Posts Tagged ‘100 Eleventh Avenue’
Monday, April 23rd, 2012
Posted by Leonard Steinberg on April 23rd, 2012
The 4,675 sf Jean Nouvel penthouse at 100 11th Ave. staged by Aimee Scher has closed for $ 19,4m ($ 4,149/sf). That’s 1/3 the price per square foot of 15 Central Park West’s penthouse making it a relative bargain. With 4,412sf of terraces and unrivalled views: West Chelsea continues to soar…
Tuesday, December 6th, 2011
Posted by Leonard Steinberg on December 6th, 2011
The opening of the Crystal Bridges Museum of Art in Bentonville Arkansas reminded me of the power a strong art museum has in attracting the crowds…. The Whitney Museum currently attracts 300,000 visitors annually to its uptown location. When the new Whitney opens on the West Side in the Meatpacking District, those 300,000 visitors will walk through the neighborhood…thats about 25,000 per months or over 800 new visitors a day. Is the area prepared for this? Certainly this will become a major tourist attraction, combining shopping in the Meatpacking District, a visit to the Whitney, followed by a stroll up the Highline Park to visit more of the contemporary galleries in West Chelsea. Maybe pop into the new Pier 57 too?
While what has happened on the West side to date is pretty revolutionary (The Highline, Hudson Parks, The Standard, Americano and Dream Hotels, the A-grade residential buildings such as 100, 200 Eleventh Avenue, the three Richard Meier Towers, The Superior Ink bulding, the 300+ art galleries), I feel what is coming over the next two to three years will make the West side of Manhattan, from Greenwich Village to northern West Chelsea truly the PLATINUM MILE, surpassing anyone’s expectations. It will represent a quality of life never seen before in Manhattan with a unique mix of culture, parks and architectural splendor this city has never known.
Sunday, December 19th, 2010
Posted by Leonard Steinberg on December 19, 2010
Downtown New York residential real estate inventories are now approaching the levels of 2005…..does this equate to the beginnings of a shortage? With new construction having ground to a virtual halt over the past 2 years, we should not expect any brand new DELIVERABLE quality ultra-luxury apartments for at least 2 years. This may result in two scenarios:
1) Sellers who have been waiting for pricing to recover to sell their homes may list now, thus producing the quantity of inventory to keep the markets balanced.
2) Because rebounding new construction will only be able to deliver product in about 2 years, pricing on ultra-luxe buildings could escalate, possibly dramatically. Ultra-luxe is in pretty limited supply regardless with only a handful of buildings that qualify. New ones are on the way.
In the past weeks we have seen numerous prize apartments sell at premium prices: Wendy Maitland just sold a prize unit at 40 Mercer in Soho for over $ 3,200/sf. Raphael De Niro just sold the penthouse at 166 Perry Street in Greenwich Village, and this is on top of units at Superior Ink, 200 Eleventh Avenue (West Chelsea) and 100 Eleventh Avenue (a non-top-floor penthouse was recently sold by Holly Parker for a premium price, $ 2,700/sf, although the press focused exclusively on the discount off the asking price). With these units gone, sold at premium pricing, and not that many left of this caliber, the next few months could prove to be very interesting indeed. Are we entering an era of LUXE HYPER-INFLATION?
Saturday, November 6th, 2010
In this morning’s Financial Times, Aswath Damodaran, the NYU business school professorwho moonlights as the guy who teaches Goldman Sachs trainees about how to value companies, said he defined luxury as an industry that has figured out how to leave people feeling good about being suckered. He also said you can’t value luxury; it’s in the eye of beholder, but you can try to value a brand name, because a brand name is what gives you the power to charge a higher price for exactly the same product someone else has.
So do the brand names SUPERIOR INK, ONE JACKSON SQUARE, 100 ELEVENTH AVENUE, 200 ELEVENTH AVENUE, etc deliver the exact same product as other lesser brand buildings and charge much more?
New York residential real estate development has certainly abused the word ‘luxury’ over the past decade, and we think the majority of ‘luxury’ buildings consisted primarily of a plush sounding brand name, renderings of what was promised that skewered reality, often featuring couture-clad super-models, a very fancy lobby, a somewhat impressive facade, and then very ordinary apartments that do not qualify as anything special.
There have been exceptions: Some buildings have gone much further than the Louis Vuitton-style thinking of charging a fortune for a plastic bag made in China supported by excessive branding to justify an exorbitant price: A building like 100 Eleventh Avenue designed by Jean Nouvel, virtually re-invents space: while many new apartments do a very nice interior finish out, I would challenge anyone to create this finish in an existing space that does not have the remarkable windows, the ceiling heights and that unmistakable Jean Nouvel esthetic, whether you like it or not. These element could be re-created in cheaper space only to a point, and then they would fall short because of the structural aspects that are simply impossible to duplicate without ground-up construction.
Is Superior Ink really superior? The common areas and services certainly are: we were a bit disappointed with the actual apartments although the views and light are outstanding in many. 15 Central Park West delivers on many levels, but we felt the finish out and layouts of some of the apartments was rather dull: as expected, many buyers renovated. The Richard Meier Towers delivered a stellar modernist product, the like of which had never been seen anywhere in Manhattan before. Structurally there were some compromises, dictated mostly by the land. Pallazzo Chupi delivered a unique product, but it too had some elements that were questionable for a luxury product. The Bloomberg building delivered stellar, highrise apartments with an impressive building and continues to command premium pricing, as does the Time Warner Center, although we find many of those apartments a bit difficult because of the odd shape and proportioning of many of the rooms.
