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Posts Tagged ‘482 Greenwich Street’

2 RENWICK STREET: DEAR SAM CHANG….

Friday, January 4th, 2013

Posted by Leonard Steinberg on January 4th, 2013

Dear Sam Chang:

I see your long stalled site at 2 Renwick Street, at the corner of Canal, will soon be home to two new hotels designed with your long-time creative partner, architect Gene Kauffman. This development parcel that covers a batch of lots facing Renwick, Canal and Hudson Streets is part of an area that is experiencing a radical transformation and whatever you build will be very important to the Hudson Square area as it will be the first impression of the neighborhood coming from Canal Street and seen by all those driving on Hudson Street uptown and those exiting to New Jersey.

I just helped MAGNUM develop the building THE ARMAN at the corner of Greenwich (482 Greenwich Street) and Canal Street: It too started out as a rather bland building and we morphed it into an attractive, contextual property built out of a weathered grey-beige brick with dark framed windows that even the neighbors like! It also sold for record pricing in this location. My message to you is that good design not only pleases neighbors, but will also add value to your property, and the room prices.

So, in the spirit of the new year, I am offering my consulting services, free of charge, in the hopes that you will design something here that is an asset, not a liability, to this wonderful area.

Sincerely,

LEONARD STEINBERG

NEW YORK TIMES COVERS STRONG REAL ESTATE MARKET

Saturday, April 14th, 2012

Posted by Leonard Steinberg on April 14th, 2012

After we reported for several months on the extremely busy New York real estate market, this morning the New York Times featured this story…..on the front cover!  You know it serious if its on the front cover….

They talked about the lines of people outside 422 West 20th Street…..about 4 weeks after we reported it here (with a photo!). They talked about the return of many multiple bids on strong properties, about 6 weeks after we reported this in LUXURYLETTER, our monthly market report. I could continue to badger The Times for not being as on top of the market as it should be, but I think they have redeemed themselves by placing the story on the front cover. That certainly indicates a level of certainty that should erase any doubts in the minds of all that we are now in a very, very active, strong market.

For the first time in years we are selling un-built condo units off floorplans (WITHOUT A SALES OFFICE) with only a raw concrete shell of a building (482 Greenwich Street, THE ARMAN), and several contracts are out with 3 units already spoken for. Having a reputable developer and builder (and broker!) helps.

Again the subject of how long this will last arose, and the answer is definite:  just like really bad markets, really good markets never last forever. We are in a lower inventory period, with super-low interest rates, few new buildings that are deliverable soon, and lots of new global cash seeking a refuge from uncertainty as well as fears of inflation. These factors combined always fuel robust activity.

Any smart buyer to-day would know that buying now with interest rates as low as they are would cover a dip in pricing, although that seems highly unlikely. In fact, the opposite is ture: we see price escalation. I spoke about this a few weeks ago……read it in the Times soon!