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Dining Room by Cullman & Kravis

The 47th annual Decorator Show House is underway, showcasing work from top interior designers. The Upper East Side townhouse at 36-38 East 74th Street has been completely transformed, and all for a good cause, namely the Kips Bay Boys & Girls Club. All proceeds from the events will go to the Kips Bay Boys & Girls Club which provides after school enrichment programs to more than 10,000 youth in the Bronx.

About the Kips Bay Decorator Show House

The Upper East Side is known for its historic and grandiose townhomes, and this year’s townhouse is situated on the Gold Coast of the Upper East Side, steeped with a rich history. 36-38 East 74th Street was features a brick façade and intricate architectural details, with the likes of Cross & Cross and D. & J. Jardine having worked on elements of the home. 36-38 East 74th Street was combined into the 40-foot wide mansion it is today by Cross & Cross.

In 1948, the home was purchased by Dorothy Hearst Paley, a prominent figure in New York society at the time. She hired Swiss architect William Lescaze to modernize the interior of the townhouse and redesign the front steps.

36-38 East 74th Street is a rare townhouse on the Upper East Side, with a width of 40 feet, a two car garage, and a 40 foot wide garden. The interior is comprised of nearly 14,000 square feet with 19 rooms, 8-11 bedrooms, and 10 fireplaces across 6 levels. The home is in the heart of the Upper East Side, one block from Central Park and nearby to iconic institutions such as the Met Breuer and Frick Museum.

It is currently offered at $28,750,000.

Decorator Showhouse

Staircase by Brian Gluckstein

Office by Eve Robinson Associates

The expansive townhouse residence has become a showcase of work from renowned interior designers that have donated their time and skill to create the beautiful spaces. The interior features 6 floors of living space which have been transformed into sumptuous space from an elegant staircase  to a luxurious dining area and attention grabbing work studio.





 

The Show House will be running Until May 30th 2019.

36-38 East 74th Street
Monday-Saturday: 11-5pm
Tuesday and Thursday: 11-8pm
Sunday: 12-5pm

Tickets can purchased online in advance by visiting Kips Bay Decorator Show House. Remember, all ticket proceeds benefit the Kips Bay Boys & Girls Club.

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Mother’s Day is Sunday May 12th. Whether spending the day with Mom in the city, or sending her a gift, we’ve rounded up 5 ideas for Mother’s Day in New York City as well as a few gift ideas. From Brunch to a Staycation, check out these fun things to do with Mom in New York City:

Brunch

Photo: Teddy Wolff

We could right an entire post just on Brunch places…it is New York City after all. Check out Simon & the Whale conveniently located in Gramercy in the Freehand Hotel. The restaurant is done by Gabriel Stulman who is also behind city favorites Fairfax, Charlie Bird, and Fedora.

Notable items for a Mother’s Day Brunch include griddles banana bread with date syrup, ricotta artichoke popovers, and sorrento lemon mascarpone danishes

New York Botanical Garden Party

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Enjoy the beautiful spring blooms at the weekend-long garden party at the New York Botanical Garden. This year is expected to be the biggest Garden Party yet! Stroll through the newly opened Lilac collection and enjoy live music and dancers on the garden’s main stage. There are a bunch of activities planned throughout the whole day, making it a great family event. Activities include putting on the green, croquet, guided walking tours throughout the gardens, face painting, and bouquet making demonstrations to name a few.

The event will take place during the entire weekend, from 10am-6pm on Saturday and Sunday.

All garden pass $28, $12 children // 2900 Southern Boulevard

 Mother’s Day at the MoMa

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Check out that exhibit you’ve been wanting to see at the MoMa with a special day planned for Mom. Before the Museum opens to the public, enjoy breakfast in the Terrace 5 Café which overlooks the Abby Aldrich Rockefeller Sculpture Garden.

After breakfast, you can participate in exclusive group tours of the MoMa collection, including special exhibitions.

