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downtown: below 34th Street in manhattan

January 13, 2013

seller's market

market report
download the latest report
2013 opens with a strong market for sellers. The Manhattan market has clearly recovered. Available housing inventory in the Fourth Quarter of 2012 logged its seventh consecutive year-over-year decrease, reaching its lowest point in seven years.  With such limited choices available to them, prices have continued to rise: median price is now $827,000 (up 8% versus Q4 2011) and price per square foot is $1076 (up 3% versus Q4 2011). That means that demand is far exceeding available inventory. I have buyers waiting to see the right home in almost every size category.
Apartment and loft sellers that have asked me for a market opinion recently, have been surprised at how robustly the market has turned around. Luxury properties are up 7% year over year. Downtown buyers found coops to be very desirable homes, driving pricing up year over year in one bedroom (+4%), two bedroom (+20%) and three bedroom (+54%) categories. I also market townhouses and live/work, mixed-use buildings, as homes and investments. I have simply never seen demand higher for them in Manhattan and brownstone Brooklyn. I help sellers acheive maximum value for their properties. 


The overview is in Corcoran's current Market Report. Download your copy here. How does it apply to your property? Ask me for a free analysis of what your apartment, loft, townhouse, or building is worth. That answer may surprise you.

April 27, 2012

Design-intelligent urban development

new developmentThis is a fascinating keynote by architect and urban planner Vishaan Chakrabarti, Director of Columbia University's Center for Urban Real Estate or CURE. There are some big ideas presented here about the future of New York City's development built around sustainability, economic return to the city, and unlocking the potential of underutilized land, by creating well-designed urban density and mass transit to service it.

One statistic that jumps out is that there are about 4 billion square feet of unused FAR (development rights) in our city today. This is actually land unused because of regulation which, if intelligently developed, could provide valuable economic growth and infrastructure for future generations of New Yorkers. The proposed creation of LoLo, a new lower Manhattan land mass connecting Governor's island with the Financial district is presented too, giving us a glimpse of what thinking out of the box really looks like, when not being used as a marketing punchline.

From the CURE web site: CURE identifies, shares, and advocates solutions for a rapidly urbanizing world. CURE redefines sustainability as dense, mixed-income, mixed-use, transit-based urban development. From climate change and energy dependence to the socioeconomic and political upheaval they engender, CURE addresses emerging and current global issues through the lens of urbanization.

visit the CURE site »

July 5, 2011

Comitini sells 177 Franklin Street in Tribeca

177 Franklin Street, Tribeca, New York, NY 10013soldI'm pleased to announce my sale of this historic mixed-use loft building at 177 Franklin Street, in the heart of Tribeca. Built around 1920, this masonry building has been reinforced with structural steel, new elevator, and all new mechanical systems. The property is slated for redevelopment into a single family townhouse, or may be converted to a mixed-use condominium project. It is an ideal property for an end user that would like to create a home, operate a business, produce rental income, or any combination of the above; all in Manhattan's best neighborhood. I represented the new owners who are thrilled with their buy. It's been re-listed with Corcoran, and is available now for viewing. I'm familiar inside and out with every detail. Nothing would make me happier than to represent you as the next owner of this fine building, which embodies such enormous potential.

This marks another successful building sale for me, and sets the direction of my real estate business moving forward. I'm pulling focus on becoming downtown's preeminent dealer in mixed-use buildings and townhouses. Manhattan properties in particular are seen as desirable investments from countries where their currency is now strong against the dollar. I target a massive audience, from hyper-local to foreign, and bring the largest sales force in NYC to bear. Corcoran sells more townhouses and buildings than any other agency, 24% of them as all cash. My office offers sellers of property the resources of a boutique marketing firm to position their properties for maximum market gain. I create value from exceptional presentation and global market exposure. It's where my past experience as a creative director in print and online, merges with my decade of experience in real estate sales. In short—real estate agency meets advertising agency. Your property will stand out. I'll invoke a potent mix of design, technology, media, PR, deep market knowledge, and old fashioned salesmanship, to close the deal. If you'd like to get an idea of how much your building or townhouse is worth today, and what's different about how it would be brought to market, contact me.

download: The Townhouse Market Report

February 1, 2010

Tribeca and Lower Manhattan public schools zoned

Proposed Tribeca school zoning mapTribecaMonths of speculation, controversy, and debate ended last Friday as the District 2 Community Education Council voted 6-4 for "Option 2" as the temporary public school zoning for lower Mahhattan including: Tribeca, Battery Park City, The Financial District and Seaport area. Downtown Express reported that, "all Tribeca children west of Church St. will be zoned for P.S. 234. Children in east Tribeca and the Seaport will attend the Spruce Street School; the Financial District south of Liberty St. and Battery Park City south of Albany St. will attend P.S./I.S. 276; and north Battery Park City and Gateway Plaza will attend P.S. 89." The Tribeca Trib is running the map shown here as well as great coverage on the issues too. The plan redistributes and creates new school districts for PS 234, PS 89, PS 397 & PS 276. Unzoned PS 150 also serves the general community. Here's what the local media had to say:

