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Tuesday, January 27, 2009

tribeca, 1936 to today

tribeca

above: the corner of West Street at Warren Street in 1936. below: 101 Warren Street on the site today
click on any image to enlarge it | 1936 photo by Berenice Abbott | 2009 photo by Peter Comitini

101 warrren streettribecaI 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 which was sponsored by the Federal Art Project. I happen to live in Tribeca, a block away from this scene at the corner West Street at Warren Street. It had been a vacant lot ever since I can remember, part of the "urban renewal" which cleared out much of the infrastructure of the industrial waterfront in the 1960s. The new condominium tower at 101 Warren Street now rises on the site, along with the neighborhood's Whole Foods, Bed Bath & Beyond, and Barnes & Nobel. It epitomizes the modern day transformation of the area. The residences were designed by the New York office of Skidmore Owings & Merrill for developer Edward Minskoff, and are some of the best designed and built anywhere in Manhattan in recent memory. This is a special building that outperformed many others during the recent NYC building boom because it delivered superior product and location. The sales here reached an average selling price for the initial sponsor's offering of around $1500 per square foot (that's just an average, many units sold much higher) and pushed above $3800 per square foot for a unique $22,000,00 penthouse with panoramic river views. With the exception of one of the penthouses, the building completely sold out its 227 sponsor units, there are several apartments available for resale that can be shown too. It is quite a contrast to the lower west side of the Manhattan that Berenice Abbott walked 73 years ago. The Museum of the City of New York describes the West Street of the 1930s like this:

"The Eastern side of West Street was lined with cheap hotels, bars, luncheonettes, auto repair shops, and gas stations"
MUSEUM OF THE CITY OF NEW YORK, MCNY.ORG

In comparing the two images above, the massive, Art Deco, New York Telephone building serves as a visual landmark further down West Street in the new photo, while DC37 union headquarters now occupies the Abbott shot's World Telegram building, just to the north of it; note the naked steel armature for the signage which still sits on the roof. The College of Insurance building and 101 Warren Street now occupy the foreground, while the Bank of New York building and Seven World Trade Center rise in the background.

Photo by Fred Palumbo, New York World-Telegram & Sun
Washington MarketI find myself endlessly fascinated with the metamorphosis of the city. Tribeca's western most area was once the bread basket of New York. Produce and meats came down along the Hudson by ship from upstate, then were processed, stored and distributed from the waterfront. The marketplace stretched from the north at the Gansevoort Market in the "meatpacking district", southward through Greenwich Village, Soho, and Tribeca, to the Washington Market, which once occupied the World Trade Center site. It's 1940's iteration is shown here just to the south side of the of the New York Telephone building.

Most of the industrial waterfront and the rest of Tribeca, has been reclaimed as residential luxury lofts and apartments in this most recent chapter of downtown Manhattan. While many of West Street's historic structures have been lost, much of Tribeca to the east has been preserved from it's industrial past, and is now protected by several historic landmark districts which will help insure that our neighborhood retains its distinct character for future generations.

updated 01.29.2009

Saturday, January 24, 2009

Real estate bloging goes mainstream

"...blogs devoted to the industry still have plenty to say.
These days their tone is often more serious than snarky"
SAMANTHA STOREY, NEW YORK TIMES

blogs I was delighted to pick up the New York Times this morning to find that they had finally run a cover story on blogging in the weekly real estate section. Samantha Storey's And the Blog Goes On serves as a primer on the local scene and profiles Curbed, Matrix, Brownstoner, True Gotham, UrbanDigs and PropertyGrunt. No doubt feeling the pinch in readership and advertising dollars themselves, the NY Times was quick to point out that, "For some blogs, the real estate slowdown has led to a leveling off in readership.", and noted that that brokerages had started shifting advertising resources to local blogs as a way of controlling costs and getting targeted Web based exposure. Curbed's founder Lockhart Steele is quoted in the story saying that “Traffic on Curbed has been flat”, while Noah Rosenblatt over at UrbanDigs posted his impressive growth in traffic numbers today. It's good to see the most authoritative big media outlet recognizing a NYC blogging community that has been serving an interested and engaged readership— focused on the New York market in ways that are unique, timely, informative, opinionated and personal. Congrats on the ink guys!

Wednesday, January 21, 2009

podcast: Economists to Obama; Get the Government out of the Banking Business

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From our friends at Wharton comes this interview with professor Richard Herring who serves as a co-chair on the Shadow Financial Regulatory Committee, a group of economists, former regulators and lawyers. It contains astute observations about the problems with transparency among the financial institutions that have failed, had shotgun marriages, or are teetering on the brink.


bankseconomyOn the eve of Barack Obama's inauguration as president of the United States, Wharton finance professor Richard J. Herring discussed some of the advice offered to the new chief executive by the Shadow Financial Regulatory Committee. In an open letter (pdf) to Barack Obama, the committee suggested that the government should quickly extract itself from the investments it made to rescue the financial system and devise a new regulatory framework for preventing future crises. He also assessed the deepening woes at Citigroup.

"Morgan Stanley...was trying to sell itself to a bankrupt institution two weeks before it went under— which suggests that we really do not have sufficient disclosure"
RICHARD HERRING, WHARTON SCHOOL

continued+

Wednesday, January 7, 2009

Fourth Quarter 2008 Manhattan Real Estate Market Report

click cover to download
download the latest corcoran report on the Manhattan real estate marketcorcoran reportI'll be posting some excerpts from the Fourth Quarter 2008 Corcoran Report soon, but you can download the complete report as a PDF right now. It's a look at the current state of the Manhattan residential real estate market. This report compares data based on deals that closed in 4Q 2008 (October 1 through December 31) with that of 4Q 2007. The Corcoran Report provides information based on median sale prices (the price halfway between the highest and lowest sale prices), and average price per square foot (the value of a specific unit of space), as well as a variety of other metrics. It was produced in collaboration with PropertyShark.com.

Here's the executive overview: In light of the current recession and the credit crisis, Manhattan’s residential real estate market has entered its most tentative period in recent memory. The Fourth Quarter experienced markedly fewer closings as buyers found financing difficult to obtain; forty percent fewer properties sold in the Fourth Quarter of 2008 than closed in the same quarter a year before. The absence of liquidity has compelled sellers to lower their prices and this quarter’s report reflects the start of that trend in the resale market, where the median sale price dipped by 4%. Sales in new developments— most signed between twelve and eighteen months ago, continue to post strong sales figures, although the pipeline of prominent luxury properties in this category is slowing. To better illustrate their uniqueness and because of the disparity in their schedules from contract execution to closing, the Corcoran Report looks at the re-sale and new development categories separately.

If you have questions please feel free to leave a comment below, email, or call.

fourth quarter 2008 Corcoran Report »

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