that has been dubbed Uptown New York. The new proposals have to cap the number of apartments in any development at 1,000 in a maximum of two towers, the New York Sun reported.

Volume jumped by 50 percent over past year, according to study Ken Harney – Low-doc mortgages growing” class=”read-more-link”>[more]

Many new mortgage seekers penalized for being debt averse Ken Harney – Thin credit history hurts Latinos” class=”read-more-link”>[more]

A story in the November issue, “Cracking down on phony ads,” incorrectly referred to an incident related by Lee Presser of Coldwell Banker Hunt Kennedy. The story mistakenly said that an ad posted by Presser on Craigslist had been altered and reissued on the Web site by a rival broker, which was not the case. The story also incorrectly referred to Presser’s job title. He is an associate broker.

A story in the November issue, “Projects grow in Miami art hub,” mistakenly referred to the location of the Museum of Contemporary Art North Miami. It is not in Coral Gables.

What happens in Macau stays in Macau
Macau has become the Las Vegas of the Far East and is now even surpassing Sin City in gambling revenues, according to a recent report.

More than $25 billion of new casino and hotel complexes are planned for the Chinese territory over the next few years, The Australian newspaper reported. Already, Macau has 23 casinos, including new additions like the $1.5 billion Wynn Macau opened in September by Las Vegas casino operator Steve Wynn.

Las Vegas leisure consultancy Globalysis released a report last month that found Macau’s monthly gambling revenues now higher than those in Las Vegas. The company predicts Macau’s gambling revenues will reach $6.8 billion this year — topping the $6.6 billion in revenues expected to be generated in Las Vegas.

The ever-growing gambling industry in Macau is driven by the tourists who enter the territory from the Chinese mainland.

Las Vegas has more than 200 casinos — nearly 10 times the number in Macau — but Macau’s bigger revenues are a result of Chinese gamblers more interested in betting higher stakes at the gaming tables than in playing the slots more common in Las Vegas, according to the newspaper.

Kuwait’s development heats up
Recent investment activity in Kuwait is a sign that the emirate is finally catching up to its neighbors in the Gulf.

Development in Kuwait had been nonexistent in the last two decades because of a financial crash in the 1980s, the invasion by Iraq in 1990 and fears that an invasion might happen again. But with the overthrow of Saddam Hussein in 2003, Arab investment capital has been flowing into Kuwait, the International Herald Tribune reported.

Much of the development focuses on Kuwait City and its suburbs, and a shortage of developable space has pushed prices up. Most of the land is owned by the state and its giant petroleum corporations. The most desirable commercial land now trades for around $1,800 a square foot.

Global Research predicts almost 8 million square feet of commercial space will enter the Kuwait market in the next three years. That includes the country’s first round of giant malls, with a project called Avenues alone adding around 1.5 million square feet. New hotels opening include the revamped Messilah Beach, touted as the region’s largest, which was built in the 1970s and damaged by the Iraqis.

Given the amount of development, some have already voiced concerns about oversupply and a decrease in commercial rent levels.

Paris gets new priciest neighborhood
The seventh arrondissement of Paris, which stretches along the southern bank of the Seine and includes the Mus e d’Orsay and the Eiffel tower, has become the most expensive district in the city, according to a recent report by the Paris Notary Chamber. The neighborhood has displaced the sixth arrondissement around Saint-Germain-des-Pr s and the Luxembourg Gardens, which is now the second-priciest district.

Property in the Paris is still relatively inexpensive compared to New York, with a two-bedroom apartment in good shape in the central part of the city costing around $400,000 to $450,000. During the second quarter of 2006, the average apartment price increased by 12.5 percent compared to the same period in 2005, while sales volume shrank by 6.6 percent.

Investors check out Berlin’s higher-end hotels
Despite Berlin’s debt of billions of euros and one of the highest unemployment rates in Germany, the capital city has a booming tourism industry that is drawing the interest of the luxury segment.

The city now includes 14 hotels with a five-star rating, showing that hoteliers and investors are banking on the future despite room rates that on average are only 60 percent of those in London and Paris, the International Herald Tribune reported. The construction of a new airport south of the city, due to be completed in 2012, has helped fuel interest in the sector.

