When I first heard about this   I was a bit perplexed. Luxury condos on Thompson and Bleeker? Is this the same Thompson Street I lived near during my wild days at NYU? Streets littered with drunk people, drug dealers, and bars which cater to such a lively demographic? It would appear that either the developer is taking some liberties with the word luxury, or this a very nuanced development. The truth of course is somewhere in between.

184 Thompson reminds you a lot of the NYU dorms that surround it. The building, in order to not stick out in this area of low rises, wraps around the block, and has a bland brick and gray trim that could easily pass for a dorm. The lobby is very small with a desk and a few elevators, and a doorman as well. The building generally is not as opulent as usual for New York, but I think it is right for the market. Of the occupied units, there were peace flags hanging from balconies and hipsters smoking and talking on the phone on their balconies. The developer, Bond Street Development, which has generally catered to a far different buyer in the financial district and the UES, has put together a good property for the young creative professionals that inhabit the village. It shows in the numbers, as there are only 13 units left in this 140 unit building.

Features and Amenities

All units have standard features, but no worry, they are in agreeable taste. Hardwood floors everywhere, except stone tile floors and walls in the bathroom. The kitchens have stone counter tops and back splashes, cherry and glass cabinetry and all stainless steel appliances. The bathrooms have a similar color scheme with cherry cabinets and chrome fixtures.

Most every unit has a balcony. They are small, but enough for two people to hang out comfortably. Unfortunately, the views from these balconies are just of Bleeker and Thompson streets, and the little view you have of the rest of the city does not make up for the noise that is presumably unbearable at night. Granted, most of these conversion projects have unbelievable soundproofing technology. Still, drunk people in Greenwich Village have a special “acoustic” of their own.

Amenities are somewhat disappointing for a building advertised as highly luxurious, but for the price and market, they are sufficient. There is no common space or fitness center. However, there are laundry facilities on every floor. The highlight amenities include units with outdoor space and a 24-hour doorman (shouldn’t that be expected in a new development)? The developer must know that they are lacking in amenities, because a reduced membership at the nearby Crunch (about 1/2 mile walk) is offered.

Investment Potential

The village has been on a value upswing for quite some time now and the composition of the neighborhood is the reason. Creative industries and nightlife are not as cyclical as the big business of downtown and midtown. While the value should definitely hold, I have been racking my brain trying to think of the type of buyer who would view this sort of purchase as an investment, rather than a primary residence. Probably not too many. If you’re under 30 and can afford to buy a condo and work in the neighborhood, if you hold it through the imminent “slowdown,” your money should do fine after a few years of flat prices.

When Lenny Taub envisioned 160 East 22^nd Street, he had different plans.  After acquiring many of the buildings on the block (3^rd avenue between 21st and 22^nd,) Taub was unable to strike a deal for 270 3^rd Avenue, a three-story building housing a bar and psychic on the ground floor.  Rather than abandon the project, Taub’s development firm Kaish & Taub decided to be resourceful.  They appointed the designer firm Kutnicki Bernstein Architects (responsible for the design 154 Attorney Street) to create a glass structure that would wrap around the resistant building without compromising the substance of the building.  The result is a large and efficient 145,000 square foot residential project expected to catch the eye of many potential buyers.  The exterior of the building consists of a modern white architectural facade intertwined with green glass. The blend of luxury and comfort is a consistent theme that appears throughout the interior design and amenities choices.  Upon its completion, 160 East 22^nd hopes to become one of the most talked about modern mixed-use residential structures that the Gramercy Park area has to offer.

Amenities

160 East 22^nd Street has a wide variety of amenities and perks to offer its residents.  For starters, the building has a 24-hour concierge service to go along with cabanas and storage areas for residents.  There is also a fitness center that includes a gym as well as an outdoor pool, a rooftop garden, and a clubhouse (containing a sauna).  The ground floor will contain commercial space occupied by high end retail. Potential buyers will find that the amenities here rival anything else you’ll find in the Gramercy area.

