The Jetson's Floorplan...

Just when you thought you'd seen it all in Manhattan, something comes along that blows your mind. At first glance, you could mistake the floorplans to the left for a birds-eye view of a pinball machine. The duplex apartment conversion at 123 W 15th Street has been described as "Wonka-riffic" on the popular blog, Curbed.com. I couldn't think of a better word to describe this floorplan. The duplex boasts 2,054 square feet and is asking $2,995,000. Own a piece of history today, before flying cars and robot maids take the world over.

Are people really willing to pay $1,953 s/f?

You better believe they are. If you thought the market was flatlining, think again. NY Post reports that the Lucida, the Upper East Side's first LEED-Certified Green Building on the southeast corner of 86th Street and Lexington Avenue, is approximately 69% sold after two months of sales! There have already been four pricing amendments and rumor has it that they are considering a fifth. Apartments in the family-friendly Lucida are fetching a staggering $1,953 per square foot. Who's paying these egregious prices? Lawyers and private equity hedge fund managers. Some are buying multiple units and combining them. I can't wait to see how the combined units appreciate in years to come. It will certainly be interesting to see. Apparently, the "sterile" Upper East Siders have been longing for the hip, glass-facade developments only seen south of 59th Street, until now.

“I’ll have Johnny Walker… Blue Label”

New Yorkers have always been a couple of notches above the average consumer. Their desire for the best is apparent in all the aspects of day-to-day life in the big apple, and more recently, in the real estate market. David Rockwell, Andy Pepper, Phillipe Starck, Richard Meier, Deborah Berke, Costas Kondylis, Bruce Fowle and Ismael Leyva, to name a few, have revolutionized how Mr. and Mrs. Jones feel when they enter their designer homes at the end of a busy day. What’s in a name? The arguments both for and against are compelling, and we will make no attempt to address the matter here, other than to say that there is indeed something that we associate with these “designer” names, which continues to drive the buzz and hype around these starchitecturally designed buildings, more so than their no name counterparts.

Authored by Matthew Knee (Guest Author)

South Beach comes to South Manhattan...

The developers of the Setai, Miami are altering the condo's South Beach Art Deco aesthetic for a classier corporate look, with wood and stone for the Setai, New York. After two months of sales, the Setai, New York is 30 percent sold. The 30-story condo conversion is located at 40 Broad Street, between Beaver Street and Exchange Place, with prices averaging $1,350 s/f to $2,000 s/f. The real selling point is the outdoor terrace (common area), which has tropical bamboo, oversized daybeds (think Duvet, NY and Nikki Beach, FLA), 2 Jacuzzis and gas grills. Word has it that the co-founder of the Setai Group is "trying to get a cigar room there." This condo conversion has done a spectucular job differentiating itself, hence the surging sales in a two-month period.

For more information, visit http://www.setainy.com.

Left the A/C on? No problem! Deactivate it remotely...

New developments are in a race to provide a better mousetrap, and those without a differentiation strategy are having trouble moving apartments. The recent frill-frenzy™ we've witnessed has us wondering, "What's next?" I'll tell you what's next...computers that control EVERYTHING in your home. Not cool enough? Don't worry, it gets cooler. These computers can be accessed via the Internet, remotely. Want a cool (temperature) apartment when you walk in the door? Turn on the A/C and lower the shades remotely before leaving work. Can't be home for the handyman in the afternoon? Unlock your apartment and watch them on camera remotely from work.

And you thought Bill Gates had all the fun in his hi-tech residence! Stay tuned for more "technomenities"...

Mortgage Contingency Clause Got You Down?

Weary about waiving the mortgage contingency clause? Try this...

First, a little bit about the mortgage contingency clause. A "mortgage contingency clause" is a provision in the home purchase contract that says that if the prospective buyer can’t get a mortgage within a fixed period of time, s/he can call the whole deal off. In other words, the agreement is conditional on the buyer being able to obtain a mortgage on the property.

Given the current seller's market, it is assumed that the buyer will waive the mortgage contingency clause, forfeiting their down payment if they can't get a mortgage. If this has you worried, take comfort in that you're not alone and there is a workaround!

If you have a great mortgage professional, they can "rush" the appraisal of the property and produce a commitment letter within 24 hours of receiving the appraisal report - this all happens before contracts go out to the buyer's attorney. At that point, the mortgage contingency is a moot point and can be waived with the confidence that you are guaranteed a mortgage for a proper amount. As always, consult your attorney and mortgage professional before heading down this road, and make note that this workaround isn't recommended when there are multiple bids on the table (a.k.a. "bidding war"), as the seller will likely entertain the offer that waives the mortgage contingency without any "headaches."

"I have a blue house with a blue window...I'm blue (da ba dee)"

The Lower East Side's Blue Condo sticks out like a sore thumb. It would seem more appropriate along the water on the West Side, across from Chelsea Pier and adjacent to the Nouvel Chelsea new development. Nonetheless, it makes it's mark on the Lower East Side's skyline and could be an indication of what's to come for this slow-to-modernize neighborhood. The average unit in the Blue Condo sells for $1,200 to $1,300 per square foot, a lofty sum for the neighborhood, but in tandem with the rest of the city.