Many investors from England, Ireland and the United States are pumping capital into the hotel industry in Germany. Jones Lang LaSalle predicts that more than $1.28 billion will be invested in hotels in the country by 2007.

In 2005, a record $20.7 billion was invested in European hotel real estate, according to Jones Lang LaSalle, and another record is likely this year.

Among the recent transactions, the Hotel de Rome, part of a group of luxury hotels run by the British businessman Rocco Forte, opened last month in a former 19th-century bank building in the heart of Berlin. And U.S.-based Blackstone Group bought a portfolio of nine Accor Hotels in Germany for an undisclosed price.

Biggest commercial merger of 2006 should create full-service platform [more]

Stephen Ross, the new chairman of the Real Estate Board of New York, will tackle affordable housing head-on when his tenure begins on Jan. 1, says Steven Spinola, president of the trade group. “It’s clear that housing is going to be a significant issue in terms of the city providing affordable housing,” Spinola said. “Stephen has a built-in expertise and knowledge that will make it helpful to serve as a leader.”

“Remember, REBNY is the voice of the industry, not just of me,” Ross said.

Ross is one of the most active developers in the city and has served on REBNY’s executive committee for more than a decade. He’s also on the board of the Guggenheim Museum and is a trustee for several nonprofit organizations. His company, the Related Companies, built the Time Warner Center and has a $10 billion development portfolio.

“Ross has the energy and knowledge of the market, and he is also committed to leading REBNY into playing more of a role as a partner with the city,” Spinola said.

Steven Rutter will extend his reach beyond Brooklyn in his new position at Stribling Marketing Associates, where he is now an executive vice president and managing director supervising development in Brooklyn and Manhattan.

Rutter left his position as senior managing director at Corcoran Marketing Group, where he oversaw development of Brooklyn-based projects including the Richard Meier-designed On Prospect Park, Beacon Tower and the Williamsburgh Bank Building conversion.

“Stribling is a very independent company, which is a strong part of the reason why I switched. I like the independence of working with a smaller firm,” Rutter said. “The brokers I work with are very experienced, talented and have an outstanding reputation for service.”

He’s now working on One Brooklyn Bridge and the Plaza Hotel conversion, where he is marketing both condo and hotel-condo units.

Before joining Corcoran, he was a senior vice president at Halstead Property and an assistant director of sales and manager/sales associate at Bellmarc Realty.

Sophia Cicilioni is working her way through some of the largest real estate properties in the city. The former director of leasing for Peter Cooper Village and Stuyvesant Town, which sold last month for $5.4 billion, is now director of sales at Sheffield57, one of the largest new condo projects in Manhattan.

Cicilioni will lead sales efforts for the luxury condos as well as supervise on-site brokers for the residential development located at 322 West 57th Street. Sheffield57 is a 58-story condo conversion with over 600 units.

At Sheffield57, the on-site sales center has taken over the entire 22nd floor. Nine model apartments, some of which are fully furnished, share space with brokers and an interior designer to give buyers a good feel of what it’s like to live in the building, said Kent Swig, the president of Swig Equities, who owns the building along with Yair Levy of Y.L. Real Estate Developers. According to Swig, sales at Sheffield57 are now reaching about $1,500 a square foot for units as large as 1,700 square feet.

“It’s a less expensive alternative to the neighborhood,” Swig says of the development, where amenities include a health club, private restaurant, lounge, screening room and garage. He called it “one of the largest sales jobs.”

“We hired [Cicilioni] because of her incredible experience with rental and sales property. Sophia is incredibly detailed and extremely patient with buyers, sellers and brokers,” Swig said. Before heading leasing for Stuyvesant Town, Cicilioni was the sales manager for 455 Central Park West and the director of residential leasing at Town Sales & Marketing LLC.

Homebridge changes name to Refinace.com
Homebridge Mortgage Bankers announced that it has changed its name to Refinace.com. The firm launched a new Web site, www.refinance.com.

C & W expands retail services to Long Island
Cushman & Wakefield announced the expansion of its national retail services operation to Long Island. Nicole Suozzi joined the firm as director in the retail services group, responsible for spearheading Long Island retail brokerage.

