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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

BJ Engler

BJ Engler
Village Office

Peter Denby

Peter Denby
Village Office

Wall Street Journal

Whats Hot For Developments In 2012 Own Supplement

Amenity-Rich Real Estate Attracting Buyers

By: Lauren Price



For years, New York's blue-chip neighborhoods- the Upper East Side, the Upper West Side, Chelsea, SoHo and just about anywhere in Brooklyn- have attracted a large number of buyers with high-paying jobs. And though they continue to do so in 2012, it's the city's hot-but-still-emerging neighborhoods- NoLita, NoHo, the Lower East Side, Morningside Heights and Long Island City- that are expected to climb further up the popularity charts.

As we approach the new year, city buyers will enjoy what can only be described as an ongoing uptick in amenity-rich developments. Developers now offer a host of add-ons: pet spas; state-of-the-art fitness centers, particularly those with yoga and Pilates studios, and swimming polls; tricked-out rooftop decks; home-automation systems for controlling lights, temperature, shads and entertainment systems- and on-site parking.

In residence, buyers are finding floor-to-ceiling windows and spa-like bathrooms with high-tech showers and tubs. Also gaining popularity are large open kitchens that offer integrated energy-efficient appliances and natural stone surfaces and overlook great rooms- styled for both entertaining and family time.

Other red-hot in-home extras for 2012 include massage rooms and interactive multi-tasking bathroom mirrors that allow you to read email and text messages while brushing your teeth. On property, owners are enjoying boxing rings and outdoor cinemas; and not surprisingly, more and more residential buildings are smoke-free.

For buyers ready to make the move, banks continue to make loans, but it is readily-available financing from Fannie Mae and Freddie Mac that will continue to stimulate buying activity in 2012. Another boost for buyers is when residential developers provide mortgage opportunities for their latest projects.

One excellent example is the Central/Ruddy-designed L haus at 11-02 49th Avenue in Long Island City. Ready for occupancy are one- to three-bedroom condos ranging from 675 to 1,832 square feet. The Duplex and Penthouse Collection offers 1,400 to 1,800 square feet of luxury living, and shares a private outdoor space and rooftop cabanas (for purchase). A select number of units also have home offices and/or gas-burning fireplaces. Ceilings rising to over nine feet, wide-plank white oak floors and washers and dryers are found in all units, as are large open kitchens equipped with Bosch and Liebherr appliances, including integrated refrigerators with custom lacquer door panels. Bathrooms are dressed in Casalgrande porcelain floor tiles and Italian Impronta white matte ceramic tile walls. Communal diversions include two terraces with eye-popping views of Manhattan, as well as The Yard- over 10,000 square feet of outdoor space with a rolling lawn and stone path, just-added outdoor playground, a water feature, dining tables, and a grill and bar. Adjacent to The Yard is a media room, a fitness center with yoga studio, and a Club Room with catering pantry. Along with round-the-clock doorman service, the L haus offers and on-site garage. For buyers. ready to purchase one of the development's units before December 1, 2011, closing credits ranging from $10,000 to $20,000 (depending on unit size) are applied. More than 60 percent of the properties are already sold in the development, exclusively marketed bt New York-based Prudential Douglas Elliman. Prices start at $495,000 with a 15-year 421-a tax abatement, FHA and Fannie Mae approval, as well as financing opportunities.

Developed by ADG Langsam and over 50 percent sold, the newly-launched ONE48 condominium at 148 East 24th Street between Lexington and Third Avenues sits at the crossroads of three spectacular neighborhoods: Flatiron, Gramercy Park and NoMad (NOrth of MADison Square Park). Fannie Mae approved, the property offers one- and two-bedroom units, including penthouses, ranging in size from 453 to 1,085 square feet. A select group of stuiods and one-bedroom homes and all penthouses share a private outdoor space. Featuring large expanses of glass and white oak wood floors throughout, each unit also comes with washer and dryer hook-ups. Open kitchens with appliances by Fisher and Paykel feature custom self-closing white lacquer cabinetry and quartz stone countertops. All kitchens are designed with mobile islands for extra counter and storage space. Master baths are dressed in European porcelain walls and floors, and offer deep soaking tubs with oversized rain showerheads and custom bamboo vanities. Extra amenities on site for homeowners include a media room with lounge seating and multimedia and gaming equipment- and a furnished roof terrace with a grill area. Doorman services and on-site automated parking are also part of the package. Exclusively marketed by Halstead Property Development Marketing based in New York and ready for occupancy, prices begin at $599,000, with a 10-year 421-a tax abatement and Fannie Mae approval.

