The Real Deal New York

For some Manhattan luxury real estate buyers, half a year is better than none. Hotel-condos grow in city” class=”read-more-link”>[more]

With all the fuss over the memorial at the World Trade Center site,
what’s getting overlooked is a tussle over who will develop its pricey
retail components. Who’s minding the stores at new WTC?” class=”read-more-link”>[more]

In 2003, Richard Bassuk, president of Singer and Bassuk Organization, penciled out the costs for a residential project on Fifth Avenue and 26th Street. Construction costs were between $175 and $180 a foot. Steel out, concrete in: construction costs force changes” class=”read-more-link”>[more]

Vacancy rates dropping, rents rising in tightest market in years; how brokers are profiting Rental market roars” class=”read-more-link”>[more]

Record low rates of return seen in some recent deals [more]

Retail nexus for the borough pulls in national chains, new projects — and hopes of higher rents Bronx Hub revival gathers steam” class=”read-more-link”>[more]

The latest trends in NYC retail? Brokers share. Retail Q & A: Whole Foods is hot and Nolita is not” class=”read-more-link”>[more]

Emirate spreading its wealth in Manhattan [more]

Midtown starts summer strong; Midtown South activity uneven; Downtown rents dip Strong job market spurs office leasing” class=”read-more-link”>[more]

In increasingly crowded field of pricey towers, highest combined office and retail costs; ties with GM Building takes lead in commercial rents” class=”read-more-link”>[more]

New York hotels have been a dicier proposition than office buildings in the past, and costs of runni City hotel investors face risks
” class=”read-more-link”>[more]

Developers pushing New York City boundaries as they cash in on room rate boom [more]

Vital Dent to have 25 Manhattan locations by year’s end, but retail rents pose problem Rising rents may cap dental chain’s expansion plans” class=”read-more-link”>[more]

Upper West Side rental on the market
A historic Upper West Side rental apartment building is being marketed for sale. The 12-story, 170-unit Apthorp, which occupies an entire block at 2207 Broadway and 390 West End Avenue, came on the market in May. It could fetch more than $500 million, the New York Sun reported.

Park Avenue office tower could hit the market
The government of Kuwait, which owns the 30-story, 537,000-square-foot office tower at 350 Park Avenue, is expected to put the building on the market, the Sun reported. The building could fetch close to $400 million, or $750 a square foot.

Gramercy Park rental for sale
The Elektra, a 32-story, 116,000-square-foot rental tower on Third Avenue between 22nd and 23rd streets, is on the market and is expected to sell for close to $90 million, or $750 a square foot. Owner Continuum Health Partners will deliver the 166-unit building vacant, according to published reports.

Bids due for One Exchange Place
Bids were due in late May for the 32-story, 295,000-square-foot office tower at 55 Broadway, also known as One Exchange Place. The building is expected to fetch about $80 million, or $271 a square foot, the Sun reported.

Greenpoint development site on the block
The former East River location of the Bulova Corporation at 77 Commercial Street is on the market with an asking price of $61 million, the New York Post reported. The site can be built to 307,000 square feet of residential and retail space on a 107,000-foot plot. It’s next to George Klein’s planned 1-million-square-foot redevelopment of the Lumber Exchange Terminal, which could also have a Manhattan Water Taxi stop. David Junik of Greiner Maltz is marketing the site.

East 29th Street site going for $350 a foot
A residential site at 39 East 29th Street between Madison Avenue and Park Avenue South is expected to sell for between $350 and $400 a square foot, the Post reported. The site, now a vacant lot, has been cleared for a 140,000-square-foot condo building that’s already designed. Woody Heller of Studley is handling the sale for owners Lawrence Ruben Co. and Jonis Realty.

Kabbalah Centre on the market for $42 million
The five-story New York Kabbalah Centre at 155 East 48th Street is on the market for $42 million, the Post reported. It features three three-bedroom apartments, two elevators, a chef’s kitchen, two spas, and a synagogue on the second floor. The Kabbalists bought the building in 1994 for $3.25 million. Avi Voda of Prudential Douglas Elliman is marketing the property.

Downtown Brooklyn development sites on the market
A development site at 107 Lawrence Street that can support 186,000 square feet is on the market for $30 million. Brian Leary and Adam Rosenfield of Massey Knakal are the exclusive marketing and sales agents. Massey Knakal is also selling a development site one block to the south, at 141-145 Lawrence Street, which can support 80,054 square feet. The asking price is $13 million.

Fifth Avenue condo site for sale
The site of 241 Fifth Avenue, which comes with architectural plans for a 20-story condominium, is on the market for $26.5 million. Asher Alcobi and Ami Blashkovsky of Peter Ashe are the exclusive sales agents.

Upper East Side townhouse on the market
Bankrupt art firm Berry-Hill Galleries has put its home at 11 East 70th Street up for sale, the Post reported. Bids were due last month for the 7,000-square-foot limestone townhouse, which has been appraised at $21 million.

Park Avenue townhouse for sale
The five-story, 13,620-square-foot mixed-use townhouse at 821 Park Avenue is on the market with an asking price of $20 million. The elevator building can be kept as a rental or converted. Guthrie Garvin, Tom Gammino and Tim Sheehan of Massey Knakal are the exclusive sales agents.

Midtown East development site on the market
A development site with 50,000 buildable square feet at 227-231 East 44th Street is asking $18 million. The site currently contains a vacant five-story commercial building. Robert Knakal, Clinton Olsen, Jonathan Hageman and Daniel Hagan of Massey Knakal are the exclusive agents.

Fifth Avenue office building to be converted
A 17-story office building at 307 Fifth Avenue and an adjacent parking lot are expected to be sold to a residential developer, the Sun reported.

92nd Street Y selling Steinhardt Building
The 92nd Street Y announced recently that it is selling its five-story, 22,000-square-foot double townhouse at 35 West 67th Street. Brian Gell, Timothy Sheehan, and Edward Midgley of CB Richard Ellis are marketing the property, which was donated in 2001 by philanthropist and Y board member Michael Steinhardt. It was valued at the time at $16 million, the Post reported.

