Look Inside Ian Schrager’s Public Hotel Which Recently Opened on the Lower East Side

Ian Schrager’s new Public Hotel at 215 Chrystie Streetaims to offer 5-star luxury without the steep price-tag. Public Hotel rises 28-stories and was designed by legendary starchitect Herzog & de Meuron. The hotel features 370 hotel rooms which start at $150 per night and 11 condo residences. Rooms feature modern amenities such as an iPad which is used for check-in, check-out and services as well as an Apple TV. The hotel also features 2 restaurants by chef Jean-Georges Vongerichten named PUBLIC Kitchen and Louis, which is a marketplace concept; as well as 3 bars named Diego, The Roof and The Lobby Bar. The project was developed in a partnership between the Ian Schrager Companies and Steve Witkoff, who refinanced the property with a $173 million loan from Starwood Capital Group in June 2017. 

Public Hotel has not been shy in creating controversy among opening. Lower East Side residents that live adjacent to the hotel are upset that they can see guests having sex through its oversized windows. The hotel has received over 50 noise complaints since opening but due to the acts being within the privacy of the residents own rooms there is nothing anyone can legally do. 

The Triplex Penthouse at The Pierre Hotel Has Finally Sold for $44 Million

The penthouse at The Pierre Hotel has finally sold for $44 million, $81 million under its original $125 million list price. At the time of the sale the unit was listed at $57 million and the closing price comes to around $3,666 SF. The 12,000 SF residence features 5 master bedrooms, 6 full bathrooms, 3 half-baths. The penthouse has 16 rooms in total including living room, The Pierre Hotel's original ballroom, 4 terraces, 5 working fireplaces, guest suites, staff quarters, grand staircase, private elevator and a chef's kitchen. The seller was Barbara Zweig, who decided to downsize after the death of her late husband, Martin Zweig, who originally purchased the penthouse for $21.5 million in 1999. The buyer is rumored to be Cantor Fitzgerald CEO Howard Lutnick after the unit closed under 795 Properties LLC. The Pierre Hotel is located at 2 E 61st Street and is a Taj Hotel. The unit was listed with Mary Rutherfurd and Leslie Coleman of Brown Harris Stevens. 

Extell Development Company's The Kent Races Toward's Completion After Top Off on the Upper East Side

Extell Development Company's The Kent fully topped out in February and has been racing towards completion. The Kent is a new luxury residential development in the Upper East Side designed by Beyer Blinder Belle. The building’s architecture is a nod to the history of the Upper East Side that includes the classic buildings found along Park and Fifth Avenues, and pays homage to New York City’s Art Deco structures from the 1920s. The Kent’s façade is constructed of brick and limestone, accented by metalwork paneling, oversized windows, and culminates with a series of steel and glass lanterns crowning the building. The grand entrance on 95th street opens onto a remarkable double-height lobby paneled in rich rosewood. The sales gallery is located at 1450 Lexington Avenue.

The Kent will feature 83 luxurious grand condominium residences designed with elegant living spaces. Floor-plans range from 2-to-5 bedroom layouts and range in size from 1,285 SF to over 5,000 SF. Pricing start at $2,450,000, and the building offers a 421A tax abatement. Units feature 10-to-15 foot ceilings, 8x8-foot windows that highlight the multiple exposures and views of Midtown, Central Park and the East River; and distinctive finishing details including custom millwork and hardware, and a choice of Ebonized or Brushed Oak flooring throughout. Interior design by Alexandra Champalimaud's firm Champalimaud includes bespoke interiors that reflect a stately, Park Avenue perspective. Designs incorporate classic elements such as gracious foyers, formal living and dining rooms, state-of-the-art kitchens and luxurious bathrooms complete with luxe finishes and materials. As with all Extell buildings, residents will be able to choose from the three signature “Extell Choice” of distinct finish selections.

Three levels of indoor and outdoor lifestyle services and amenities include a drawing room featuring a fireplace and marble-top bar, 3rd floor garden salon that includes a billiards table, a full catering kitchen all overlooking a beautifully landscaped courtyard designed by West8 Landscape Architects, a state-of-the-art fitness center, a heated indoor swimming pool and Finnish saunas, a dog wash station and stroller valet. A one-of-a-kind amenity offered at The Kent is The Sound Lounge, designed by Lenny Kravitz’s Kravitz Design firm. The lounge is a blended state-of-the-art recreational space, screening and family room, and a refined rehearsal studio. Professional quality instruments give residents a rare opportunity to play and practice music in their own building.  