Location

The Gramercy Park area is one of the premier real estate neighborhoods in Manhattan.  This building isn’t directly on the park–just northeast of it–but very close.  In terms of parks, you’re actually equally close to Madison Square Park, Union Square Park, and Stuyvesant Park.  The restaurant choices around here are fabulous.  Lots of trendy spots within walking distance.  The same goes with shopping in the sense that anything you can imagine is right on 3rd Ave or the major nearby intersections of 23rd Street and 14th Street.  And, because of its proximity to colleges (NYU, FIT, Baruch) the area is full of youth and energy.  Overall a very vibrant spot to live.Investment Potential

Upon its completion, 160 East 22^nd will be one of the larger residential projects that the Gramercy neighborhood has seen as of late.  We’ve had detailed coverage of  which is another large Gramercy development 5 minutes east of this one.  These projects will be similar in terms of size and amenities, but the design styles will be quite different.  We expect units here to be in high demand and hold their value fairly well.  For this reason we give the building an A-.

When I think about how many banks now line Broadway in the early 60s it is overwhelming.  Who does this much banking?  Aren’t we in a financial crisis which has cut bank stock prices in half?  Chase seems to be doing OK, signing what must have been a massively long and expensive lease with the Zeckendorfs.  This lease, btw, completes what truly is the most successful condominium project of my lifetime.  Retail space often sits years before getting rented.  Developers rely on income from retail space to offset development costs and slow sales.  Developers hate to budge on the price of retail space.  The Zeckendorfs managed to pull the latest trend in retail–developing underground–and do it with hundreds of thousands of feet.  Tenants like Chase and Best Buy have deep pockets and signal the final success for this project.

15 Central Park West is in a league of its own. That’s a strong statement to defend considering you could take a five minute stroll over to other new and impressive condominium developments such as the Plaza, One Beacon Court, and the Time Warner Center. Even so, 15 CPW was a truly unique and special project. The best way to describe the building to somebody without a picture is a tasteful cross between early 20th century grandeur and 21st century ultra-luxury. The architecture is so good that it actually compliments the rest of the Central Park West skyline.

The website has a fascinating video presentation which features the Zeckendorfs and Robert A.M. Stern. The two (developer and architect) discuss their collaboration on this project. In the video, the Zeckendorfs note the significance of this project and compare it to their other famous projects–specifically the gentrification of the UN area and the development of the Zeckendorf towers complex in Union Square.

They also elaborate on the honor of working with Robert Stern, arguably New York’s most famous architect. Stern comments on the vibe of Central Park West as belonging to modern glamour with an arts/entertainment feel–quite different from 5th Avenue.

15 Central Park West rises above many other important towers on CPW–notably the Century, the San Remo, the Beresford. The building is actually comprised of two towers, separated in the center by a circular driveway and courtyard with a reflection pool which looks down to the fitness pool in the health club below. The planning which went into this project is truly spectacular. Stern’s concept here was to mimic many of the qualities of other famous pre-war apartment buildings: most apartments have their own floor, and terraces are recessed with careful details.

According to therealdeal, the building opened for sales on Sept. 8, 2006 and more than 70 of the 202 units were in contract as of mid-October, not in small part due to a marketing campaign estimated to exceed $20 million. The entire 39th floor has reportedly already been sold to a single buyer. It has also been pointed out that an average apartment in the building sells somewhere in the ballpark of $10 million. This doesn’t mean you can’t find a unit with a park view for cheaper, but you can certainly find many which are $20 million or more.

Location

It’s not often a developer can find a full city block along central park to build a residential tower on. This is an incredible location (61st street) conveniently on Central Park West but still sitting on the northwest corner of Midtown with easy transportation access to most sections of the city. The Time Warner center is next door with prime shopping, and a giant Whole Foods market in the downstairs space–not to mention loads of luxury shopping. Lincoln Center is right around the corner as are some of the world’s best restaurants.