But in the rest of Manhattan’s residential market, things could be better At the top end, it’s not quite as bad” class=”read-more-link”>[more]

Prices have rebounded a bit since last fall’s slump. So why worry? Down doesn’t mean out for Manhattan housing numbers” class=”read-more-link”>[more]

Got a great listing? Got some buyer interest? That’s only half the battle in a slower market. Brokers run extra marketing mile” class=”read-more-link”>[more]

The Real Deal talked with several rental brokers and analyzed data on the Manhattan rental market provided by Citi Habitats, the largest rental firm in Manhattan. [more]

Brokers head to university campuses to drum up business; partner with investment banks Tapping that rental wellspring of college graduates” class=”read-more-link”>[more]

Manhattan apartment rents jumped 4.5 percent in the first part of this year compared to the first half of last year. Midtown East, Chelsea rents rise fastest” class=”read-more-link”>[more]

New York brokers say they’ll keep advertising on the site, but their usage has already dropped [more]

Lori Anne Wardi, an attorney and management consultant, planned to move into the sales side of Manhattan brokering when she joined DJK Residential this spring. [more]

Tri-state area vacation home enclaves see price drops greater than Manhattan [more]

Miami market sees most activity in new investment vehicles based on housing prices [more]

Founder of real estate Web site Trulia says he’s still trying to vault the Corcoran Group hurdle [more]

Savvy Web sites a must, but many face challenge of keeping up with the Internet Joneses; color says Web site design: clicking through to greater recognition” class=”read-more-link”>[more]

Demanding marketing maven moves from top job at group she founded, but remains active Sunshine spreads new rays with talk of think tank” class=”read-more-link”>[more]

As told to Lauren Elkies

[more]

Editor’s note: The Real Deal this month introduces a regular feature called The Closing. It will feature interviews with big players in New York real estate. [more]

Battery Park City
Sites 23 and 24
The Battery Park City Authority last month named Milstein Properties to develop two green condo towers on the last remaining residential site in Battery Park City, located on North End Avenue between Warren and Murray streets. The towers will rise 230 and 320 feet high and total 421 units in 557,500 square feet, the New York Post reported. The average size of the apartments is expected to be 1,140 square feet. Underground parking is also planned. Stan Eckstut of Ehrenkrantz Eckstut & Kuhn is the architect.

College Point
SoundView Pointe
Fifth Avenue and College Place
A private gated community to be developed along the waterfront in College Point, Queens, is open for sales. The eight-acre, 86-unit development is offering townhomes at $875,000 for 3,200 square feet, the Post reported. Jason Halpern is the developer. Pun Yin, a feng shui expert who has worked with Donald Trump, helped design the project. Prudential Douglas Elliman is the exclusive sales and marketing agent. Contact: 718-819-0888, www.soundviewpointe.com.

Flatiron
Infinity Flats
24 East 21st Street
The eight-unit condominium is slated for occupancy in summer 2006. The project’s full-floor units offer more than 4,000 square feet, with prices starting at $4.7 million. Prudential Douglas Elliman is handling sales and marketing. Contact: www.infinityflats.com.

Fort Greene
230 Ashland Place
The Clarett Group recently revealed plans for the 28-story, 288-foot building that will have 108 market-rate condominiums and retail space on the ground floor, the Fort Greene Courier reported. FX Fowle designed the building, which fills a triangular lot and is shaped somewhat like the Flatiron Building. Construction has already begun and completion is expected in summer 2007.

Harlem
111 Central Park North
The Athena Group will start construction this summer on the 19-story, 47-unit condominium complex, GlobeSt.com reported. Hillier Architecture is designing the site. The building will offer two- and three-bedroom units, as well as two four-bedroom penthouses. Underground parking and 9,000 square feet of retail space will also be included in the project. Occupancy is scheduled for fall 2007. Contact: www.111centralparknorth.com.

Harlem
La Casa Brava
232 East 118th Street
The 12-unit condominium is set to be completed in September 2006. Amenities include a roof deck, washer and dryer in each unit, and video intercom. All units on floors two through six will have floor-to-ceiling windows. Prices start at $450,000. Vertical City Realty is the sales and marketing agent. Contact: www.verticalcityrealty.com.

Kew Gardens
Park Lane
116-24 Grosvenor Lane
Denali Properties’ 18-story, 59-unit condominium offers one- and two-bedroom units priced from $337,000 to $745,000. The building has four layouts and four units on each floor. Atlantic Realty Partners is the marketing and sales agent. Contact: 718-683-3105, www.theparklanetower.com.

Lower Manhattan
Tribeca Space
25 Murray Street
The 74-unit combination new construction/conversion opened for sales in April, the Post reported. Amenities include two saunas that can fit four to six people. One- to four-bedrooms range in price from $950,000 to $3.19 million. The Corcoran Group is the marketing and sales agent. Contact: www.tribecaspace.com.

Lower Manhattan
The Frank Gehry-designed tower on the New York University Beekman Downtown Hospital parking lot will be, at 876 feet, the tallest structure in the City Hall area, according to the Post. Forest City Ratner is developing the 75-story mixed-use tower, which will include luxury rentals in the middle of the building and luxury condos on the 37th floor and above. The 1.147-million-square-foot project is being built in the middle of the block bounded by Nassau, Beekman, Spruce and Gold streets.

Midtown
40 West 55th St Street
The 10-story, 35-unit condominium conversion of the Rosario Candela-designed prewar building is open for sales. Sean Johnson designed the interiors. Two-bedroom units range in size from 1,070 to 1,354 square feet and are priced at approximately $1,150 per square foot; 35 percent of the units had been sold as of late May. Halstead Property is the marketing and sales agent. Contact: www.40west55th.com.

Midtown East
441 East 57th Street
Construction of the 15-story, eight-unit condominium has stopped, pending a judge’s decision on whether a wall at the site can be torn down, according to the Post. But Manhattan-based development-and-design firm Flank is going ahead with plans for the project. If a judge gives the go-ahead for construction, sales will start this fall. Contact: www.flankonline.com.

Park Slope
38 Seventh Avenue
Sales began in May for the five-story brownstone condominium conversion. The neo-Greek-style building is offering four units: two duplexes and two floor-throughs. Units range in size from 780 square feet to more than 1,700 square feet and prices range from $795,000 to $1.395 million. Aguayo & Huebener is the marketing and sales agent.

Park Slope
Park Place Condominium
145 Park Place
The 47 units in the eight-story condominium went on sale in June. Earvin “Magic” Johnson’s Canyon-Johnson Urban Funds is the investment group behind the condos, which range in price from $645,000 for a one-bedroom to $1.536 million for a three-bedroom, Crain’s reported. Contact: 718-638-2584, www.parkplacebrooklyn.com.

Sheepshead Bay
The Riviera at Gerritsen Beach
SSJ Development plans 32 single- and two-family townhomes on a three-acre waterfront site, GlobeSt.com reported. The houses will range from in size from 700 to 2,300 square feet and look out on renovated docks, boat slips and a waterfront swimming pool. The developer expects to begin working on the $30 million project in six to nine months and have it completed a year after that.

South Bronx
The Gateway Building
Major Deegan Expressway
Work will begin in August to transform the Gateway Building, abandoned 50 years ago, into 23 units of market-rate and affordable housing, Crain’s reported. The South Bronx Overall Economic Development Corporation is the developer; Curtis + Ginsberg is the architect. The $3.4 million project is expected to take 14 months to complete.

