The Observer's Downtown Living - Fall 2010

8/8/2019 The Observer's Downtown Living - Fall 2010

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Greenwich Clubr e s i d e n c e s



4

The d wnt wn skyline de nes NewY rk City r the rest the w rld: with utthe imp sing, brilliant skyscrapers that

make up the nancial district, New Y rk just w uldn’t be New Y rk. But r nativeNew Y rkers, d wnt wn has r manyyears been ass ciated with w rk—an areathey enter at 9 and leave at 5.

That mindset is rapidly changing.D wnt wn is n w a hub r residentialand artistic li e, r the best nightli e inthe city and the nest restaurants.

Lower Manhattanfrom the Brooklyn Bridge.

r Photo by Evan Joseph

-Petula Clar-Petula Clar

By Amanda Cormier



West Vil lageWaterfront l iVing Perfected

g u y 3 b m/3.5 b hm um w h w v w

h W V ’ m v w

Residence 3J • 1,929 Sq Ft • 179 Sq M • Priced at $5.125M

Designed by Robert A.M. Stern Architects, LLPInteriors by Yabu Pushelberg

212.488.0012 • m h up . m

Sponsor: Bethune West Associates , L.L.C., c/o The Relat ed Compaies, L.P., 60 Columbus Circle, New York, New York 10023. The complete o e ring terms are in anO ering Plan available rom Sponsor. File No. CD07-0293. This foor plan was prepared by the architect or Superior Ink. All dimensions are approximate and subject tonormal construction variances and tolerances. Plans and dimensions may contain variations rom foor to foor.

W e s t

North



Fr m Chelsea andGramercy t S uth Ferry,d wnt wn is the capital

cultural, nancialand residential li e inNew Y rk. Revitali edrecreati nal parks like theHigh Line in Chelsea andthe Elevated Acre at 55Water Street welc mey ung amilies t thearea. Sleek, trendy clubslike Tenjune and L tusin the MeatpackingDistrict attract a twenty-s mething s cialitecr wd, while in the EastVillage, small ca es anddive bars are a hub artistic activity. SteveKliegerman, ExecutiveDirect r HalsteadPr perty Devel pmentmarketing, said he’sseen a huge increase indemand r d wnt wnmarkets and rentalsbecause these act rs.

“The d wnt wnmarketplace ers al t diversity b thin neighb rh ds,amenities, restaurantsand culture that theupt wn markets,acc rding t ur buyers,seem t lack,” he said.

D wnt wn’s hist ryas the center nanceis part the appeal

r new buyers: livingbel w 23rd Street ersa view int hist ry, butals cutting edge art,culture, and dining. “The

hist rical is intermingledwith the c ntemp rary,”said Erin Aries, aSeni r Vice Presidentand Direct r at Br wnHarris Stevens. “Newrestaurants, museums,galleries and emp riumsp p up ver night.Pe ple are drawn tthe culture, the hist ryand the c nstantlyev lving nature eachneighb rh d thatc mprises d wnt wn.N thing is ever stagnant.”This in ux residentshas trans rmed the areaint ne that is n l ngersleepy n weekends,but a vibrant h me ra diverse gr up NewY rkers. The hard timesare ver – and salesdemand is high

The recessi n late 2008 and 2009br ught a severe dip indemand r d wnt wnsales, but as Wall Streethas rec vered, s hasthe demand r h mesnearby. Kliegerman saidthe d wnt wn market isthe str ngest it’s beenp st-Lehman. “As WallStreet has reb unded,

s has d wnt wn andwe’re b th in demandand abs rpti n units,”he said. “Prices are stilll wer than they were[pre-recessi n], but thedemand and interest ind wnt wn is still very

str ng.”The sl wd wn

building during therecessi n, al ng withincreased demand, hasmade invent ry hard tc me by, particularly inareas like Chelsea wherethe art district, HighLine and Chelsea Piersbeck n new buyers.Halstead is the devel per

+ARt, a new 91-unitc nd minium in WestChelsea. “The Chelseaart district has br ughtan entirely new amenityt the neighb rh dbecause it’s mainly inChelsea n w rather thanin S H ,” he said. “Y u

have an entirely di erentdem graphic pe plewh were never reallyintr duced t Chelseauntil the district m vedab ut 10 years ag .”

Buyers l kingd wnt wn have a diverserange neighb rh dst ch se r m, butbecause the d wnt wnarea is s small, amenities

all the neighb rh dsare at their disp sal.“M st [clients] are pent the incredible variety

pr perties that areered d wnt wn,

r m the cutting edge,architecturally signi cantnew devel pments t the1930s Bing and Bings, rthe exquisite r w h usesthat line the streets the G ld C ast and theSeminary bl cks,” Aries

said.The rental market,t , has seen a steadyincrease in the pastyear—and in manyunexpected places. TriciaC le, executive managingdirect r at C rc ranSunshine Gr up, saidthe market’s strengthis giving new vitality tunexpected d wnt wnareas. “The market ingeneral has really picked

up tremend usly verthe past year, and we’reseeing en rm us interestat all levels, b th inrentals and in sales,” shesaid. “Interest rates beingl w has really driven a l t

buyers back int themarket. It’s a very str ngmarket acr ss the b ard,be it r m the FinancialDistrict t Battery ParkCity t 15 Madis nSquare N rth.”