Only a bridge away, Brooklyn remains the hot outer borough of choice for 2012. Downtown Brooklyn, home to some of New York's most impressive cultural institutions and a dizzying variety of residential options, continues to swiftly transform into a vibrant neighborhood.

So, if a home just outside Manhattan's bustle is more your style, check out the BellTel Lofts at 365 Bridge Street at Willoughby Street. Developed by Clipper Equity and designed by Beyer Blinder Belle, an architectural firm renowned for its renovation and restoration of Grand Central Station, BellTel was once the Long Island headquarters of New York Telephone. The building, designed by Ralph Walker, long considered a master of the Art Deco style, is a conversion of what was considered Brooklyn's first skyscraper in 1929. Designated a landmark by the New York Landmark Preservation Commission in 2004, the developer is now selling studios to three bedrooms, including penthouses and duplexes, with nearly 80 different floor plans. Ranging from 566 to 2,800 square feet, many units include outdoor space and panoramic views of Manhattan, the Statue of Liberty and New York's iconic bridges. All units feature sky-high ceilings, bamboo floors, and washers and dryers. Open kitchens boast soapstone countertops and are filled with appliances by Bosch and GE Profile. Select units even include wine coolers and islands. Spa-inspired master baths are dressed from head to toe with ceramic tiles, and some units offer separate step-in shower stalls by Kohler. Available on property for use by homeowners are a residents' lounge, fitness center, screening room, playroom, business/media center and a pair of roof decks on the 19th floor. Full-time doorman service is also included. On-site parking with valet service and a residents-only program with Zipcars (for renting by the hour or day) round out the amenity list. Exclusively marketed by Prudential Douglas Elliman and ready to welcome you home, prices begin at $349,000, with a 15-year J-51 tax abatement and FHA approval.

High Line Park Standouts

Back in Manhattan, one of Chelsea's greatest 21-century accomplishments is the elevated High Line Park. Cantilevering the park is one of two more hot-in-2012 condominium developments.

Developed by Alf Naman and Garrett Heher, and designed by Los Angeles architect Neil Dinari, HL23 at 515-517 West 23rd Street off Tenth Avenue is an architectural stunner. Available are 11 two- and three-bedroom, full-floor residences, including two duplexes- one a penthouse. With custom interior design by Thomas Juul-Hansen, square footage ranges from 1,870 to 3,634. The lower-floor duplex features a living room with 18-foot-high ceilings and a 700-square-foot terrace. The duplex penthouse shows off a modernist glass cube living room and oversized sliding doors that open onto a 1,100-square-foot wraparound terrace. A select group of homes, including the penthouse, have wood-burning fireplaces. All units boast rare floor-to-floor windows, rift sawn solid wood or wide-plank Dinesen solid oak floors, and in-home washers and dryers. Italian Varenna kitchens by Poliform show off an impressive array of appliances from Miele, and the countertops are covered with Corian. Some units also include wine coolers. Master bathrooms feature marble slab walls and floors (with radiant heat), and Boffi soaking tubs; upper-floor baths also offer separate walk-in shower stalls. Residential extras include a fitness center and round-the-clock doorman services. Marketed exclusively by Brown Harris Stevens and ready for occupancy, prices in the LEED-Gold-pending property start at $3.350 million, with a 10-year 421-a tax abatement.

A second hot-in-2012 condominium project, this one developed by Ekstein Development, is +Art at 540 West 28th Street, located just a few blocks north of High Line Park and east of Hudson River Park. These studio, one- and two-bedroom homes range in size from 445 to 1,380 square feet. The one penthouse still available for purchase offers sensational river and park views, and of the remaining two-bedroom units, one includes large private terraces. Expect cool in-home extras such as wide-plank oiled white oak floors throughout, oversized windows, and Bosch washers and dryers. Open kitchens are fitted with custom walnut cabinetry topped with honest Absolute Black granite, along with appliances from Sub-Zero, Bertazzoni and Bosch. Master bathrooms are dressed in large-scale hexagonal floor tiles and ceramic wall tiles, and feature deep soaking tubs with Agape hand showers; a select number of units include separate shower stalls. Special building amenities include the Art Yard- a well-designed courtyard with both entertaining and lounging areas- and a landscaped roof deck with lounging areas rooftop cabanas boasting water and electric hook-ups. A fitness center is open to residents around the clock. In addition to a curated lobby, doorman service is offered 24 hours a day. Exclusively marketed by Halstead and ready for occupancy, prices start at $530,000, with a 10-year 421-a tax abatement.