Investment Potential

Among the best for the condos we’ve seen so far. It all returns to the simple rules of supply and demand. Central Park West space is extremely desirable, especially in the 60′s and 70′s. Condominiums are desirable as well, especially in areas like CPW where most of the buildings are highly exclusive co-ops in which units rarely go on sale and passing the board can be rough if you haven’t got spectacular credit and ample cash in the bank. A developer/architect team doesn’t often come together to work on such a special project. I think this building will see appreciation of 10-20% in units within the first five years–especially for the full floors. The interesting part is that only somebody already wealthy will have the opportunity to capitalize.

Interesting Fact

This building is attracting celebrities like none other. Denzel Washington, Jeff Gordon, Daniel Loeb, and others have already bought units here.

As for the traffic, it so happens that I have an apartment a few short blocks from 15 CPW. In completing the sidewalk on the blockfront between 61st and 62nd along the park, traffic is not allowed to pass into Columbus Circle from Central Park West. All cars must take a right on 62nd Street and take Broadway South to Columbus Circle. Not such a big deal, right? Wrong. At the very same time as 15 CPW is making itself beautiful, The New York Institute of Technology (NYIT) is also doing a multi-lane construction project on 62nd and Broadway! The result, a backup of traffic from Lincoln Center down to Columbus Circle which takes 20 minutes to get past. Very annoying, especially considering the Central Park West construction is just about finished.At the end of the day, the traffic doesn’t bother me too much. I’m so impressed that this project sold out completely at such high prices that it gives me pleasure to walk by it each day. Plus, the celebrity roster (at this point Denzell Washington, Jeff Gordon, Lloyd Blankfein, Daniel Loeb, and Sting) is sort of shocking. A guy in Best Buy was explaining to me that Oprah is considering 15 CPW for a home as well. I can’t verify that, and it doesn’t make a lot of sense considering the building is sold out, but who knows–it would certainly be the icing on the cake for a successful project.

141 Fifth Avenue was one of lower Fifth Avenue’s most beautiful commercial buildings with a stunning Beaux-Arts facade. This fourteen-story building was originally the Merchant’s Bank of New York in 1897, designed by Robert Maynicke. It has been smartly covered in a faux representation of what the façade will look like as opposed to the usual glaring construction site. The New York City Landmarks Conservation has commended the design, by architectural firm Cetra/Ruddy. The lower two floors will be for commercial use; with the above ten floors housing 38 condominium units.

Core Group Marketing is handling the sales of the building, which will also be handling the upcoming Trump Soho building.

Interior

The units include solid walnut flooring, full panel glass doors throughout and over 10 foot ceilings. The kitchens have custom-built glass paneled cabinets, stone countertops, breakfast islands with bookshelves and marble countertops, a Wolf range stove, Sub-zero glass front refrigerator, a Miele Coffee System and dishwasher as well as a wine cooler. The master bathrooms all include a bathtub alcove of wood and mirror with a freestanding Waterworks bathtub and mosaic flooring. The details vary from second bathroom to powder room, but all have the expected finishes and touches.

Amenities

Besides the lobby attendant, there is an attractive roofdeck for residents. Overall, the building’s primary appeal is its architectural beauty, not the lineup of modern amenities.

Interesting Facts

Original tenants of the building included Park and Tilford (fancy groceries) and Art Lithographic Publishing. With the Flatiron building to its north, this was perhaps the most significant commercial neighborhood of the early 20th century.

The Core Group has stated that many of these units have been bought as primary residences and not pied-a-terres. This is an emerging pattern among many of the newest condo developments.

Investment Potential

50% of the units at 141 Fifth Avenue were sold within the first 10 days of the start of sales. Often these unique conversions develop a cult-like appeal among buyers who want a slice of history. Needeless to say, the units are still very expensive and attract mostly high net-worth individuals. I’d say the building holds its value extremely well, especially with its coveted landmark status.