C rc ran Sunshine isthe devel per 1 Rect rPark, a new devel pmentin Battery Park City. C le,a d wnt wn resident rm re than 17 years, saidthat Battery Park Cityis a new hidden gem d wnt wn residentialli e. “I hadn’t spent al t time d wn therein the last 15 years, andit is n w s beauti uland has been s welldevel ped, it’s actuallystunning,” she said. “Iy u g d wn there na weekend a tern n,y u’ll nd everythingy u c uld think td . Pe ple are biking,

j gging and walkingd wn the esplanade. It’s

an ama ing amenity thatmany Manhattanites thatd n’t live in Battery ParkCity are aware .”

The diversi ying h using st ck in areaslike Chelsea has madethe area attractive rmany di erent types

residents—pe plewh are capitali ing

n d wnt wn’sb m. “A l t th seresidents wh graduate

r m rental t h mewnership like t stay

in the neighb rh d,s n w they’re seeking

ut c nd miniumsand c ps in theneighb rh d as well,”Kliegerman said.

The ec n my’scurrent upwards trendis unpredictable, but thec nstant d wnt wnliving—perhaps itsearmark—is change.

Washington Square Park.

+ ARt Penthouse living room.



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8

1. Katy Perryis banned

r m SesameStreet, butshe and

ancé Russell Brand

are m re than welc men N rth M re Streetin Tribeca. Last m nththe tw purchased atw -bedr m, tw -bathl t r $2.9 milli n in abuilding that – gulp! –d esn’t have a d rman.

Acc rding t theC rc ran listing, the1,500-square- tduplex eatures a cherryw dw rk staircase,heated bathr m

r, and a key-l ckedelevat r. The s uth

acing views trans rmthe pied-à-terre inta bragging p int rPerry and Brand, whare just the latest in a

string celebrities tmake prewar buildingsin Tribeca their haven.“I think whether it’s acelebrity r any therpers n wh ’s l king t

purchase a h me, thereare a l t di erentw nder ul residentialpr ducts available: beit an lder prewar thathas a l t detail andinterest, r a big l t, ran expensive space withbig wind ws, r s mebrand new residentialdevel pment,” said TriciaC le, executive managingdirect r at C rc ranSunshine Gr up.

2.C urtneyL ve hasmade newsin the past

ew m nthsr her utsp ken real

estate envy. Wheredid she set her sights?A t wnh use in theWest Village. N t justany t wnh use: n ne

ther than that MillaJ v vich.In August,she expressed a cleardesire t m ve ut

the Mercer H tel,where she had beenliving r m nths. “I’ved ne S h . The Villageis de nite,” she t ld

New Y rk Maga ine.“It d esn’t have t beG ld C ast; y u kn w,west Sixth is ne.But it has t be in thatpart that’s really quaint

and l vely.” J v vich’s

MostCovetedCelebrity Homes

Celebrities are n stranger t d wnt wn: the quickpace and c nstant ev lving cultural li e attracts act rs andmusicians l king t establish a pied-à-terre n the EastC ast. But the b m luxury apartments and c nd s hasbr ught them rth in rec rd numbers. Le nard Steinberg, abr ker r Prudential D uglas Elliman wh cuses n luxuryreal estate, said his celebrity clientele have a creative eyethat helps them in ch sing great quality d wnt wn livingspaces. “A l t w uld assume celebrities kn w n thing ab ut

investment,” he said. “These pe ple surr und themselveswith very g d advis rs that help them thr ugh the decisi nmaking pr cess, and they’re l king r quality.” The h ttestplaces t live? I we l k at the past m nth r s , it’s Tribeca,the West Village, S h and Chelsea.

40 Mercer living room.



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“Edith Whart n-esque”t wnh use beck nedstr ngly, and L vetried t reach ut tJ v vich’s pe ple—tn avail. J v vich, ata Fashi n Week eventlast m nth, gave her theg ahead via New Y rkMaga ine – “I was like,take it!” – but rep rtedhaving di cultyc ntacting L ve. As

oct. 8, the tw

c ntinued t play emailand ph ne tag, this timever Twitter. L ve plead

t her ans: “l k yallhelp me get that h use,ill even g r 3 m s rentwhich is als insane.”

D es the WestVillage t wnh use h ldmagical pr perties?We’re n t sure, but itsure is regal: at 100Greenwich Avenue, the4- r h me with sevenbedr ms eaturescust m cast ir n railingsand mah gany banisters.The master bedr mhas a private terrace,and the view – whilen t expansive – is aprivate garden. Here’sh ping the tw can

gure ut the detailss n – the place ist nice t remainuninhabited.