Tickets: $120 Adults // $25 Children

Staycation at the Four Season New York Downtown

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Treat Mom to a special weekend Staycation at the new Four Seasons New York Downtown. They are offering a special promotion package for Mother’s Day called the Overnight Pamper Package. The package includes:

  • Overnight accommodation

  • In Room Dining Breakfast for Two

  • 80 minute Soveral Facial

  • Complimentary glass of Champagne or Wellness Elixir in The Spa

Rates starting at $795

Tea at Bergdorf Goodman

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BG at Bergdorf Goodman hosts afternoon tea daily from 3-5pm. If a full brunch isn’t your thing, this is a great way to pass the afternoon at a place that all women love, the famed Bergdorf Goodman department store.

Tea service comes with an assortment of tea sandwiches, freshly baked scones, fruit preserves, Devonshire cream, and a variety of petite sweets. We recommend getting the option paired with a glass of Veuve Clicquot Champagne. After tea, take mom downstairs to pick out a luxurious gift.

$45 per person or $62 with glass of Veuve // 58th Street at 5th Avenue

Gift Ideas:

Flowers: Flowers always make the perfect gift for Mother’s Day. What Mom doesn’t love a beautiful arrangement? One of our favorites in New York City is Ovando

Ovando takes a unique approach to floral arrangement, creating stunning displays both classic and modern. Quality and craftsmanship defines the brands beautiful arrangement. The store, dubbed the Botanical Gallery, is a experience not worth being passed up, and can also be rented for private events.

They have a special collection for Mother’s Day which you can shop directly here.

Fragrance: Replenish Mom’s favorite perfume, or buy her a new one. Byredo has some of the best scents available. For Mother’s Day, why not pick a scent thats grounded in floral notes?

Byredo Rose of No Man’s Land is an elegant floral fragrance that was created to pay homage to the nurses and heroines who served on the front lines of World War I. The fragrance has notes of pink pepper, Turkish rose petals, and raspberry blossom among others.

Available at Barneys

Dress - Looking to splurge on Mom? Treat her to an iconic Dolce & Gabbana dress that will be perfect for Spring and Summer whether in the City, The Hamptons, are the Almafi Coast. Dolce & Gabbana has beautiful prints inspired by the Italian scenery and Coast. They are known for the recognizable floral prints.

Dolce & Gabbana Cold Shoulder Anemoni Print Poplin Dress - Available at Bergdorf Goodman

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Headlines have been swirling around various media outlets stating that, per Mayor Bill de Blasio, glass and steel skyscrapers will be banned in New York City moving forward. The Mayor made comments on Monday morning’s edition of Morning Joe on MSNBC where he was quoted saying, “We are going to ban the classic glass and steel skyscrapers, which are incredibly inefficient.”

This message took on various other similar forms and was picked up by multiple media outlets including a cover on the New York Post here in the city. De Blasio spoke on various media outlets using a similar tone of strong language that implied a ban. He stated that these traditional skyscrapers are contributing to global warming. This prompted many to begin to think about a New York where there would be no new glass and steel skyscrapers.

Are Glass and Steel Skyscrapers Being Banned?

The short answer: No!

The comments from de Blasio were made with very few details or facts supporting them. The Director of the Mayor’s Office of Sustainability also chimed in to clarify that there is no prohibition on buildings made of glass in New York City.

It is important to note, however, that we are likely moving in a direction that would require construction to meet certain environmental efficiency standards. City Council just passed a package of bills which was inclusive of a mandate for building retrofits to reduce carbon footprint by 40 percent by the year 2030.

We are already seeing new construction as well as construction from recent years adapting to a more sustainable model by having projects certified as various LEED levels.

LEED stands for Leadership in Energy and Environmental Design and was devised by the United States Green Building Council. This rating system is the most widely used green building rating system in the world, and the LEED certification is a globally recognized sustainability achievement.

The rating system evaluates the environmental performance of a building, and through this process, encourages market transformation. The evaluation looks at things such as materials, water efficiency, and performance such as indoor quality for occupant comfort. 

Fun Fact: 10 Hudson Yards was the first commercial office space in New York to receive the coveted Platinum LEED certification.

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Spring is typically a bustling time for the housing market, and this season has been no exception. Activity has picked up from Q1 lulls across multiple tiers of the market, but we have been observing good momentum in the luxury sector specifically.