Would 200 Eleventh Avenue be the same if it did not have 24ft ceilings in the living room combined with protected park, river and skyline views, COMBINED with those superb windows AND mechanicals that were discrete and meaningfully concealed? Where in New York can you install a garage attached to your apartment? Impossible.
The inability to easily re-create a product is what we think true luxury is, and in real estate it has to encompass many elements:
1) A unique location with protected, meaningful views and exposures.
2) Significant architecture: architecture that cannot just be replicated by an interior finish out alone.
3) A composition within the building that protects its status. Inexpensive studios in a building mixed with super-luxury large units can deflate a building’s status.
4) Engineered mechanicals: discrete building systems that do not impact the quality of space (no hideous grills or intake panels!), quality windows, elevators large enough to fit the type of furniture and art associated with a luxury home.
5) Building amenities that are useful and meaningful to owners, delivered in a taste level that go well beyond utilitarian.
6) Building services, including a 24 hour doorman and quality super, are critical.
7) Strong proportioning: rooms designed to be lived in, with good ceiling height/volume, width and breadth. Rooms should be designed to accommodate furniture placement easily.
8) Technology: while most of this can be installed to meet the individual tastes of owners, the building should have technology built in to maximize efficiency of the systems as well as security for owners. Security is luxury.
So yes, we would conclude that there is such a thing as real luxury in Manhattan real estate, but it is in very short supply. And future projects will have to step up to deliver not just a partial list to ‘get by’, but the complete package, as the audience being catered to is now comparing what we deliver to other amazing products in other large cities around the world and New York has to work a lot harder to deliver much better.
Monday, August 30th, 2010
It is now certain that within the next 10 years, the Manhattan skyline will look very different. Plans for a spate of significant high rise buildings appear to be moving forward now as the economy slowly un-locks.
Developers are readying two residential towers that will rise above most of Midtown. The massive mixed-use development planned west of Penn Station would transform Manhattan’s skyline as viewed from New Jersey. Downtown, the transformation is already happening, with the warped, metallic skin of Frank Gehry’s Beekman Tower looming over the neighborhood around City Hall and, at Ground Zero, 1 World Trade Center already rising to 36 stories.
Some of the proposed alterations to the city’s skyline have been opposed. Vornado Realty Trust’s plan to build a tower near Penn Station attracted criticism from people wanting to preserve the Empire State Building’s iconic spot.
But the new projects are being propelled by powerful forces. The City Council’s near-unanimous approval of the Vornado project is a sign that elected officials are much more concerned about producing jobs than aesthetic concerns. “They were saying New York needs new buildings,” says Carol Willis, director of the Skyscraper Museum. “Before that, I would’ve said that New Yorkers like their city just fine the way it looks right now.”
“Politics trumps everything in development,” says Leonard Steinberg, managing director of Prudential Douglas Elliman and leader of the LUXURYLOFT team. “When politicians need to create jobs, huge buildings that employ thousands become desirable, something that also caters to the Unions. Remember the midtown Jean Nouvel tower that was proposed a few years ago? Jobs were not a political issue then, so the Tower was scrapped.”
From a residential perspective new towers are definitely in demand, especially in the Midtown area: they offer the views, services and amenities that this buyer craves. Aside from the Bloomberg Tower and the Time Warner building, there are not too many options.
From the commercial perspective, businesses are demanding super-efficient high-tech spaces with high security and quality space. It is very difficult to retrofit existing buildings to achieve this.
And if you don’t think this will happen, look at West Chelsea to-day compared to 10 years ago…..100 Eleventh Avenue, 456 West 19th Street, 200 Eleventh Avenue, 231 and 245 tenth Avenue, Gehry’s IAC building, HL23, The Caledonia, all viewed from the Highline Park…..
Friday, July 30th, 2010
The scaffolding and netting are finally coming down on West Chelsea’s most eagerly anticipated building, the Annabelle Selldorf designed 200 Eleventh Avenue. Developed by Urban Muse and Young Woo & Associates, this is the first residential building to be completed facing Chelsea Cove, the new 9 acre park just north of Chelsea Piers. The building is positioned a few steps from Jean Nouvel’s 100 Eleventh Avenue, Neal Denari’s HL23 and Frank Gehry’s Interactive building, three other architecturally significant buildings in the area.
“This is indeed a very special and unique building, fronting a gorgeous new park in the heart of the West Chelsea Arts District,” says Leonard Steinberg, marketing director for 200 Eleventh Avenue and managing director of Prudential Douglas Elliman. “With protected park and river views, steps from the Highline Park, iconic architecture, and New York’s only En Suite Sky Garage (a parking system that allows owners to park alongside their apartments via a car elevator), this is a collector item.”
Tuesday, July 13th, 2010
100 Eleventh Avenue has closed on several more units as it approaches completion, including to some of the City’s most fabulous of the fabulous crowd…..Richard Pandiscio and Richard Rogers son Roo Rogers with his wife Bernadine Huang owner of OZOCAR, the city’s first car rental company with super-efficient hybrid cars. Also living on Eleventh Avenue: Dolce and Gabbana, Nate Berkus (soon with his own OPRAH show), Jamie Drake, Mario Testino…..