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Downtown Living
The Insider’s Real Estate and Neighborhood Guide • Fall 2010 Cover photo
Newly Converted Condominium residences in Manhattan’s Greenest Neighborhood

1 RectoR PaRk

Tribeca Film Festival
The Latest Data on Sales and Rental Prices by

Meet the woman behind the


Hottest Downtown Celeb Homes



Greenwich Club
re s i d e n c e s

Lower Manhattan from the Brooklyn Bridge.

-Petula Clark

By Amanda Cormier
The downtown skyline defines New York City for the rest of the world: without the imposing, brilliant skyscrapers that make up the financial district, New York just wouldn’t be New York. But for native New Yorkers, downtown has for many years been associated with work—an area they enter at 9 and leave at 5. That mindset is rapidly changing. Downtown is now a hub for residential and artistic life, for the best nightlife in the city and the finest restaurants.
Cover Photo by Evan Joseph

West View from Residence 3J

West Village Waterfront liVing Perfected



graciously designed 3 bedroom/3.5 bath condominium residence with direct waterfront views in the West Village’s most coveted new address
Residence 3J • 1,929 Sq Ft • 179 Sq M • Priced at $5.125M Designed by Robert A.M. Stern Architects, LLP Interiors by Yabu Pushelberg 212.488.0012 • somethingsuperior.com
Sponsor: Bethune West Associates, L.L.C., c/o The Related Compaies, L.P 60 Columbus Circle, New York, New York 10023. The complete offering terms are in an ., Offering Plan available from Sponsor. File No. CD07-0293. This floor plan was prepared by the architect for Superior Ink. All dimensions are approximate and subject to normal construction variances and tolerances. Plans and dimensions may contain variations from floor to floor.

From Chelsea and Gramercy to South Ferry, downtown is the capital of cultural, financial and residential life in New York. Revitalized recreational parks like the High Line in Chelsea and the Elevated Acre at 55 Water Street welcome young families to the area. Sleek, trendy clubs like Tenjune and Lotus in the Meatpacking District attract a twentysomething socialite crowd, while in the East Village, small cafes and dive bars are a hub of artistic activity. Steve Kliegerman, Executive Director of Halstead Property Development marketing, said he’s seen a huge increase in demand for downtown markets and rentals because of these factors. “The downtown marketplace offers a lot of diversity both in neighborhoods, amenities, restaurants and culture that the uptown markets, according to our buyers, seem to lack,” he said. Downtown’s history as the center of finance is part of the appeal for new buyers: living below 23rd Street offers a view into history, but also of cutting edge art, culture, and dining. “The

historical is intermingled with the contemporary,” said Erin Aries, a Senior Vice President and Director at Brown Harris Stevens. “New restaurants, museums, galleries and emporiums pop up over night. People are drawn to the culture, the history and the constantly evolving nature of each neighborhood that comprises downtown. Nothing is ever stagnant.” This influx of residents has transformed the area into one that is no longer sleepy on weekends, but a vibrant home for a diverse group of New Yorkers. The hard times are over – and sales demand is high The recession of late 2008 and 2009 brought a severe dip in demand for downtown sales, but as Wall Street has recovered, so has the demand for homes nearby. Kliegerman said the downtown market is the strongest it’s been post-Lehman. “As Wall Street has rebounded, so has downtown and we’re both in demand and absorption of units,” he said. “Prices are still lower than they were [pre-recession], but the demand and interest in downtown is still very

Washington Square Park.

strong.” The slowdown of building during the recession, along with increased demand, has made inventory hard to come by, particularly in areas like Chelsea where the art district, High Line and Chelsea Piers beckon new buyers. Halstead is the developer of +ARt, a new 91-unit condominium in West Chelsea. “The Chelsea art district has brought an entirely new amenity to the neighborhood because it’s mainly in Chelsea now rather than in SoHo,” he said. “You

+ ARt Penthouse living room.


have an entirely different demographic of people who were never really introduced to Chelsea until the district moved about 10 years ago.” Buyers looking downtown have a diverse range of neighborhoods to choose from, but because the downtown area is so small, amenities of all the neighborhoods are at their disposal. “Most [clients] are open to the incredible variety of properties that are offered downtown, from the cutting edge, architecturally significant new developments to the 1930s Bing and Bings, or the exquisite row houses that line the streets of the Gold Coast and the Seminary blocks,” Aries said. The rental market, too, has seen a steady increase in the past year—and in many unexpected places. Tricia Cole, executive managing director at Corcoran Sunshine Group, said the market’s strength is giving new vitality to unexpected downtown areas. “The market in general has really picked

up tremendously over the past year, and we’re seeing enormous interest at all levels, both in rentals and in sales,” she said. “Interest rates being low has really driven a lot of buyers back into the market. It’s a very strong market across the board, be it from the Financial District to Battery Park City to 15 Madison Square North.” Corcoran Sunshine is the developer of 1 Rector Park, a new development in Battery Park City. Cole, a downtown resident for more than 17 years, said that Battery Park City is a new hidden gem of downtown residential life. “I hadn’t spent a lot of time down there in the last 15 years, and it is now so beautiful and has been so well developed, it’s actually stunning,” she said. “If you go down there on a weekend afternoon, you’ll find everything you could think of to do. People are biking, jogging and walking down the esplanade. It’s an amazing amenity that many Manhattanites that don’t live in Battery Park City are aware of.” The diversifying of housing stock in areas like Chelsea has made the area attractive for many different types of residents—people who are capitalizing on downtown’s boom. “A lot of those residents who graduate from rental to home ownership like to stay in the neighborhood, so now they’re seeking out condominiums and coops in the neighborhood as well,” Kliegerman said. The economy’s current upwards trend is unpredictable, but the constant of downtown living—perhaps its earmark—is change.