The New Development market in New York City continues to have a pipeline of impressive projects. From a Buyer’s perspective, inventory has never been better. New Development projects are offering the best amenities, design from starchitects and renowned interior designers, as well as concessions to Buyers. Now is a great time to explore new development as a Buyer. Developers are competing amongst each other for the same set of Buyers in many instances so there are deals to be had.

Just as the market picks of the Spring, so too is New Development. Here are some of the most notable projects coming to market in Manhattan during Spring 2019.

The Centrale

Midtown is experiencing a wave of development, and The Central is part of it. The tower will rise 803 feet and is designed by Pelli Clarke Pelli. Interiors will be done by Champalimaud Design who has also done the interiors at The Kent. The 124 residences will be a mix of 1 through 5 bedrooms with pricing starting around $1.825 million.

Amenities at The Centrale include a lounge with fireplace, 75-foot lap pool, fitness center, and attended garage.

The Hayworth

Located at the corner of Lexington Avenue and 87th Street, The Hayworth will bring 61 apartments to the Upper East Side. The building, rising 21 stories, will be a mix of 2 through 5 bedroom homes with multiple penthouses.

AD100 architect Lee Mindel will be doing interior at the Hayworth. Residents will enjoy a suite of amenities including a music and dance studio, fitness center, and rooftop terrace with fireside seating.

Pricing anticipated from $3.5 million

100 Franklin Street

DDG Partners (you may recognize them from 180 East 88th Street) is bringing a boutique collection of Condos to TriBeCa nearby the Roxy Hotel. This spring, the 10 full floor homes, inclusive of 2 penthouses, are expected to come to market with pricing from $3.3 million.

The development is actually comprised of 2 buildings that are joined together. Amenities include bicycle room and storage.

The Park Loggia

If you love the Upper West Side, but do not want to live too far up, The Park Loggia is the ideal location. The SOM-designed tower, located on Broadway at 61st Street, just above Columbus Circle, will offer a convenient location and is set to bring 172 residences to the neighborhood.

Apartments will span the gamut in size, ranging from Studios to 4-bedrooms. Pricing is expected to start around $1 million and go up to over $10 million. The amenity package will be sizeable, at 20,000 square feet. Amenities will include a game room, theater, café, music performance rooms, a fitness center, and children’s playroom.

35 Hudson Yards

The tallest residential building within the Hudson Yards development debuted its lavish apartments on March 15th. 35 Hudson Yards is home to 143 apartments which start at $5 million. The apartments start on the upper floors of the tower with the world’s fist Equinox Hotel occupying the bottom floors.

35 Hudson Yards is designed by David Childs and Skidmore Owings & Merrill with interiors by Tony Ingrao. No detail has been spared on residence interiors such as the custom kitchens designed by Tony Ingrao in collaboration with Smallbone of Devizes.

The amenity suite is equally as lavish. Residents will enjoy 22,000 square feet devoted to wellness and entertainment. Amenities include yoga, playrooms, Grand Terrace and Dining Room, event space, and access to the Equinox which will have both indoor and outdoor pools.

All Photos via respective developments
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565 Broome, the Renzo Piano designed glass tower in SoHo has given a first look inside. The building, which has been under construction since 2016, has reached the next chapter, with residents moving in, and 2 model units being unveiled giving us a first look inside the finished product. The building has two towers, a north tower and a south tower. A model unit, each designed by a different interior designer, from each tower were unveiled to guests earlier this week.

 Residence North 24A

N24A is a 3 bed, 3.5 bath home spanning 2,512 square feet. This model residence was decorated by interior designer Damon Liss. Liss took inspiration in designing his unit from the interiors of 565 from itself, adopting a refined minimalism approach.

 The home has western and northern exposure which offered wonderful sunset views over the Hudson during the evening hour that we viewed it.

Residence South 26B

 S26B is a 2 bed, 2.5 bath home spread across 2,191 square feet. In the south tower, this home offers southern and eastern views, with the eastern views being open city views across SoHo, the East Village, and even up to Midtown.

March & White, a British design firm, decorated this model unit. They included pieces from local artists throughout as well as plaster on the walls.

