Professional Documents
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Downtown Living
The Insider’s Real Estate and Neighborhood Guide • Fall 2010
Cover photo
1 Rector Park
Newly Converted
Condominium Residences in
Manhattan’s Greenest
Hottest
Neighborhood
Downtown
Celeb
+
Homes
MORE
Inside!
Meet the woman
behind the
Tribeca Film
Festival
The Latest Data
on Sales and
Rental Prices by
Greenwich Club
re s i d e n c e s
Lower Manhattan
from the Brooklyn Bridge.
-Petula Clark
By Amanda Cormier
North
West
212.488.0012 • somethingsuperior.com
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From Chelsea and historical is intermingled up tremendously over
Gramercy to South Ferry, with the contemporary,” the past year, and we’re
downtown is the capital said Erin Aries, a seeing enormous interest
of cultural, financial Senior Vice President at all levels, both in
and residential life in and Director at Brown rentals and in sales,” she
New York. Revitalized Harris Stevens. “New said. “Interest rates being
recreational parks like the restaurants, museums, low has really driven a lot
High Line in Chelsea and galleries and emporiums of buyers back into the
the Elevated Acre at 55 pop up over night. market. It’s a very strong
Water Street welcome People are drawn to market across the board,
young families to the the culture, the history be it from the Financial
area. Sleek, trendy clubs and the constantly District to Battery Park
like Tenjune and Lotus evolving nature of each City to 15 Madison
in the Meatpacking neighborhood that Square North.”
District attract a twenty- comprises downtown. Corcoran Sunshine is
something socialite Nothing is ever stagnant.” the developer of 1 Rector
crowd, while in the East This influx of residents Park, a new development
Village, small cafes and has transformed the area in Battery Park City. Cole,
dive bars are a hub of into one that is no longer a downtown resident for
artistic activity. Steve sleepy on weekends, more than 17 years, said
Kliegerman, Executive but a vibrant home for that Battery Park City
Director of Halstead a diverse group of New Washington Square Park. is a new hidden gem of
Property Development Yorkers. The hard times downtown residential
marketing, said he’s are over – and sales life. “I hadn’t spent a
seen a huge increase in demand is high lot of time down there
strong.” have an entirely different
demand for downtown The recession of in the last 15 years, and
The slowdown of demographic of people
markets and rentals late 2008 and 2009 it is now so beautiful
building during the who were never really
because of these factors. brought a severe dip in and has been so well
recession, along with introduced to Chelsea
“The downtown demand for downtown developed, it’s actually
increased demand, has until the district moved
marketplace offers a sales, but as Wall Street stunning,” she said. “If
made inventory hard to about 10 years ago.”
lot of diversity both has recovered, so has you go down there on
come by, particularly in Buyers looking
in neighborhoods, the demand for homes a weekend afternoon,
areas like Chelsea where downtown have a diverse
amenities, restaurants nearby. Kliegerman said you’ll find everything
the art district, High range of neighborhoods
and culture that the the downtown market is you could think of to
Line and Chelsea Piers to choose from, but
uptown markets, the strongest it’s been do. People are biking,
beckon new buyers. because the downtown
according to our buyers, post-Lehman. “As Wall jogging and walking
Halstead is the developer area is so small, amenities
seem to lack,” he said. Street has rebounded, down the esplanade. It’s
of +ARt, a new 91-unit of all the neighborhoods
Downtown’s history so has downtown and an amazing amenity that
condominium in West are at their disposal.
as the center of finance we’re both in demand many Manhattanites that
Chelsea. “The Chelsea “Most [clients] are open
is part of the appeal and absorption of units,” don’t live in Battery Park
art district has brought to the incredible variety
for new buyers: living he said. “Prices are still City are aware of.”
an entirely new amenity of properties that are
below 23rd Street offers lower than they were The diversifying of
to the neighborhood offered downtown,
a view into history, but [pre-recession], but the housing stock in areas
because it’s mainly in from the cutting edge,
also of cutting edge art, demand and interest in like Chelsea has made
Chelsea now rather than architecturally significant
culture, and dining. “The downtown is still very the area attractive for
in SoHo,” he said. “You new developments to the
many different types
1930s Bing and Bings, or
of residents—people
the exquisite row houses
+ ARt Penthouse living room. who are capitalizing
that line the streets of
on downtown’s
the Gold Coast and the
boom. “A lot of those
Seminary blocks,” Aries
residents who graduate
said.
from rental to home
The rental market,
ownership like to stay
too, has seen a steady
in the neighborhood,
increase in the past
so now they’re seeking
year—and in many
out condominiums
unexpected places. Tricia
and coops in the
Cole, executive managing
neighborhood as well,”
director at Corcoran
Kliegerman said.