“To us it immediately felt like home. It felt like a place where we would want to spend time. That was huge for us.”
Photography copyright dbox, Inc. The complete offering terms are in an Offering Plan available from Sponsor. File No. CD-06-0248. Sponsor: Battery Place Green, LLC.


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Most Coveted Celebrity Homes
Celebrities are no stranger to downtown: the quick pace and constant evolving cultural life attracts actors and musicians looking to establish a pied-à-terre on the East Coast. But the boom of luxury apartments and condos has brought them forth in record numbers. Leonard Steinberg, a broker for Prudential Douglas Elliman who focuses on luxury real estate, said his celebrity clientele have a creative eye that helps them in choosing great quality downtown living spaces. “A lot would assume celebrities know nothing about investment,” he said. “These people surround themselves with very good advisors that help them through the decision making process, and they’re looking for quality.” The hottest places to live? If we look at the past month or so, it’s Tribeca, the West Village, Soho and Chelsea.

40 Mercer living room.


getty images

Katy Perry is banned from Sesame Street, but she and fiancé Russell Brand are more than welcome on North Moore Street in Tribeca. Last month the two purchased a two-bedroom, two-bath loft for $2.9 million in a building that – gulp! – doesn’t have a doorman. According to the Corcoran listing, the 1,500-square-foot duplex features a cherry woodwork staircase, heated bathroom

floor, and a key-locked elevator. The south facing views transform the pied-à-terre into a bragging point for Perry and Brand, who are just the latest in a

string of celebrities to make prewar buildings in Tribeca their haven. “I think whether it’s a celebrity or any other person who’s looking to purchase a home, there are a lot of different wonderful residential products available: be it an older prewar that has a lot of detail and interest, or a big loft, or an expensive space with big windows, or some brand new residential development,” said Tricia Cole, executive managing director at Corcoran Sunshine Group.


Courtney Love has made news in the past few months for her outspoken real estate envy. Where did she set her sights? A townhouse in the West Village. Not just any townhouse: none other than that of Milla Jovovich.In August, she expressed a clear desire to move out of the Mercer Hotel, where she had been living for months. “I’ve done Soho. The Village is definite,” she told

New York Magazine. “It doesn’t have to be Gold Coast; you know, west of Sixth is fine. But it has to be in that part that’s really quaint and lovely.” Jovovich’s

west village

west end

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200 Eleventh Avenue.


getty images

“Edith Wharton-esque” townhouse beckoned strongly, and Love tried to reach out to Jovovich’s people—to no avail. Jovovich, at a Fashion Week event last month, gave her the go ahead via New York Magazine – “I was like, take it!” – but reported having difficulty contacting Love. As of oct. 8, the two continued to play email and phone tag, this time over Twitter. Love plead to her fans: “look yall help me get that house, ill even go for 3 mos rent which is also insane.” Does the West Village townhouse hold magical properties? We’re not sure, but it sure is regal: at 100 Greenwich Avenue, the 4-floor home with seven bedrooms features custom cast iron railings and mahogany banisters. The master bedroom has a private terrace, and the view – while not expansive – is of a private garden. Here’s hoping the two can figure out the details soon – the place is too nice to remain uninhabited.


Fans of Justin Timberlake in “The Social Network” might be able to do some social networking with him if they head to Soho—he’s just scored a $7.65 million condo on West Broadway, accoring to the New York Post’s Jennifer Gould Keil. The lucky score? A penthouse in the luxurious Soho Mews enclave. one of the most coveted luxury residences in the city, Soho Mews’ jewel is the garden that connects the two buildings: a 4,000 square-foot private space for residents like Timberlake to take in some nature without having to face the paps. Timberlake won’t have to worry about security in his new threebedroom home: Soho

Timberlake will be sharing a ‘hood with Meg Ryan, who Keil also reports to have found a oneyear rental in Soho’s 40 Mercer. The threebedroom rental, which she snagged for $25,000 a month, is a hallmark


Mews has a 24-hour doorman and porter service, with concierge service provided by Jenene Danenberg’s Luxury Attache.

of the Soho skyline and downtown’s booming starchitecture movement, featuring work by Andre Balazs and Jean Nouvel. “40 Mercer is a very important building for Soho because traditionally, Soho was all

about loft conversions,” said Steinberg, who produces a downtown market report for luxury residences. “Soho never head modernist architecture. The huge draw of 40 Mercer is its prize-winning architecture.” In addition to all of the shopping and cultural amenities typically associated with Soho, Ryan will be privy to a full-service experience inside the building: a doorman, a garage, poolhouse with private bar and lounge, and what Steinberg calls “the most exquisite gym probably anywhere in Soho.” 40 Mercer delivers on design, a quality that wasn’t typically associated with downtown living until just recently. “There is an audience in Manhattan for A grade design, spaces that are carefully thought through: the ceiling heights, the wall space, the common areas, the lobby,” Steinberg said. “For the longest time in downtown, this didn’t exist. These buildings deliver on so many levels.”