The Tribeca Trib: Panel Chooses Zoning 'Option 2' for Downtown Schools

Downtown Express: Cheers & jeers as school Option 2 is picked

Broadsheet Daily: CB1's School Zoning Task Force endorses Option Two

June 15, 2009

Stoned again on Leonard Street in Tribeca

Leonard St. in Tribeca

TribecaCobblestoned that is. I noticed as I was walking home from the office today, this scene of Leonard Street undergoing a restoration to its original cobblestone pavers. It is being done as it was originally paved, starting at Hudson Street and moving eastward to West Broadway. These are beautiful finishing touches that help soften the edges of the neighborhood, and a reconnects us visually and tactilely, with its history. It adds value to the experience of everyone who lives here or visits. The work is part of the Harrison, Leonard, Greenwich Streets Reconstruction Project which says, "includes utility upgrades including water and sewer mains, catch basins, and electric, cable, and telecommunications. Curbs, sidewalks (some pigmented), and roadway restoration... Reconstruction of Harrison from Hudson to West Street is slated to start by late 2009." I can tell you from personal driving experience, that stretch of Harrison Street is sorely in need of help, I just hope my shocks hold out until the work is done. The entire project is expected to conclude in spring 2010.

May 13, 2009

The Taste of Tribeca

If you live in Tribeca you may have received one of my tongue-in-cheek postcards depicting this scene of a local hot dog stand on the waterfront, at the corner of North Moore and West Streets in 1936— making the point that Tribeca's industrial waterfront has yielded way to a more gentle residential neighborhood. It includes some of the best restaurants in the city today. Sixty-seven of them will be offering a taste of their wares at the annual Taste of Tribeca fundraiser supporting Arts and enrichment programs at Tribeca's two public elementary schools. Founded in 1994 by the parents of children at PS 150 and PS 234, his culinary festival brings together Tribeca’s best restaurants in an unforgettable and delicious experience.

continued »

January 27, 2009

tribeca, 1936 to today

I had some fun today standing in the approximate foot steps of Berenice Abbott and rephotographing the above scene, which she shot on April 8th, 1936 as part of Changing New York, her definitive record of New York in the 1930s

continued »

May 24, 2008

Woolworth's western facade fully seen for last time

The demolition of the 1951 Moody's building at 99 Church Street has revealed, for the first time in 57 years, this unobstructed view of Cass Gilbert's neo-gothic design for the Woolworth Building's western facade. It is the site for a major new addition to the lower Manhattan skyline— Architect Robert A.M. Stern's design for the new, downtown, Four Seasons Hotel and condominium tower. The new skyscraper will rise on the construction site visible in the foreground and will eclipse this view forever.

continued »

May 19, 2008

Is it a good time to buy in Tribeca?

s some of you know, I've been a Tribeca local since 1995. Another long-time resident and friend, who's kids go to PS 234 with mine, sold his loft last year, and has been leasing a place in the neighborhood instead. He's one of several people I know who sold and moved into a rental, in part because they believed the sales market had "peaked". These are folks who had built substantial equity over time in their properties. He sent me an email asking about the market. Here's my response, and a more detailed analysis on the downtown landscape for buyers.

continued »

January 29, 2008

Four Seasons condo tower adds to the downtown skyline

The tallest residential tower to be built downtown, will be at 99 Church Street at the crossroads of Tribeca and the Financial District. Developer Larry Silverstein announced that the property would be operated by luxury hotelier The Four Seasons as their second New York City location, just at the edge of the World Trade center site. Built on the site of the 11 story former home of Moody's (now tenants at Silverstein's 7 World Trade Tower) the lower half of the building will house a 175 room Four Seasons Hotel with the remainder dedicated to 143 private condominium residences of up to 6500 square feet, with hotel services.

continued »

January 21, 2008

A forgotten Keith Haring discovered in Tribeca condo

This is a fascinating report by Bradley Hope at The Sun about a lost work by Keith Haring which was recently uncovered during the redevelopment of a loft at The American Thread Building in my neighborhood of Tribeca.

continued »

December 20, 2007

A plan for Governors Island begins to take shape

The Mayor and Governor announced the selection of Dutch firm West 8 to lead the effort in the redevelopment of Governors Island into what may become one of the largest and most exciting public spaces in the nation.