Sunshine Group, said
The economy’s
the market’s strength
current upwards trend
is giving new vitality to
is unpredictable, but the
francisco diaz
unexpected downtown
constant of downtown
areas. “The market in
living—perhaps its
general has really picked
earmark—is change.
“To us it immediately felt like home.
It felt like a place where we would want to
spend time. That was huge for us.”
KATIE AND MIKE, PARENTS OF TWIN GIRLS
VISIONAIRE RESIDENTS
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CLEARLY LIVING
1. 2.
Katy Perry string of celebrities to Courtney New York Magazine.
is banned make prewar buildings Love has “It doesn’t have to be
from Sesame in Tribeca their haven. made news Gold Coast; you know,
Street, but “I think whether it’s a in the past west of Sixth is fine.
she and celebrity or any other few months But it has to be in that
fiancé Russell Brand person who’s looking to for her outspoken real part that’s really quaint
are more than welcome purchase a home, there estate envy. Where and lovely.” Jovovich’s
on North Moore Street are a lot of different did she set her sights?
in Tribeca. Last month wonderful residential A townhouse in the
the two purchased a products available: be West Village. Not just
two-bedroom, two-bath it an older prewar that any townhouse: none
loft for $2.9 million in a has a lot of detail and other than that of Milla
building that – gulp! – interest, or a big loft, or Jovovich.In August,
doesn’t have a doorman. floor, and a key-locked an expensive space with she expressed a clear
According to the elevator. The south big windows, or some desire to move out
Corcoran listing, the facing views transform brand new residential of the Mercer Hotel,
1,500-square-foot the pied-à-terre into development,” said Tricia where she had been
duplex features a cherry a bragging point for Cole, executive managing living for months. “I’ve
getty images
woodwork staircase, Perry and Brand, who director at Corcoran done Soho. The Village
heated bathroom are just the latest in a Sunshine Group. is definite,” she told
8
west village west end
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200 Eleventh Avenue.
5.
West
Chelsea is
no stranger
to celebs
either, and
now with the arrival of
Nicole Kidman and Keith
Urban, the neighborhood
is a welcome haven for
Hollywood and Nashville
stars. In August the
two purchased a $10
million penthouse at
200 Eleventh Avenue, a
terra cotta beauty which
overlooks the Hudson.
“The building has 14
units,” Steinberg said.
“It’s a small building, so it
has intimacy. You aren’t
one of 200 apartments.”
The two will enjoy the
utmost of privacy if they
“Edith Wharton-esque” Mews has a 24-hour about loft conversions,” take advantage of the
townhouse beckoned doorman and porter said Steinberg, who building’s Sky Garage,
strongly, and Love service, with concierge produces a downtown which allows residents to
tried to reach out to service provided by market report for luxury drive into the building and
Jovovich’s people—to Jenene Danenberg’s residences. “Soho
no avail. Jovovich, at Luxury Attache. never head modernist
4.
a Fashion Week event architecture. The huge
last month, gave her the Timberlake draw of 40 Mercer
go ahead via New York will be is its prize-winning
3.
