We see that the old Eisner Brothers building (75 Essex) is on the market for $18 million (via PrudentialElliman) as well as a six-story townhouse at 55 Ludlow (between Grand and Hester) for $8.5 million (shown below). Will they get their price?
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July 23rd, 2009
In the last couple of months, Manhattan real estate brokers have reported some glimmers of hope. While the market as a whole is still dismal, less expensive properties appear to be moving again. We wanted to find out what's happening on the Lower East Side, so we checked in with Halstead Senior Vice President Neal Young, who specializes in the Grand Street Co-ops. Over coffee at Cafe Patisco on East Broadway, Young confirmed what the second quarter market reports suggested: since the early spring he's seen an uptick in sales, as sellers adjusted their expectations. Stretching from Essex Street to the East River, there are around 4500 apartments in four separate complexes: Seward Park, Hillman, Amalgamated and East River Housing. In the six years Young has been selling apartments on Grand Street, he's seen prices skyrocket, peaking at the end of 2007. By September of last year, when the economy cratered, almost nothing was moving. But Young says, in the last three months, "activity has picked up decidedly. One thing that helps the Lower East Side is that the entry level point is lower than a lot of other neighborhoods. And so people who were priced out of the market are now realizing they can now afford to buy in Manhattan. So we're getting a lot of first time home buyers." Young estimates the price declines on Grand Street have been anywhere On Halstead's web site, Young and his partner Jeremy Bolger, are listing one-bedroom apartments starting at $395-thousand. There's a signed contract on a one-bedroom for $365,000. "Where else are you going to get a large apartment, potentially with some views, some outdoor space for 500-600 per square foot," he said. Young told me a lot of buyers are looking to trade up. In one case, a family sold a renovated one-bedroom and moved in to an a two-bedroom apartment (that had not been renovated) for less money. A 275 sq. foot balcony is the selling point of a one-bedroom apartment Halstead is listing for $659,000.
Continue reading Real Estate Market Showing Signs of Life on Grand Street July 23rd, 2009
Emory Douglas, former Minister of Culture for the Black Panther Party, July 23rd, 2009
Then head over to the OUTKAST Mix CD Release Party at Gallery Bar (on Orchard St. above Delancey) for "free giveaways, open bar July 23rd, 2009
The ongoing saga of the search for tenants at 334 Grand St. appears to be over, at least on the ground floor. Every palace needs a sandwich shop, right? (Curbed has been following the saga) July 23rd, 2009
The Daily News looks at this election year's biggest lightning rod: NYC Schools Chancellor Joel Klein. New York's power bills are the highest in the nation. The Museum of Chinese in America has "soft" opened on Centre Street. Mike Albo of the Times declares Orchard Street the summer's "stylish hot spot: "I know this because when I got there I saw a cute young woman wearing a lemon-colored minidress and a zebra-print headband." The article references several of the newish high-end fashion destinations on Orchard, including Amoskeag XX and Robert James. Describing Project No. 8B, Albo concludes: Some items were so out-of-control fashiony even Sacha Baron Cohen
would break character and sputter. A flash drive tucked inside a mink tail was $311, and a pair of tightie whitie briefs by Peter Weismann, a young German designer, was $325. Despite it all, Project No. 8b adds that necessary flair to the area, especially when juxtaposed with the old-school shops like Global International Men’s Clothes and Jodamo that still exist here, with their jaunty Bing Crosby-esque window displays. One hopes that the hipster traffic will bring these places fresh business and encourage some interesting cross-pollination. Still, some things will have to change. Leaving the store, I noticed some slightly faded signs on the street touting this area as the “Bargain District.” Bargains in BelDel? Maybe in 1878. Speaking of Orchard Street, a new clothing store is about to open on the block: Self Edge, a San Francisco import selling "vintage style denim." Kampuchea chef Scott Burnett talks about cooking in one of the city's only Cambodian restaurants. The Tenement Museum is recreating "Schneider's Saloon, which was once housed in 97 Orchard's basement. |
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