Park and Shore, Jersey City's New Luxe Condo Reveals New Imagery & Prepares To Launch Sales

Park and Shore is a striking new luxury condominium development situated along New Jersey's sought after gold coast in Jersey City. It is being developed by Strategic Capital, the investment arm of China Construction America, which is the American subsidiary of China State Construction and Engineering Company, ranked 27 on the Fortune Global 500 list. Park and Shore is comprised of two distinct buildings, 75 Park Lane and Shore House, located on adjacent blocks. Both buildings are being designed by renowned architecture firm Woods Bagot. The project is the first condominium development in Jersey City’s Newport neighborhood in nearly 10 years. Park and Shore is preparing to launch sales in the fall and revealed a selection of new interior and exterior renderings, showcasing stunning apartments and incredible views of the Manhattan skyline and Hudson River. 

75 Park Lane will be a high-rise concept standing 37 stories and will feature 358 residences. Units will range from studios to 3-bedrooms, and penthouses. Its sister building, Shore House, is inspired by the lofts of Tribeca and is a boutique 71-unit, 7-story building. Units come in 1 and 2-bedroom layouts that employ an avant-garde design style. A hallmark of the development, Park and Shore features an extensive selection of best-in-class amenities including an 82-foot indoor pool, fully outfitted game room, expansive communal roof deck with full kitchen, children's play area, and more.

DXA Studio's Mixed-Use 16 Berry Street in Williamsburg Unveiled

The design for the commercial development proposed at 16 Berry Street by Cayuga Capital Management has been unveiled. The 60,000 SF mixed-use structure is being designed by DXA Studio and will feature ground floor retail split between 7 storefronts. In total there will be 24,869 SF of commercial space, 4,495 SF of community space, a 7,000 SF roof deck and 107 parking spaces. 16 Berry Street is expected to be completed in 2019.

Renderings for 540 Hudson Street Designed by Morris Adjmi Architects Unveiled

New renderings for 540 Hudson Street in the West Village have been released. The building design is by Morris Adjmi Architects and has been submitted for approval from the Landmarks Preservation Commission. 540 Hudson Street is being developed by William Gottlieb Real Estate. The building will feature 5,600 SF of retail on the ground floor along with 552 SF of community space. The total development will feature 26 units with a 7th floor penthouse. The developers have not set any expectations for final completion.

Featured Listing: Sands Point Contemporary on Long Island Sound Lists for $11.9 Million

A true Long Island Sound contemporary estate that sits on nearly 9 acres in Sands Point has listed for $11.9 million. This contemporary estate features 7 bedrooms and 8.5 bathrooms spread over 13,000 SF. The waterfront property on Long Island Sound features 18 rooms including 4 kitchens, dining room, guest suites, Crestron smart home systems, full security system with camera, koi pond, nature trails and a unique driveway snowmelt system. The home also includes a unique indoor/ outdoor split pool with summer kitchen, indoor and outdoor jacuzzi and outdoor entertainment area complete with summer kitchen and rooftop terrace. The estate is listed for $11.9 million with Maria Rovegno of Douglas Elliman.  

$65 Million Penthouse at Related Companies' 70 Vestry Goes Under Contract

The $65 million penthouse at 70 Vestry is now under contract. The announcement comes just months after a $50 million penthouse at 70 Vestry went under contract. The building is being developed by Related Companies and was designed by starchitect Robert A.M. Stern. The unit spans 7,800 SF with another 3,700 SF of outdoor space. The penthouse also features 4 bedrooms, 4 kitchens, a solarium, a library, and a wraparound roof deck. The highest sale in Tribeca is currently held by a $47.8 million closing at 56 Leonard. 