Magazine – “I was like, sharing a architecture.”
take it!” – but reported Fans of ‘hood with In addition to all of
having difficulty Justin Meg Ryan, the shopping and cultural
contacting Love. As Timberlake who Keil also reports amenities typically
of Oct. 8, the two in “The to have found a one- associated with Soho,
continued to play email Social year rental in Soho’s Ryan will be privy to a
and phone tag, this time Network” might be 40 Mercer. The three- full-service experience
over Twitter. Love plead able to do some social bedroom rental, which inside the building: a
to her fans: “look yall networking with him if she snagged for $25,000 doorman, a garage,
help me get that house, they head to Soho—he’s a month, is a hallmark poolhouse with private
ill even go for 3 mos rent just scored a $7.65 bar and lounge, and what
which is also insane.” million condo on West Steinberg calls “the most into a specially marked
Does the West Broadway, accoring to exquisite gym probably space which then is lifted
Village townhouse hold the New York Post’s anywhere in Soho.” straight to their home.
magical properties? Jennifer Gould Keil. 40 Mercer delivers But if they decide to walk
We’re not sure, but it The lucky score? on design, a quality around the neighborhood
sure is regal: at 100 A penthouse in the that wasn’t typically instead, they’ll find plenty
Greenwich Avenue, the luxurious Soho Mews associated with to do. “Right now if you
4-floor home with seven enclave. One of the downtown living until step out onto the street
bedrooms features most coveted luxury just recently. “There at 200 Eleventh Avenue,
custom cast iron railings residences in the city, is an audience in you have the option to
and mahogany banisters. Soho Mews’ jewel is the Manhattan for A grade cross the street into a
The master bedroom garden that connects the design, spaces that park called Chelsea cove,
has a private terrace, two buildings: a 4,000 are carefully thought and if you walk down
of the Soho skyline and
and the view – while square-foot private through: the ceiling the street, you have High
downtown’s booming
not expansive – is of a space for residents like heights, the wall space, Line Park,” Steinberg said.
starchitecture movement,
private garden. Here’s Timberlake to take in the common areas, “Being removed form
featuring work by Andre
hoping the two can some nature without the lobby,” Steinberg the crush of Manhattan
Balazs and Jean Nouvel.
figure out the details having to face the paps. said. “For the longest where there’s so much
“40 Mercer is a very
soon – the place is Timberlake won’t time in downtown, pedestrian traffic, but
important building
too nice to remain have to worry about this didn’t exist. These being close to everything,
getty images
on -SitE SALES oFFicE 540 WESt 28tH St, nEW YoRK, nY 10001
You work in Tribeca and live
in Chelsea. Where do you
like to eat and drink in the
area?
There’s a ton of places, but
of course, Locanda Verde.
We still go to Bubby’s and
Walker’s and all those places.
All up and down Greenwich
Street there are a lot of
great restaurants, they’re
all wonderful . In Chelsea I
have some neighborhood
favorites, but I like to go
Nancy Schafer is the quiet Last year, the Tribeca Film of downtown and Tribeca so Tribeca has changed a to Cookshop and Red Cat.
force behind the cultural Festival debuted the virtual over the past 10 years? lot since 10 years ago. The Le Zie is also one of my
phenomenon that is the Film Festival – are there any We bring all of these artists area was devastated after favorites. Seasonally, if it’s a
Tribeca Film Festival. As new developments we can together once a year, but the attack. No one wanted beautiful night out, there are
Executive Director, she expect? I don’t know that we’re to come here, no one was a ton of places to sit outside
oversees all programming I think it’s a little early in responsible for making dining out. Now there are on 7th Avenue.
and operations for the yearly the planning stages to let artists move downtown. I fine restaurants and bars and
event that brings artists, the cats out of the bag, but think they have always been it’s a great place to live. What’s next for the Film
locals, celebrities and plain old it’s going to be our 10th living here, and that’s one of Festival?
movie enthusiasts downtown annual festival, so that’s the reasons Jane Rosenthal What have been some The Film Festival itself is the
to enjoy independent film. very exciting. I think a lot and Robert DeNiro wanted of the highlights of the jewel and crown of Tribeca,
The Festival began just after of partners will be helping to have the festival down Festival in the past few it’s what we work on and
9/11, when Jane Rosenthal us celebrate that. But we’re here. I hope we can continue years? I think the wonderful we want it to be perfect. But
and Robert DeNiro aimed to going to do the same thing to celebrate the people who thing about Tribeca is that we now distribute film in
revitalize a devastated area. we do every year, which is live here and support them we obviously show films theaters and through Tribeca
Nearly ten years later, the try to get as many people and help them continue to from all over the world and Film Festival Virtual. We are
Festival has grown to be one viewing independent films as live here. all walks of life, but the fun always finding new ways
of the most important artistic possible. thing for us is celebrating for filmmakers to use the
events of the decade. How has Tribeca changed downtown artists. Every year festival to expose their work.