Amenities

This is one area where this building compares favorably with its neighborhood rivals. It boasts a garden with a pool and dining area and a roof terrace will have cabanas, wet bar, grill area and dining area seating. The gym overlooks the outdoor pool and there is onsite parking. There will also be a 24 hr doorman/concierge service.

Inside the units Cetra/Ruddy have opted for Italkitchens with black lava stoned counters giving a tastefully graphic color palette of white brown and black with stainless steel appliances: a different and successful look from the current trend towards lighter kitchen design. Cooking appliances and dishwasher are by Bosch, refrigerator by Sub-Zero supplemented with a Marvin wine cooler. This feel is continued through into the bathrooms with the use of honed stone on the walls and floors. Ipe wood surround on the bathtubs and stainless steel fixtures.

As referenced before the apartments have floor to ceiling windows that emphasize the 9’ 4’ ceiling heights and the architects have chosen solid oak hardwood floors throughout. Overall these are elegant and stylish units with an impressive amenities package.

Rooftop pools are hard to find. This should be a beautiful amenity.

Location

The location is something of a mixed bag but ever improving. The retail on 7th avenue remains unimpressive with the exception of Whole Foods. Sixth Avenue is a greater asset with Barnes and Noble and many big name outlets lining the stretch either side of 22nd street. The real benefit lies in its proximity to other neighborhoods, Flatiron for its restaurants, the rejuvenated Madison Square Park is within walking distance and the meat packing district for its nightlife and dining options is also very close. For the art aficionado the Chelsea gallery scene is just a few blocks away. With the benefit if Broadway’s diagonal sweep Union Square and its farmers market is also within walking distance. Transport is convenient with the F, V, R, W and 1 train all within a 2-block radius.

Investment Potential

As with all of Chelsea this presents a difficult assessment. The neighborhood is experiencing such a rapid change with so many new developments (on this block alone there is Chelsea Verde and the Clement Clarke) that there are two clear possibilities. 1: the area improves with the new development leading to greater desirability and prices or 2: the area becomes overdeveloped and prices soften. Sales at Verde and Clement Clarke have been fairly strong although the Clement Clarke has been offering to pay transfer taxes for its buyers-not a good sign. The delivery date for 133 w 22nd is far out still and that increases the risk of a price softening given all the bad news around at the moment. The price reductions that have been made have brought the building back into better alignment with the competition. Overall we like the development and the amenities are fantastic (we expect to see maintenance/CC fees to increase, however) and the design of the building and apartments appeals. We rate it a B for now but if January’s Wall Street bonuses are better than some fear we would upgrade to a B+ based on the quality to be found here.

Residence

With just 116 homes and Studios with Home Offices from residents of 1280 Fifth Avenue will share the pride of living in an architectural and cultural iconic edifice. With 9’ to 10’6’ ceiling heights, lush 5” wide white oak wood flooring, large picture windows frame incomparable views and models furnished by Ligne Roset, it’s easy to see how luxurious & unique these spaces could be.

The open kitchens boast Teak cabinetry, a Bosch dishwasher, stainless steel Thermador oven and 5-burner stove top, Miele ventilator hood, Labrador brown granite countertops with full height backsplash and a built-in oversized Thermador refrigerator-all perfect for entertaining with the city skyline as your backdrop!

The Master Bathroom includes a 5-piece luxury spa bath, Kallista fixtures, polished Bianco Dolimiti marble countertop, cedar of Lebanon wood vanity, Jerusalem bone limestone floor, Zuma deep soaking tub, glass wrapped spa-shower, a Simena limestone wall and Toto dual-flush commode with elongated bowl.

Amenities

At 1280 Fifth Avenue, almost an entire floor is dedicated to amenities.  An impressive athletic training facility houses the newest and most sophisticated cardiovascular and weight-training equipment.  An oversized lounge features a fireplace and the latest in audio-visual technology.  A convivial dining area, complete with a fully equipped catering kitchen and luxurious appointments faces Central Park.