70 Vestry is expected to be completed in 2018 and is close to 90% sold. The building features a mere 46 condos with a limestone façade adding an elegant touch to the Tribeca skyline. Stern selected Beaumaniere limestone that comes from a quarry on the banks of the Seine, 150 miles south of Paris where it has been quarried in the French countryside for hundreds of years and delivers the beauty, quality and consistency that was needed at a development of 70 Vestry's stature. Other amenities have an emphasis on privacy and include a private courtyard, porte cochere entry with an automated garage, library, state-of-the-art fitness center and limestone and marble indoor pool. Its location on the West Side Highway offers breathtaking views of the Hudson River

Construction Update: Steinway Hall's Restored Facade Revealed at 111 West 57th Street as Construction Progress' at The World's Skinniest Supertall

Steinway Hall’s restored facade at 111 West 57th Street has been revealed as JDS & Property Markets Group move forward with construction of the skinny, luxury residential supertall on Billionaire's Row. 111 West 57th Street was designed by SHoP Architects who had to integrate the historical Steinway Hall, which was originally designed in 1925 by Warren & Wetmore and served as the legendary piano company's headquarters until 2014, into the new building's design. The historical building will serve as the resident's entry and private porte cochère. 

111 West 57th Street will feature full floor and duplex apartments with 360-degree views and unparalleled views of Central Park. The tower will rise 1,400' when completed it will be among the tallest towers in the city and the most slender skyscraper in the world. SHoP's design for the tower form multiplies the set-back to present a feathered profile. The terra-cotta facades and bronze filigree aim to bring back the quality, materiality and details of historic New York towers, while taking advantage of the latest technology to push the limits of engineering and fabrication. 111 West 57th Street is being developed in partnership with Property Markets Group and is being built by JDS Construction Group. Completion is expected in early 2019.

DXA Studio Design Unveiled for Mixed-Use, 115 Broadway in Williamsburg

115 Broadway in Williamsburg appears to be getting a contemporary, mixed-use designed by DXA Studio. The 4-story development will include 5,040 SF of commercial space including ground-floor and second floor retail, office space on the third floor, and community space on the fourth. 

Construction Update: Genting Breaks Ground on Resorts World Hotel and Casino Expansion at Aqueduct Racetrack

Genting Group has broken ground on their 420,000 SF expansion to their Resorts World Casino New York City (July 2017). The five-star, 400-key resort is located at 110-00 Rockaway Boulevard in South Ozone Park in Queens. The project features the addition of new 10-story structure that houses 400 hotel rooms, retail, dining and entertainment including 1,000 new video lottery terminals. The expansion is expected to cost $400 million and will be completed in 2019. 

Featured Listing: Rye Waterfront with Long Island Sound Views Lists for $15.25 Million

408 Grace Church Street in Rye, New York in Westchester County offers rare, waterfront views of Long Island Sound with a private peninsula. The home was designed by Shope, Reno and Wharton and features 6 bedrooms and 6 bathrooms with 3 half baths spread over 10,441 SF. The property is 4.54 acres and includes two pools, one indoor and one outdoor. It also has 1,100' of waterfront with a private peninsula and protected inlet along with the ability to dock up to 2 boats. Inside has a wine cellar, dining room, living room with 300-year old marble fireplace, cherry wood paneled library with a wall of windows, gym,  imported Honduran mahogany study and views of Long Island Sound throughout many of the living spaces . 408 Grace Church Street, Rye, NY is currently listed for $15,250,000 with Stacey Oestreich and Nancy Strong along with Tal and Oren Alexander of Douglas Elliman.

Featured Listing: One57 Unit Designed by Thomas Juul-Hansen Lists for $52 Million

Billionaire's Row has another stunning listing at One57, located at 157 West 57th St. Residence 77 has hit the market for $52 million. The unit features 4 bedrooms and 4.5 bathrooms, spread over 6,240 SF. Residence 77 features interior design by Danish designer Thomas Juul-Hansen, private elevators, 11'9" ceilings with floor-to-ceiling glass, immaculate views of Central Park up through the George Washington Bridge, Brazilian Rosewood floors, chef's kitchen, and Crestron smart-home technology. One57 was designed by Pritzker Prize-winning architect Christian de Portzamparc features access to personal services of Park Hyatt's new 5-star flagship hotel which is located in the building. One57 amenities include 24-hour doorman and concierge, private dining room, full catering kitchen, library with billiards room and 24' aquarium, arts and crafts atelier room, screening and performance room, private fitness center and yoga studio, discreet additional 58th Street entry, onsite parking garage, and pet wash room. One57 residents also have access to the Park Hyatt Hotel services and amenities, with direct access by elevator to the hotel's indoor swimming pool, spa, and restaurant. Residence 77 is currently listed for $52 million with Robert Dvorin, Young Lee, Ian Wolf, and Leah Beswick of Douglas Elliman Real Estate. 