Do you think that the in the past 10 years the it seems like there are films Through distribution viewers
How is planning for this Festival is responsible for Festival has existed? about local musicians and can engage in independent
year’s Festival going? changing the artistic scene We started right after 9/11, artists. films year round.
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hattan and within the Downtown market. Data is from August 2008, 2009, and 2010. The
volume of transactions in both Manhattan and overall Downtown increased significantly
since a year ago but they have not yet returned to August 2008 levels. Median prices have
been rising in some Downtown neighborhood like Tribeca, Soho, Flatiron and Gramercy. Neighborhoods like Chelsea and West Village
have remained stable since last year but are still down from 2008.
August
Recorded Sales
Closed On Closing Count Median Price Average Price
MANHATTAN
August 2008 1,414 843,250 1,577,547
August 2009 1,143 787,500 1,245,659
August 2010 1,123 873,000 1,412,798
Aug 2010 v. Aug 2009 -1.7% 10.9% 13.4%
Aug 2010 v. Aug 2008 -20.6% 3.5% -10.4%
ALL DOWNTOWN SNAPSHOT
August 2008 462 1,035,000 1,448,257
August 2009 319 925,000 1,334,082
August 2010 340 991,300 1,545,792
Aug 2010 v. Aug 2009 6.6% 7.2% 15.9%
Aug 2010 v. Aug 2008 -26.4% -4.2% 6.7%
Tribeca/Soho
August 2008 77 1,964,204 2,531,280
August 2009 36 1,751,750 2,524,095
August 2010 57 2,189,237 2,704,461
Aug 2010 v. Aug 2009 58.3% 25.0% 7.1%
Aug 2010 v. Aug 2008 -26.0% 11.5% 6.8%
West Village
August 2008 26 780,156 1,185,993
August 2009 29 676,000 982,050
August 2010 24 682,250 1,507,958
Aug 2010 v. Aug 2009 -17.2% 0.9% 53.6%
Aug 2010 v. Aug 2008 -7.7% -12.5% 27.1%
Greenwich Village
East Village
August 2008 65 849,000 1,523,522
August 2009 62 792,500 1,530,731
August 2010 85 837,500 1,165,919
Aug 2010 v. Aug 2009 37.1% 5.7% -23.8%
Aug 2010 v. Aug 2008 30.8% -1.4% -23.5%
Chelsea
August 2008 102 1,229,536 1,273,096
August 2009 88 832,419 1,055,798
August 2010 64 837,500 1,415,495
Aug 2010 v. Aug 2009 -27.3% 0.6% 34.1%
Aug 2010 v. Aug 2008 -37.3% -31.9% 11.2%
Flatiron/Gramercy
August 2008 39 775,000 1,389,666
August 2009 30 772,500 1,031,565
August 2010 43 916,425 1,408,538
Aug 2010 v. Aug 2009 43.3% 18.6% 36.5%
Aug 2010 v. Aug 2008 10.3% 18.2% 1.4%
16
Downtown
market statistics
provided by
current snapshot
Below is a market snapshot as of October 6, 2010 of what is currently available for sale and rent.
City/Financial
District West Village Flatiron/
sales sales Gramercy
Type #Listings Price Type #Listings Price
Studio 111 $575,000 Studio 33 $459,000 sales
1 BR 325 $800,000 1 BR 83 $850,000 Type #Listings Price
2 BR 184 $1,495,000 2 BR 46 $1,572,500 Studio 52 $449,000
3 BR 81 $2,310,000 3 BR 23 $3,600,000 1 BR 126 $750,000
4+ BR 18 $3,062,500 4+ BR 20 $8,325,000 2 BR 87 $1,550,000
3 BR 45 $4,500,000
rentals rentals 4+ BR 19 $9,750,000
Type #Listings Price Type #Listings Price
Studio 91 $2,710 Studio 30 $2,925 rentals
1 BR 161 $3,200 1 BR 53 $3,000 Type #Listings Price
2 BR 91 $5,150 2 BR 19 $5,495 Studio 46 $2,700
3 BR 21 $8,200 3 BR 5 $22,500 1 BR 61 $3,495
4+ BR 3 $5,900 4+ BR 6 $23,250 2 BR 31 $6,500
3 BR 19 $7,500
4+ BR 4 $22,250
Tribeca/Soho Chelsea
sales sales Prices indicate
Type #Listings Price Type #Listings Price median values.
