Tuesday, April 22, 2014

A Peak at 1110 Park Ave Under Wraps, Carnegie Hill Commanding $4000++ per square foot?

1110 Park Avenue (A. Fine)

Palace atop 1110 Park Avenue (A. Fine)

Peak at limestone (A. Fine)
Rendering (grifted from Curbed.com)
While previously the subject of much NIMBYism, lot line follies with neighbors 1100 Park and 1112 Park, Toll Brother's 1110 Park Avenue has risen! The 47,000sf plus condo will feature 11 apartments over 16 floors- a ground level triplex, 7 full floor residences (floors 3-9), 2 duplexes (floors10-13), and a palatial triplex with POOL on floors 14-16. The building will be clad in limestone, and much like Toll Brother's exceptional effort, the Touraine on East 65th Street, the building will take on a prewar look with a Parisian flair of sorts. Plans filed with the city indicate a gym, wine cellar, and bike room will also be included.

How about pricing? Word on the street, and it is just that, nothing else, is that prices will start at $10 Million and rise to $35 Million plus. Just doing the math, the smallest apartments should be the full floor residences with approximately 2860 gross square footage (lot size of 4146 x .69 coverage). Figuring loss factor for common space, stairs, etc.. it would appear that the least expensive apartment will be asking close to $3900 per square foot. You would have to figure that number will only rise with floor, and lord only knows what the will ask for the palace with the pool! Can Carnegie Hill above 86th Street, even on Park Avenue support such pricing? If condo sales in the area at buildings like 135 East 79th are any indication, the answer is a resounding yes! Sales are slated to start any time now, so we will soon find out.

Schedule A, (NYC DOB)
Toll Brothers Aspires To Unity On Park (The Real Deal)
All Things 1110 Park Avenue (Curbed)

Thursday, April 10, 2014

Clocking In At Union Square, A Clock Face Over Pie Face!

Clock face over Pie Face (A. Fine)

Clock face (A. Fine)
I was surprised to see this 10' clock suddenly sprout at the corner of 13th and Fourth Avenue, a block from Union Square. There are new terraces that were recently added to 127 Fourth Avenue over the past year, but the clock, who would have expected that? A clock face over Pie Face! It appears to be part of the re-branding of Pan Am Equities' 4000 unit apartment portfolio by Mirador Properties, which is now in charge of marketing and leasing. Mirador is overseeing the upscaling the properties with Restoration Hardware fixtures, high end appliances, and sleek lobbies. It is being branded as "True North", dedicated to combining "Old New York design" with "modern technology and amenities". Ok, whatever. But, I can say that I do like the clock, and thanks, it sure is more attractive than the 15 digit "Metronome" around the corner at 14th Street!

Tuesday, April 8, 2014

Mapping The Benefits Of Second Avenue Subway, And A Fine Double Bonus Zone!

(Graphics: Khan Belmond, Concept: Andrew Fine)

As the blasting on NYC's Second Avenue Subway has subsided, the buzz is just starting to begin! The cavernous stations have been blasted, the tunnels dug, and residents of the area are relieved that the shaking has ceased. Yes, the shits show continues on 2nd Avenue with the traffic disruption, platform streets, mini-sidewalks, cement trucks a plenty, and trailers stacked high. But, there is something other than dust and truck exhaust that people are smelling, and that is opportunity!

The Second Avenue Subway, by the MTA's (ever moving) target is just 33 months away! Sure, that target is likely to move, but with the area relentlessly beaten over the past several years, there is light at the end of the, err, tunnel. Savvy New Yorkers, priced out of much of Manhattan, are finding pay dirt in the much-maligned but ultimately livable Upper East Side. I have been preaching it for the last couple of years, but the pain vs. gain equation has proven too much for many until recently. But now, with articles springing up in places like The New York Times, Crain's, in the past few weeks, the trend seems to be set.

To aid my clients and friends (yeah, you too), I have devised a graphic that depicts which areas should benefit the most from the new Second Avenue Subway line. Each circle represents areas that are currently, or will be within the equivalent of a two avenue block walk from a train station. The green circles are for current 4, 5, and/or 6 train stations, and the blue circles represent the future Q train stops. You will notice that there are twice as many Q train circles, as the station entrances are staggered. For instance, the 72nd Street stop has entrances at 72nd, as well as 69th Street. The graphic is far from perfect, so use at your own discretion, and double check my info.

A Fine Double Bonus Zone!

As I developed the map, first by hand, and then by bribing an imperfect co-worker, one observation stood out to me. Yes, there is no doubt that much of the far East portion of the UES should benefit, but what about those areas where these coverage circles overlap (shaded red on the map)? If you lived on 85th and Third Avenue for instance, you will have something that the East Side hasn't seen for generations- choice! How nice will it be to choose between the East Side line, and a line that circles through Midtown, Downtown, and into Brooklyn based on where you want to go, and vice-versa? Not to mention the choice when one of these venerable lines of transportation goes down! A Fine Double Bonus Zone, is what I'll call it! Perhaps, in the future, a premium will be had not for living "West of Lex", but "West of Second", or perhaps "between the lines." Well, that is the future, but if you are shopping with the benefit of the Second Avenue Subway in mind, it is something you should be considering now.

Second Avenue Subway (MTA)
Higher Prices Migrate To The Far Upper East Side (NY Times, 3/8/14)
Landlords Dig Second Avenue Subway (Crain's, 2/24/14)
Upper East Sees Boost From Second Avenue Subway Progress (3/1/14)