Page 4 - The NY Cooperator August 2019

Every Tuesday NYC DOB: Homeowners Night Brooklyn, Bronx, Manhattan, Queens or Staten Island Borough Office 4:00 p.m. - 7:00 p.m. If you are a homeowner, tenant, small busi- ness owner or building manager, you are encouraged to visit your local borough office, where Department of Buildings staff can answer your questions and provide the information you need. Permits, construc- tion codes, zoning regulations, sign offs, certificates of occupancy, place of assembly, equipment installations, violations, and civil penalties are just a few of the things the staff can assist you with. The department’s plan examiners, inspectors and staff are there to help you build and live safely in New York City – no appointment needed. For infor- mation, contact your local borough office or visit www1.nyc.gov/site/buildings/home- owner/homeowner.page. Wed., August 14, 2019 CAI-Hudson Valley: Open House Westchester Marriott 670 White Plains Rd., Tarrytown, NY 9:00 a.m. - 11:00 a.m. Homewood Suites by Hilton Newburgh- Stewart Airport 180 Breunig Rd, New Windsor, NY 1:00 p.m. - 3:00 p.m. Debate topics (subject to change): 1) Should boards always show a ‘united front’ at resi- dent meetings or do residents have the right to know what board members believe in regard to all items? 2) Do pets add value to an association, and if so, is it worth it? No charge, visit www.cai-hvny.org. Thursday, August 15, 2019 Bisnow: Bronx State of the Market Location TBD 7:30 a.m. - 11:00 a.m. The Bronx is no longer the development secret of New York City and recent home sales confirm this: The borough still con- tinues to be a crucial affordable housing destination for low-to-middle income resi- dents as elected officials make efforts to curb rising rental costs. How will developers and CRE professionals forecast the impact of an impending rent regulation battle-ground and these complex factors? Find out how at Bisnow’s Bronx State of the Market! For information, visit www.bisnow.com. CAL EN D AR Industry Pulse Transactions Report: $85M Penthouse That Comes with a Trip to Space Is Now Unlisted It sounded too good to be true when it was first publicized last year: buy an $85 million Manhattan penthouse condo, and you’ll get two Rolls Royces and a trip to space as perks. Now it turns out those perks might’ve been just wish- ful thinking. The New York Post reported that the aforementioned apartment at the Atelier building on West 42nd Street was taken off the market by its owner, broker Daniel Neiditch. As reported in 2018, the listing described the pent- house as a 15,000-square-foot duplex. In addi- tion to the Rolls Royces and a pair of seats for a Virgin Galactic space trip, other incentives that came with the apartment included season tick- ets to Brooklyn Nets games; a butler; and weekly dinners at chef Daniel Boulud’s Manhattan res- taurant. But now plans for the penthouse’s sale appear to have been scuttled. According to the Post, the penthouse is actually made up of 12 separate and occupied apartments. The paper alleged, citing real estate experts, that the list- ing on StreetEasy was intended to draw buy- ers’ attention to the Atelier’s “lesser units” and enhance the building’s stature. Curbed reported that the listing had not appeared on StreetEasy for the last couple of days. Waldorf-Astoria to Launch Condo Sales Following its much-publicized hotel-to-con- do conversion, the famed Waldorf-Astoria will launch condo sales in the fall, Curbed reported. Developer Anbang bought the hotel about five years ago for $2 billion and closed the hotel for the conversion. Domestic sales for the 375 con- dos (under the new project name of The Towers of Waldorf-Astoria, will be handled by Douglas Elliman Development Marketing. Additionally, the Waldorf will have 350 renovated hotel rooms when it reopens in 2021. Prices for the condos have not been publicized yet. J-Lo and A-Rod Sell Park Ave. Condo for $17.5M Celebrity power couple Jennifer Lopez and Alex Rodriguez landed a buyer for their $17.5 million Park Avenue condo, accord- ing to Architectural Digest . Highlights of the 4,000-square-foot luxury apartment include three bedrooms, four-and-a-half bathrooms, and four terraces; the building’s amenities fea- ture a 75-foot indoor pool, a private restaurant, and a fitness room. Lopez and Rodriguez pur- chased apartment for $15.3 million last year; they are reportedly looking for a bigger space for their family. Former Penthouse Once Owned By Cher Goes on the Market An East Village penthouse that Cher previ- ously owned has been listed for $7.5 million, the New York Post reported. The listing, which is being handled by Corcoran, is a renovated and re-designed three-bedroom/two-and-a-half million condo on 14 East Fourth Street; it that comes with 11- to 13-foot ceilings, white oak hardwood floors, and a greenhouse. According to the Post, Cher was the first owner of the apartment, which she bought in the 1980s. She later sold it to entertainment