Union Square
8 Union Square South
Michael Shvo is marketing the 14-story, 20-unit condominium, according to The Villager. Two- and three-bedrooms will start at $1.5 million, and completion is expected in two or three months. The ground floor will have commercial space.

Union Square
Union Square Lofts and Union Square Flats
10 East 14th Street and 5 East 13th Street
The buildings, which total seven units, opened for sales in May, the Post reported. Each apartment comes with two or three flat-screen TVs. The units range from 2,131-square-foot two-bedrooms to a 3,687-square-foot four-bedroom penthouse, and are priced from $1.795 to $5.495 million. Prudential Douglas Elliman is the marketing and sales agent. Contact: www.elliman.com.

Williamsburg
Aqua
407 Leonard Street
The seven-story, 55-unit condominium is across the street from the now-empty McCarren Park Pool and is the largest development to date on McCarren Park, according to sales broker aptsandlofts.com. Studios, one- and two-bedroom units are available, as well as one-bedroom duplexes and one- and two-bedroom lofts with 20-foot ceilings; sizes range from 450 to 1,500 square feet. From the third floor up, apartments have views of Manhattan. Andres Escobar designed the interiors. Prices range from $369,000 to almost $1 million. The building was scheduled to open in late June. Contact: www.aquawilliamsburg.com.

Construction Update

Greenpoint
Greenpoint Terminal Market
Joshua Guttman, owner of the factory site gutted by fire in early May, is now free to revive development plans that could transform the 14-acre site into 2.6 million square feet of luxury housing, including a 35-story tower, the New York Times reported. Once demolition permits are obtained for several other parcels and a $2.8 million fine for failing to maintain piers on the property is settled, the project can move forward. A homeless man was indicted last month on charges of arson and burglary in connection with the fire.

Greenwood Heights
614 Seventh Avenue
The city is opposing developer Chaim Nussencweig’s plan for a seven-story condo that some residents fear would block the famed wave between Greenwood Cemetery’s statue of Minerva and the Statue of Liberty. The city Department of Buildings in May said it may revoke a permit for the condo designed by Robert Scarano because of “serious zoning violations,” the New York Daily News reported. If the Building Department rejects the redesign permit, Nussencweig can appeal or revise his plans.

Maspeth
Maspeth Development wants to build 70 housing units on a two-acre site bounded by 57th Drive, 58th Street, 58th Road and Rust Street. A neighborhood group opposes the project because it would involve demolishing the 159-year-old St. Savior’s Church. The group in May obtained a court order temporarily preventing the demolition.

Midtown
220 Central Park South
The Clarett Group plans to demolish the 20-story rental and replace it with a 41-story glass condominium tower designed by Pelli Clark Pelli, the Times reported. Most units in the new building would have park views. The plans still have to be approved by the city’s Buildings Department.

Midtown West
The Link
310 West 52nd Street
Developer Elad Properties and construction manager Tishman Construction Corporation last month topped out the 215-unit, 44-story glass condominium. Construction is scheduled for completion by the first quarter of 2007. Contact: www.thelinkny.com.

Financing

Chelsea
Remy
101 West 24th Street
A joint venture of LCOR Residential LLC and a West Coast pension fund closed on a $203.6-million construction loan for a 204-unit, 323,100-square-foot residential condominium on the site. It is expected to be delivered in 2007. The Singer and Bassuk Organization arranged the transaction.

Lower Manhattan
20 Exchange Place
The city’s Housing Development Corporation approved $210 million in Liberty Bonds for the conversion of the 56-story office building into 366 apartments.

Upper West Side
200 West End Avenue
A joint venture of the Clarett Group, Prudential Real Estate Investors and ING/Clarion has won a $206.5-million loan for the construction of the 27-story, 191-unit luxury condominium, GlobeSt.com reported. The 210,213-square-foot mixed-used project will include a 76-car parking garage and 27,000 square feet of retail space. Hypo Real Estate Capital Corp. secured the financing. No construction timetable has been announced.

Sales Update

Chelsea
Verde Chelsea
125 West 22nd Street
Half of the condominium’s 33 units had sold by early June, within two-and-half weeks of the start of sales. The Corcoran Group is the exclusive marketing and sales agent. Contact: 212-627-1255, www.verdechelsea.com.

Downtown Brooklyn
One Hanson Place
The 189 luxury condominiums being developed in the 512-foot tower of the Williamsburgh Savings Bank went on sale last month for prices ranging from $350,000 to $3 million. The Dermot Company and partner the Canyon-Johnson Urban Funds are converting the 37-story landmarked building. H. Thomas O’Hara is the architect. Units range from one- and two-bedrooms to three-bedroom penthouses. Occupancy is slated for mid-2007. The Corcoran Group is the exclusive sales and marketing firm. Contact: www.onehanson.com.

Downtown Brooklyn
110 Livingston Street
Sales will begin in August at Two Trees Management’s 300-unit condominium conversion, the Times reported. The building, designed by architectural firm McKim, Mead, and White, once housed the New York Board of Education. One- to three-bedroom units, as well as 13 penthouses, are available, with prices ranging from $400,000 to $1.3 million. Occupancy is expected in fall 2006. Contact: www.110livingston.com.

East Village
254 East Second Street
Since the leasing office opened in late March, 15 of the seven-story building’s 47 units have been rented, according to rental agent Core Group Marketing. Rents start at $2,540 for 550-square-foot one-bedrooms and at $3,213 for 771-square-foot three-bedrooms, the Post reported. Contact: www.coregroupmarketing.com.

Flatiron
Altair 20
15 West 20th Street
Sales are under way at Extell Development’s 17-unit condominium conversion. Available units range in size from 2,259 to 2,322 square feet and are priced from $2.2 to $3.025 million, the Post reported. Extell declined to say how many units had been sold since sales opened in November. Contact: www.altairlofts.com.

Harlem
The Langston
68 Bradhurst Avenue
The sales office opened in late May for the 10-story, 180-unit condominium. Two- and three-bedroom units and penthouse duplexes are priced from $625,000 to $1.125 million. Halstead Property is the exclusive marketing and sales agent. Contact: www.thelangston.com.

Upper East Side
823 Park Avenue
Brown Harris Stevens has wrangled the marketing of the condominium conversion from rival Prudential Douglas Elliman, the New York Observer reported. The penthouse could set a Manhattan sales record: It’s listed at $49 million.