West Chelsea is no stranger to celebs either, and now with the arrival of Nicole Kidman and Keith Urban, the neighborhood is a welcome haven for Hollywood and Nashville stars. In August the two purchased a $10 million penthouse at 200 Eleventh Avenue, a terra cotta beauty which overlooks the Hudson. “The building has 14 units,” Steinberg said. “It’s a small building, so it has intimacy. You aren’t one of 200 apartments.” The two will enjoy the utmost of privacy if they take advantage of the building’s Sky Garage, which allows residents to drive into the building and

into a specially marked space which then is lifted straight to their home. But if they decide to walk around the neighborhood instead, they’ll find plenty to do. “Right now if you step out onto the street at 200 Eleventh Avenue, you have the option to cross the street into a park called Chelsea cove, and if you walk down the street, you have High Line Park,” Steinberg said. “Being removed form the crush of Manhattan where there’s so much pedestrian traffic, but being close to everything, is a unique and wonderful draw.”

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Nancy Schafer is the quiet force behind the cultural phenomenon that is the Tribeca Film Festival. As Executive Director, she oversees all programming and operations for the yearly event that brings artists, locals, celebrities and plain old movie enthusiasts downtown to enjoy independent film. The Festival began just after 9/11, when Jane Rosenthal and Robert DeNiro aimed to revitalize a devastated area. Nearly ten years later, the Festival has grown to be one of the most important artistic events of the decade. How is planning for this year’s Festival going?

Last year, the Tribeca Film Festival debuted the virtual Film Festival – are there any new developments we can expect? I think it’s a little early in the planning stages to let the cats out of the bag, but it’s going to be our 10th annual festival, so that’s very exciting. I think a lot of partners will be helping us celebrate that. But we’re going to do the same thing we do every year, which is try to get as many people viewing independent films as possible. Do you think that the Festival is responsible for changing the artistic scene

of downtown and Tribeca over the past 10 years? We bring all of these artists together once a year, but I don’t know that we’re responsible for making artists move downtown. I think they have always been living here, and that’s one of the reasons Jane Rosenthal and Robert DeNiro wanted to have the festival down here. I hope we can continue to celebrate the people who live here and support them and help them continue to live here. How has Tribeca changed in the past 10 years the Festival has existed? We started right after 9/11,

so Tribeca has changed a lot since 10 years ago. The area was devastated after the attack. No one wanted to come here, no one was dining out. Now there are fine restaurants and bars and it’s a great place to live. What have been some of the highlights of the Festival in the past few years? I think the wonderful thing about Tribeca is that we obviously show films from all over the world and all walks of life, but the fun thing for us is celebrating downtown artists. Every year it seems like there are films about local musicians and artists.

You work in Tribeca and live in Chelsea. Where do you like to eat and drink in the area? There’s a ton of places, but of course, Locanda Verde. We still go to Bubby’s and Walker’s and all those places. All up and down Greenwich Street there are a lot of great restaurants, they’re all wonderful . In Chelsea I have some neighborhood favorites, but I like to go to Cookshop and Red Cat. Le zie is also one of my favorites. Seasonally, if it’s a beautiful night out, there are a ton of places to sit outside on 7th Avenue. What’s next for the Film Festival? The Film Festival itself is the jewel and crown of Tribeca, it’s what we work on and we want it to be perfect. But we now distribute film in theaters and through Tribeca Film Festival Virtual. We are always finding new ways for filmmakers to use the festival to expose their work. Through distribution viewers can engage in independent films year round.

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LANDMARK FULL-FLOOR LOFT FLATIRON • $15,000/month • Gorgeous renovated 2 bed / 2 bath with 16’ceilings, lots of windows, keyed elevator, exposed brick, designer baths, wood floors, laundry room and balcony with Empire State view. Web# 1278519. Gisela Vergara, 212.891.7659 Bill Pfaff, 212.350.2260

RIVER-TO-RIVER VIEWS WEST 20s • $4,000,000 • 3 bed Penthouse with a South facing balcony, chef’s kitchen, extra large master suite, large custom closets, South & West exposures with amazing views, high ceilings, washer/dryer. Web# 1276261. Tamir Shemesh, 212.350.8551

OVERSIZED FOUR BEDROOMS EAST 60s • $3,800,000 • Perfectly-combined Split 4 bed/3.5 bath home, large chef’s windowed eat-in kitchen, 2 balconies, South, West & North exposures with city views, walk-in closets, washer/dryer. Web# 1254260. Tamir Shemesh, 212.350.8551

GREENWICH VILLAGE PENTHOUSE GREENWICH VILLAGE • $ 3,479,000 • 3 Beds + 2 private roof decks, South, East & West exposures, fantastic open Village views, fireplace, designer appliances, abundant closets, last unit available in the building. Web# 1074306. Tamir Shemesh, 212.350.8551

52 WEST 9TH STREET GREENWICH VILLAGE • $3,100,000 • Penthouse duplex atop 25’ townhouse. A double height living room has a 17’ ceiling with woodburning fireplace unusually wide plank pine floors throughout. 2 bedrooms, 2 baths, office, A truly rare home. Web# 1298457. Jan Hashey, EVP, 212.206.2804 I Steve Halprin, 212.206.2803

TERRACE LOVERS’ PARADISE WEST VILLAGE •$2,275,000 • 2 bed, 2 bath Condo in the heart of West Village with a 1,200 sf private terrace! Mint condition, gourmet kitchen, W/D, 24-hour doorman, garage and more. Web# 1235740. Natasha Sinkov, EVP, 212.769.9819

29 KING STREET SOHO • $1,550,000 • 14 ft ceilings in the living room makes this apt/loft very unique in a wonderful Condo, a schoolhouse conversion, 1 bedroom plus home office/ guest room, and amazing corner light. Web# 1255646. Jan Hashey, EVP, 212.206.2804 I Steve Halprin, 212.206.2803