Triumph expands in New York
Triumph Property Group has opened three new Manhattan offices in the last six months, at 238 West 115th Street, 332 East 86th Street and 118 East 28th Street. The firm also introduced Triumph Creative, a marketing and branding service that is an alliance with conceptual design firm Remolino. Triumph recently launched its new Web site, www.triumphproperty.com, as well.

City Connections partners with Portrait Realty
City Connections Realty announced that Portrait Realty is now affiliated with the firm. Portrait Realty agents will now be operating out of the City Connections office.

Trump prot g launches branch of tech firm
Washington, D.C.-based EverGreen Solutions, which provides technology consulting for real estate management, plans to open its first New York City office in 2007. Marisa Habony, formerly of the Trump Organization, has been hired as director of sales for the northeast region and will handle the launch of the Manhattan office.

Topdot opens new Long Island office
Topdot Mortgage announced the opening of a 10,000-square-foot branch at 1211 Stewart Avenue in Bethpage. The newest Long Island branch, headed by Matt McEvoy, is the firm’s sixth in New York State. Topdot opened its first full-service Manhattan branch in October.

Residential

Bond New York
Ed Kane and Doug Hochlerin joined the firm’s Upper East Side office.

City Connections Realty
Samantha Bieber joined as an agent.

The Corcoran Group
Louis DiCriscio joined as chief financial officer. He was formerly vice president and CFO for Daiichi Pharmaceutical Corporation.

The Real Estate Group NY
Jason Fein joined as an operations manager.

Triumph Property Group
Jared Wiener joined as director of brokerage services. He had been an associate broker with Gumley Haft Kleier.

Commercial

Broadway Real Estate Partners
Douglas Harper was appointed managing director of institutional marketing.

CB Richard Ellis
Robert Flippin joined as an executive vice president. He was previously with Jones Lang LaSalle. Keith Caggiano and Edward Midgley were promoted to the post of first vice president from vice president.

Colliers ABR
Erik Sznip was promoted to manager of financial services from senior financial analyst.

Cushman & Wakefield
Suzanne Varga joined as director of brokerage services for the New York area. She was previously director of brokerage services for CB Richard Ellis’ New Jersey offices.

Douglaston Development
Carl Trop joined as vice president. He had served as managing director at Skyline Developers LLC and Garden Homes Development.

Grubb & Ellis
Henry Goldfarb was named executive managing director of the New York retail group. Stephen Santoro joined as executive managing director of New York business integration solutions. Joe Harkins joined as executive managing director.

GVA Williams
Brian Feist and Ted Rotante joined at the level of senior managing director. PJ Sala joined as managing director. Eric LaCoursiere joined as associate director. Cory Albrycht and Andrew Connolly joined as associates.
Ward Bitter joined as an investments analyst.

Hypo Real Estate Capital
Peter Castro joined as director of mezzanine loan lending.

Newmark Knight Frank Retail
Marc Frankel joined as a managing director. Jonathan Krivine joined as a director. Shawn Cho joined as an associate.

Studley
Stephen Goldstein was promoted to vice chairman of U.S. operations from director of the mid-Atlantic region.

Time Equities
Luis Cozza joined as an executive in the acquisitions department.

Trammell Crow
Paul Enea joined as vice president of brokerage services.

Brokerage stays open for business for 24 hours

In today’s tight rental market, don’t put off ’til tomorrow what you can do today.

Mosaic Properties is taking the adage to heart. On Nov. 28 and 29, the brokerage hosted its first “Rental 911,” where its office located at 100 West 32nd Street remained open for 24 straight hours to help renters review listings, set appointments and complete paperwork in order to secure an apartment.

“There is a low vacancy rate for rental units, and if you wait you could lose,” said Brian Cooper, principal of Mosaic Properties. “We want to do as much as we can to make ourselves available to New Yorkers.”

Mosaic Properties hopes to target the 25-to-40-year-old renter who’s always on the go.

The “Rental 911″ marathons will be held every month, with dates to be announced. “We’ll host the ‘Rental 911′ towards the end of the month, when people are desperate for apartments,” Cooper said.