3. Fans JustinTimberlakein “The

S cialNetw rk” might beable t d s me s cialnetw rking with him ithey head t S h —he’s

just sc red a $7.65milli n c nd n WestBr adway, acc ring tthe New Y rk P st’sJenni er G uld Keil.

The lucky sc re?A penth use in theluxuri us S h Mewsenclave. one them st c veted luxuryresidences in the city,S h Mews’ jewel is thegarden that c nnects thetw buildings: a 4,000square- t privatespace r residents likeTimberlake t take ins me nature with uthaving t ace the paps.

Timberlake w n’thave t w rry ab utsecurity in his new three-bedr m h me: S h

Mews has a 24-h urd rman and p rterservice, with c nciergeservice pr vided byJenene Danenberg’sLuxury Attache.

4.Timberlakewill besharing a‘h d withMeg Ryan,

wh Keil als rep rtst have und a ne-

year rental in S h ’s40 Mercer. The three-bedr m rental, whichshe snagged r $25,000a m nth, is a hallmark

the S h skyline andd wnt wn’s b mingstarchitecture m vement,

eaturing w rk by AndreBala s and Jean N uvel.

“40 Mercer is a veryimp rtant building

r S h becausetraditi nally, S h was all

ab ut l t c nversi ns,”said Steinberg, whpr duces a d wnt wnmarket rep rt r luxuryresidences. “S hnever head m dernistarchitecture. The hugedraw 40 Merceris its pri e-winningarchitecture.”

In additi n t all the sh pping and culturalamenities typicallyass ciated with S h ,

Ryan will be privy t aull-service experienceinside the building: ad rman, a garage,p lh use with privatebar and l unge, and whatSteinberg calls “the m stexquisite gym pr bablyanywhere in S h .”

40 Mercer deliversn design, a quality

that wasn’t typicallyass ciated withd wnt wn living until

just recently. “Thereis an audience inManhattan r A gradedesign, spaces thatare care ully th ughtthr ugh: the ceilingheights, the wall space,the c mm n areas,the l bby,” Steinbergsaid. “F r the l ngesttime in d wnt wn,this didn’t exist. Thesebuildings deliver n smany levels.”

5. WestChelsea isn strangert celebseither, and

n w with the arrival Nic le Kidman and KeithUrban, the neighb rh dis a welc me haven rH llyw d and Nashvillestars. In August thetw purchased a $10milli n penth use at200 Eleventh Avenue, aterra c tta beauty which

verl ks the Huds n.“The building has 14units,” Steinberg said.“It’s a small building, s ithas intimacy. Y u aren’t

ne 200 apartments.”The tw will enj y the

utm st privacy i theytake advantage thebuilding’s Sky Garage,which all ws residents tdrive int the building and

int a specially markedspace which then is li tedstraight t their h me.But i they decide t walkar und the neighb rh dinstead, they’ll nd plentyt d . “Right n w i y ustep ut nt the streetat 200 Eleventh Avenue,y u have the pti n tcr ss the street int apark called Chelsea c ve,and i y u walk d wnthe street, y u have HighLine Park,” Steinberg said.“Being rem ved rmthe crush Manhattanwhere there’s s muchpedestrian tra c, butbeing cl se t everything,is a unique and w nder uldraw.”

200 Eleventh Avenue.



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S ndays1pm - 4pm7pm - 10pm

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Nancy Scha e is the quietrce behind the cultural

phen men n that is theT beca F lm Fest al. AsExecutive Direct r, she

versees all pr grammingand perati ns r the yearlyevent that brings artists,l cals, celebrities and plain ldm vie enthusiasts d wnt wnt enj y independent lm.The Festival began just a ter9/11, when Jane R senthal

and R bert DeNir aimed trevitali e a devastated area.Nearly ten years later, theFestival has gr wn t be ne

the m st imp rtant artisticevents the decade.

How s plann n o th syea ’s Fest al o n ?

Last yea , the T beca F lmFest al deb ted the t alF lm Fest al – a e the e anynew de elopments we canexpect?I think it’s a little early inthe planning stages t letthe cats ut the bag, butit’s g ing t be ur 10thannual estival, s that’svery exciting. I think a l t

partners will be helpingus celebrate that. But we’reg ing t d the same thingwe d every year, which istry t get as many pe pleviewing independent lms asp ssible.

Do yo th nk that theFest al s espons ble ochan n the a t st c scene

o downtown and T becao e the past 10 yea s?We bring all these artistst gether nce a year, butI d n’t kn w that we’reresp nsible r makingartists m ve d wnt wn. Ithink they have always beenliving here, and that’s ne the reas ns Jane R senthaland R bert DeNir wantedt have the estival d wnhere. I h pe we can c ntinuet celebrate the pe ple whlive here and supp rt themand help them c ntinue tlive here.