EAST VILLAGE CONDOMINIUM EAST VILLAGE • $650,000 • Large 1 bed /1 bath, chef’s kitchen, elevator opens in the apt, oak floors, storage bin included. Great location on a quiet street near Thompson Park and all restaurants. Pets OK. Web# 928297. Shawn Williams, 917.886.9925 Violet Boe, 917.414.5806

MINT BRIGHT 1 BEDROOM CONDO FINANCIAL DISTRICT • $699,000 • Pre-war 1 bedroom with open chef’s kitchen, designer bath, high ceilings and views on full service condo with gym, sundeck and more. Close to all subways. Priced to sell. Web# 1290436. Gisela Vergara, 212.891.7659

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where to go when you’re a local
FinanCial DisTriCT
The Financial District is home to several public schools: P.S. 397 (The Spruce Street School), Millenium High School, the High School for Leadership and Public Service, HS 520, and Stuyvesant High School among them. Claremont Prep is the area’s private school. Just between the Brooklyn Bridge and the South Street Pier, Bridge Cafe (297 Water Street, 212-227-3344) occupies a wood-frame building built in 1794 that was once home to a brothel. Now the restaurant is famous for its softshell crab dishes, which dominate the menu from March to November: the softshell crab BLT wins with its sweet peppered bacon and sundried tomato pesto aioli. This spring the owners installed six bee hives on top of the cafe, bringing new meaning to local eating. If Paris is just one too many plane hops away, head to Brasserie Les Halles (15 John Street, 212-285-8585). The bustling French brasserie is the home base of celebrity chef Anthony Bourdain, but don’t let this be the only draw: a simple menu of outstandingly executed French classics like onion soup and steak au poivre will keep you coming back. For those wishing for taste of Gilded Era indulgence, Delmonico’s (56 Beaver Street, 212509-1144) still raises the bar 173 years after the steakhouse’s opening. opulent Italian pillars, private dining rooms and a brimming wine cellar surely draw an elite crowd looking for atmosphere, but the menu can make anyone feel like a Wall Street king. The standard steak offerings are a strong contender, but Delmonico’s is famous for being the birthplace of Lobster Newberg. Lobster, brandy, cream and caviar—is there anything more lavish? Who says you have to trek to the outer boroughs for good ethnic food? Sophie’s Cuban Cuisine (73 New Street, 212-809-7755) is the perfect lunch spot for Wall Street bigwigs looking for a hearty, no-frills meal: plantains, yellow rice and black beans and cubano sandwiches round out a menu of Cuban classics. The bustle of life downtown sometimes calls for moments of pause, and the Elevated Acre at 55 Water Street offers a quiet place to do that. A tangle of trees and flowers, tables and benches, the acre of space is a Financial District alternative to the High Line. The allseason green lawn is surrounded by a seventiered amphitheater, offering beautiful views of the East River from 30 feet up. The New Amsterdam Market (South Street and Peck Slip,) hearkens back to the days of open-air street markets, but with a modern focus on local food and commerce. Each Sunday, a host of tri-state area farmers and purveyors of specialized goods convene on the site of the historic Fulton Fish Market. Among the finds? Local and gourmet seaweed, mead, ravioli, Catskills cheese, pickles and honey.

THe Village


eduardo pavon

The Village is a hub for education with Cooper Union and NYU populating the area with college students. Private schools in the area include St. Luke’s School, Friends Seminary, and The City and Country School. The area is also home to several public schools: P.S. 41


Local Experts Worldwide

EXCEPTIONAL DUPLEX: This PH sits atop the High Line Park overlooking the river. Keyed elevator opens on all floors including private rooftop terrace. LR has woodburning fireplace. 3 ensuite BRs. Custom kitchen. $6,500,000.WEB: 0135228 K.Heyman, 212.810.4990

GREENE STREET CONTEMPORARY: Andrés Escobar designed duplex loft with 3 bedrooms, 3 baths and windowed home office. Dramatic living room with 12ft± ceilings. Doorman-condo. $4,200,000.WEB: 0135240. Tom Doyle, 212.431.2474

TREASURE IN TRIBECA: Stunning 3bed/2.5 bath with terrace in sought after building. Oversized LR with wood burning fireplace, huge mahogany triple windows, custom builtins. Custom Poggenpohl kitchen. $3,695,000. WEB: 0135373. K. Heyman, 212.810.4990

SOHO GEM: West Soho loft with South Western light and Hudson River views. 3,234± SF. Beamed ceilings, hardwood floors and cement columns. 3 bedrooms, 2 full baths. $3,200,000.WEB: 0135330. Jeremy V. Stein, 212.431.2427, Robin Stein 212.431.2446

151 WEST 17TH STREET: Full floor 2,284± SF Chelsea condo with 3 exposures. Open LR with floor to ceiling windows. 3 bedrooms, 3 baths. Full service luxury building. Gym and parking garage. $2,850,000.WEB: 0135348. J.Tenore, 212.431.2473, G. Norrgard, 212.431.2456

WEST VILLAGE GARDEN DUPLEX: Townhouse living in luxury doorman condo. Hear the birds sing. 2,044+/-SF plus garden. 2 bedrooms, 2.5 baths, plus media and guest rooms. Short distance to Hudson River. $2,100,000. WEB: 0135375. M. Blum, 212.431.2447

UNCONVENTIONAL PENTHOUSE: Unique, loft-like penthouse in the West Village. A modern yet rustic private retreat. Extraordinary 1bedroom + den with pebbled meditation pool, and private roof access. $2,065,000.WEB: 0135334. Diane Wildowsky, 212.431.2463