“The New York City rental market requires hustle — it’s a city where all-nighters are not uncommon,” Cooper said. “It’s very practical for our clients and it also gives the image that we are going to go that extra step.”

Toll Brothers, Cantor Pecorella sales offices face off

It’s a battle of the sales offices on 12th Street and Broadway.

The Toll Brothers marketing office for One Ten Third, a new East Village condo project, has a sales office directly across the street from the sales office for … another East Village development. Cantor Pecorella will open its sales office in early December for the A Building.

Both developments are being marketed as high end, although only the Toll Brothers’ project is a high-rise.

In addition to having sales offices in close proximity, the developments aren’t far from each other. Construction is underway on the 21-story glass tower at 110 Third Avenue and two blocks away is the eight-story glass and terra-cotta A Building, at 425 East 13th Street between First Avenue and Avenue A.

The A Building’s sales office will feature a digital “water” wall, a reference to the building’s rooftop lounge and lap pool.

The face-to-face sales offices are not an issue, says Ariana Meyerson, project manager of the A Building for Cantor Pecorella.

Forging partnerships with Zagat, Sony

Following in the footsteps of condo developers, residential brokerages are linking up with well-known consumer brands.

Last month, the Corcoran Group partnered up with Zagat Survey to provide neighborhood restaurant guides that accompany apartment listings online in what the brokerage calls the first co-branding of its kind.

“We think about what our clients and customers want in their experience,” said Corcoran’s CEO Pamela Liebman. “When they come to our site, they’re able to look at a neighborhood and explore where you can eat.”

Clients searching listings on Corcoran’s Web site can click through to Zagat’s restaurant directory for the neighborhood, which requires a monetary subscription to view ratings and reviews directly.

Another residential brokerage is in talks with Sony to provide gift cards for electronics, though none of the other top residential brokerages have announced co-branding partnerships yet.

“The concept is very interesting. Real estate is really about more than just the property,” said Paul Purcell, co-founder of the real estate consultancy Braddock + Purcell. “The more you can help a consumer to understand what the lifestyle will be, the better.”

The majority of brokerages have school and neighborhood information on their Web sites, which Purcell says is critical to the quality of life.

“But I may not want to buy an apartment and still go on the Corcoran Web site for free Zagat information,” he added. “It increases activity on the web site and by extension increases brand awareness.”

According to Liebman, traffic to the neighborhood section of Corcoran’s Web site has increased, tripling since the Zagat partnership.

Developers of new condos have successfully paired up in the past in an attempt to lend brand awareness to their projects — 20 Pine Street teaming up with Armani/Casa is a notable example — but it remains to be seen whether brokerages will see the same results.

“People tend to be sheep in real estate,” Purcell said. “It’s pretty hard to find new and creative things to do that benefit the consumer. You find one that does and everyone jumps on that.”

Just when you thought iPods had saturated the market, the real estate industry finds a new way to use them.

The Marketing Directors is handing out iPods to deliver video podcasts to brokers about a new condo project on the Upper East Side.

The podcasts will be for the project at 550 East 72nd Street being opened by Miraval, an Arizona-based spa company that plans to bring meditation, mud wraps and massages to the city.

“It’s an interesting way to share info among brokerage firms and teach them about the product,” said Jackie Urgo, executive vice president at the Marketing Directors, which is the sales agent for the project.

Video downloads on the development will circulate to brokerage firms as part of the marketing. “It’s just a vehicle that we are using to present the program to them,” Urgo said. “It’s more interactive than a PowerPoint presentation.”

Of course, brokers don’t mind receiving a free iPod.

Urgo added that if the marketing strategy works well, they plan to use it in other projects, including the Setai Condo development at 40 Broad Street.

A developer has also recently incorporated iPods into his project. Andrew Heiberger, who has been developing the Greenwich Club Residences at 88 Greenwich Street, installed iPod docking stations in all the units.

“It’s unique and necessary,” said Heiberger, founder and CEO of Buttonwood Real Estate. “It’s not gimmicky. It’s an amenity that matters.”

The docking stations not only charge iPods, but attach to two high-end speakers in the kitchen and bathroom.

The Real Deal takes a look back at some of the big stories and trends in New York City this m [more]