Studio 25 $715,000 Studio 93 $459,000
1 BR 83 $1,150,000 1 BR 214 $849,000
2 BR 150 $2,284,500 2 BR 161 $1,675,000
3 BR 105 $4,250,000 3 BR 78 $3,600,000
4+ BR 32 $8,692,500 4+ BR 41 $5,875,000
rentals rentals
Type #Listings Price Type #Listings Price
Studio 40 $4,715 Studio 68 $2,700
1 BR 55 $4,400 1 BR 145 $3,355
2 BR 63 $8,450 2 BR 77 $6,295
3 BR 31 $17,500 3 BR 13 $8,500
4+ BR 10 $15,500 4+ BR 8 $12,500
17
Greenwich Village School chops. seen around the building,
and the Lower Manhattan EN Japanese and though popular with
Community Middle Brasserie (435 Hudson tourists, offers something
School. St, 212-647-9196) is a for any New Yorker tuned
The Village has long star of Asian cuisine in to history: Abraham
been known as a nexus the West Village, and its Lincoln and Woodie
of creative energy, but contemporary space only Guthrie are among its
it also is home to some plays a supporting role patrons. Women were
of the city’s greatest to the Japanese cuisine: admitted to the bar in
dining experiences. try the Buta no Kakuni the 1970s, so now the fun
For a blast to your (braised pork belly) is open to all.
collegiate past, head to and the fresh tofu. For Aicon Gallery (35
Macdougal Street just a post-work refresher, Great Jones St, 212-725-
south of Washington try a cocktail made with 6092) in the East Village
Square Park, where NYU fresh pineapple, ginger presents contemporary
students linger for their and vodka. Every first Indian art, but with a
fix of tattoo parlors, Thursday of the month, focus on exhibiting artists
raucous bars and cheap the chef hosts a $45 who rarely present their
falafel. Mamoun’s (119 fish heads, eel bones work outside of Asia.
MacDougal St, 212- and beer dinner. In the
674-8685) is the most Japanese tradition of Chelsea & Gramercy
universally adored of wasting nothing, Chef Public schools in
the latter, with lines out Hiroki Abe puts together the area include P.S.
the door for some of the a decadent meal with 11, Baruch, and P.S. 33
best falafel sandwiches McSorley’s Ale House. ingredients rarely seen (Chelsea Prep). Private
in the city, most for on a typical sushi bar schools include the Ecole
under $3. Tea Spot (127 menu. Internationale de New
Macdougal St., 212-832- If streetside dining Village, (90 Bedford McSorley’s Ale House York, the Guardian Angel
7768) is a cozy recluse isn’t your style, head St, 212-741-4695), (15 E. 7th St., 212-473- School and Xavier High
from the shenanigans, to the West Village you’ll be privy to an 9148), one of New York’s School.
imlsdcc; krugerlive
with an impressive loose- for more of the area’s American-Mediterranean oldest bars, has been Buddakan (75 9th
leaf tea selection and a upscale options. If you menu featuring twists continuously running Avenue, 212-989-6699)
quiet downstairs seating can snag a reservation at on classics like gravy since 1854. Relics of is a trendy Asian fusion
area. Little Owl, in the West meatball sliders and pork barhounds past can be bar that is turning heads
18
Katz’s Deli. in Chelsea for its tuna are from local farms, the Elisabeth Irwin High
tartare spring rolls which will make you feel School.