PENTHOUSE AERIE: Loft-like 1 bedroom with 11’± ceilings and top of the line finishes. Unparalleled views of the city and beyond from planted wraparound terraces. Full-service prewar building in the heart of Chelsea. $1,895,000 WEB: 0135378. M. Amadei, J. Hettinger 212.810.4953

KEY TO GRAMERCY PARK: Best value. Full service luxury doorman building. Oversized corner one bedroom.Windowed eat-in kitchen. Huge closets.Very quiet. Low maintenance. $569,000.WEB 0135281. Joshua Frank, 212.810.4978

379 WEST BROADWAY, NEW YORK, NY 10012 T 212.431.2440 F 212.431.2441
Sotheby’s International Realty, Inc. is owned and operated by NRT LLC. Sotheby’s International Realty® is a registered trademark. Street in Saintes-Maries, used with permission.

downtown closing pRices
augusT RecoRded sales
MANHATTAN August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 ALL DOWNTOWN SNAPSHOT August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 BATTery PArk CiTy FiNANCiAL DiSTriCT August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 TriBeCA/SOHO August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 WeST ViLLAge August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 greeNWiCH ViLLAge eAST ViLLAge August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 CHeLSeA August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008 FLATirON/grAMerCy August 2008 August 2009 August 2010 Aug 2010 v. Aug 2009 Aug 2010 v. Aug 2008


The tables below present recorded sales data of condos, co-ops, and townhouses in Manhattan and within the Downtown market. Data is from August 2008, 2009, and 2010. The volume of transactions in both Manhattan and overall Downtown increased significantly since a year ago but they have not yet returned to August 2008 levels. Median prices have been rising in some Downtown neighborhood like Tribeca, Soho, Flatiron and Gramercy. Neighborhoods like Chelsea and West Village have remained stable since last year but are still down from 2008.

1,414 1,143 1,123 -1.7% -20.6% 462 319 340 6.6% -26.4%

843,250 787,500 873,000 10.9% 3.5% 1,035,000 925,000 991,300 7.2% -4.2%

1,577,547 1,245,659 1,412,798 13.4% -10.4% 1,448,257 1,334,082 1,545,792 15.9% 6.7%

114 44 42 -4.5% -63.2% 77 36 57 58.3% -26.0% 26 29 24 -17.2% -7.7%

916,425 1,127,628 962,187 -14.7% 5.0% 1,964,204 1,751,750 2,189,237 25.0% 11.5% 780,156 676,000 682,250 0.9% -12.5%

1,160,130 1,201,952 1,115,809 -7.2% -3.8% 2,531,280 2,524,095 2,704,461 7.1% 6.8% 1,185,993 982,050 1,507,958 53.6% 27.1%

65 62 85 37.1% 30.8% 102 88 64 -27.3% -37.3% 39 30 43 43.3% 10.3%

849,000 792,500 837,500 5.7% -1.4% 1,229,536 832,419 837,500 0.6% -31.9% 775,000 772,500 916,425 18.6% 18.2%

1,523,522 1,530,731 1,165,919 -23.8% -23.5% 1,273,096 1,055,798 1,415,495 34.1% 11.2% 1,389,666 1,031,565 1,408,538 36.5% 1.4%

all doWnToWn
Type Studio 1 BR 2 BR 3 BR 4+ BR Type Studio 1 BR 2 BR 3 BR 4+ BR


cuRRenT snapshoT
Below is a market snapshot as of October 6, 2010 of what is currently available for sale and rent.


#listings 447 1,174 844 402 175 #listings 380 711 483 140 39

price $489,000 $785,000 $1,582,500 $3,200,000 $6,850,000 price $2,797 $3,250 $5,250 $7,972 $14,500

noliTa/loWeR easT side/ chinaToWn
Type Studio 1 BR 2 BR 3 BR 4+ BR


gReenWich Village/easT Village
Type Studio 1 BR 2 BR 3 BR 4+ BR


#listings 13 98 90 12 9 #listings 21 69 62 4 2

price $349,000 $499,500 $780,000 $829,000 $5,250,000 price $2,200 $2,600 $3,247 $4,950 $13,750


#listings 104 189 112 43 28 #listings 76 141 118 36 4

price $442,000 $725,000 $1,364,500 $2,600,000 $6,702,500 price $2,500 $3,095 $3,825 $5,920 $5,000

BaTTeRy paRk ciTy/Financial disTRicT
Type Studio 1 BR 2 BR 3 BR 4+ BR Type Studio 1 BR 2 BR 3 BR 4+ BR

Type Studio 1 BR 2 BR 3 BR 4+ BR


Type Studio 1 BR 2 BR 3 BR 4+ BR



WesT Village
Type Studio 1 BR 2 BR 3 BR 4+ BR Type Studio 1 BR 2 BR 3 BR 4+ BR

#listings 111 325 184 81 18 #listings 91 161 91 21 3

price $575,000 $800,000 $1,495,000 $2,310,000 $3,062,500 price $2,710 $3,200 $5,150 $8,200 $5,900


#listings 33 83 46 23 20 #listings 30 53 19 5 6

price $459,000 $850,000 $1,572,500 $3,600,000 $8,325,000 price $2,925 $3,000 $5,495 $22,500 $23,250

FlaTiRon/ gRaMeRcy
Type Studio 1 BR 2 BR 3 BR 4+ BR Type Studio 1 BR 2 BR 3 BR 4+ BR