How has T beca chan edn the past 10 yea s the

Fest al has ex sted?We started right a ter 9/11,

s Tribeca has changed al t since 10 years ag . Thearea was devastated a terthe attack. N ne wantedt c me here, n ne wasdining ut. N w there are

ne restaurants and bars andit’s a great place t live.

What ha e been someo the h hl hts o theFest al n the past ewyea s? I think the w nder ulthing ab ut Tribeca is thatwe bvi usly sh w lms

r m all ver the w rld andall walks li e, but the unthing r us is celebratingd wnt wn artists. Every yearit seems like there are lmsab ut l cal musicians andartists.

Yo wo k n T beca and l en Chelsea. Whe e do yo

l ke to eat and d nk n thea ea?There’s a t n places, but

c urse, L canda Verde.We still g t Bubby’s andWalker’s and all th se places.All up and d wn GreenwichStreet there are a l t great restaurants, they’re

all w nder ul . In Chelsea Ihave s me neighb rh dav rites, but I like t g

t C ksh p and Red Cat.Le zie is als ne my

av rites. Seas nally, i it’s abeauti ul night ut, there area t n places t sit utside

n 7th Avenue.

What’s next o the F lmFest al?The Film Festival itsel is the

jewel and cr wn Tribeca,it’s what we w rk n andwe want it t be per ect. Butwe n w distribute lm intheaters and thr ugh TribecaFilm Festival Virtual. We arealways nding new ways

r lmmakers t use theestival t exp se their w rk.

Thr ugh distributi n viewerscan engage in independent

lms year r und.



2010

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LANDMARK FULL-FLOOR LOFT

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GREENWICH VILLAGE PENTHOUSE

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

MINT BRIGHT 1 BEDROOM CONDO

FINANCIAL DISTRICT • $699,000 •Pre-war 1bedroom with open chef’s kitchen, designer bath, highceilings 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

OVERSIZED FOUR BEDROOMS

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14

FinanCial DisTriCTThe Financial District

is h me t several publicsch ls: P.S. 397 (The

Spruce Street Sch l),Millenium High Sch l,the High Sch l rLeadership and PublicService, HS 520, andStuyvesant High Sch lam ng them. Clarem ntPrep is the area’s privatesch l.

Just between theBr klyn Bridge and theS uth Street Pier, B d eCa e (297 Wate St eet,212-227-3344) ccupiesa w d- rame buildingbuilt in 1794 that was

nce h me t a br thel.N w the restaurant is

am us r its s tshellcrab dishes, whichd minate the menu r mMarch t N vember: thes tshell crab BLT winswith its sweet pepperedbac n and sundriedt mat pest ai li.

This spring the wnersinstalled six bee hives nt p the ca e, bringingnew meaning t l caleating.

I Paris is just net many plane h psaway, head t B asse eLes Halles (15 JohnSt eet, 212-285-8585) .The bustling Frenchbrasserie is the h mebase celebrity cheAnth ny B urdain, butd n’t let this be the nlydraw: a simple menu

utstandingly executedFrench classics like ni n

s up and steak au p ivrewill keep y u c mingback.

F r th se wishingr taste Gilded Era

indulgence, Delmon co’s(56 Bea e St eet, 212-509-1144) still raises thebar 173 years a ter thesteakh use’s pening.opulent Italian pillars,private dining r msand a brimming wine

cellar surely draw anelite cr wd l king ratm sphere, but themenu can make any ne

eel like a Wall Streetking. The standardsteak erings are astr ng c ntender, butDelm nic ’s is am us

r being the birthplace L bster Newberg.

L bster, brandy, creamand caviar—is thereanything m re lavish?

Wh says y u havet trek t the uter

b r ughs r g dethnic d? Soph e’sC ban C s ne (73 NewSt eet, 212-809-7755) is the per ect lunch sp t

r Wall Street bigwigsl king r a hearty,n - rills meal: plantains,yell w rice and blackbeans and cubansandwiches r und ut amenu Cuban classics.

The bustle li ed wnt wn s metimescalls r m ments pause, and the ElevatedAcre at 55 Water Street

ers a quiet place t

d that. A tangle trees and wers, tablesand benches, the acre

space is a FinancialDistrict alternative tthe High Line. The all-seas n green lawn issurr unded by a seven-tiered amphitheater,

ering beauti ul views the East River r m 30

eet up.The New Amste dam

Ma ket (So th St eetand Peck Sl p,) hearkensback t the days

pen-air street markets,but with a m dern

cus n l cal d andc mmerce. Each Sunday,a h st tri-state area

armers and purvey rs speciali ed g ds

c nvene n the site the hist ric Fult n FishMarket. Am ng the

nds? L cal and g urmetseaweed, mead, ravi li,Catskills cheese, picklesand h ney.