Upper East Side
The Stanhope
995 Fifth Avenue
Rumors have been swirling of slow or nonexistent sales for the 27 units in Extell Development’s co-op conversion of the Stanhope Hotel, the Observer reported in May. The 4,118- to 8,360-square-foot units are asking between $10 and $47 million. Upper East Side brokers cite the building’s relatively low nine-foot ceilings, a glut of inventory and high maintenance costs. But Sharon Baum of the Corcoran Group, which is marketing the property, says that contracts have been signed.

Vinegar Hill
99 Gold
99 Gold Street
Sales opened last month for the 88-unit Andres Escobar-designed condominium conversion, where amenities include an indoor basketball court. Prices for the units — 672-square-foot studios to 1,336-square-foot two-bedroom penthouses — start at approximately $370,000. Five duplexes ranging in size from 1,200 to 1,550 square feet will occupy the ground floor. Occupancy is slated for fall 2006. The Developers Group is the exclusive sales and marketing agent. Contact: www.thedevelopersgroup.com.

Development in Brief

Manhattan (from north to south)

10 Mount Morris Park West
The old Parkside Correctional Facility is being converted into condominiums, according to the New Yorker.

100 West 93rd Street
The former Leader House is being converted into condominiums, according to the New York Sun. The 32-story, 279-unit building was built as a Mitchell Lama development in 1972.

1478 Third Avenue
Robert Levine’s RAL Development Services is converting the 17-story, 34-unit rental building, the Sun reported.

240 East 27th Street
Brack Capital bought the 26-story, 324-unit block-front apartment building and plans to convert it into condos, the Post reported.

250 West Street
Elad Properties is in contract for the 371,000-square-foot property and will likely lease it back to Citigroup for about two years while plans for a luxury condo conversion are solidified, according to the Post.

New Developments from Previous Month

Developers pushing New York City boundaries as they cash in on room rate boom Take the A Train — to your Harlem hotel” class=”read-more-link”>[more]

Publicly traded mortgage companies based in city see big drop off amid rising rates New York mortgage REITs not all right” class=”read-more-link”>[more]

Education Department enters lucrative development niche with East Side air rights lease in return fo City goes to school in first air rights deal” class=”read-more-link”>[more]

More views vanishing quickly amidst new development, much to buyers’ chagrin When new condos kill views” class=”read-more-link”>[more]

Most units in Jade Jagger-designed development are studios; size challenge breeds “pod” units [more]

Those who’ve made the switch in New York don’t recommend it unless you’ve got lots of money and even So you’re a broker who wants to be a developer” class=”read-more-link”>[more]

As primary lenders scale back, loans cover remaining project costs; interest rates can reach 25% Mezzanine lenders keep developers in the green” class=”read-more-link”>[more]

In quest to build housing, colleges face space constraints, funding issues and playing nice with neighbors.
Growing student population pressures city campuses” class=”read-more-link”>[more]

William Zeckendorf looks at New York luxury housing through the billion-dollar lens of new 15 Centra [more]

Big new development projects around New York City [more]

Outsized Trump goes boutique in Fort Lauderdale condo-hotel
Pre-construction sales started last month on Trump Las Olas Beach Resort, Donald Trump’s new 100,000-square-foot boutique condominium-hotel. Scheduled for completion in early 2008, the building is located on Fort Lauderdale Beach, just south of the city’s popular Las Olas Boulevard.

The project is Trump’s first boutique condo-hotel. The 12-story resort will have 95 guest rooms with estate-style butler service (whatever that may be), daily housekeeping, concierge service, limousine transportation, and pet sitting and walking services. There will also be a restaurant, fitness center, heated swimming pool, conference centers, and retail space. Deluxe studios, one-, and two-bedrooms range from $500,000 to $3 million.

Hurricane season precipitates insurance crisis for businesses
Florida’s insurance woes are widening to commercial properties, restaurants, shops and office buildings, according to the Miami Herald.

Because of the threat of hurricanes, insurers writing coverage for Florida businesses are backing away from the area, either canceling policies outright or gradually reducing their business in Florida by dropping policies come renewal time.

These cancellations create a problem for recruiters trying to lure companies to a region where other costs of living continue to escalate, the Herald reported. A Miami insurance agent reported that a client couldn’t take on a $14 million shopping center project in Weston, west of Miami, because the client couldn’t get insurance. Insurance experts claim the crisis has moved into a new stage as it is now affecting the real estate market and soon will hurt the state’s overall economy.

South Florida single-family home prices continue 2006 slide
Prices of single-family homes in Miami-Dade, Palm Beach and Broward counties have decreased since the beginning of 2006 as sales volume has plummeted, the Sun-Sentinel reported.

Palm Beach County’s median price of $386,500 in April was down 2 percent from January, while Broward’s median of $360,600 fell 3 percent. Miami-Dade County’s median price of $374,500 also fell slightly since the beginning of the year.

The number of home sales plummeted across South Florida in April 2006 compared to April 2005; sales fell 43 percent in Palm Beach County, 37 percent in Broward County and 31 percent in Miami-Dade.

Palm Beach County pushes massive mixed-use development
Palm Beach County officially signed off in May on plans for a massive mixed-use development, but the project is currently on hold.

The project includes a whopping 10,000 residential units, 2 million square feet of research space, 500,000 square feet of offices, 1.3 million square feet of retail, and a 150-room hotel on the Callery-Judge Grove on the western edge of the county.

Though the county approved a plan that included a development program for the 3,900-acre site, it was held up by the state and has yet to be put into effect. The project is now being considered by the Florida Department of Community Affairs. A decision is expected in the coming month.

Downtown Miami’s Mary Brickell Village gets first tenants
P.F. Chang’s Chinese Bistro and a Regions Bank branch are the first tenants to open in Mary Brickell Village, a 195,000-square-foot commercial project in downtown Miami expected to have over 70 retailers. Starbucks, Enerjuicer juice bar and the La Romainville Bakery are set to open within the next three months, the Miami Herald reported.

Other tenants will fill in as construction finishes, including seafood and Cuban restaurants, a martini bar, a gourmet Publix, a hair salon and Bally’s Total Fitness. There will also be an apartment building with 329 units atop a seven-story parking garage. Units in the 35-story building will sell from $400,000 to $1.2 million. The project is expected to be completed by 2008.

Miami Briefs from Previous Month

New Orleans jazz park a centerpiece of Katrina recovery

New Orleans is edging back from the watery brink. The city plans to revitalize its downtown shopping district and nearby aging government office complex by building a modern, 20-acre, multiuse National Jazz Center and Park adjoining public office buildings, the Times-Picayune newspaper reported. Strategic Hotels & Resorts is coordinating the $715 million project, which started at the beginning of the hurricane season last month.