There's no doubt about it, when friends and family visit for the first time, it'll elicit a, "Wow." The question is, will it be a good "wow!" ("Very cool!") or a bad "wow" ("You live in that thing?")? For more information, visit http://www.bluecondonyc.com.

Cold Storage is an amenity?

Yes, cold storage is an amenity...and a practical one, at that. Say you shell-out $15.99/lb for some Porterhouse Steaks from Fresh Direct. What are you going to do when the delivery guy shows up in your condominium lobby at 1:34PM EST and you're working until at least 9PM? Or how about that "Love's First Bloom" rose bouquet from 1-800-Flowers for your fiancee? Problem solved...you have your doorman/concierge conveniently stash it in the cold storage room to preserve freshness. New developments, such as the Element Condominum, are the first to offer this amenity, and they definitely won't be the last.

So, you've moved into a "green" building, now what?

So, you've moved into a "green" building, now what? Now it's time to furnish your new nest with environmentally-friendly products. The easiest way to do that is to visit Low Impact Living on the Web. Pick out a set of organic bed linens, a water-saving showerhead, an energy-saving lightbulb (mind you, it lasts 10x as long as a typical lightbulb and uses 1/3 of the energy!), among other products. You're halfway there [to "going green"]...now go all the way!

Shop online at http://www.lowimpactliving.com.

Plastic Mortgages = FREE Vacations!

American Express is rolling out what is likely the first program in the country to let homeowners charge their monthly mortgage payments to a credit card, allowing borrowers to earn reward points on their loans. "[It's] just another progression for us in the real-estate area and in the luxury space," said an American Express executive. Mortgage giants American Home Mortgage Investment Corp. and IndyMac Bancorp are the first two lenders that have signed up for the program.

Black Label suits, Occhiali specs, Aqua di Gio scents...furniture?

"You buy furniture. You tell yourself, this is the last sofa I will ever need in my life. Buy the sofa, then for a couple years you're satisfied that no matter what goes wrong, at least you've got your sofa issue handled. Then the right set of dishes. Then the perfect bed. The drapes. The rug. Then you're trapped in your lovely nest, and the things you used to own, now they own you." (~Chuck Palahniuk, Fight Club)

Well, if you're going to be owned by your possessions, they may as well be Armani Casa. With pieces for every room—from open-edged vases for the library to mother-of-pearl chopstick rests for the dining room—the collection furthers the designer’s streamlined aesthetic far beyond the cramped confines of your walk-in closet. Furnishings like an irregularly woven dressing screen or a sculptural bed nod to Near- and Far-Eastern traditions (especially the Japanese) as readily as tableware or textiles. If you’re not looking to refurnish the whole penthouse or Hampton villa, less dramatic touches can be made via small luxury items like leather key wallets or an array of fine candles.

For the modern-minimalist in all of us. To view their entire line of home decor, visit http://www.armanicasa.com.

The most innovative new development EVER...

I can't say it better myself, so here is an excerpt from the Web site:

100 Eleventh Avenue is a "vision machine," with every angle and structural detail designed to create visual excitement. Approximately 1,650 different windowpanes comprise the most highly engineered and complex curtain wall ever constructed in New York City.

Every apartment will feature floor-to-ceiling window walls including operable windows oriented to the south and west. Along these window walls, floors will be finished with an extra layer of nearly imperceptible transparent gloss, to boost incoming sunlight into rooms.

Sun-lovers rejoice! Your new address awaits on the West side. Not to mention, it's LEED Green certified, so you're doing the environment justice.

For more information about this astonishing new development, visit http://www.nouvelchelsea.com.

"One day we'll all live in pods..."

Well, that day has come, thanks to Mick Jagger's (The Rolling Stones frontman) daughter, Jade Jagger, and her new development, Jade at 16 W 19th Street. According to the Web site, they are "jewel-like lacquered boxes that seem to float in each residence. Enclosed within this single cube are your meticulously laid-out kitchen and bathroom. When opened, the pod reveals a glamorous interplay of sparkling tiles, vivid colors and textures." An interesting option for those who like to think outside of the box...but who like to live inside the box.

To learn more about this new development, visit http://www.jadenyc.com.

"Toto, I don't think we're in Kansas anymore..."

In the age of designer floors, moldings, paints, counters, sinks and appliances, toilets were bound to flush their traditional yet functional role in the home, and redefine themselves as tastefully created masterpieces with astronomical price tags. Toto, one of the leaders in high-end residential construction, offers a full line of power-gravity, low-water consumption units, which are not only asthetically pleasing but have features such as automatic lids, seat warmers and self-cleaning. Watch out George Jetson, Toto's in town!

For more information, check out http://www.totoneorest.com.

