Page 4 - CooperatorNews NY April 2021

4 COOPERATORNEWS — APRIL 2021 COOPERATORNEWS.COM PULSE Industry Pulse Events CooperatorNews Presents FREE Webi- nars—a Valuable Resource for Boards and Managers at CooperatorNews.com/events CooperatorNews, a Yale Robbins Pub- lishing publication, has been a resource for the boards, managers, and residents of co-ops, condos, and HOAs for nearly two decades, both in print and online—and we are pleased to provide another platform in our toolkit: Cooperator Events, a series of FREE educational ‘town-hall’ style webi- nars, sponsored by leaders in the multi- family industry and focusing on issues and challenges facing today’s boards. We have assembled expert panels on everything from legal questions around the COVID-19 pan- demic to optimizing your insurance cover- age to disinfecting your community’s pool. Registration and attendance are FREE to all—just visit CooperatorNews.com/events, choose the webinar you’d like to attend, and sign up. It’s that simple. You’ll get an email link and reminders for the event, and will have the opportunity to submit questions for the panelists before AND during the webinar itself. Past events are archived and available on-demand at CooperatorNews. com/events. Serving on your board is a big job, and a big responsibility, but sound, timely advice from industry veterans can help lighten the load and make your building or association run more smoothly. We’re committed to helping you achieve that, and look forward to ‘seeing’ you at an upcoming webinar! Insurance Mackoul Becomes Insurance Broker for Carnegie Hill Condo Mackoul Risk Solutions—an insurance agency that specializes in co-op and con- dominium insurance in Manhattan, New Jersey, and Long Island—informs Coopera- torNews that it was chosen as the insurance broker for an Upper East Side condo effec- tive December 1, 2020. Located on a quiet, tree-lined street in the Carnegie Hill neighborhood, the brick and limestone building is equipped with a geothermal well for primary heating and cooling, energy-efficient insulation, me- chanical and electrical codes that surpass environmental standards, low emission paint and solvents, and a collected rainwa- ter system for private garden irrigation. The condo additionally offers a number of ame- nities to residents including a fitness center, a children’s playroom, private storage, and private wine-coolers for each residence. Greg Mackoul, the company’s business development specialist, says of the acquisi- tion, “We’re excited to expand our portfolio with Choice New York Management and continue our successful working relation- ship with the board.” Real Estate & Development Closings Begin at Central Park Tower According to a press release from Extell Development Company, Central Park Tow- er—currently the world’s tallest residential building—has commenced closings at its 1,550-foot-tall condo. The 179 two- to eight- bedroom residences begin on the 32nd floor and range in size from 1,435 square feet to over 17,500 square feet. “Now that closings have commenced,” says Gary Barnett, Extell’s founder and chairman, “residents will be able to experi- ence the outstanding quality and unique lifestyle that is offered at Central Park Tower. With first-class product and excep- tional pricing that speaks to today’s market, Central Park Tower is the very best you can buy on Central Park. There is truly no other building like it.” The building, designed by Adrian Smith + Gordon Gill Architecture (AS+GG), was recently awarded the 2021 Award of Excel- lence by the Council on Tall Buildings and Urban Habitat (CTBUH) as “The Best Tall Building 400 meters and above,” notes the release. The building features a 50,000-square- foot private club, Central Park Club, offer- ing luxury amenities spread across three floors, including the 100th Floor—making it the highest private residential club in the world. Additional amenities include an ex- pansive outdoor terrace with a swimming pool and cabanas for entertaining; a pri- vate screening room, residents’ lounge, and tween game lounge on the 14th floor; and a full floor of fitness and wellness amenities, including a state-of-the-art gym, training room, squash/basketball court, spa treat- ment room, and more on the 16th floor. The building has two entrances: a dedicated pri- vate residential lobby on 57th Street, and a discreet, gated valet entrance on 58th Street. Residents of Central Park Tower also get special access to the flagship Nordstrom store at its base, including exclusive in-res- idence and in-store programming, the re- lease states. Extell Marketing Group and Corcoran Sunshine Marketing Group are the exclusive sales and marketing agents for Central Park Tower. Pricing for current availability starts at $6.5 million. New York’s Housing Market Heats Up After a strong January and February, real estate demand in New York City, par- ticularly in Manhattan, Brooklyn, and parts of Queens, is seeing a surge as we enter the spring months. According to Mansion