–
Atlanta

Residential/Commercial
A new mixed-use complex in Atlanta’s Buckhead neighborhood will bring a 60,000-square-foot hotel and a 40-story condo building beside it. Developers purchased the site for the hotel-condo hybrid in 1998 for $2.3 million. The 300 condos will be around 1,500 square feet each and are expected to be ready in 2008, reports Commercial Property News.

Residential/Commercial
A Florida developer plans to build a massive project near Oglethorpe University, MSNBC reported. The $400 million mixed-use center on Peachtree Road will be called Brookhaven Place, and will include 1,200 apartments and townhouses. It will also have 600,000 square feet of retail space, 15 restaurants and a five-story, 150,000-square-foot class A office tower.

Baltimore

Residential/Commercial
There’s been a stall in the redevelopment of the Baltimore business district as disagreements over the so-called superblock project have delayed progress on the west side of the city’s commercial center. The plan called for development of the largest portion of the property into 225 residential units and 64,500 square feet of retail space, according to published reports.

Boston

Commercial
Mayor Thomas Menino’s touted tower in the Financial District is now a $1 billion project, according to the Boston Herald newspaper. The skyscraper is set to go up on the site of a run-down, city-owned parking garage. The 1,000-foot tower, which does not yet have a developer, could contain 2 million to 3 million square feet and cost anywhere from $1 billion to $1.5 billion, the Herald reported.

Chicago

Residential/Commercial
Millennium Park, the two-year-old, $475 million playground at the edge of Lake Michigan, has become one of the city’s biggest tourist attractions, the New York Times reported. The 24.6-acre park, which features architectural designs from Frank Gehry, along with artwork and gardens, has had a huge effect on the surrounding area. In the last five years, the district has become one of Chicago’s hottest residential neighborhoods, with over a dozen projects going up within blocks of the park. According to reports, the park is responsible for roughly $1.4 billion in residential development and has also increased nearby housing values by $100 a square foot.

Residential
A 5-year buying frenzy in the Windy City’s housing market appears to be slowing down, according to real estate brokers. Homes are selling in months, not hours, and prospective buyers are taking their time to make decisions, the Chicago Tribune reported. Inventory of homes on the market has surged even though the volume of sales is on track with last year’s record numbers. In the first four months of 2006, the Chicago-area market took on roughly 97,000 new listings of single-family homes and condos, rising from 83,000 during the same period in 2005.

Houston

Residential/Commercial
A major development of 10,000 homes and a town center is planned on 3,800 acres by Highway 6 in Houston, adjacent to the Sienna Plantation, the Houston Business Journal reported. The project plans include a 38-acre main street blending retail, entertainment, offices, restaurants, and residential units.

Residential
New homes and small neighborhoods now dot formerly forested land along route FM 762 in Fort Bend County, which includes the southwest part of Houston. It’s a sign that growth has pushed beyond the Beltway and into the county, according to the Houston Chronicle. Almost 80 percent of 65,000 home sales in 2005 were outside Texas Freeway Beltway 8. Home values in Fort Bend and Montgomery counties, both containing areas of Houston, are up as well, with the median price per square foot up 3.7 percent in Fort Bend and 4.8 percent in Montgomery County from 2005.

Las Vegas

Commercial
Several casino developers want to enter Las Vegas, but it could be too costly for them, according to recent reports. The $1.9 billion buyout of Aztar Corporation by Columbia Sussex Corp. and the $770 million buyout of the Hard Rock Hotel & Casino by Morgan’s Hotel Group Co. startled other companies looking to head into Las Vegas, Reuters reported. Columbia won the bid for Aztar Corporation, but it could cost them $30 million an acre for just the land — the highest price ever for land that size in Las Vegas.

Residential/Commercial
The $3 billion Las Ramblas project in Las Vegas has been cancelled, according to media reports. The developers of the project, which included The Related Companies, had recruited a star team of architects and Oscar-winner George Clooney as an investor, but will now sell the 25-acre downtown site. Las Ramblas was supposed to include hotels, condominiums and a condominium-hotel.

Los Angeles

Residential/Commercial
More than 6,500 residential units and 32 commercial projects and public facilities have been rehabilitated or newly built in downtown Los Angeles in the past few years, according to media reports. More than 100 mixed-use projects are under construction, with $12 billion already invested. Another 6,600 residential units are also under construction, with an additional 5,700 planned.

Philadelphia

Commercial
Several years ago, the city took over the former Philadelphia Naval Shipyard, a sizable parcel of land just off Center City, but redevelopment has only just begun for the massive project. The New York Times reported that the site requires million of dollars in improvements, but will create about $2 billion in private investment. More than 70 businesses, with 7,000 employees, have already moved in. Most recently, the high-profile retail store Urban Outfitters, founded in Philadelphia in 1970, announced it would move all of its 650 headquarters employees there.

Commercial
In Wilmington, Del., just 30 miles south of Philadelphia, there’s an office glut in the making. Four office buildings are under construction despite the recent weak ranking of Wilmington’s downtown office market among 46 U.S. city-center business districts. Adding an estimated 927,000 square feet, the four buildings have over two-thirds of the space pre-leased. However, smaller markets like Wilmington can be more volatile, as new buildings more easily create gluts. In recent reports, the Wilmington region’s suburban office market tied with Las Vegas’ suburbs as the weakest in the country out of 52 markets.

San Francisco

Residential/Commercial
Rincon Center in San Francisco, which contains two office buildings and a residential tower, was recently purchased by Beacon Capital Partners. The investment firm has agreed to buy the property from the Blackstone Group for about $275 million, according to Commercial Property News. Beacon plans to convert the 22-story residential section of Rincon Center into condominiums.

Tempe

Residential/Commercial
Arizona State University, working with a private developer, will develop a 1.5 million-square-foot mixed-use project set to be completed in January 2007. The property will be the centerpiece of downtown Tempe, featuring 240,000 square feet of office space in the 12-story structure, with a 30-story hotel building and a 23-story residential tower for the students, according to Commercial Property News. The project is also expected to create 1,500 jobs.

Washington, D.C.

Residential
Housing costs are soaring in the Washington, D.C., area, pricing many prospective newcomers out of the market and pressuring current residents to consider moving out, as landlords raise rents and starter homes become too expensive. Washington posted the sixth-fastest increase in prices from 2000 to 2005, which outpaced even New York and San Francisco, and is now labeled as one of the most “painfully expensive” housing markets in the country, the Houston Chronicle reported. A large segment of Washington’s population is vulnerable to rising prices, with about 19 percent of its residents living at or below the poverty level in 2004, the fourth-highest rate among the states and the District.