#listings 52 126 87 45 19

price $449,000 $750,000 $1,550,000 $4,500,000 $9,750,000 price $2,700 $3,495 $6,500 $7,500 $22,250


Type Studio 1 BR 2 BR 3 BR 4+ BR Type Studio 1 BR 2 BR 3 BR 4+ BR


Type Studio 1 BR 2 BR 3 BR 4+ BR Type Studio 1 BR 2 BR 3 BR 4+ BR

#listings 46 61 31 19 4

#listings 25 83 150 105 32 #listings 40 55 63 31 10

price $715,000 $1,150,000 $2,284,500 $4,250,000 $8,692,500 price $4,715 $4,400 $8,450 $17,500 $15,500


#listings 93 214 161 78 41

price $459,000 $849,000 $1,675,000 $3,600,000 $5,875,000 price $2,700 $3,355 $6,295 $8,500 $12,500

Prices indicate median values.



#listings 68 145 77 13 8


A view from The Highline.



Greenwich Village School and the Lower Manhattan Community Middle School. The Village has long been known as a nexus of creative energy, but it also is home to some of the city’s greatest dining experiences. For a blast to your collegiate past, head to Macdougal Street just south of Washington Square Park, where NYU students linger for their fix of tattoo parlors, raucous bars and cheap falafel. Mamoun’s (119 MacDougal St, 212674-8685) is the most universally adored of the latter, with lines out the door for some of the best falafel sandwiches in the city, most for under $3. Tea Spot (127 Macdougal St., 212-8327768) is a cozy recluse from the shenanigans, with an impressive looseleaf tea selection and a quiet downstairs seating area.

McSorley’s Ale House. If streetside dining isn’t your style, head to the West Village for more of the area’s upscale options. If you can snag a reservation at Little Owl, in the West Village, (90 Bedford St, 212-741-4695), you’ll be privy to an American-Mediterranean menu featuring twists on classics like gravy meatball sliders and pork

chops. EN Japanese Brasserie (435 Hudson St, 212-647-9196) is a star of Asian cuisine in the West Village, and its contemporary space only plays a supporting role to the Japanese cuisine: try the Buta no Kakuni (braised pork belly) and the fresh tofu. For a post-work refresher, try a cocktail made with fresh pineapple, ginger and vodka. Every first Thursday of the month, the chef hosts a $45 fish heads, eel bones and beer dinner. In the Japanese tradition of wasting nothing, Chef Hiroki Abe puts together a decadent meal with ingredients rarely seen on a typical sushi bar menu. McSorley’s Ale House (15 E. 7th St., 212-4739148), one of New York’s oldest bars, has been continuously running since 1854. Relics of barhounds past can be

seen around the building, and though popular with tourists, offers something for any New Yorker tuned to history: Abraham Lincoln and Woodie Guthrie are among its patrons. Women were admitted to the bar in the 1970s, so now the fun is open to all. Aicon gallery (35 great Jones St, 212-7256092) in the East Village presents contemporary Indian art, but with a focus on exhibiting artists who rarely present their work outside of Asia.

CHelsea & graMerCy

Public schools in the area include P.S. 11, Baruch, and P.S. 33 (Chelsea Prep). Private schools include the Ecole Internationale de New York, the Guardian Angel School and Xavier High School. Buddakan (75 9th Avenue, 212-989-6699) is a trendy Asian fusion bar that is turning heads

Katz’s Deli.


Pepe s

SPANISH AND MEXICAN RESTAURANT 168 west 4th street • 212.242.6480

SPANISH TAPAS bAR 170 west 4th street • 646.415.7924

Da Rosina
AMERICAN RESTAURANT 166 wEST 4TH STREET 212.675.1977 RISTORANTE ITALIANO 342 west 46th street 212.977-7373


in Chelsea for its tuna tartare spring rolls and downtown-chic atmosphere. For vegan fare, head to Blossom (187 9th Avenue, 212-6271144). You won’t find a meatball here, but you’ll find plenty of other rich Italian fare, like seitan scallopini and chocolate ganache. The red Cat (227 10th Ave, 212-242-1122) turns heads in Chelsea for the banana ice cream sandwich alone. But the impressive wine list also makes it a top stop after an afternoon strolling on the High Line. As you head east, stop at gramercy Tavern (42 E 20th St, 212477-0777), considered by many to be one of the city’s finest dining establishments. Many of the Tavern’s ingredients

are from local farms, which will make you feel better as you gorge on pulled pork sandwiches, lamb pappardelle and chocolate bread pudding. The Piccolo Cafe (157 3rd Ave, 212-260-1175) is a one-stop shop in Gramercy for inexpensive food that tastes like you made reservations six months ago: truffle egg sandwich, anyone? The quality of the more standard items will lure you in time after time: the cappuccino is particularly adored by locals.