and downtown-chic better as you gorge on Nightlife south of
atmosphere. pulled pork sandwiches, Houston is a prime
For vegan fare, lamb pappardelle and destination for those
head to Blossom (187 chocolate bread pudding. who live in Upper
9th Avenue, 212-627- The Piccolo Cafe (157 Manhattan and Brooklyn,
1144). You won’t find a 3rd Ave, 212-260-1175) and for good reason: the
meatball here, but you’ll is a one-stop shop in spectrum of bars and
find plenty of other rich Gramercy for inexpensive clubs ranges from dirty
Italian fare, like seitan food that tastes like dive to upscale lounge.
scallopini and chocolate you made reservations An unexpected find on
ganache. six months ago: truffle the Lower East Side
The Red Cat (227 egg sandwich, anyone? is the Happy Ending
10th Ave, 212-242-1122) The quality of the more Lounge (302 Broome
turns heads in Chelsea standard items will Street, 212-334-9676),
for the banana ice cream lure you in time after a converted erotic
sandwich alone. But the time: the cappuccino is massage parlor that is
impressive wine list also particularly adored by surprisingly sleek and can
makes it a top stop after locals. be rented out. wd~50
an afternoon strolling on (32 Spring Street, 212-
the High Line. Houston & below 477-2900) is a culinary
As you head east, Public schools in favorite of downtowners
stop at Gramercy Tavern the area include P.S. 3 as chef Wylie Dufresne
(42 E 20th St, 212- Charrette School and has carved out a fusion
477-0777), considered P.S. 42 Benjamin Altman of cuisines that has
by many to be one of School. Private schools captivated the Lower
the city’s finest dining include the Beth Jacob East Side. One dinner
establishments. Many of Parochial School, Little option? Duck breast,
tamos fano
the Tavern’s ingredients Red Schoolhouse and apple, cheddar and
Pepe s
restaurant group PRESENTS
H
Da Rosina
AMERICAN RESTAURANT RISTORANTE ITALIANO
166 west 4th street 342 West 46th STreet
212.675.1977 212.977-7373
kimchee-cous cous. 212-255-4388) presents June Kelly Gallery
The West Village.
Balthazar Restaurant the next big thing in (166 Mercer Street),
and Lounge (80 Spring contemporary Chinese art Lehmann Maupin (201
St, 212-965-1414) offers at its SoHo location. Chrystie St.), Lemmons
traditional French bistro Brooke Alexander (59 Contemporary (155
dishes in a warmly lit Wooster Street, 212-925- Hudson St., 2S), Lesley
SoHo space. Balthazar’s 4338) has a long history Heller Workspace (54
eggs benedict is a of showcasing leading Orchard St.), Louis
crowdpleaser but the contemporary artists K. Meisel Gallery (141
steak frites also evoke the in New York, while also Prince St.), O.K. Harris
simplicty and elegance publishing printed art. Works of Art (383
of Paris. For a glimpse of the Old West Broadway),
SoHo, Chinatown and Masters, head to Franklin Opera Gallery (115
the Lower East Side are Bowles Galleries in Soho Spring St.), Peter Blum
home to some of the (431 West Broadway, SoHo (99 Wooster
cities best art and design 212-226-1616), which St.), Peter Freeman,
galleries. The Staley-Wise represents a group of Inc. (560 Broadway),
Gallery (560 Broadway, artists that range from Peter Lik Gallery (419
Suite 305, 212-966- Rembrandt to Chagall. West Broadway),
6223) has become Other galleries below Pomegranate Gallery
renowned for its fashion Houston: Animazing (133 Greene St.), RH
photography collection, Gallery (54 Greene Gallery (137 Duane St.),
while Mimi Ferzt (81 St.), Broadway Gallery Ronald Feldman Fine
Greene St., 212 343- (473 Broadway), Arts (31 Mercer St.),
9377) boasts a collection Broome Street Gallery Spencer Brownstone
of contemporary art from (498 Broome St.), Gallery (39 Wooster St.),
Russia, the former Soviet Emmanuel Fremin Sperone Westwater (257
republics and the Baltic Gallery (546 Broadway, Bowery), Two Palms
ed yourdon
States. Eli Klein Fine PH 5B), Hous Projects (476 Broadway, 3rd
Art (Eli Klein Fine Art, (31 Howard Street), Floor).
BARBARA A. GRIMALDI
(212) 759 3920
227 EAST 56TH ST
NEW YORK
BGrimaldi@allstate.com
Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.