Global, new signed contracts for Manhattan co-ops nearly doubled in February from the prior year, rising 87.2%; deals for condominiums in the borough rose 55.1% for the same time period. “February was better than Decem- ber and January combined,” said Steven James, president and CEO of Douglas Elli- man in New York City. James cites pricing as the prime driver of the surge, noting that sellers adjusted asking prices at the end of the year to be more in line with reductions that buyers expected in the wake of the coronavirus pandemic, among other factors. “There’s more poten- tial for deals,” says James, which has inspired purchasers to look at Manhattan when they otherwise might have been confined to markets like Westchester County or Long Island. “But,” he adds, “that window is clos- ing” as inventory reduces and pandemic pandemonium eases. By the beginning of the third quarter, James expects that such opportunities will be few and far between. Meanwhile, Bloomberg indicates that the New York market is also being influenced by a shift in the condo construction boom that defined the last decade. The outlet estimates that more than 15,000 luxury condo units remain unsold across 900 projects, largely in Manhattan, with a total listed value of $45 billion, according to real estate data provid- er Marketproof Inc. Such a glut is being chipped away by re- cent interest in bulk deals, where investors offer to purchase a chunk of unsold invento- ry at a discount. In other instances, lenders are opting to foreclose on distressed proj- ects, leaving pricing of unsold units at the mercy of the banks that are eager to offload them. Other developers are reducing pric- ing themselves in response to these trends— and are finally finding buyers as a result. The upshot is that as new inventory re- duces and prices fall in line with the market, the city will be positioned for continued ro- bust sales activity. Garrett Derderian, direc- tor of market analysis at property guru SER- HANT., explains that “across Manhattan, Brooklyn, and Long Island City, the number of contracts signed to-date in 2021 is up 17.7% from this time last year. The New York City housing market is slowly beginning to resemble the real estate market for the coun- try at large, which is incredibly strong with low inventory and high demand. While in- ventory is still relatively high in the city, is it beginning to be absorbed at a steadier pace. The increase in market activity began to emerge from the time Biden was elected in November to the announcement of the first viable vaccine for COVID-19.” Heading into the normally robust spring real estate season bolstered by a new admin- istration, ramped up vaccine distribution, and favorable market conditions will likely incite buyers to once again see the city as a viable and valuable place for investing in a home. Law & Legislation Cozen Consolidates at 3 World Trade Law firm Cozen O’Connor announces that it is combining its two New York City offices, previously located at 45 Broadway and 277 Park Avenue, to the 55th and 56th floors of 3 World Trade Center in down- town Manhattan. The firm has signed a 15- year lease for more than 77,000 square feet at the LEED Gold-certified building, high- lighting the significant growth the firm has experienced in many of its practice groups, including corporate, commercial litigation, labor and employment, and real estate. “This is such a tremendous opportunity to unite the entire Cozen O’Connor New York City office in a stunning, state of the art space that has absolutely transformed downtown Manhattan,” says Executive Chairman and Chief Executive Officer of Cozen O’Connor Michael J. Heller. “Finding a home that would provide room for expan- sion, as well as the safety and security our clients have come to expect was our number one goal.” Jessica Lappin, president of the Alli- ance for Downtown New York, says, “We are thrilled that Cozen O’Connor has se- lected Lower Manhattan to consolidate its New York operations. We look forward to welcoming Cozen O’Connor’s staff and cli- ents to their new home and the rich busi- ness, dining, and shopping options that our neighborhood provides.” Michael C. Schmidt, co-office manag- ing partner of Cozen O’Connor’s New York Office, says, “We are truly excited about the ability to service all of our client’s needs across the spectrum of services we offer from one pristine location. Naturally, to best serve our clients throughout the city, we will also maintain a conference center with guest offices at 100 Park Avenue in Midtown, which will be staffed by Cozen O’Connor employees.” Appellate Allows 200 Amsterdam to Retain Height According to a press release from law firm Zetlin & De Chiara LLP, a condo- minium building being developed at 200 Amsterdam Avenue in Manhattan does not need to be truncated. A New York State Ap- pellate Court has overturned a lower court ruling that determined that the 55-story building needed to eliminate an unspecified numbr of floors. continued on page 13