Residential/Commercial
The City Council recently approved $2 billion in revitalization efforts in the Anacostia riverfront area of southeast Washington, D.C., GlobeSt.com reported. The funds include financing for the development of a $550 million Convention Center Headquarters Hotel and $88 million in infrastructure costs related to the Southeast Federal Center Development. That 5.3-million-square-foot, mixed-use development is supposed to include 2,700 units of residential housing, 1.8 million square feet of office space, up to 400,000 square feet of retail space, a new park and a riverfront esplanade.

Higher rates dampen second home market in Florida; new legislation should reduce coverage [more]

Single-family homes and generations of families predominate in Queens enclave; battles over developm Bargains in middle-class Maspeth” class=”read-more-link”>[more]

Condo development boom helps spur rising retail rents as art world hub expands north and east Galleries find space crunch in Chelsea” class=”read-more-link”>[more]

Usually, when the city plans a $66 million project to revive a neighborhood, it’s not criticized as too anemic.
[more]

Condo, office development dotting St. George St. George: in the ferry’s wake” class=”read-more-link”>[more]

Resentment lingers in Bronx neighborhood as homeowners adjust to fresh property rules [more]

City expected to quickly end 421b tax break for home building, while condo tax break gets study Staten Island vs. Manhattan in abatements battle” class=”read-more-link”>[more]

Ad firm sues for sublet space

Ground Zero Advertising, a California-based advertising group that enlisted CB Richard Ellis to find office space in New York, is now suing the commercial brokerage after they were unable to find subtenants for the space they leased.

The multimillion dollar case, which will be tried in New York Civil Supreme Court, revolves around claims that CBRE misrepresented its ability to sublet a building that Ground Zero leased.

The two parties began their relationship in 1999 when, according to Ground Zero (whose name is unrelated to the September 11 attacks), the company was looking to open a small office of 3,000 to 4,000 square feet in New York.

CBRE showed Ground Zero a 45,000-square-foot building at 430 West 14th Street that was available to only one lessee. Ground Zero claims CBRE assured them that it was an ideal space to sublet and CBRE knew of clients who would be interested. CBRE denies that it made any misrepresentations.

From September of 2000 to September of 2001, Ground Zero made renovations to the property under the impression that this would help secure subtenants. When, by September 2001, CBRE still had not produced any interested parties, Ground Zero breached their lease agreement because they could no longer afford the rent, according to court documents.

Ground Zero claims that it is owed millions of dollars in losses because it leased the building under the impression that CBRE would broker deals with parties interested in subletting a floor of the building.

CBRE’s lawyer, Joel Haims, claims that his client “didn’t make those representations,” and that the costs incurred by Ground Zero are their own responsibility.

Haims claims that “Ground Zero knew what they were doing” and that CBRE is not at fault.

The case is still in discovery, and although the matter is being handled in a New York court, an order was issued in May to allow witnesses to give depositions in California State Court.

Essex House commission flap

The owner of an apartment in the Essex House at 160 Central Park South is being sued by residential brokerage BP Vance for lost commission.

BP Vance claims that it is owed commission for a deal it brokered between David Tamir, who was selling the property, and a buyer brought to him by BP Vance.

In June 2005, the deal fell through after Tamir rescinded his acceptance of an offer brought to him by BP Vance, which was for the full asking price of $2.55 million, according to court documents.

BP Vance believes that it is entitled to $76,500, the commission it would have earned had the deal gone through at $2.55 million.

Adam Leitman Bailey, attorney for BP Vance, believes that the law is on his side, despite not having a written agreement for the sale of the apartment.

According to Bailey, the law generally requires written agreements, but one exception is that brokers can enter into binding oral agreements with sellers about commission.

Although an oral agreement between a buyer and a seller would not be legally binding, an oral agreement between the seller and a broker is, Bailey maintained.

In addition, Bailey argues, a broker who presents the seller with a ready, willing and able buyer on the seller’s terms has earned commission.

Last month, out of concern that Tamir would leave the country for Israel, attorneys for BP Vance argued a motion to require Tamir to put $76,000 in escrow if Tamir sells the apartment.

Tamir’s lawyers declined to comment on the case.

Disagreement over whether rooms with lot line windows can really be bedrooms; designer Rowley also sued. Condo owners sue Corcoran over bedroom confusion” class=”read-more-link”>[more]

Jessica Lappin, the City Council’s point woman on landmarks, explains the difference between landmar [more]

High-rises may be nixed on upper Upper West Side
Any plans for building high-rises on the upper Upper West Side may be stopped by an effort to rezone a stretch of the neighborhood. The local community board voted last month to prevent any developers from building above 125 feet on Broadway and above 75 feet on other streets in an area bounded by 97th and 110th streets and Riverside Drive and Central Park West, the New York Sun reported.

Manhattan DA investigating major landlord
A major city landlord accused of using aggressive methods to evict rent-stabilized tenants is now being investigated by the Manhattan district attorney, the New York Daily News reported. District Attorney Robert Morgenthau’s office subpoenaed housing records that the Pinnacle Group filed with the state’s Division of Housing and Community Renewal.

Commission OKs Queens inclusionary housing
The city Planning Commission recently approved the first inclusionary housing program in Queens, the Daily News reported. It comes as part of a proposed rezoning of about 130 blocks in Maspeth and Woodside that would allow developers to build bigger along part of Queens Boulevard so long as they provide affordable housing.

Battery Park Authority reaches east
The Battery Park City Authority wants to expand its reach eastward to the Greenwich Street South project to add parks and better walkways to the area, the Downtown Express reported. The state-funded project has been stalled financially since Gov. Pataki last year set aside $80 million for it.

City, state at loggerheads on Moynihan hub
A brouhaha between the state and the city is apparently breaking out over the proposal to turn the Farley Post Office into the Moynihan transit hub, the New York Observer reported. The state wants to start construction on the station by the end of the year. But the city wants to wait until two of New York’s largest real estate developers, Vornado Realty Trust and the Related Companies, complete a deal to move Madison Square Garden into a new arena space taking up the western half of the Farley site.

Columbia wants rezoning for Harlem moves
Columbia University is asking the city for a special rezoning to nudge further into Harlem, according to the Village Voice. The university wants to add nearly 7 million square feet of offices, research space and school housing on 18 acres roughly north of 125th Street and just east of 12th Avenue.

Public school could be part of WTC site
In response to a surge in families moving Downtown, the city is considering opening a public school in one of the new World Trade Center site towers, the New York Post reported. A proposal calls for an intermediate school in Tower 5, which will go up a block south of the main World Trade Center campus, where the Deutsche Bank building now stands.

Fulton Transit Center plans scaled back
Plans for the Fulton Transit Center in Lower Manhattan are being scaled back as the costs for demolishing buildings to make room for the project rise, the Daily News reported. The price tag now to acquire and demolish buildings for the transit center will be about $40 million higher than previously anticipated, according to officials from the Metropolitan Transportation Authority. Also, the center won’t be completed until at least June 2009, about two years later than previously planned.