continued »

November 29, 2007

Video: Tribeca & Lower Manhattan development

The Stoler Report recently focused on Tribeca and Lower Manhattan development, and will be of particular interest to my readers. These two broadcasts archived on at their Web site cover residential and hotel developement, retail space, and office leasing in the downtown market.

continued »

October 18, 2007

Chelsea new development tour is an industry hit

In West Chelsea on Wednesday, the new residential developments, close to the High line, opened their doors to the brokerage community for an extra long, 4 hour, open house tour. Hundreds of brokers were seen brushing shoulders with gallery hoppers, and making the rounds at all of the sales presentation centers. It was like an open air mall for some of the priciest homes on the planet.

continued »

October 3, 2007

Tribeca homes jump 36% in third quarter 2007

I'll be posting the entire Q3 Corcoran Report on the market as soon as the pretty versions are made ready for download. But I'd like to take a moment to look at the downtown numbers and particularly those of my own neighborhood of Tribeca. I've lived here for eleven years and seen it transform from an enclave of warehouses and artist lofts, into the city's newest prime neighborhood.

continued »

September 17, 2007

Update: photos from ground zero 2007

This is an update of last week's post a 'September 11th photo journal from ground zero'. This 9/11 was a rainy Tuesday, the site was overcast and more somber than in previous years. The site is now a construction zone as the redevelopment moves into its next phase. This will likely be the last year that families of the victims will be able to walk into the pit where the buildings once stood. I roamed the area surrounding the site this 9/11 again, and added new photos to my set on Flickr.

continued »

September 14, 2007

Video: East Village memories

A perfect little video interlude titled 'Art and Unrest in the East Village' appeared online at the NY Times site today on the history of the East Village by John Strausbaugh, who also wrote the related article 'Paths of Resistance in the East Village'. think that you'll enjoy watching this very informative video about the rich contribution of this downtown neighborhood over the past 150 years.

continued »

September 10, 2007

a September 11th photo journal from ground zero

I live in Tribeca, the neighborhood just north of the World Trade Center site, about four blocks away from ground zero. Each year since that terrible day I've made it a point to visit ground zero to pay my respects to those who died there. For the past five of those years, I've carried a camera and documented a slice of time from each September 11th which I'm presenting here as photo journal hosted on Flickr.

continued »

July 5, 2007

Making lemonade at 9 West 19th Street

Now available for download is a complete web brochure for this outstanding property. In a related story, this was a classic case of bad timing for my client, as we were preparing to go to market with 9 West 19h Street, the owners of the adjacent property put up a scaffold; unfortunately obscuring part of the facade of our building for sale. It posed new physical challenges as to how best market the property.

continued »

May 22, 2007

Rebuilding downtown manhattan, a bird's eye view

Now appearing weekly on is a new map which details nearly 70 downtown construction and renovation projects. The map is updated every week by the Lower Manhattan Construction Command Center. The LMCCC— along with the city Department of Transportation, New York City Police Department, and other partners use the map continually to identify locations where traffic congestion, pedestrian restrictions, or other access issues may arise throughout the downtown reconstruction effort.

continued »

May 4, 2007

Inside the architects' studio at ground zero

The Tribeca Trib is running a day in the life style cover story this month that is a look inside the architect's studios at Seven World Trade Center; "Silverstein Eyes Progress on His Towers". In a second story they cover the exodus of cultural institutions from the site's plan.

continued »

April 30, 2007

South Tribeca and Battery Park City's changing skyline

Here's a point of view that not many get to see of the changes underway affecting south Tribeca and northern Battery Park City. These four massive developments, fueled in part by Liberty bonds made available in the aftermath of 9/11, are forever changing the character and density of the area.

continued »

April 28, 2007

Giant director missing at Tribeca Film Festival

The week of the Tribeca Film Festival is upon us once again. Popcorn flows freely outside of PS 234, and this empty director's chair was found outside of the Franklin Street subway station. Presumably for some big director (over 25 feet to be exact) whom to date, has not shown up.

continued »

April 26, 2007

Sunday walking tours of Flatiron

The Flatiron/23rd Street Partnership is sponsoring free walking tours of the historic Flatiron district every Sunday starting April 29th.

continued »

April 24, 2007

Springtime in Tribeca sees +17% appreciation

I was researching the downtown market this week and looked at the spreadsheet data that the first quarter Corcoran Report, which I posted last week, was based on. It had some greater detail that I'd like to share with you regarding my own neighborhood of Tribeca. Homes solidly increased here by a 17% average sale price per square foot.

continued »

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