THe VillageThe Village is a hub

r educati n withC per Uni n and NYUp pulating the areawith c llege students.Private sch ls in thearea include St. Luke’sSch l, Friends Seminary,and The City and C untrySch l. The area isals h me t severalpublic sch ls: P.S. 41

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Andrés Escobar designed duplex loft with 3bedrooms,3 baths and windowed homeoffice. Dramatic living room with 12ft± ceil-ings. Doorman-condo. $4,200,000.WEB:0135240. Tom Doyle, 212.431.2474

TR EA SUR E I N TRI BECA: Stunning 3bed/2.5bath with terrace in sought after building.Oversized LR with wood burning fireplace,huge mahogany triple windows, custom built-ins. Custom Poggenpohl kitchen. $3,695,000.WEB:0135373. K. Heyman, 212.810.4990

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

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U NCON VEN TIONA L PE N THOU S E: Unique,loft-like penthouse in the West Village. A mod-ern yet rustic private retreat. Extraordinary 1-bedroom + den with pebbled meditation pool,and private roof access. $2,065,000.WEB:0135334. Diane Wildowsky, 212.431.2463

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16

augusT RecoRded salesCLOSED ON CLOSiNg COuNT MEDiAN PriCE AvErAgE PriCEMANHATTANAugust 2008 1,414 843,250 1,577,547August 2009 1,143 787,500 1,245,659August 2010 1,123 873,000 1,412,798Aug 2010 v. Aug 2009 -1.7% 10.9% 13.4%Aug 2010 v. Aug 2008 -20.6% 3.5% -10.4% ALL DOWNTOWN SNAPSHOTAugust 2008 462 1,035,000 1,448,257August 2009 319 925,000 1,334,082August 2010 340 991,300 1,545,792Aug 2010 v. Aug 2009 6.6% 7.2% 15.9%Aug 2010 v. Aug 2008 -26.4% -4.2% 6.7%

BATTery PArk CiTyFiNANCiAL DiSTriCTAugust 2008 114 916,425 1,160,130August 2009 44 1,127,628 1,201,952August 2010 42 962,187 1,115,809Aug 2010 v. Aug 2009 -4.5% -14.7% -7.2%Aug 2010 v. Aug 2008 -63.2% 5.0% -3.8%

TriBeCA/SOHOAugust 2008 77 1,964,204 2,531,280August 2009 36 1,751,750 2,524,095August 2010 57 2,189,237 2,704,461Aug 2010 v. Aug 2009 58.3% 25.0% 7.1%

Aug 2010 v. Aug 2008 -26.0% 11.5% 6.8%WeST ViLLAgeAugust 2008 26 780,156 1,185,993August 2009 29 676,000 982,050August 2010 24 682,250 1,507,958Aug 2010 v. Aug 2009 -17.2% 0.9% 53.6%Aug 2010 v. Aug 2008 -7.7% -12.5% 27.1%

greeNWiCH ViLLAgeeAST ViLLAgeAugust 2008 65 849,000 1,523,522August 2009 62 792,500 1,530,731August 2010 85 837,500 1,165,919Aug 2010 v. Aug 2009 37.1% 5.7% -23.8%

Aug 2010 v. Aug 2008 30.8% -1.4% -23.5%CHeLSeAAugust 2008 102 1,229,536 1,273,096August 2009 88 832,419 1,055,798August 2010 64 837,500 1,415,495Aug 2010 v. Aug 2009 -27.3% 0.6% 34.1%Aug 2010 v. Aug 2008 -37.3% -31.9% 11.2%

FLATirON/grAMerCyAugust 2008 39 775,000 1,389,666August 2009 30 772,500 1,031,565August 2010 43 916,425 1,408,538Aug 2010 v. Aug 2009 43.3% 18.6% 36.5%Aug 2010 v. Aug 2008 10.3% 18.2% 1.4%

The tables bel w present rec rded sales data c nd s, c - ps, and t wnh uses in Man-hattan and within the D wnt wn market. Data is r m August 2008, 2009, and 2010. Thev lume transacti ns in b th Manhattan and verall D wnt wn increased signi cantlysince a year ag but they have n t yet returned t August 2008 levels. Median prices havebeen rising in s me D wnt wn neighb rh d like Tribeca, S h , Flatir n and Gramercy. Neighb rh ds like Chelsea and West Villagehave remained stable since last year but are still d wn r m 2008.

d w t w closing pRicesMArkeT STATiSTiCSPrOViDeD By



17

B low s a ma t snapshot as of Octob 6, 2010 of what s c ntl ava labl fo sal and nt.

d w t wcuRRenT snapshoT

all doWnToWnsalesT #l t prStudio 447 $489,0001 BR 1,174 $785,0002 BR 844 $1,582,5003 BR 402 $3,200,0004+ BR 175 $6,850,000

RenTalsT #l t prStudio 380 $2,7971 BR 711 $3,250

2 BR 483 $5,2503 BR 140 $7,9724+ BR 39 $14,500

BaTTeRy paRk ciTy/FinancialdisTRicTsalesT #l t prStudio 111 $575,0001 BR 325 $800,0002 BR 184 $1,495,0003 BR 81 $2,310,0004+ BR 18 $3,062,500