Central Park goes wireless
Parks Department officials plan to have Central Park ready for wireless Internet access by the end of July, the Post reported. Every other city park will get the technology by the end of the summer.

City seeks proposals for West Side piers
The New York City Economic Development Corporation is requesting proposals for the lease and redevelopment of Piers 92 and 94 and their adjacent upland areas as a mid-sized trade-show facility. The piers are located between West 51st and 54th streets.

Midwest could be the next hot U.S. housing market as East and West coasts fade Ken Harney – For next boom, head to the heartland” class=”read-more-link”>[more]

Study finds payment-option loan borrowers tend to have below-average credit scores and often earn le Ken Harney – Risky mortgages, riskier borrowers” class=”read-more-link”>[more]

A story in the June issue, “Lenders increasingly skittish about New York condo development,” misstated the title of Mark Cohen. He is senior director at CBRE/Melody.

A story in the June issue, “Debate on tax break program still under wraps,” omitted a member of the city’s 421a task force. She is Emily Youssouf, president of the New York City Housing Development Corporation.

A story in the June issue, “Condos in the Country,” misstated the price of units at the Parc West in Newark. They are priced from $144,900 to $299,000.

iPads introduced in Britain
British developer Barratt Developments has launched a new building campaign targeted at first-time buyers: the iPad. Barratt plans to build 1,000 iPads a year on suburban and rural sites across Britain for prices that start at just 85,000 ($155,500). The flats are a meager 380 square feet, but are competitively priced and appeal to a specific segment of the market, according to the Telegraph. The iPad, meant to appeal to young homebuyers and university students, could catch Apple Computer’s eye before it gets a big following with buyers. Apple has plenty of practice defending its trademarks, most recently resolving a legal dispute with the Beatles over the Apple name.

Does a World Cup win help real estate score?
Winning soccer’s World Cup may give a temporary boost to the champion nation’s real estate market. According to a report released last month by Jones Lang LaSalle, an analysis of World Cup winners between 1980 and 2005 showed “no immediate relationship between success on the field and real estate performance.” However, the report did mention short-term effects of a World Cup win on real estate. The report notes that after wins in 1966, 1974 and 1998 property markets in England, Germany and France “seemingly benefited” and that, 75 percent of the time, runner-up nations saw a short-term increase in rental growth and returns.

Port warehouses becoming attractive
Investors are turning their attention to warehouse properties at ports all over the globe. As cargo traffic increases and with the possibility that the United States will start inspecting more containers, port-side property has become more appealing to investors. According to the International Herald Tribune, cargo traffic was up 52 percent worldwide between 2000 and 2005. Although the increase can largely be attributed to Chinese exports, port traffic has increased in many parts of the world, spurring the need for more warehouses and distribution centers at ports all over the globe.

REIT-like investments grow abroad
The introduction of REIT-like investments is spreading. French regulators are getting ready to OK the launch of the country’s own version of real estate investment trusts, called Organismes de Placement Collectif Immobilier (OPCIs). Pakistan recently announced it will allow REITs to operate in September, and the Israeli financial services industry just introduced a similar type of investment instrument.

The Israeli REIT, or Keren (Hebrew for “fund”), is similar to U.S. REITs in that it sells shares backed by other less liquid investments, such as property or mortgage securities, but is required to invest at least 75 percent of its portfolio in Israeli real estate and must be listed on the Tel Aviv Stock Exchange. The French National Assembly is currently debating tax rules for the OPCIs, and the hope is to have the first OPCI operating by the end of the year. In Pakistan, where REIT laws are awaiting approval from the Finance Ministry, it is expected that six REITs will be operational within a year.

Boymelgreen, Leviev split after five years and five million sf of condos [more]

A firm known mostly for rentals reached over to sales brokering behemoth the Corcoran Group for its third director of sales.

Marc S. Lawrence, 37, a former Corcoran vice president, was tapped last month by City Connections to lead what its CEO and founder hopes is an expanding sales operation.

“I’ve been looking for a well-known and respected sales manager for over a year,” said David Schlamm, City Connections’ founder. “I have literally met with at least 40 people from various firms. Finally, after meeting and interviewing Marc Lawrence, I knew I’d found someone who could lead our firm to the next level.”

It may be an uphill climb.

City Connections has a vibrant rental brokering operation, but not much of a sales side compared to larger firms. City Connections currently has 15 brokers who handle sales, some of whom also do rentals, Lawrence said. That relatively low number (by contrast, Corcoran has more than 800 agents in Manhattan) may actually be a boon to City Connections, Lawrence said.

“What I’ve found with the big brands is that they sometimes cater to the top of the food chain,” said Lawrence. He said top brokers at bigger firms often get more resources than other brokers, and that a sales broker might find more attention at City Connections than a larger firm.

That may be Lawrence’s biggest challenge in his new role: He must convince brokers that a firm with a strong rental reputation is good for brokering sales as well. He plans to do that in part by touting City Connections’ unusual (for Manhattan, at least) commission split. Brokers get 90 percent of a commission, rather than kicking back the traditional half to the firm; they do have to rent desks and services from City Connections.

“If I can get the word out to sales brokers that there is a possibility to make more money in this business model,” Lawrence said, “then I can convince them they can really build a better business for themselves.”

Lawrence, a real estate attorney before his stint at Corcoran, has very lofty goals. He said he hopes to grow City Connections’ sales brokering ranks to 350 agents.

The still burgeoning Brooklyn real estate market has lured a big national investment brokerage across the East River for the first time.

In late May, Encino, Calif.-based Marcus & Millichap opened a temporary office at 32 Court Street on the border of Brooklyn Heights and Cobble Hill. The firm plans to move to a more permanent home nearby by the fall.

The move was a natural one for Marcus & Millichap, according to the head of the new office, regional manager Charles Blessing.

The firm has 65 agents working out of its Midtown Manhattan office. Many are doing business in Brooklyn, Blessing said. In early June, the Brooklyn office had around 10 agents, most of them new and in training.

“We see attractive opportunities for business in Brooklyn,” said Blessing, who has been with the company since 2002.

While its presence in New York isn’t huge, Marcus & Millichap is one of the larger real estate investment brokerages in the nation, with 1,000 agents in more than 50 offices in the U.S.

Trizec Properties sold for $8.9 billion
Brookfield Properties and the Blackstone Group acquired Trizec Properties last month. The firms bought the commercial REIT, whose Manhattan properties include the Grace Building and One New York Plaza, for $8.9 billion.