mogul Russell Simmons for $1.6 million in 1990. Lance Bass’ Former Condo Lists for $2.5M A condo in Chelsea that once belonged to Lance Bass of ‘90s boy band NSYNC has been listed for $2.5 million, the New York Post reported. Located at 252 Seventh Avenue, the 1,313-square-foot, two-bedroom/two-bath- room contains mahogany stained floors and ceilings measuring 11 feet high. Bass sold the condo to former AMC Networks exec Ellen Kroner for $2.13 million about six years ago. Chelsea Condo on the Market with a $10M Discount Perhaps a reflection of the current state of the luxury residential market, a triplex in a Chelsea condo building designed by the late Zaha Hadid is asking for $48.75 million, Barron’s reported. That is about a 16 percent cut from the previous listed price of $58.5 million. The 11,000-square- foot triplex measures and consists of two com- bined penthouse units and seven bedrooms; the three levels are connected by a spiral staircase. As for the reason behind the price cut, Greg Gushee of the building’s developer, Related Companies, said: “Pricing has now been adapt- ed appropriately to where serious buyers have expressed interest, and there remains tremen- dous demand for best-in-class properties like this one.” 2nd Anonymous Buyer Pays $39M for Central Park South Apt. Another anonymous buyer has purchased an apartment at the upcoming 220 Central Park South condo tower, The Real Deal reported. Based on property records, the five-bedroom condo, called Villa 6, was acquired for $39 mil- lion by 220 CPS VILLA 6 LLC. Another apart- ment at 220 Central Park South was bought by an unknown purchaser this past February for $33.5 million. Developed by Vornado Realty Trust, the Robert A.M. Stern-designed tower is near completion. Property Management FirstService Residential Chosen to Oversee 53 West 53rd Above MoMA FirstService Residential announced in a press release that it has been appointed to over- see the management of 53 West 53rd Street, an 82-story luxury condominium property in Midtown Manhattan. Located adjacent to and directly above the Museum of Modern Art (MoMA), the property features 161 residences, and offers buyers an unrivaled suite of ameni- ties and services. Several of the building’s lower floors will be utilized as gallery space at MoMA, with the remainder of the building devoted to the condos, restaurant and amenities of 53 West 53rd. Designed by acclaimed architect Jean Nouvel, the 1,050-foot tower is one of the most architecturally unique buildings in New York. With its tapered shape and angular structural pattern, the building has already established itself as a distinctive part of the city’s skyline. The property is being developed by a joint-ven- ture partnership of Hines, Pontiac Land Group and Goldman Sachs. Residents of the 161 units at 53 West 53rd — which range from one to five bedrooms — will have access to an unrivaled array of amenities, including in-residence dining and catering from the building’s restaurant, a 65-foot pool and a private theater and dining room. Residents will also receive lifetime Benefactor memberships to MoMA. The residences, designed by Thierry Despont, feature panoramic views of New York City, and are fully appointed with top-of-the- line finishes, including triple-glazed windows, detailed oak floors, white marble countertops and backsplashes, and spa-like master bath- rooms. Buildings Study: City’s Carbon-Cutting Mandate May Cost $20B for Building Owners Crain’s New York Business reported that the implementation of new carbon-cutting rules that were recently put into law by New York’s City Council could cost landlords about $20 billion. The figure came from an analysis by the Urban Green Council think tank, which found that landlords and residential condo and co-op owners could spend somewhere between $16.6 billion and $24.3 billion for the next 10 years in order to meet the city’s goal of decreasing greenhouse gas emissions in buildings to 40 percent by the year 2030. Trends NYSAR: May Home Sales Prices, Inventory Climb as Interest Rates Continue to Fall Home sales prices continued to rise in New York State in May, while the inventory of homes for sale also inched upwards for the sixth consecutive month, according to the housing market report released on June 21 by the New York State Association of Realtors. In a press statement, NYSAR said that there also continues to be good financial news for home buyers. According to Freddie Mac, the 30-year fixed rate mortgage rate dropped for the sixth straight month to 4.07 percent in May, the lowest rate since January 2018. There were 69,118 homes for sale in the month of May – the most in New York State since October 2018. The median sales price continues to escalate, jumping 6.0 percent to $273,200 compared to the same time last year. This marks 41 consecu- tive months that the median sales price is up in a year-over-year comparison. 2019 PULSE/CALENDAR August 4 THE COOPERATOR —AUGUST 2019 COOPERATOR.COM continued on page 18