HousTon & below

Public schools in the area include P.S. 3 Charrette School and P.S. 42 Benjamin Altman School. Private schools include the Beth Jacob Parochial School, Little Red Schoolhouse and

the Elisabeth Irwin High School. Nightlife south of Houston is a prime destination for those who live in Upper Manhattan and Brooklyn, and for good reason: the spectrum of bars and clubs ranges from dirty dive to upscale lounge. An unexpected find on the Lower East Side is the Happy Ending Lounge (302 Broome Street, 212-334-9676), a converted erotic massage parlor that is surprisingly sleek and can be rented out. wd~50 (32 Spring Street, 212477-2900) is a culinary favorite of downtowners as chef Wylie Dufresne has carved out a fusion of cuisines that has captivated the Lower East Side. one dinner option? Duck breast, apple, cheddar and

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kimchee-cous cous. Balthazar restaurant and Lounge (80 Spring St, 212-965-1414) offers traditional French bistro dishes in a warmly lit SoHo space. Balthazar’s eggs benedict is a crowdpleaser but the steak frites also evoke the simplicty and elegance of Paris. SoHo, Chinatown and the Lower East Side are home to some of the cities best art and design galleries. The Staley-Wise gallery (560 Broadway, Suite 305, 212-9666223) has become renowned for its fashion photography collection, while Mimi Ferzt (81 greene St., 212 3439377) boasts a collection of contemporary art from Russia, the former Soviet republics and the Baltic States. Eli Klein Fine Art (Eli Klein Fine Art,

212-255-4388) presents the next big thing in contemporary Chinese art at its SoHo location. Brooke Alexander (59 Wooster Street, 212-9254338) has a long history of showcasing leading contemporary artists in New York, while also publishing printed art. For a glimpse of the old Masters, head to Franklin Bowles galleries in Soho (431 West Broadway, 212-226-1616), which represents a group of artists that range from Rembrandt to Chagall. other galleries below Houston: Animazing gallery (54 greene St.), Broadway gallery (473 Broadway), Broome Street gallery (498 Broome St.), Emmanuel Fremin gallery (546 Broadway, PH 5B), Hous Projects (31 Howard Street),

June Kelly gallery (166 Mercer Street), Lehmann Maupin (201 Chrystie St.), Lemmons Contemporary (155 Hudson St., 2S), Lesley Heller Workspace (54 Orchard St.), Louis K. Meisel gallery (141 Prince St.), O.K. Harris Works of Art (383 West Broadway), Opera gallery (115 Spring St.), Peter Blum SoHo (99 Wooster St.), Peter Freeman, inc. (560 Broadway), Peter Lik gallery (419 West Broadway), Pomegranate gallery (133 greene St.), rH gallery (137 Duane St.), ronald Feldman Fine Arts (31 Mercer St.), Spencer Brownstone gallery (39 Wooster St.), Sperone Westwater (257 Bowery), Two Palms (476 Broadway, 3rd Floor).

The West Village.

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Built in deference to the artistic narrative of Chelsea’s most important artists, architects, and poets, +Art fuels the New York life you should be living in New York’s most modern neighborhood. take home in +Art and experience the gorgeously re-thought industrial world that pairs sleek surfaces, oiled floors and steel fixtures with Subzero refrigerators and a Bertazzoni range. +Art is mere steps from the city’s most imaginative new park, the high Line, and features 91 Studio through 3-Bedroom homes. thoughtful amenities include a curated lobby, Art Yard, Fitness Center, Attended Lobby, 421-A tax Abatement, and a roof terrace. this is living+art. 212-486-2540 www.540w28.com

The Greenwich Club Residences the loft studios feature separate sleeping alcoves, over 10’ ceilings, pass-through kitchens and plenty of closet space. the host of amenity spaces includes a café where breakfast is served daily, a library and billiards room, the 24th floor harbor room lounge, a sky deck with panoramic city views, a first class attended fitness center and dedicated concierge for residents. For more information contact 212.269.8888 or 88greenwich.com


the roots of Lazzoni date back to the 1950’s, when it first established itself as a trademark in turkey. the company produces goods of only the highest quality, uses persistent tracking of new technologies and an unmistakable eye for innovation. It is precisely this openness to change that has allowed the company to propel into one of europe’s finest furniture stores. the company aims to enter the U.S. market with a flagship store in Chelsea. Contact: 154 West 18 Street; 212.242.0606

Fall 2010 Neighborhood Mag
l.i.C. • townhouses • brooklyn
For more information on these upcoming magazines, please contact:
A new take on old schoo l.

Upper M
PS 90


robyn weiss, associate Publisher, Observer Neighborhood Guides Phone: 212-407-9382 email: rweiss@observer.com

 Uptown Parks


 Harlem Arts Fe

and MORE




Nest Seekers International specializes in the sale of condominiums, co-ops and townhouses to an international audience in North America, europe, the Middle east, Asia and South America. one of the 10 largest residential real estate firms in New York City, the company has a total of seven offices in Manhattan, Brooklyn, Long Island City, the hamptons and Miami. Additionally, the Nest Seekers network includes hundreds of satellite affiliates worldwide. For more information, visit www.nestseekers.com

For nearly a century, prudential Douglas elliman has been recognized as a leader in the residential real estate industry. With more than 3,500 agents and over 60 offices from Manhattan to Montauk, the company’s reach is unsurpassed. prudential Douglas elliman offers its customers a comprehensive array of services including residential sales and rental brokerage, retail and commercial sales & leasing, relocation, new development marketing, property management, mortgage brokerage and title insurance. So whether you’re in Manhattan, Brooklyn, Queens or Long Island, including the hamptons and North Fork, there is a prudential Douglas elliman office and agent ready to assist you in any of your real estate needs. please contact 1.800. eLLIMAN or visit prudentialelliman.com.

sotheby’s iNterNatioNal realty
sotheby’s International realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house and represents fine properties at a range of price points. today, Sotheby’s International realty, Inc. operates brokerage offices in key metropolitan and resort markets. Sotheby’s International realty, Inc. (www.sothebyshomes. com) is part of Nrt LLC, the nation’s largest residential real estate brokerage company, which currently has more than 10,600 sales associates located in approximately 500 offices in 38 countries and territories worldwide.