Realogy becomes Cendant spin-off
Cendant, corporate parent of residential brokerages like the Corcoran Group and Sotheby’s International, will be gone by October, following a spin-off of its businesses. The first to spin off were Cendant’s real estate businesses, which fall under the umbrella of a new company called Realogy that started last month.

Two boutique brokerages merge
Two boutique residential brokerages in Manhattan have announced a merger. Barak Realty will absorb the Magnolia Group, forming a firm of 23 brokers. The former Magnolia Group brokers will be based out of Barak’s current West 72nd Street office, and Magnolia Group owner and founder Maggie Ocampo will be a vice president at Barak.

Extell partners with Kidville
Kidville NY recently signed a $500,000 deal with Extell Development Corporation, the New York Post reported. The partnership will give residents at Extell’s two latest buildings — the Rushmore at Riverside Boulevard and 64th Street and a yet-to-be-named development at 85th Street and Lexington Avenue — free membership at Kidville’s two locations on the Upper East Side and Upper West Side. Kidville will also design children’s playrooms in the Extell buildings.

Joint venture targets rent-stabilized buildings
Principal Real Estate Investors and the Dermot Company last month announced a joint venture focused on the acquisition of rent-stabilized apartments in the five boroughs. The venture, arranged by Sonnenblick-Goldman, has made an initial commitment of $100 million in equity and intends to acquire approximately $300 million in properties in the near term.

Title insurance company launches commercial division
The Judicial Title Insurance Agency announced last month that it has established a division to focus on title insurance for commercial transactions. The commercial division, which handles title insurance on multifamily apartment buildings and on office, retail and industrial properties, is based in the firm’s Manhattan office.

New venture to focus on hotel acquisition and development
Dallas-based JMJ Holdings recently announced the launch of a New York-based hotel acquisition and development division, JMJ Hospitality, which will seek to acquire and develop luxury hotels, resorts and branded residences globally. To launch this new subsidiary JMJ Holdings acquired boutique hospitality consultancy the Knable Group. Christopher Knable, formerly principal and managing director of the Knable Group, will now lead JMJ Hospitality as president and managing director.

ForSaleByOwner.com — sold
The Tribune Company announced that its online subsidiary had acquired real estate listings Web site ForSaleByOwner.com in late May. The subsidiary manages online operations for the company’s newspapers including the Chicago Tribune, the Los Angeles Times, the Baltimore Sun and Newsday on Long Island.

PropertyShark.com expands with new appointments
Real estate investment data site PropertyShark.com added two members to its management team in the first half of 2006, according to a release. Bill Staniford joined as vice president of sales, and Brian Scully joined as vice president of marketing.

Residential

Brown Harris Stevens
Haley Coward joined as associate broker.

The Corcoran Group
Karolyn Massey was promoted to vice president and director of finance from controller.

The Manhattan Mortgage Company
Martin Hale rejoined as an account executive.

Prudential Douglas Elliman
Robert Manzari and Bonnie McCartney joined the firm.

The Real Estate Group NY
Alex Cho joined as senior sales and rental agent.

Commercial

The Athena Group
Lee Saltzman joined as chief operating officer. Ellen Cheng joined as senior vice president of development.

Broad Street Development
Justin Pollack was appointed controller. David Israni joined as associate managing director.

CB Richard Ellis
Michael Geoghegan, John Nugent, William Shanahan, Darcy Stacom and Gregory Tosko were promoted to vice chairman.

Cushman & Wakefield
Ron Whitley was named chief diversity officer. Frank Liantonio was named head of U.S. Capital Transaction Services.

GVA Williams
Richard Cohan joined as senior managing director. Adam Zeiberg joined as senior managing director.

Ian Schrager Company
Mitchell Hochberg was appointed president and chief operating officer. Michael Overington was appointed vice chairman.

Monday Properties
Craig Panzirer joined as director of New York leasing.

Robert K. Futterman & Associates
Karen Bellantoni was promoted to senior vice president from senior managing director.

Studley
Steven Coutts joined as senior vice president of national research services.

Swig Equities
Steven Kirschenbaum was named chief administrative officer. Todd Korren was promoted to director of commercial leasing and operations.

Trammell Crow
Dirk Hrobsky and Chris Helgesen were promoted to senior vice president.

From another kitchen to yours — the art of building recycling [more]

From Williamsburg to other parts of Williamsburg, hipsters mobilize on rent
The hipsters are mad as hell about higher rents, and they’re not going to take it anymore. This email made the rounds in early June, according to Curbed.com:

“Are you a hipster? Do you pay too much in rent? Did you know that nearly one-third of NYC tenants pay half of their incomes in rent?… How many times have you been forced to leave an apartment because of an unexpected and arbitrary 30 percent jump in rent? How much longer can you not break up with your boyfriend, who you’ve been living with to cut your housing expenses in half? How much further out on the L train can you go?”

If you answered yes to most of these questions, you presumably qualify as a hipster — one being sought out to help fight the very real reality of rising New York City rents. The email asked hipsters to attend a meeting on fair rent laws hosted by tenant advocacy group Housing Here & Now.

Brokers see the devil, condos discussed
The owner of 16 condo-hotel units in the St. Regis Hotel took a novel approach recently to selling them. In late May, a half-dozen guests, all brokers, were invited to a private screening of “The Devil Wears Prada” with the movie’s star, Meryl Streep, according to the Wall Street Journal. The brokers then went on to dinner and a charity auction of clothing worn in the movie, which is based on the best-selling book. The screening cost Starwood Resorts Worldwide, the St. Regis’ owner, about $200,000 — not a bad return, considering the typical sales price of a Manhattan condo.

Finding the right kind of people — subtly — for the upper Upper West Side
Getting new condos to stand out in Manhattan is no simple task. Everyone does the top-notch amenities. More and more hit the market with a celebrity name or names attached (see above item). And all sell for prices that let everyone know a buyer is someone with huge chunks of change to spend on housing.

So, what’s a developer do to stand out? How about bringing children and cartoons into the marketing mix and directly playing to the socioeconomic aspirations of young couples? Extell Development Corporation has done just that to tout its new Ariel East and West condos on Broadway at 100th and 99th streets. The developer created two fake families through cartoons.

One cartoon features the Silver family, a compact unit of twin toddlers and two parents.

“The twins,” the mom says, “just got into every school from the park to the river. Where should we send them, Alan?” The dad tells his wife that “with an IQ of 150,” their children should be fast-tracked to college.

The cartoons have elicited some strong emotions (and, for better or worse, PR for Extell’s Ariel). “Truly one of the more obnoxious adverts ever seen,” wrote an anonymous critic on Curbed.com in June. “This says everything about the gentrification of the Upper Upper Upper West Side.”