565 Broome Street is Renzo Piano's first residential project in New York City. He brings his iconic design and approach to this luxurious residential project located in SoHo. The 30-story building stands out in the SoHo landscape, set alongside its smaller scale neighbors.  Renzo Piano prides himself on his careful attention to materials, and 565 Broome is no exception with an austere material palette that accentuates the quality of those selected. The overall design and approach to the project is an expression of key materials. Design is characterized by low-iron, extra wide glass and “tube” shaped living spaces in select residences which are a character of Renzo Piano.

Building interiors are designed by renowned firm RDAI who take a similar approach to their work as Piano, highlighting craftsmanship and materials. At 565 Broome, they have found beauty in natural materials such as stone, white oak, glass, and concrete. RDAI is known for its work in global Hermes and Saint Laurent stores.

 Amenities include a private gated driveway, outdoor landscaped terrace, 55 foot swimming pool, fitness center, lounge, and library.

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We recently provided updates on the proposed Pied-a-terre tax that had the possibility of being passed in New York City. With the recent passing of the State budget, there has been changes to Real Estate Taxes in New York. Below is everything you need to know about the real estate tax changes as a result of the New York State budget.

Overview: The Pied-a-terre tax was not implemented. Instead, there is a newly revised and implemented Progressive Mansion Tax and Progressive Transfer Tax. This will impact those in the $2-$5M purchase range the most.

The Progressive Mansion Tax:

The new law applies to all closings that take place on or after July 1, 2019 except for those contracts that were entered into prior to April 1, 2019. This is specific to NYC contracts.

The new tax now has 8 tiers that have a higher Mansion Tax rate as purchase price escalates.

The Progressive Transfer Tax:

In addition to the Mansion Tax overhaul, effective April 1, 2019, the Transfer Tax also received an overhaul.

For Residential purchases over $3 million, the NYS Transfer Tax increases from its current rate of 0.4% to a rate of 0.65%.

Additionally, for Commercial transactions greater than $2 million, the NYS Transfer Tax will increase from its current rate of 0.4% to 0.65%.

What Does it Mean for Me?

While no tax increases on property would be ideal, the above could be make less of a blow than the Pied-a-terre tax. The pied-a-terre tax would have positioned New York City as being not investor friendly and was also an annual charge -i.e. the property owner would have incurred this tax every year for owning the pied-a-terre.

As a Buyer, it is important to understand that, while yes, costs of gone up on certain transactions, these taxes are a one-time, upfront cost. The owner does not incur the Mansion Tax and Transfer tax on an annual basis as would have been the case with the pied-a-terre tax.

As was the case with the proposed pied-a-terre tax, the State has earmarked the additional revenue (expected to be $365 million) from the Progressive Mansion and Transfer Taxes to go to the failing MTA system in New York City.

As always, for questions about how taxes impact you, consult your qualified tax advisor who understands your personal financial sitaution

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Thought taxes in New York City couldn’t get any higher? Think again. The Pied-a-terre tax is back on the docket, and it has recently gotten some major support that pushed it further along than what it was last a topic of discussion in 2014.

Ken Griffin made headlines when he purchased a penthouse at 220 Central Park South for $238 million, making it the most expensive home in the country. He plans to use the home when he visits his New York office. This headline also caught the attention of City Council who started discussion on the Pied-a-terre tax once again.

So, what is a Pied-a-terre and the proposed tax?

A pied-a-terre is a part-time second home occupied for less than half of the year. Often times, it is an investment for the owner and may not be occupied. Given that the owner’s primary address is elsewhere, owners of a pied-a-terre in New York are not subject to state or local income tax.

The current proposal has a sliding tax surcharge and fee for homes priced $5 million and over, with higher priced homes incurring higher fees. City and State officials cited that they feel this additional tax is necessary to fund the failing mass transit system in New York City.

 Cause for Concern

Regardless of whether you think it is fair to tax the rich disproportionately or not, a proposed tax plan should be assessed in regard to economic impact before being implemented. From a real estate perspective, there is cause for concern based on the proposal of a pied-a-terre tax in New York City.

International Buyers: International Buyers have already been on the decline in recent years, and the implementation of a pied-a-terre tax would likely prevent some would-be foreign buyers from investing in New York.

