"Ms. McIntosh was named chief executive of Penguin Random House U.S. last year. Mr. Pavone is the author of thriller novels, including “The Expats” and “The Accident.” Both were published by Random House."
Nice little scene they've got going there.
2
Does anyone know if they need some household help? I can cook a variety of dishes but love cooking vegetable and fish dishes the most. I love to bake and do that well. I love making fruit salads. I can clean like a fiend, I love to clean. I enjoy washing dishes and cleaning the refrigerator. My favorite rooms to clean are the bathrooms. I am the best at doing laundry. I love to shop for groceries, clothes and household goods. I can keep a calendar, be discreet and confidential. I love people but know when to be quiet. I love to organize, people and things. It is just me so there is no baggage. I have already traveled extensively so have no wander lust. I love antiques and color. Please let me know if there is any need anywhere in NYC.
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Just an average day in Manhattan real estate.
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It’s “Druckenmiller”, not “Drunkenmiller”, unless he’s had several drinks today.
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53 million for a box in the sky? It's got what? Maybe a 100 or 200 grand worth of concrete, studs, insulation and drywall? Just forgetting the price of the property at the location what it actually cost to build that box vs what they're asking for it is patently absurd.
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@Sparky real estate is all about location. You obviously aren't paying for the value of the physical asset, but the location.
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@Sparky
Real estate has always been more than the cost of raw materials, including land. Location, prestige, supply/demand are some of the other factors involved in setting an asking price.
Rosario Candela is often associated with grandiose apartments on Fifth and Park avenues, but he actually designed a wide range of structures. Here in Flushing, we have five Candela apartment buildings on Bowne Street at 37th Avenue. Four of these are four story walkups where the front door takes you directly into the stairwell. These do not have any obvious style and are quite modest to say the least. The other is Cambridge Court, a nicely detailed six story Tudor Revival building. While I have not encountered any floor plans, the lobby is spacious with plasterwork imitating stone and wooden beams.
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The apt. at 834 Fifth Avenue is “majestic” in the traditional, stuffy sense, but the exterior, hardly. The facade looks like poured concrete.
My great-uncle, the architect Arthur Gross, and his partner Arthur Schwartz, built scores of magnificent apartment buildings in Manhattan ....all still standing today. (e.g. - The Majestic and The Algonquin)
They would be appalled at the prices being paid today for their apartments....and for the new monstrosities that have shot up on Central Park South and Hudson Yards. Many of these apartments will hardly be lived in: they are safe deposit boxes for the world's super-rich.
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Would someone explain the real estate terms used for NYC property? I was a mortgage loan underwriter in California for many years. The terms we and the appraisers used had to do with ownership. A duplex and triplex are two or three units that were covered by one mortgage and title. They could not be sold separately. An apartment was anything over three units also covered by one title. For instance Joe Smith could own a 16 unit building and rent them to others but he couldn't sell the units individually. A condo meant you owned the air space of your unit and the land underneath, along with any other common area, was owned jointly with all other owners. A condo has no physical requirements and can even be stand alone units of 2 or 3. A condo could be just 2 attached units but could be sold seperately. I never dealt with a co-op, so I don't understand that ownership.
1
@Nana In NYC, a "duplex" is a two story apartment and a "triplex" one with three floors. These are connected by internal stairways and perhaps even a private elevator. In co-op ownership, the building is owned by a corporation whose shareholders are the tenants. The tenants obtain the "right of occupancy" to a particular unit when they purchase the shares. They pay a monthly fee to the co-op corporation which pays the real estate taxes and other building expenses. Co-ops can have more rules regarding tenant behavior and can more easily evict bad tenants than condo owners. Subletting is often not allow in a co-op, especially in non converted buildings. Co-ops can have a mortgage on the building and a ground lease. For reasons that do not make much sense to me, condos can sell for 3-4 times the price of equivalent co-ops. There were co-ops in NYC in the early 20th century, but most failed in the Depression. After WWII, there was a resurgence in building co-ops. Many rental buildings were converted to co-ops in the 1970s and 1980s. However, most new construction today is either rental or condo units.
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@Nana In NYC, a "duplex" is a two story apartment and a "triplex" one with three floors. These are connected by internal stairways and perhaps even a private elevator. In co-op ownership, the building is owned by a corporation whose shareholders are the tenants. The tenants obtain the "right of occupancy" to a particular unit when they purchase the shares. They pay a monthly fee to the co-op corporation which pays the real estate taxes and other building expenses. Co-ops can have more rules regarding tenant behavior and can more easily evict bad tenants than condo owners. Subletting is often not allow in a co-op, especially in non converted buildings. Co-ops can have a mortgage on the building and a ground lease. For reasons that do not make much sense to me, condos can sell for 3-4 times the price of equivalent co-ops. There were co-ops in NYC in the early 20th century, but most failed in the Depression. After WWII, there was a resurgence in building co-ops. Many rental buildings were converted to co-ops in the 1970s and 1980s. However, most new construction today is either rental or condo units.
1
Thank you!
1
Rosario Candela -- the best. His apartments are solid, soundproof, with exquisite, understated details.
When they're not renovated to death.
I once visited one.
"If I were a rich man --."
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This is a great opportunity by NYC and NY State to raise taxes much higher on luxury units able ten million. There is really no reason to to for it shows that there is huge discretionary wealth for apartments that are oversized and really serve no purpose unless they have high taxes to pay for social services and education costs. Taxes should be quadrupled on any unit above $35 million. Warren Buffet would call those investments a waste of capital . Still getting fantastic returns for the purpose of donating the majority of his wealth to fight poverty, this article shows the waste and inequality that is in society. Let them build these horribly overpriced units trying to show off wealth but at the same time simply quadruple the taxes on these units to better serve society. An apartment that sells for $ 240 million should have a tax of 3% a year or about $7.2 million of its market value. We know the market value set up a high tax so these type of units are not constantly built. If necessary in the future.make the tax at 10% a year if a unit sells for over $50 million. Since hedge funds are not paying a fair tax and they are the purchasers of these units in many cases, set a much higher tax. A $240 million purchase can have an annual tax of $24 million if necessary.
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@Ralph Petrillo why are hedge funds not paying a fair tax?