Douglas Elliman Releases Q2 2017 Manhattan Market Report, Shows Strong Resales, Rising New Development Inventory

Douglas Elliman Real Estate, one of the the largest brokerages in the New York Metropolitan area and the 4th largest residential real estate company nationwide, have released their Q2 2017 market report. The report reflects strong sales and re-sales, rising prices and declining resale inventory for the first time in 3 years as many aspirationally priced listings expired and were cancelled. New development inventory continued to push higher. 

"What is clear that the Manhattan real estate market remains surprisingly robust, especially on the re-sale side. Prices have moved higher, including two new records set and there has been a sharp rise in sales, as inventory has slipped," said Steven James, CEO of New York City, Douglas Elliman. "Northern Manhattan continues to show brisk conditions as buyers seek out affordability. Sales in Northern Manhattan sales are four times what they were in 4x more than they were 25 years ago. What is clear is that the market remains surprisingly robust, especially on the re-sale side."

MANHATTAN HIGHLIGHTS

- Price trend indicators moved higher, 2 set new records
- Sharp rise in sales as inventory slipped keeping market pace brisk
- New development inventory edged higher as re-sale inventory declined annually for first time in 3 years
- Overall market share of bidding wars slipped but remained above average
- Market share of cash sales fell to lowest level since began tracking more than 3 years ago
- Listing discount rose to tie the highest level in nearly 5 years as sellers increasingly coming down to meet buyers on price
- Luxury listing inventory fell sharply as aspirational priced listings were allowed to expire

KEY TREND METRICS (YOY)

- Median sales price jumped 7.3% to $1,189,011 [record]
- Price per square foot increased 0.8% to $1,773
- Average sales price rose 7.9% to $2,189,037 [record]
- Number of sales surged 15.2% to 3,153
- Listing inventory slipped 0.6% to 6,311
- Days on market rose 21.3% to 108 days
- Listing discount was 6.1%, up from 2.2%
- Absorption rate was 6.0 months, down from 7 months

CO-OP MARKET

- Median sales price increased 3.4% to $793,750
- Price per square foot rose 1.3% to $1,348
- Average sales price rose 4.8% to $1,363,916
- Number of sales jumped 22.2% to 1,674
- Listing inventory slipped 0.4% to 2,775

CONDO MARKET

- Median sales price increased 19% to $1,875,000 [record]\
- Price per square foot rose 1.3% to $2,100
- Average sales price rose 13.2% to $3,122,946 [record]
- Number of sales increased 8.3% to 1,479
- Listing inventory slipped 0.9% to 3,536

LUXURY MARKET (UPPER 10% CO-OP/ CONDO SALES)

- Median sales price was $6,836,269, up 3.5%
- Price per square foot rose 2.2% to $3,037
- Average sales price rose 7.6% to $9,280,290
- Listing inventory declined 11.2% to 1,235
- Luxury market threshold jumped 12.7% to $4,875,000 

NEW DEVELOPMENT MARKET (CO-OP/ CONDO SALES)

- Median sales price increased 22.8% to $3,306,656
- Price per square foot slipped 0.8% to $2,556
- Average sales price was up 7.3% to $4,703,544
- Number of sales rose 10.1% to 556
- Listing inventory rose 3.1% to 1,021
- Market share was 17.6%, down from 18.5%

RE-SALE MARKET (CO-OP/ CONDO SALES)

- Median sales price increased 3.2% to $975,000
- Price per square foot was up 2.8% to $1,494
- Average sales price increased 10.3% to $1,650,698
- Number of sales rose 16.4% to 2,597
- Listing inventory slipped 1.3% to 5,290
- Market share was 82.4%, up from 81.5%

---

NORTHERN MANHATTAN HIGHLIGHTS

- Market wide apartment price trend indicators flirt with records as buyers hampered by limited
supply
- Apartment listing inventory has fallen sharply year over year for the past 2 quarters
- Number of apartment sales moved higher as remainder of Manhattan sought out greater
affordability here
- Market share of Manhattan apartment sales quadrupled from 2.1% in 2Q 1992 to 8.3% in 2Q 2017
- Townhouse sales continued to be held back by lack of supply
- Townhouse price trend indicators moved sharply higher