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Chris Albanese is the become invested in new technologies into prices dropped 25 to 35 coals. Battery Park City
CEO of the Albanese the process of LEED the building at once and percent. Right now our is like its own little oasis.
Organization, the certifying residential a lot of the technologies philosophy is good given The parks are beautiful,
developer behind some buildings? we used were tested; but the economy. there’s open space, and
of Manhattan’s boldest Our first green building no one had ever put all of there’s a social calendar
residential buildings. They was The Solaire in them into one building. It What is some of run by the Batery
were the first to build Battery Park City which was a learning curve, and the appeal of living Park City Authority:
an LEED Gold certified was the first residential there were no consultants in a green building concerts, fishing, sports,
residential tower and their tower to get gold LEED back then to go to to show downtown? backgammon, art, music
newest development, certification. To secure the you how to build a green The biggest benefit is events. You’re close to
The Visionaire in Battery site we responded to an building, so we had to learn the indoor air quality. the subway, but you’re
Park City, received LEED RFP issued by the Battery how to do it. It’s a lot easier Our indoor air quality is in your own little oasis
Platinum certification. Park City Authority and for us to learn to design better than the outdoor and you don’t have the
Albanese took some time one of the requests was and build a green building, air quality. For example, traffic and stress of living
to chat about the benefits to build the site green. and we learn from doing it. at The Visionaire fresh on Second Avenue. What
and challenges of green One of the reasons why air is flown in through we find is some people
building. we won the dig was we Did the post-Lehman the roof, filtered and are concerned they’ll feel
went further than our market affect demand pumped into every room isolated when they come
How did you get competitors in greening for green buildings? How of every apartment. In down to Battery Park
involved in Manhattan the proposed building did you deal with it? the apartment, that air is City; but once they move
real estate? and so that’s what got us Our theory is that recirculated and refiltered, down there and learn the
The company was started in building LEED buildings that are built so the air is filtered twice. neighborhood, they love
started 50 years ago by certified buildings. Then with higher quality People don’t need those living there. Now there
my father, Vincent, and we went on to build The withstand the downturns ineffective air filters and are a lot more services
Uncle Anthony. They Verdesian. We strove for better than those that humidifiers that they than there were 10 years
started building single- LEED Platinum and we don’t. We think that would typically buy. ago.
family homes in Queens. were the first residential building with higher We’ve had a lot of
I worked in real estate tower in the country to quality insulates you people with asthma and What’s in the cards for
after college, and then I get it. The Visionaire also with the downturn. Post- allergies that have told Albanese?
joined the family business. received the Platinum Lehman rents went down us that their conditions Fortunately, in this
I worked for three or four rating. We always strove about 15 to 20 percent, have improved by living downturn, we didn’t over-
years and then I decided to build green buildings, and in some locations in one of our buildings. leverage any projects or
to go back to law school even back in the 1980s 25 percent. We were at That’s the most obvious overpay for any projects.
and I practiced law for when there was no the low end of the scale. and important benefit to We’ve been fortunate
a couple years doing such thing as LEED Now our buildings are the people living in our not to get hurt by the
litigation and real estate certification—making the 95 percent occupied and buildings. In a typical downturn, so we’ve been
law. In 1995, I went back buildings more efficient. we’re getting back to the apartment building, actively looking for new
to the family business Obviously with The rents of pre-Lehman. The there’s a compressor in projects and development
and we started focusing Solaire we were taking rental market improved every room; so if you have sites. Whenever we buy
on Manhattan apartment that to a higher level. significantly in Manhattan. 300 apartments, you existing buildings to
buildings. My cousin As far as our condo project have 800 compressors. renovate, we always strive
Russell Albanese and I Is it a difficult process? The Visionaire, I’d say our Our buildings are much to do it as cleanly and
are now partners in the I wouldn’t say the process prices dropped 15 percent, quieter because we have efficiently as possible.
second generation. has become more difficult. but other buildings in one central plant, so all We’re pounding the
The first one was a learning less desirable locations you hear is the fan that pavement for our next
How did Albanese process. We put a lot of or our low rent buildings blows the air over the few projects.
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