Property Listing: 158 Mercer St, PH
Listing: 7 Harrison St, PH
The $500,000 per month rental of a full floor apartment located on the 39th floor of the luxury Pierre hotel, boasting 4,786 square feet of living space, six bedrooms and 6½ bathrooms, including the Presidential Suite has made headlines as a major rental record for the New York market. Yet when looked at from a slightly different angle this is actually a ‘good buy’. The suite is available to rent for $19,318/night…..which would equate to roughly $589,000.00. Does this means the room was discounted by about 15%? If an additional room was added besides the presidential suite to make up the full floor, this discount may actually be larger.
This rental is significant not only because its a ‘record’ (although comparing short term furnished rentals of hotel rooms with fully inclusive services to regular rentals is a bit questionable). It is more important in highlighting why super-rich foreign buyers buy an apartment in New York. The costs of a massive hotel room able to accommodate a large group in Manhattan is EXORBITANT, and actually makes buying an apartment seem relatively cheap in comparison. Especially when you factor in usage AND longterm appreciation of the asset. New York will continue to be a Global Center attracting the wealthiest of the planet: buying an apartment here not only makes sense from a practical perspective, but also from a financial one.
Take this down a notch: If you visit New York for 4 months of the year, a hotel room will cost roughly $ 1,500/night….and thats for a high end 1 bedroom. That is $ 180,000 per year ($15,000/month). That would cover ownership of a $4 million apartment. The pure hard mathematics of buying often drive the decision of foreign buyers to invest in property in New York.
Victor Homes and Michael Shvo revealed the Peter Marino-designed building located at the old Getty Station site at 24th Street and Tenth Avenue (239 Tenth Avenue) in West Chelsea, New York at Design Miami as part of the Art Basel fanfare, which naturally had to include Kim Kardashian’s presence, a star known for her remarkable cultural tastes.
The 12 story, 8 unit building facade will be clad in blackened bronze with architectural references somewhat reminiscent of 100 Eleventh Avenue, 101 Warren Street, 40 Mercer Street and 25 Bond Street. All bathrooms will be individually appointed giving each unit an individualized flavor.
The building is scheduled to be completed in the Summer of 2016, completing West Chelsea’s most desirable Art Gallery District block that includes 200 Eleventh Avenue, 560 West 24th Street and 508 West 24th Street, some of New York’s most desirable condominiums moments from the Highline and Hudson River PArks, the new hudson Yards which will include a Neiman Marcus and a 10 minute stroll to the new Whitney Museum in the Meatpacking District.
I am so honored to confirm the rumors that URBAN COMPASS has been chosen to market the first USA residential condominium building designed by the Grand Master of all Architects, Tadao Ando, located at 152 Elizabeth Street in Nolita. The marketing of the 7-unit property that is destined to become an instant landmark, will be lead by the Head of Boutique Development of Urban Compass, Debra La Chance, who also sold the site to the developers Sumaida + Khurana. Six apartments will be topped off by an extraordinary penthouse with private parking. The area has seen a recent influx of superb buildings such as 224 Mulberry and 215 Chrystie Street that are setting new pricing records for the neighborhood. www.152elizabethst.com
Listing: 200 Eleventh Avenue, PH1
The world is drowning in luxury. A plethora of ultra luxurious new buildings are on the market now in New York and many more are coming over the course of the next 18 months. Each developer is trying to out-do one another with the newest, most distinctive, unique and luxurious finishes, fixtures and amenities. Refrigerated counter-tops? Warm or bright light options for your master bathroom vanity lights? A private swimming pool on you penthouse terrace? The list goes on and on. Every product today catering to the wealthy is ambitiously trying to out-do one another on the luxury scale: have we arrived now at the point where the only luxury left that truly matters is…… time?
While all these luxuries are wonderful and indeed make the lives of those wealthy enough to afford them better and more comfortable and satisfying, in today’s 365-24-7 global economy time is escaping all of us. Our time is being over-consumed by a volume of messaging and communication and other activities unlike any other time before us. So while architects, developers and interior designers of the world over seek out the next finish or fixture, all should be acutely aware that anything and everything that streamlines or saves time should be the guiding force.
Technology that functions well will play an important role in this challenge, but its high time for those designing luxury products everywhere to be more mindful of just how important time is to their audience. Once upon a time electric windows and a sunroof were super-luxury items only found on the most expensive cars: today they are everywhere at every price-point. The traditional
luxuries of the past have become the expected items of today. Sameness in design will simply be unacceptable to the highest end consumers as their tastes and exposure advance. Esthetic awareness keeps expanding and the eyes of our audience are becoming much more sophisticated and tuned in. The high end consumer, while still enjoying the sumptuousness of traditional luxury, is becoming increasingly aware of how limited our time is on earth. Freeing up time for the wealthy (and everyone else) to add time and allow them to enjoy their success more will
deliver fan-club-worthy appreciation and give design a more substantive and human dimension that actually matters and delivers real value. The challenge to all in the real estate community now needs to focus on time as the priority. The seconds add up to minutes. The minutes to hours, and the hours to days.