Perfect Pied-A-Terre

Developed by the Sapir Organization and the Bayrock Group, with interiors designed by the innovative and highly acclaimed David Rockwell, the Trump SoHo Hotel Condominium at 246 Spring Street near Varick Street is a chic and sleek option for turn-key buyers. Managed by the Trump Hotel Collection, an internationally acclaimed group known for delivering impeccable service from start to finish, current property listings include studios, suites and penthouses- all luxuriously custom-furnished by Italy's Fendi Casa.

A select number of hotel condos offer private outdoor space and/or private spa treatment rooms. Square footage ranges from about 420 to over 2,330 square feet, and all units feature floor-to-ceiling windows, carpeted floors, custom walnut cabinetry with bronze fixtures and Macassar ebony doors, and in-room wet bars with bronze sinks. New age amenities include Nespresso machines; Control4 smart home technology for blinds, temperature and lighting' and flat screen televisions. Beds are dressed in Egyptian cotton linens by Bellino and brushed cashmere throws- and each condominium features locked owners' closets. Oversized master baths include deep soaking tubs, walk-in rain showers, and Turkish Marmara marble or Italian marble on the floors and walls. Communal pleasures include a library, the 11,000-square-foot Spa at Trump with an authentic luxury Turkish hammam, a fitness center and an outdoor pool, along wit hall the expected amenities of Trump Collection properties: 24-hour-a-day in-room dining, a business center, meeting rooms including a boardroom, a ballroom and SoHi- a 1,700-square-foot event space perched above the penthouses. Along with the better-than-a-butler Trump Attache who will look after you 24 hours a day, a dedicated Owner Relations Manager will handle everything from reservations to special requests. Exclusively marketed by Prudential Douglas Elliman and ready to welcome you home, prices begin at $995,000.

East Side Excellence

Developed by the Menolly Group, Tempo 300 at 300 East 23rd Street at First Avenue is currently offering one-, two- and three-bedroom condominiums ranging in size from 690 to 2,032 square feet. More than one-third of the development's residences, including three of its penthouses, showcase the good life inside and out with private balconies or terraces. Ten-foot-high-floor-to-ceiling windows, solid Marabou wood floors and in-home washers and dryers are featured throughout. Kitchens are done up with Italian lacquer cabinetry, CaesarStone counterstops, and appliances by Bosch and Sub-Zero. Terrazzo-tiled master bathrooms showcase Zuma soaking tubs, and a select group of units feature separate showers. Common residential extras include a roof deck with an open kitchen, a fitness center with spa treatment rooms, a lounge with a kitchen and large plasma screen TV, and an adjacent garden with an outdoor cinema. AS you would expect, round-the-clock doorman service is also offered. Exclusively marketed by Prudential Douglas Elliman and ready for residency, prices begin in the low $800,000s with a 10-year 421-a tax abatement.

Another first-rate choice is the Azure at 333 East 91st Street at First Avenue, where you'll find studios to four-bedroom units and penthouses, ranging in size from 601 to 3,019 square feet, many with private outdoor space. The developers, DeMatteis Organizations and the Mattone Group, have arranged for up to 80 percent financing for qualified buyers through HSBC, Chase, Wells Fargo, CalCon, the Manhattan Mortgage Company or Investors Savings Bank. Luxurious finishes and flourishes found inside every unit include ceilings heading toward 10-feet high, floor-to-ceiling windows, Brazilian Afromosia flooring, and Bosch washers and dryers. Kitchens feature oak cabinetry and CaesarStone countertops; appliances are from Viking and Bosch. Master bedrooms with marbled en-suite bathrooms are outfitted with Zuma soaking tubs, and a select group of units feature separate shower stalls. On-property amenities include a residential lounge with a conference room, a family room, game room and kitchen. Other pleasures include a playroom by New York architects Studio MORSA, a fitness center and two rooftop retreats. Along with round-the-clock doorman and concierge service, valet parking services are available. A coop with condo by-laws, Azure is exclusively marketed by Prudential Douglas Elliman and ready for occupancy sans passing muster with the board, no flip take, and offers a 10-year 421-a tax abatement and 10-year tax cap. Prices range from $475,000 to $5 million.

Friday, November 18, 2011

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