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https://www.mansionglobal.com/articl...-market-140029

Two Major Deals Offer Hope For Manhattan’s Stalled Luxury Condo Market
A pair of units at 111 West 57th Street have sold for close to $30 million each, according to the building’s developer

https://static.mansionglobal.com/pro...620&height=413

BY KATHERINE CLARKE
JUNE 9, 2020

Quote:

The coronavirus lockdown has frozen Manhattan’s luxury real-estate market, with the volume of deals slowing to a trickle over the last three months. But one developer said he’s seeing signs of life on—of all places—Billionaires’ Row in Manhattan.

Two units asking roughly $30 million each have sold at the under-construction condominium 111 West 57th Street since March, according to Michael Stern of JDS Development, one of the building’s developers.

One of the units, a three-bedroom spanning about 3,870 square feet on the 64th floor of the building, was asking $30 million, according to Mr. Stern. He said the buyer was an American in the finance industry who saw the condo in person in early March before the crisis reached its peak, then signed the contract and paid the deposit later that month. New York buyers usually cannot back out of a signed contract without losing their deposit, which can be up to 25% of the asking price.

Quote:

The second unit, the full 70th floor, was listed for $30.5 million. That buyer, an international businessman in the tech industry, never saw the unit in person but rather sent an agent to the sales office in his place; showings were done entirely virtually, Mr. Stern said. The contract was signed just last week, amid protests sparked by the killing of George Floyd while in police custody.

Mr. Stern said both deals were signed with only a "slight" discount to the asking price.

"Any developer who says their pricing is absolutely firm is not being serious," he said. "It’s the best time to be a buyer, because everyone is willing to listen to a reasonable offer at a fair discount."

The deals are a rare bright spot for the market in Manhattan, which largely ground to a halt in March when in-person real estate showings were banned as part of social distancing measures. Showings have yet to resume.

"It’s been a very challenging time," said Mr. Stern. "Traffic is basically nonexistent, since we can’t even do physical showings."

Quote:

Roughly 34 contracts at $4 million or above have been signed in Manhattan since March 23, a steep drop from 230 during the same period last year, according to data from real-estate agent Donna Olshan of Olshan Realty.

Still, Mr. Stern said there are signs that the market is picking up, and he and his partners have other deals in the works at the building. He declined to specify how many deals they’ve signed in the building overall. "Is the activity ferocious? No, but it’s steady," he said.

The project is known locally as the Steinway Building because it incorporates the former Steinway & Sons piano store building into its design. Developed by JDS in partnership with Property Markets Group and Spruce Capital Partners, it comprises about 14 apartments inside the Steinway building and 46 units in the connected tower above.

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I really hope that the Helmsley comes down. By the time that it's razed and a new 1,200' RAMS masterpiece rises there, the market will be amazing. In fact, a tower like that would sell very quickly now.

Quote:

Originally Posted by JMKeynes (Post 8948258)

I assume you are referring to the Park Lane Hotel and not the Helmsley Building on Park Avenue.

Quote:

Originally Posted by GertElim (Post 8948662)

I assume you are referring to the Park Lane Hotel and not the Helmsley Building on Park Avenue.

Yes. Thanks for the correction. The Helmsleys owned the Park Lane, so I had their name in my mind. I wouldn't want to see 230 Park demolished even if it were replaced with a 2,000' tall icon.

I think 230 Park is landmarked. That tower is a gem.

Quote:

Originally Posted by chris08876 (Post 8948819)

I think 230 Park is landmarked. That tower is a gem.

I agree, Chris. :cheers:

I still think of it as the New York Central Building:

https://live.staticflickr.com/65535/...485d0521_c.jpg\

But yes, the Park Lane needs to be JDAM'd ASAP.

230 Park is landmarked, and obviously isn't going anywhere.

https://news.yahoo.com/rotunda-manha...120000214.html

The Rotunda at Manhattan's Historic Steinway Hall Shines Again

https://a4.pbase.com/o12/06/102706/1...llRotunda2.jpg

Elizabeth Fazzare
June 16, 2020

Quote:

Music is once again in the air—and on the ceiling—at Manhattan’s historic Steinway Hall. Designed by Warren and Wetmore, the venerable architecture firm behind such treasures as Grand Central Terminal, this 1925 neoclassical landmark served as the headquarters of the American piano company Steinway & Sons for nearly nine decades.

At its heart, a spectacular domed reception hall wowed patrons with marble columns, plaster tympanums, and Paul Arndt murals depicting lyrical scenes of putti and other revelers. By the time JDS Development Group, Property Markets Group and Spruce Captial Partners bought the building in 2013, chronic water damage had tarnished its opulent interior. But after a meticulous restoration, the space sings once more.

“With classical architecture and Italianate decorations, the rotunda is very grand,” says conservator David Riccio of John Canning & Co., who led the team to repair plaster ceilings, clean faux-marbled entablatures, and return walls and metal- work to their original color palette. “The subtlety of some materials utilized is also striking.”

The removal of three layers of varnish and grime from the dome’s fresco secco and marouflage, meanwhile, revealed the rosy cheeks of cherubs and the bright draped garments of female harpists.

Soon all New Yorkers will be able to take them in. Though the building will act as the West 57th and 58th Street entrances to a new 91-story tower by SHoP Architects, with interiors by the AD100 firm Studio Sofield, the rotunda will double as retail space, tempting shoppers and architecture lovers alike.

https://s.yimg.com/uu/api/res/1.2/tI...16c2585b49238d

Once complete, will this be the 2nd tallest in the city behind the Freedom Tower?

Quote:

Originally Posted by BEER (Post 8958846)

Once complete, will this be the 2nd tallest in the city behind the Freedom Tower?

Central Park Tower will be taller, and it, 111 57th, and 432 Park all have roof heights taller than 1WTC.

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