RenTalsT #l t prStudio 91 $2,7101 BR 161 $3,2002 BR 91 $5,1503 BR 21 $8,2004+ BR 3 $5,900

TRiBeca/sohosalesT #l t prStudio 25 $715,0001 BR 83 $1,150,0002 BR 150 $2,284,5003 BR 105 $4,250,0004+ BR 32 $8,692,500


noliTa/loWeReasT side/ chinaToWnsalesT #l t prStudio 13 $349,0001 BR 98 $499,5002 BR 90 $780,0003 BR 12 $829,0004+ BR 9 $5,250,000


WesT VillagesalesT #l t prStudio 33 $459,0001 BR 83 $850,0002 BR 46 $1,572,5003 BR 23 $3,600,0004+ BR 20 $8,325,000


chelseasalesT #l t prStudio 93 $459,0001 BR 214 $849,0002 BR 161 $1,675,0003 BR 78 $3,600,0004+ BR 41 $5,875,000


gReenWichVillage/easTVillagesalesT #l t prStudio 104 $442,0001 BR 189 $725,0002 BR 112 $1,364,5003 BR 43 $2,600,0004+ BR 28 $6,702,500


FlaTiRon/ gRaMeRcysalesT #l t prStudio 52 $449,0001 BR 126 $750,0002 BR 87 $1,550,0003 BR 45 $4,500,0004+ BR 19 $9,750,000


P c s nd cat

m d an val s.

MArkeT STATiSTiCSPrOViDeD By



18

Greenwich Village Sch land the L wer ManhattanC mmunity MiddleSch l.

The Village has l ngbeen kn wn as a nexus

creative energy, butit als is h me t s me

the city’s greatestdining experiences.F r a blast t y urc llegiate past, head tMacd ugal Street justs uth Washingt nSquare Park, where NYUstudents linger r their

x tatt parl rs,rauc us bars and cheap

ala el.Mamo n’s (119 MacDo al St, 212-674-8685) is the m stuniversally ad red the latter, with lines utthe d r r s me thebest ala el sandwichesin the city, m st runder $3. Tea Spot (127Macdo al St., 212-832-7768) is a c y recluse

r m the shenanigans,with an impressive l se-lea tea selecti n and aquiet d wnstairs seatingarea.

I streetside diningisn’t y ur style, headt the West Village

r m re the area’supscale pti ns. I y ucan snag a reservati n atL ttle Owl, in the West

Village, (90 Bed o dSt, 212-741-4695) ,y u’ll be privy t anAmerican-Mediterraneanmenu eaturing twists

n classics like gravymeatball sliders and p rk

ch ps.EN Japanese

B asse e (435 H dsonSt, 212-647-9196) is astar Asian cuisine inthe West Village, and itsc ntemp rary space nlyplays a supp rting r let the Japanese cuisine:try the Buta n Kakuni(braised p rk belly)and the resh t u. F ra p st-w rk re resher,try a c cktail made with

resh pineapple, gingerand v dka. Every rstThursday the m nth,the che h sts a $45

sh heads, eel b nesand beer dinner. In theJapanese traditi n wasting n thing, CheHir ki Abe puts t gethera decadent meal withingredients rarely seen

n a typical sushi barmenu.

McSo ley’s Ale Ho se(15 E. 7th St., 212-473-9148) , ne New Y rk’s

ldest bars, has beenc ntinu usly runningsince 1854. Relics barh unds past can be

seen ar und the building,and th ugh p pular witht urists, ers s mething

r any New Y rker tunedt hist ry: AbrahamLinc ln and W dieGuthrie are am ng itspatr ns. W men wereadmitted t the bar inthe 1970s, s n w the unis pen t all.

A con galle y (35g eat Jones St, 212-725-6092) in the East Villagepresents c ntemp raryIndian art, but with a

cus n exhibiting artistswh rarely present theirw rk utside Asia.

CHelsea & graMerCy Public sch ls in

the area include P.S.11, Baruch, and P.S. 33(Chelsea Prep). Privatesch ls include the Ec leInternati nale de NewY rk, the Guardian AngelSch l and Xavier HighSch l.

B ddakan (75 9thA en e, 212-989-6699)is a trendy Asian usi nbar that is turning heads

A view from The Highline.

McSorley’s Ale House.



Pepe s H

reSTAurANT grOuP PreSeNTS

SPANISH AND MEXICAN RESTAURANT168 west 4th street • 212.242.6480

AMERICAN RESTAURANT166 wEST 4TH STREET212.675.1977

SPANISH TAPAS bAR170 west 4th street • 646.415.7924

RISTORANTE ITALIANO342 west 46th street

212.977-7373

D a R osina

in Chelsea r its tunatartare spring r llsand d wnt wn-chicatm sphere.