KEY TREND METRICS (YOY)

CO-OP & CONDOS

- Median sales price jumped 16.3% to $630,000
- Price per square foot increased 12.7% to $894
- Average sales price rose 18.7% to $778,657 [record]
- Number of sales increased 9.6% to 263
- Listing inventory fell 16.3% to 303

TOWNHOUSES

- Median sales price rose 9.3% to $2,187,500
- Price per square foot surged 36.3% to $943 [record]
- Average sales price rose 14.7% to $2,237,750
- Number of sales fell 25.7% to 26
- Listing inventory declined 40.9% to 55

ABOUT DOUGLAS ELLIMAN:

Douglas Elliman was established in 1911 and has grown to become the largest regional and the nation's fourth largest real estate company. Douglas Elliman has a current network of more than 6,000 agents in over 80 offices throughout Manhattan, Brooklyn, Queens, Long Island (including the Hamptons and North Fork), Westchester and Putnam Counties, as well as South Florida, California, Connecticut, Colorado and New Jersey. In addition, through a strategic partnership with Knight Frank Residential, Douglas Elliman's powerful network extends to 488 offices in 59 countries. 

New Drone Photos Unveiled of the Arquitectonica Designed Ellipse in Jersey City

Ellipse, the Arquitectonica designed, 41-story, luxury rental tower in Jersey City has released new, never-seen-before drone shots. Ellipse was developed by LeFrak and marks Arquitectonica's first project in Jersey City. The tower is located in the hot Newport neighborhood on the Hudson River waterfront and features 381 rental apartment units with views of the Hudson River and Manhattan skyline. Units range from studio to 3 bedroom floor-plans with 5 penthouses, two of which are 4 bedrooms. Ellipse is oval in design with a distinct elliptical shape and glass façade. Over 30 years ago LeFrak spearheaded change as one of the first developers in the 600-acre district, which is now the largest mixed-use community in the United States. Move-in is expected by the end of summer. 

SOM's 252 East 57th on Billionaire's Row Unveils Daniel Romualdez-designed Amenities

Anchoring the eastern corridor of Billionaire’s Row, SOM’s 252 East 57th Street has just unveiled the tower's exclusive amenities. The 34th Floor Club and Pool are the first commissioned development designed by AD100 interior architect Daniel Romualdez, whose portfolio includes the homes of notable musicians and fashion leaders including Mick Jagger and Tory Burch. The 34th Floor Club encompasses the entire floor and features panoramic views of the New York skyline and serves as an extension of each resident’s private home. Amenities include access to a luxurious lounge with piano and gas fireplace, a library curated by The Strand, a formal dining room with catering kitchen available for private events, a 70’ south-facing terrace, a billiards room, breakfast room, conference room, state-of-the-art screening room, two fully furnished guest suites with private kitchens, and a state-of-the-art fitness center complete with Peloton bikes as well as yoga and Pilates studios. Additional amenities include a porte-cochère that leads to an automated parking garage with electric car charging stations, a 75-foot swimming pool, custom hydrotherapy circuit spa, children’s playroom, Luxury Attaché concierge, and a dog playroom serviced by SPOT. 252 East 57th features 93 condominiums which are located on the top 36 floors of the 700' tall tower which was designed by Skidmore, Owings & Merrill (SOM) and developed by World Wide Group and Rose Associates. The tower also features 175 rental residences known as Aalto 57 on the lower floors. Sales for available condominium units range in size from 1738 to 4972 SF and range in price from $3,975,000 to $14,800,000.

When designed the intrior spaces, Romualdez drew inspiration from iconic NYC spots such as Mr. Chow’s and Halston’s showroom at the Olympic Tower. Romualdez said he “wanted the interiors to be very urban and sleek. We chose certain pieces like the St. Thomas sofa and the waterfall coffee table - both in the living room - because they are personal favorites. The Arne Jacobsen swan chairs in the library were a nod to the cosmopolitan design-minded person who I imagined would be a resident of 252.” On working within SOM’s architecture, he explained, “we used the curve of the building, a significant SOM feature, as a running theme throughout our design. The outline of the pool is curved, as is the oval handrail." 

