Thursday
25Jun

Trophy Rents are Down...Way Down

DateThursday, June 25, 2009 at 9:03AM

The summer of 2008 was the time of $120-per-square-foot deals for Manhattan "trophy" office building rents -- a subset of the larger Class A marketplace:

Midtown towers like One Bryant Park and the GM Building—average asking rents reached the sky high price of $122.93 a square foot.   Since that time, things have cooled down a bit and are down to $104.14 a square foot.

We must point out that this is just the average, which means that certain floor and certain views are still getting much more.  Take, for example the 37th floor of One Bryant Park.  There, the asking rents topped out at $191 a square foot,

Fast forward to June 2009: Jones Lang LaSalle is about to release their in depth report that shows that midtown trophies are down 24%  since the Spring of 2008 and the average rents for these midtown towers could descend to the low $70s per foot by 2010.

 

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Thursday
25Jun

Matt Damon's Not Going to Pass the Board

DateThursday, June 25, 2009 at 8:13AM

Matt Damon has come up one of NY's toughest co-op boards and the NY Post claims that he doesn't stand a chance of getting approved by one of the city's snootiest co-op boards.

Damon, 38, and his wife, Luciana, 33, have been looking to settle down to raise their growing family in a three- or four-bedroom Fifth Avenue prewar apartment with Central Park views.

One unit they saw at 1010 Fifth Ave. even shared a semi-private landing with Times publisher Arthur Sulzberger Jr.  The stuffy old co-op boards of Fifth Avenue are famous for rejecting celebrities.  They just don't like the attention or photographers standing out in front of the building.  To make matters worse, Damon's wife was once a bartender! 

1010 Fifth Avenue is a wildly stuffy 15-story co-op built in 1928 that sits directly across from the entrance to the Metropolitan Museum of Art.

 

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Thursday
25Jun

Barnum & Bailey Harlem House Video Tour

DateThursday, June 25, 2009 at 7:35AM

The good news is that the fixer-upper mansion has good bone.  The bad news is that is has been operating as a funeral home!

New York Magazine takes a tour video tour of the former home of Barnum & Bailey Circus co-founder James Bailey located at 10 St. Nicholas Place in Harlem, .  The price of the 8,250-square-foot home has just been reduced to $3.5 million down from the original price was $6.5 million when it went on the market in May.  

Walk-through: The Bailey House Posted to New York Magazine by jgreen on June 24, 2009 Click to Play | View Details

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Thursday
18Jun

Citarella Gets Evicted From It's Uptown Location

DateThursday, June 18, 2009 at 8:41AM

The city is evicting Citarella from its Harlem market and repossessing the 125th Street properties because Citarella failed to complete renovations that were part of a 2001 sale contract.

The eviction notice, which comes after a multiyear legal battle between Citarella and the city, became final last week under a ruling in State Supreme Court.

Under the order, Citarella has just 90 days to vacate the premises, which consist of a retail location at 461 West 125th Street and other industrial properties at 426-458 West 126th Street. Citarella loses all claim to its renovations that it has already done.

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Monday
15Jun

The Last One Falls: iTunes Killed the Record Store 

DateMonday, June 15, 2009 at 9:04AM

FYE – GONE!  Tower Records – GONE!  Virgin – GONE! 

Yesterday was the final day of business for the Virgin Megastore chain in North America.

The sounds of the Velvet Underground echoed in the Virgin Megastore in Union Square on Sunday afternoon, as bargain-hunting passers-by and hard-core music shoppers poked through what few items remained at the last large-scale record store in New York City.

For many shoppers at Union Square on Sunday the loss of a big outlet in one of the most heavily trafficked areas of the city was particularly dispiriting.  More than a place that sold music, it was a social gathering space.  You can’t get that on line.

It was also a location for hundreds of free concerts and just as many “meet & greet” autograph sessions with many of the leading artists of the day.  Those perks of living in the city – GONE!


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