A more intimately scaled media lounge and card room boasts endless entertainment.  A children’s playroom and young adult game room ensure enjoyment for everyone.  And the heated rooftop pool and adjoining landscaped terrace over Central Park—ideal for a twilight glass of wine—will make it hard to find a reason to leave home.

The building also boasts space for personal storage, on-site parking, cold storage in lobby for groceries and other deliveries, 24-hour full-service concierge, as well as an elegant Fifth Avenue entrance providing private access to the residence.

Location

Few residences in the world can claim the most sought after street address, Fifth Avenue on Museum Mile, and be part of a masterpiece of design with a world-class museum.  1280 Fifth Avenue is that place.  1280 Fifth Avenue embodies all that its preeminent locale has to offer.  Here, celebrated landmarks dot the landscape, both inside and out of Central park, with endless opportunities for refreshment and recreation in all seasons.

It is home to the Museum for African Art, the tenth and last museum on Museum Mile.  The access and opportunity offered by its neighbors- the Cooper-Hewitt, the Guggenheim and the Metropolitan Museum of Art-is unrivaled.

The custom stylish oak wood and grey matte- and high-gloss/lacquer finishes run throughout the ‘Skip Library’ entryway, kitchen, dining room, living space and even the closets, tying each room into each other in very refined way.  The Poliform furnishings, accented with pops of color & modern lighting create the perfect balance of what a living space should be.

The highlight of the spaces are definitely the wrapping outdoor terraces and the amount of windows and light spilling into each space (imagine a walk-in closet with a window creating a gorgeous natural lighting).

Penthouse residences have extraordinary views in every direction (including the iconic Manhattan skyline, two rivers and five connecting bridges) and all boast an array of top notch finishes and fixtures. Each of 123 Third’s sleek penthouse kitchens include custom Pioggia Grey high-gloss finishes (also designed by Poliform), white Luna Quartz countertops with custom reveals, Dornbracht polished chrome custom faucets, and high-performance Miele and Sub-Zero appliances including custom-paneled refrigerators, stainless steel ovens, gas cook-tops, wine storage and fully-integrated dishwashers.

Elegant master bathrooms include custom walnut-faced floating cabinets, floor-to-ceiling marble tile from Italy, Dornbracht polished chrome fixtures from Dornbracht and custom Duravit tubs and shower modules with integrated benches.

While the building is Pre War, the building and residences are not. The building has had restoration & renovation on the façade and lobby, there is a new heating and air-conditioning system, new plumbing and electrical systems, new casement windows, modernized elevators and a new roof.  The residences still have their Pre War design with modern layouts, renovated kitchens, new solid wood floors and restored plaster ceilings and moldings.

The homes at 1212 Fifth Avenue showcases an enormous amount of natural light, helping the exquisite plaster crown moldings become quite the focal point above the rich solid wood floors.   The kitchen houses Bertazzoni & Miele appliances, Italian custom cabinets, Dornbracht fixtures, Caesarstone countertops and recessed LED lighting.   The master bathroom is consistent with the luxury of the home with Bianco Dolomiti marble, Radiant floor heat, custom vanities, Dornbracht fixtures and a walk-in shower.1212 includes a fitness center, playroom and a resident’s lounge.  The fitness center is definitely the selling point with 2,600 sq ft of space – treadmills, spin bikes, VersaClimber, rowing machine, Kinesis stations, yoga room, pilates station and body bars.Most notably, Central Park is your backyard!  With sporting events, running & biking trails, cultural events, baseball fields, children’s playgrounds and the zoo, everything you need to spend the day outdoors is at your fingertips, no matter the time of year.  Museum Mile (Guggenheim & Metropolitan Museum of Art the closest), high-end shopping and classic five-star dining is endless!