Real Estate News from January 2012

  • Famous Harlem Rib Joint That Served the Beatles Seeks to Avoid Closure By Justin Spees | January 06, 2012

    One of the things that makes Harlem such a fascinating neighborhood to live in is that while it is rapidly becoming a high-end neighborhood, full of luxury condos for sale, it still retains, not just a gritty reputation, but so much legend and folklore. The neighborhood that birthed the Harlem renaissance, and where jazz icons like Miles Davis used to blow back in the 1940s and 50s, is synonymous with urban New York character, and the mystery that makes the city so appealing to outsiders.

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  • One57 Penthouse Now Going for $110 Million By Justin Spees | January 05, 2012

    When we wrote that Russian billionaire Dmitriy Rybolovlev had bought a penthouse in 15 Central Park West at the $88 million asking price, we tried to make it sound like a big deal. We wrote that it was one of the largest purchases in the history of Manhattan real estate. But it turns out that other developers heard about the sale and thought “eh, that’s not so much.” So now we have the pleasure of reporting that one of the penthouses in the enormous ultra-luxury One57 building at 157 West 57th Street in Midtown West, is now going for $110 million, or $10,700 per square foot.

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  • The Sustainable Operations Summit Highlights New York's Green Strides By Justin Spees | January 04, 2012

    The Hilton New York at 1335 Avenue of the Americas in the center of Midtown is about to see an influx of environmental activists. The hotel has been selected to host the 2012 Sustainable Operations Summit that takes place between the 17th and 19th of April. The Summit is an annual invitation-only meeting that gathers environmentalists and corporate leaders together to discuss how corporations and the public sector can increase energy efficiency. The event organizers selected Manhattan this year in large part because of green energy initiatives Michael Bloomberg has taken as mayor.

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  • New York Opens its First Gay Hotel in Hell's Kitchen By Justin Spees | January 03, 2012

    Just a few months after same-sex marriage was legalized in New York, New York City is getting its first ever hotel tailored to gay tourists: Hotel Out. The 70,000 square foot hotel comes from the ashes of an old homeless shelter, at 510 West 42nd Street in Hell’s Kitchen. The Hotel Out website went live last week, which describes the hotel as the “first gay urban resort” in New York City. And while the opening had initially been pushed back to summer 2012, the site says rooms will be available beginning March 1st, starting at a cool $229 a night. An attached nightclub, called XL, will open even sooner.

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  • Looking Ahead in 2012: Manhattan's Biggest Developments By Daniel Muhlenberg | January 03, 2012

    Since the economic downturn began, the one part of the Manhattan luxury real estate market that has yet to show significant signs of recovery is large construction projects. The combination of a tight credit market and skittish banks hesitant to commit money has shelved plans for all but a few of Manhattan's biggest projects. But since it’s no secret that the new year spurs hopes of new beginnings, here’s a look at 3 major projects that are underway despite adverse market conditions. The progress of these developments will go a long way in determining market confidence in 2012 because their failure or success will influence lenders' decisions for the foreseeable future. These 3 luxury real estate developments will serve as a fairly reliable measure of the state of the Manhattan real estate market in 2012 and its prospects for the future.

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