F r vegan are,head t Blossom (1879th A en e, 212-627-1144) . Y u w n’t nd ameatball here, but y u’ll

nd plenty ther richItalian are, like seitanscall pini and ch c lateganache.

The red Cat (22710th A e, 212-242-1122) turns heads in Chelsea

r the banana ice creamsandwich al ne. But theimpressive wine list alsmakes it a t p st p a teran a tern n str lling nthe High Line.

As y u head east,st p at g ame cy Ta e n(42 E 20th St, 212-477-0777) , c nsideredby many t be ne the city’s nest diningestablishments. Many the Tavern’s ingredients

are r m l cal arms,which will make y u eelbetter as y u g rge npulled p rk sandwiches,lamb pappardelle andch c late bread pudding.

The P ccolo Ca e (1573 d A e, 212-260-1175) is a ne-st p sh p inGramercy r inexpensive

d that tastes likey u made reservati nssix m nths ag : trufeegg sandwich, any ne?The quality the m restandard items willlure y u in time a tertime: the cappuccin isparticularly ad red byl cals.

HousTon & belowPublic sch ls in

the area include P.S. 3Charrette Sch l andP.S. 42 Benjamin AltmanSch l. Private sch lsinclude the Beth Jac bPar chial Sch l, LittleRed Sch lh use and

the Elisabeth Irwin HighSch l.

Nightli e s uth H ust n is a primedestinati n r th sewh live in UpperManhattan and Br klyn,and r g d reas n: thespectrum bars andclubs ranges r m dirtydive t upscale l unge.An unexpected nd nthe L wer East Sideis the Happy End nLo n e (302 B oomeSt eet, 212-334-9676) ,a c nverted er ticmassage parl r that issurprisingly sleek and canbe rented ut. wd~50(32 Sp n St eet, 212-477-2900) is a culinary

av rite d wnt wnersas che Wylie Du resnehas carved ut a usi n

cuisines that hascaptivated the L werEast Side. one dinner

pti n? Duck breast,apple, cheddar and

Katz’s Deli.



Wh th o ’v had a bab andbo ht a n w ca , o now hava t na on th oad, o

ns anc sho ld p p w tho l f . Call toda fo a f

v w to h lp o d c d what p ot ct on s ht fo o .

BARBARA A. GRIMALDI(212) 759 3920227 EAST 56TH STNEW [email protected]

Appointments to fit your schedule.

Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.

kimchee-c us c us.Balthaza resta ant

and Lo n e (80 Sp nSt, 212-965-1414) erstraditi nal French bistrdishes in a warmly litS H space. Baltha ar’seggs benedict is acr wdpleaser but thesteak rites als ev ke thesimplicty and elegance

Paris.S H , Chinat wn and

the L wer East Side areh me t s me thecities best art and designgalleries. The Staley-W segalle y (560 B oadway,S te 305, 212-966-6223) has bec meren wned r its ashi nph t graphy c llecti n,while M m Fe zt (81g eene St., 212 343-9377) b asts a c llecti n

c ntemp rary art r mRussia, the rmer S vietrepublics and the BalticStates. El Kle n F neA t (El Kle n F ne A t,

212-255-4388) presentsthe next big thing inc ntemp rary Chinese artat its S H l cati n.

B ooke Alexande (59Wooste St eet, 212-925-4338) has a l ng hist ry

sh wcasing leadingc ntemp rary artistsin New Y rk, while alspublishing printed art.F r a glimpse the oldMasters, head t F ankl nBowles galle es in S h (431 West B oadway,212-226-1616) , whichrepresents a gr up artists that range r mRembrandt t Chagall.

other galleries bel wH ust n: An maz ngalle y (54 g eeneSt.), B oadway galle y(473 B oadway),B oome St eet galle y(498 B oome St.),Emman el F em ngalle y (546 B oadway,PH 5B), Ho s P ojects(31 Howa d St eet),

J ne Kelly galle y(166 Me ce St eet),Lehmann Ma p n (201Ch yst e St.), LemmonsContempo a y (155H dson St., 2S), LesleyHelle Wo kspace (54O cha d St.), Lo sK. Me sel galle y (141P nce St.), O.K. Ha sWo ks o A t (383West B oadway),Ope a galle y (115Sp n St.), Pete Bl mSoHo (99 WoosteSt.), Pete F eeman,inc. (560 B oadway),Pete L k galle y (419West B oadway),Pome anate galle y(133 g eene St.), rHgalle y (137 D ane St.),ronald Feldman F neA ts (31 Me ce St.),Spence B ownstonegalle y (39 Wooste St.),Spe one Westwate (257Bowe y), Two Palms(476 B oadway, 3 dFloo ).

The West Village.



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26

Ch s Albanese is theCEo the Albanese

O an zat on , thedevel per behind s me Manhattan’s b ldest

residential buildings. Theywere the rst t buildan LEED G ld certi edresidential t wer and theirnewest devel pment,The Visi naire in BatteryPark City, received LEEDPlatinum certi cati n.Albanese t k s me timet chat ab ut the bene tsand challenges greenbuilding.