150 Fifth Avenue to Undergo Redevelopment Complete With 2 Story Rooftop Addition

L&L Holding Co. has announced a major redevelopment of Flatirons's 150 Fifth Avenue, an office tower originally completed in 1890. When the redevelopment is complete the updated office building will feature 227,500 SF of office space complete with the addition of a unique, 2 story rooftop complete with a roofdeck. In all, 150 Fifth Avenue features 11 floors of rentable office space with open floorplans. The ground floor features 15,000 SF of rentable space, floors 2-8 feature 23,000 SF of rentable space each, floor 9 features 21,000 SF, before dropping to 16,000 SF and 14,500 SF respectively on 10 and 11. The redevelopment is being designed by Studios Architecture with Higgins Quasebarth & Partners. OC Development Management will be the project manager. Construction is expected to begin in February 2018 and wrap-up late summer 2019. According to TheRealDeal, Mastercard was negotiating with L&L Holding Co. in May 2017 lease the entire building at 150 Fifth Avenue where they reported average rent for office space in the Flatiron District was $72 SF. 150 Fifth Avenue was originally built in 1888 and was completed in 1890, undergoing a major renovation in 2003 and was selected in 2005 as BOMA’s Renovated Building of the Year.

The 740 Park Avenue Co-Op Jacqueline Kennedy Onassis’s Spent Her Childhood Sold for $25.25 Million

740 Park Avenue is not stranger to the rich and famous. The infamous, ultra-luxury co-op apartment building on Park Avenue between East 71st and 72nd Streets is one of the most luxurious residential building in New York City and home to some of the world's wealthiest including David Koch and Woody Johnson, amongst others. The apartment that Jacqueline Kennedy Onassis grew up in has finally sold for $25.25 to Jacob M. Safra of the banking family. The duplex unit, 6/7A, was listed for $29.5 million and covers 4 bedrooms and 6.5 bathrooms. The total floorplan features 12 rooms including a library, dining room, grand living room with fireplaces, 3 large ensuite bedrooms, media room and a large master-suite complete with 2 marble bathrooms. The unit was recently renovated by Fox-Hahem Associates. Interestingly enough, 740 Park was developed by Kennedy Onassis' grandfather, James T Lee. The 17 story building was designed by legendary architect Rosario Candela and Loomis Harmon and features 31 units. The sale of 6/7A closed for $25,250,000 and was overseen by Oren and Tal Alexander of The Alexander Team with Douglas Elliman.  

Construction Update: One Manhattan Square Nears Halfway Point, On Track for 2019 Completion

Gary Barnett's Extell Development is is a cruising through construction on One Manhattan Square, the 850' residential skyscraper project being developed at 252 South Street. The tower is now close to halfway up and is on track for a 2019 completion. Construction is moving smoothly despite a lawsuit from Con Edison alleging construction on the tower destroyed a nearby steam main and caused $4 million of damage. One Manhattan Square will feature 815 residential units which start at $1.2 million for a 1 bedroom, and range up past $4.4 million for a 3 bedroom in terms of current listings. A duplex has previously sold in the tower for $13 million. The building is designed by Adamson Associates with interior design by Meyer Davis Studio and lush landscaping around the property by West 8. One Manhattan Square features 100,000 SF of indoor and outdoor amenities including a sports club, full court basketball court, bowling alley, squash court, golf simulator, fitness center, spa, tranquility garden, 75' indoor swimming pool, hot tub, wine room with cellar bar and lounge, billiard room, cigar room, children's room, private motor court, and 24 hour doorman and concierge amongst others in this extremely highly amenitiezed building. 

Featured Listing: Boutique Gramercy Triplex Penthouse Lists for $5.79 Million

A triplex penthouse, PHW, located in a Gramercy boutique condominium building at 136 East 19th Street, has hit the market for $5.79 million. The triplex features 2 bedrooms and 2.5 bathrooms spread over 2,240 SF of living area. The unit features a living room with wood-buring fireplace, kitchen, dining room, wrought-iron balcony overlooking a private garden, master suite with multi-paned skylight, ensuite second bedroom, and a private rooftop sundeck. 136 East 19th Street PHW is currently listed for $5.79 million with Shaun Osher of CORE.