 Luxury Condos and Co-Ops: We would likely expect to see some sort of downtick in the luxury segment of the market. Just because a buyer can afford a $5 million apartment, does not mean they spend frivolously and love taxes. Why would they invest in New York when they could invest in another viable city that does not impose a pied-a-terre tax?

The luxury segment of the market has already been under pressure in recent years, so another tax could additional pressure that is not needed in this sector.

 New Development: An adverse impact on the Luxury Market would likely spill over to the New Development pipeline for luxury properties. If there is a decreased demand overall for properties $5 million and up, why would Developers be incentivized to build properties that may not sell? This, of course, would then have an impact on all the employment created within the construction sector when development is booming.

High Costs to Transact: New York City is one of the most expensive places to transact on property without the additional pied-a-terre tax. Costs associated with a real estate transaction in New York City include Transfer Tax, State Transfer Tax, Mortgage Recording Tax, Mansion Tax, and Real Property Taxes. Not to mention, under the new Federal Tax Code, the deduction of SALT has been eliminated.

 Overall, if the tax were to have an adverse impact on the real estate market for properties $5 million and up, we would likely see a reduction in value at the high end of the market. This may especially may be the case for properties that are already valued/priced near the $5 million threshold as Buyers will submit bids under $5 million to avoid the tax.

Image via Getty Images

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All Images Courtesy of Related Oxford

The long await and anticipation of Hudson Yards is almost over, with the Grand Opening scheduled for next week. We have been following the development and progress of what is America’s largest Real Estate development project. From Condos and Rentals to dining and shopping, Hudson Yards will be a true epicenter of the Far West Side. In fact, a new neighborhood has even popped up on the radar dubbed “SoHY”, or South of Hudson Yards.

We covered the launch of 15 Hudson Yards, one of the residential condominiums that is part of the project, and now, we are learning details about 35 Hudson Yards which is expected to launch sales next week along with the Grand Opening. If you thought 15 Hudson Yards was luxurious and jaw-dropping, wait until you see 35 Hudson Yards.

Here’s What We Know:

35 Hudson Yards is designed by David Childs and Skidmore Owings & Merrill with interiors by Tony Ingrao. The building will rise 92 stories, making it the tallest residential building within the Hudson Yards project. There will be 143 residences starting on the 53rd floor and ranging in size from 2 to 6 bedrooms. Pricing is anticipated from $5M.

Residences:

Residences range in size from 1,500 to 10,000 square feet. They will feature gracious entry foyers and ample wall space for art. Ceilings are 11 feet. In regard to finishes, there will be smoked oak flooring throughout the homes. Luxurious kitchens are designed by Tony Ingrao in collaboration with Smallbone of Devizes and feature Gaggenau appliances, white opal marble counters, and high gloss stained Eucalyptus cabinets.

Homes are sure to offer stunning and sweeping views of the Manhattan Skyline and of the Hudson River.

Amenities:

Residents of 35 Hudson Yards will enjoy a host of amenities and hotel-style service. There will be 22,000 square feet devoted to wellness and entertainment. In addition to this space, the building will be home to a 60,000 square foot Equinox as well as the world’s first ever Equinox Hotel.

  •  6th Floor entirely devoted to amenities including yoga, playroom, fitness

  • 24th Floor will be the Grand Terrace and Grand Dining Room, an event space that can accommodate more than 50 guests

  • Residents enjoy access to the Equinox which will have an indoor and outdoor pool with large sundeck and cabanas

  • Priority reservations at the building’s restaurants

  • On-site concierge that can arrange thing such as in-room dining and ground transportation

In addition to the in-building amenities, residents enjoy all the amenities that come along with calling Hudson Yards home – there will be myriad world-class dining and shopping options, including New York City’s first Neiman Marcus.

Stay tuned for more information about the Grand Opening of Hudson Yards!

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In a recent Podcast, Gary Vaynerchuck, known for his influential role in the media and advertising space as a leading entrepreneur, made strong remarks regarding homeownership that we would urge many to think carefully about. While there are certainly use cases that make sense for favoring renting a home, most individuals benefit greatly from homeownership.