How d d yo etn ol ed n Manhattaneal estate?

The c mpany wasstarted 50 years ag bymy ather, Vincent, andUncle Anth ny. Theystarted building single-

amily h mes in Queens.I w rked in real estatea ter c llege, and then I

j ined the amily business.I w rked r three r uryears and then I decidedt g back t law sch land I practiced law ra c uple years d inglitigati n and real estatelaw. In 1995, I went backt the amily businessand we started cusing

n Manhattan apartmentbuildings. My c usinRussell Albanese and Iare n w partners in thesec nd generati n.

How d d Albanese

become n ested nthe p ocess o LEED

ce t y n es dent alb ld n s?our rst green buildingwas The S laire inBattery Park City whichwas the rst residentialt wer t get g ld LEEDcerti cati n. T secure thesite we resp nded t anRFP issued by the BatteryPark City Auth rity and

ne the requests wast build the site green.one the reas ns whywe w n the dig was we

went urther than urc mpetit rs in greeningthe pr p sed buildingand s that’s what g t usstarted in building LEEDcerti ed buildings. Thenwe went n t build TheVerdesian. We str ve rLEED Platinum and wewere the rst residentialt wer in the c untry tget it. The Visi naire alsreceived the Platinumrating. We always str vet build green buildings,even back in the 1980swhen there was nsuch thing as LEEDcerti cati n—making thebuildings m re e cient.obvi usly with TheS laire we were takingthat t a higher level.

is t a d c lt p ocess?I w uldn’t say the pr cesshas bec me m re di cult.The rst ne was a learningpr cess. We put a l t

new techn l gies intthe building at nce and

a l t the techn l gieswe used were tested; butn ne had ever put all them int ne building. Itwas a learning curve, andthere were n c nsultantsback then t g t t sh wy u h w t build a greenbuilding, s we had t learnh w t d it. It’s a l t easier

r us t learn t designand build a green building,and we learn r m d ing it.

D d the post-Lehman

ma ket afect demando een b ld n s? How

d d yo deal w th t?our the ry is thatbuildings that are builtwith higher qualitywithstand the d wnturnsbetter than th se thatd n’t. We think thatbuilding with higherquality insulates y uwith the d wnturn. P st-Lehman rents went d wnab ut 15 t 20 percent,and in s me l cati ns25 percent. We were atthe l w end the scale.N w ur buildings are95 percent ccupied andwe’re getting back t therents pre-Lehman. Therental market impr vedsigni cantly in Manhattan.As ar as ur c nd pr jectThe Visi naire, I’d say urprices dr pped 15 percent,but ther buildings inless desirable l cati ns

r ur l w rent buildings

prices dr pped 25 t 35percent. Right n w ur

phil s phy is g d giventhe ec n my.

What s some othe appeal o l n

n a een b ld ndowntown?The biggest bene t isthe ind r air quality.our ind r air quality isbetter than the utd rair quality. F r example,at The Visi naire reshair is wn in thr ughthe r , ltered and

pumped int every r m every apartment. In

the apartment, that air isrecirculated and re ltered,s the air is ltered twice.Pe ple d n’t need th seine ective air lters andhumidi ers that theyw uld typically buy.We’ve had a l t pe ple with asthma andallergies that have t ldus that their c nditi nshave impr ved by livingin ne ur buildings.That’s the m st bvi usand imp rtant bene t tthe pe ple living in urbuildings. In a typicalapartment building,there’s a c mpress r inevery r m; s i y u have300 apartments, y uhave 800 c mpress rs.our buildings are muchquieter because we have

ne central plant, s ally u hear is the an thatbl ws the air ver the

c als. Battery Park Cityis like its wn little asis.

The parks are beauti ul,there’s pen space, andthere’s a s cial calendarrun by the BateryPark City Auth rity:c ncerts, shing, sp rts,backgamm n, art, musicevents. Y u’re cl se tthe subway, but y u’rein y ur wn little asisand y u d n’t have thetra c and stress living

n Sec nd Avenue. Whatwe nd is s me pe pleare c ncerned they’ll eel

is lated when they c med wn t Battery ParkCity; but nce they m ved wn there and learn theneighb rh d, they l veliving there. N w thereare a l t m re servicesthan there were 10 yearsag .

What’s n the ca ds oAlbanese?F rtunately, in thisd wnturn, we didn’t ver-leverage any pr jects r

verpay r any pr jects.We’ve been rtunaten t t get hurt by thed wnturn, s we’ve beenactively l king r newpr jects and devel pmentsites. Whenever we buyexisting buildings tren vate, we always strivet d it as cleanly ande ciently as p ssible.We’re p unding thepavement r ur next

ew pr jects.



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The Observer's Downtown Living - Fall 2010

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Transcript of The Observer's Downtown Living - Fall 2010