The Superior Ink Condominium and Townhouses, a collaboration between related Companies, robert A.M. Stern Architects and Yabu pushelberg has become the most iconic residential property in the West village. Combining the rich architectural and cultural legacy of the neighborhood while embracing its vibrant contemporary lifestyle, Superior Ink is perfectly situated on a spectacular waterfront location along hudson river park. With access to unparalleled services and amenities including on-premises valet parking, a screening room, fitness center and children’s playroom, Superior Ink offers an unprecedented lifestyle. A limited number of one of a kind townhouses have direct indoor access to the condominium and enjoy its amenities and services. 212.488.0012; somethingsuperior.com..

Situated in Battery park City, The Visionaire, a LeeD-platinum certified condominium and the nation’s greenest residential high-rise, provides an exceptional living environment balancing luxurious and sustainable living. the visionaire’s many residents already enjoy all the condominium offers, including a 24-hour concierge, fitness center, spa with sky-lit indoor swimming pool, landscaped roof garden, social lounge with terrace for resident and private events, children’s playroom, 24-hour parking; and much more. Studio through penthouse residences start from $690,000 and are available for immediate occupancy. www.thevisionaire.com. (212) 425-2550.


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Chris Albanese is the CEo of the Albanese Organization, the developer behind some of Manhattan’s boldest residential buildings. They were the first to build an LEED Gold certified residential tower and their newest development, The Visionaire in Battery Park City, received LEED Platinum certification. Albanese took some time to chat about the benefits and challenges of green building. How did you get involved in Manhattan real estate? The company was started 50 years ago by my father, Vincent, and Uncle Anthony. They started building singlefamily homes in Queens. I worked in real estate after college, and then I joined the family business. I worked for three or four years and then I decided to go back to law school and I practiced law for a couple years doing litigation and real estate law. In 1995, I went back to the family business and we started focusing on Manhattan apartment buildings. My cousin Russell Albanese and I are now partners in the second generation. How did Albanese

become invested in the process of LEED certifying residential buildings? our first green building was The Solaire in Battery Park City which was the first residential tower to get gold LEED certification. To secure the site we responded to an RFP issued by the Battery Park City Authority and one of the requests was to build the site green. one of the reasons why we won the dig was we went further than our competitors in greening the proposed building and so that’s what got us started in building LEED certified buildings. Then we went on to build The Verdesian. We strove for LEED Platinum and we were the first residential tower in the country to get it. The Visionaire also received the Platinum rating. We always strove to build green buildings, even back in the 1980s when there was no such thing as LEED certification—making the buildings more efficient. obviously with The Solaire we were taking that to a higher level. is it a difficult process? I wouldn’t say the process has become more difficult. The first one was a learning process. We put a lot of

new technologies into the building at once and a lot of the technologies we used were tested; but no one had ever put all of them into one building. It was a learning curve, and there were no consultants back then to go to to show you how to build a green building, so we had to learn how to do it. It’s a lot easier for us to learn to design and build a green building, and we learn from doing it. Did the post-Lehman market affect demand for green buildings? How did you deal with it? our theory is that buildings that are built with higher quality withstand the downturns better than those that don’t. We think that building with higher quality insulates you with the downturn. PostLehman rents went down about 15 to 20 percent, and in some locations 25 percent. We were at the low end of the scale. Now our buildings are 95 percent occupied and we’re getting back to the rents of pre-Lehman. The rental market improved significantly in Manhattan. As far as our condo project The Visionaire, I’d say our prices dropped 15 percent, but other buildings in less desirable locations or our low rent buildings

prices dropped 25 to 35 percent. Right now our philosophy is good given the economy. What is some of the appeal of living in a green building downtown? The biggest benefit is the indoor air quality. our indoor air quality is better than the outdoor air quality. For example, at The Visionaire fresh air is flown in through the roof, filtered and pumped into every room of every apartment. In the apartment, that air is recirculated and refiltered, so the air is filtered twice. People don’t need those ineffective air filters and humidifiers that they would typically buy. We’ve had a lot of people with asthma and allergies that have told us that their conditions have improved by living in one of our buildings. That’s the most obvious and important benefit to the people living in our buildings. In a typical apartment building, there’s a compressor in every room; so if you have 300 apartments, you have 800 compressors. our buildings are much quieter because we have one central plant, so all you hear is the fan that blows the air over the

coals. Battery Park City is like its own little oasis. The parks are beautiful, there’s open space, and there’s a social calendar run by the Batery Park City Authority: concerts, fishing, sports, backgammon, art, music events. You’re close to the subway, but you’re in your own little oasis and you don’t have the traffic and stress of living on Second Avenue. What we find is some people are concerned they’ll feel isolated when they come down to Battery Park City; but once they move down there and learn the neighborhood, they love living there. Now there are a lot more services than there were 10 years ago. What’s in the cards for Albanese? Fortunately, in this downturn, we didn’t overleverage any projects or overpay for any projects. We’ve been fortunate not to get hurt by the downturn, so we’ve been actively looking for new projects and development sites. Whenever we buy existing buildings to renovate, we always strive to do it as cleanly and efficiently as possible. We’re pounding the pavement for our next few projects.

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What’s the 1 thing you can’t live without?
Chances are you’ll find it—along with everything else on your list—at 1 Rector Park. Irresistibly priced studio to 4 bedroom homes in this full-service Battery Park City condominium are fully completed and ready for you to tour, touch, and purchase immediately in Manhattan’s greenest neighborhood. All with a no-hassle buying process so simple, it’s radical.



The fastest way to find the home that’s perfect for you:

$ 430,000


$ 545,000

$ 1,020,000

$ 1,575,000

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