What were his remarks, and why should you reconsider? Vaynerchuck stated that he feels buying a home is not an effective use of capital. He went so far as to state that he would rent for the rest of his life and never buy a home again.  

What You Should Consider

This is obviously a very strong statement made by Vaynerchuck as many view homeownership as part of the American Dream. When thinking about both his position and homeownership here is what you should consider:

Vaynerchuck’s Industry: Gary Vaynerchuck garnered most of his success as a tech entrepreneur. Starting companies, being an investor, etc. requires upfront capital needs that someone outside of this type of profession would not need. Thus, tying up a large portion of cash in the form of a down payment may not make sense for an investor that needs to remain more liquid. Additionally, one would reasonably expect that a tech entrepreneur would require one to be quite mobile in terms of traveling, so they would be less inclined to want to be tied down than the average person.

Equity: When you purchase a home, you are building equity in the home. Your monthly mortgage payments are going towards ownership, an asset that will be yours. When you rent, you pay your monthly rent which goes in your Landlord’s pocket – you are not working towards owning anything. Over the long term, homeownership has been the most influential vehicle for driving wealth accumulation. We have seen that, over a long time horizon, home values tend to increase, thus increasing the owner’s wealth.

Homeownership Is Not Dead: Most Americans still want to buy a home, and homeownership does make sense for a lot of people. However, the Millennial generation is struggling with homeownership because this generation is burdened with exorbitantly high student debt, coupled with high rents and costs of living in most job-hub city which makes saving for a down payment challenging for this group. As a result, Millennials are buying homes at a slower rate which leads some to believe that homeownership is dead.

That is not to say that some of Gary V’s points are not valid when put into perspective. When thinking about liquidity, we would not recommend someone purchase a home that they cannot afford. If the down payment of a home will put you in a bad financial situation, you should likely reassess your budget to ensure you are buying a property that makes sense for you financially.  

Additionally, there are use cases for renting homes that also make sense for a lot of individuals. We can conduct rent vs. buy analysis that can help clients decide what makes the most sense for them. One of the biggest things to consider when thinking about renting vs. buying is time – are you planning to only be in this location for, say, 5 years? If so, taking on a 30-year mortgage to buy a home, etc. may not make sense and renting would be more suitable if you know you are going to be changing locations relatively soon.

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277 Fifth Avenue by Rafael Vinoly unveiled the latest set of model residences perched on the 37th Floor of the new building in the heart of NoMad. 277 Fifth Avenue, rising 55 stories on 5th Avenue, is at the intersection of Downtown cool and Uptown sophisticated with stunning views through oversized windows. The building is a Victor Group development with architecture by Rafael Vinoly, comprised of 100% corner units. Interiors are designed by acclaimed designer Jeffrey Beers International feature finished comprised of warm woods and elegant natural stone.

Residence Features

  • 10 to 11 foot ceilings in entertaining areas with select residences featuring 20 foot double-height

  • White oak flooring

  • Dornbracht plumbing fixtures

  • Fully integrated Miele appliances

  • Master Bath: Kaldewei Puro Duo steel enamel tub with Bianco Dolomiti marble slab tub deck

277 Fifth unveiled both units 37B and 37C. Both units are 2 bed // 2 bath with 37B spread over 1,279 square feet while 37C is slightly larger at 1,397 square feet. Both units offered incredible skyline views…especially at Sunset.

Amenities

In addition to designing the interiors of the residences, Jeffrey Beers International has also designed two floors of amenities in the building spanning 7,000 square feet. There are dedicated spaces for relaxation, socializing, and recreation.

  • Curated Lobby Library with double-height bookcase wall

  • Entertaining suite with bar and kitchen pantry

  • Terrace

  • Kids’ Club

  • Game Lounge with custom ping pong table

  • Fitness Club inclusive of yoga studio as well as Men’s and Women’s Sauna/Steam Rooms


277 Fifth was one of the top-selling new developments in Manhattan in 2018 as based on Contracts Signed. Interested in calling 277 Fifth Home? Name * Name First Name Last Name Email Address * Subject * Message * Thank you!




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