Authored by Matthew Knee (Guest Author)

"People who live in glass houses, shouldn't walk around naked..."

When world-famous architect, Philip Johnson, built his New Canaan Connecticut home in 1949, he was light years ahead of his time. The Glass House, as it was called, was a turning point in American architecture - a house built with a floor-to-ceiling, wall-to-wall glass exterior. Nearly 60 years later, that vision is commonplace here in New York City and all over the world, as vertical versions of Johnson's glass house stretch toward the sky. Some New York examples include Richard Meier's Perry Street towers, which give the illusion of floating on the Hudson; Gwathmey Siegel's Astor Place condos, with it's curved glass facade; and Ian Schrager's 40 Bond Street, designed by Pritzker Prize-winning Herzog & deMeuron. The only drawback for these see-thru gems is that squeegee's are not included.

Authored by Matthew Knee (Guest Author)

Honey, I Blew Up The Townhome...and now it's going green!

Just when you think there's not one more parcel of land in Manhattan to develop on, somebody creates one. Recall, Dr. Nicholas Bartha, who intentionally blew up his $6 million townhome on the Upper East Side (34 East 62nd Street), as an act of retribution against his ex-wife, who had won a divorce judgment.

Now, RIGroup is building a green townhouse on the site of the (once inhabited) vacant lot. Greening the townhouse is cost-effective (lower energy bills) and should add significant value to the property. In particular, RIGroup plans on installing water conservation and energy efficient features and finishes, and using formaldehyde-free products and recycled materials, in the hopes of earning the coveted LEED (Leadership in Energy and Environmental Design) designation. According to The Real Deal, it will be a 6-story, 8,000 square foot single-family home.

Only in New York City...

It's Schrager Time...

Rumor has it that a high-end hotel is planned for the one-time tallest building in New York. One Madison Avenue's iconic clock tower has long been known as the MetLife building and served as world headquarters for the insurance giant until 2005. Yay Snoopy! According to world renowned hotelier Ian Schrager, in an April 07' interview, "we are going to make a hotel there, a very high-end hotel, more like a private club." Also in that same interview, Schrager told the Observer, "I might sell [The Building] if we have the right price. We have been getting unsolicited offers." And that may just be the case. The company Africa Israel, led by real estate guru Lev Leviev, have reportedly named their number and are in negotiations for this timeless classic. Will this prime park location become one in the impressive Africa Israel real estate portfolio, or a new New York boutique masterpiece by Ian Schrager? Only time will tell...

Authored by Matthew Knee (Guest Author)

Versace debuts its long-awaited Home Collection...

The first model private residences at The Plaza, and the first model private residences anywhere with furnishings and accessories designed by Versace Home, are making their debut at the iconic castle on the park. The designs contrast with the restored glory of the great landmark public rooms, like The Palm Court and the Oak Room, defining a standard of sophisticated elegance. Fans of Philip Starck and Ian Schrager's design will have a field day furnishing their modern home with Versace's elegant contemporary twist.

To see the entire line of the Versace Home Collection, visit the Web site at http://www.versacehomecollection.com. FYI, Versace can also be commissioned to design custom interiors for private jets (starting at $25,000).

SoHo/TriBeCa loft-like living in Midtown East...

Finally, Midtown East has something to brag about. Thought you couldn't find loft living anywhere but downtown? Think again. Enter...310 East 53rd Street (corner of 2nd Avenue), a stellar new development by renowned developer, Macklowe Properties.

This is a luxury doorman building, a stone's throw from the E, V, and 6 Subway entrance beneath the Lipstick building on 53rd and 3rd Avenue. It features a 24-hour doorman and concierge, Zen garden/courtyard, state-of-the-art fitness center and valet parking in the building. The handsome loft-like apartments (pictured) feature soaring 17' ceilings, Carrara marble kitchen and baths, and oversized windows, which allow the natural sunlight to radiate throughout the apartment. The coolest feature is the automated window treatments that descend over the windows at the push of a button. A perfect bachelor pad, if you ask me.

To learn more about this new development, visit http://www.threetencondo.com. And if you bump into Bill Macklowe on the street, give him a pat on the back and congratulate him on a job well done.

"My budget is..."

"My budget is $995,000." Before you pick a somewhat ambiguous budget to abide by, consider first, the cost of ownership. This is significantly more important. Let me make my case.

The monthly cost of ownership for properties of similar size and quality may vary dramatically from one development to another. Consider the following: an apartment purchased for $995,000 with $1,600 in carrying charges will have the same monthly outlay ($6,078) as an apartment purchased for $1,084,000 with $1,200 in carrying charges (examples are based on 75% financing at a 6% mortgage rate for 30 years). So, keep your mind open when apartment hunting, as there are many ways to view a situation.

Check out the mortgage calculator at Bankrate.com (http://www.bankrate.com), to play with some numbers and determine what your threshold is, in regards to monthly payments (+ carrying charges).