Category: Upper East Side

Met Gala Preview 2016

Met Gala Preview 2016 Photo: iStockphoto/Samaro

Fashion’s hottest night is just days away. This coming Monday, May 2nd, the fashion world will convene on the Metropolitan Museum of Art for the museum’s annual Met Gala helmed by Vogue editor Anna Wintour. Everyone from Beyoncé and Jay-Z to George and Amal Clooney to fashion world icons like Cara Delivigne and Stella McCartny clamor for invitations, and the sartorial selections of those who make the cut are par excellence.

This year’s theme – dubbed “Manus x Machina: Fashion in the Age of Technology” – couldn’t be more perfect for our times. The gala marks the opening of the Costume Institute’s exhibit exploring the democratization of the formerly cloistered world of haute couture and high fashion thanks to the proliferation of technology.

As technology brings the world to our fingertips, whether in fashion, music, film, or real estate, creativity abounds as people globally merge and share experiences and technology speeds up the minds of our youth and what we can create. Live streaming and video content continues to grow online and I expect in time this will also transfer into real estate marketing though it hasn’t fully caught on yet.

Live streaming of fashion shows from around the world (remember the Zoolander crew’s cameo at Valentino last spring in Paris?) have exported the shows’ magic to those not able to be there in person. Instagram has turned well-dressed bloggers from every corner of the globe into street style stars and fashion icons. And technology has increasingly been used to both produce and inspire fashion, from designers like Kimberly Ovitz and Pamela Love using 3-d printers to fashion their wares to futuristic designs at Balenciaga produced with elements of engineering and neoprene.

It’s no surprise this year’s sponsor is Apple – not only is the iPhone the choice technological accessory on the red carpet (along with the gateway to Instagram), the tech giant’s upper echelons are stacked with talent poached from the fashion world, including Angela Ahrendts, who used to be the CEO of Burberry and is now SVP of retail and online stores at Apple.

For those whose invitations to this year’s gala got lost in the mail, an incisive documentary will offer an exclusive window into last year’s blockbuster gala, “China: Through the Looking Glass.” Made by filmmaker Andrew Rossi, the film – The First Monday in May – takes viewers behind the scenes of preparations for the gala, and to the big night itself. It premiered at the Tribeca Film Festival earlier this month, no doubt reminding many of the premier’s attendees to start seriously considering their outfits.

Follow this link to see Vogue’s Met Gala Coverage

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Monday Market: Co-op Sales Hit New Low Due to Scarce Inventory

Monday Market: Co-op Sales Hit New Low Due to Scarce Inventory 891 Park Avenue, 3rd Floor sold for a record price in 2015, however, downtown condos sell for more per Square Foot. Photo: Rich Caplan

In 2015, a confluence of micro-market trends led to one of Manhattan’s most successful – and competitive – real estate years on record. My team and I have been digging through the numbers to better understand how 2015’s trends will impact sales in 2016.

Average Sales Prices Up 12% in 2015, Re-Sale Up 15%, Lofts Up 13%

Overall, average sales prices increased by 12 percent. New developments and re-sale prices increased 8 and 15 percent respectively, according to Jonathan Miller’s quarterly report. Average price-per-square-foot skyrocketed 28 percent over 2014. Median prices rose a strong 15 percent, thanks to multiple new luxury development units closing during Q4 2015 that went to contract during 2013 and 2014.

Co-op sales volume Read more…

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New York Luxury Real Estate Update | From “Versailles” to Jeff Koons’ New Studio

New York Luxury Real Estate Update |  From “Versailles” to Jeff Koons’ New Studio The High Line District has transformed in 1 year | Photo from Sept 28, 2014 by Tony Sargent

As all New Yorkers know, if you’re not moving forward, you’re behind, and real estate is no exception. Summer saw some of the island’s most influential denizens make real estate moves and news in keeping with the city’s exhilarating pace.

Some noted developments:

Alert to all aspiring Upper East Side trophy property holders and investors: there was a drop in the asking price for the “Versailles in Manhattan” and the listing moved over to Compass. Kenneth D. Laub’s spectacular East 64th Street townhome, dubbed “Versailles in Manhattan” for its rococo Louis XIV layout and interiors can now be yours for a cool $25 million. Over on Fifth Avenue Read more…

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New York’s Most Dynamic Neighborhoods: By Kate Betts for Travel & Leisure

New York’s Most Dynamic Neighborhoods: By Kate Betts for Travel & Leisure The Dietz Lantern Condominium in Tribeca - Photo: Tony Sargent

Photo: Tobias Hutzler via T&L

I just came across this great article written by Kate Betts for Travel & Leisure magazine. It’s about touring New York’s most dynamic neighborhoods and experiencing the change over time. Gain insight into how neighborhoods like Tribeca, Williamsburg and Harlem have truly changed since the 1980’s and even the 1990’s moving from the fringe to becoming ‘established’ with such long-time Tribeca restaurants Nobu being joined by celebrated chef Andrew Carmellini’s Locanda Verde in Robert DeNiro’s hotel at 379 Greenwich St.  Read more…

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Oaktree Capital’s Howard Mark buys 740 Park Avenue Duplex Sells for record $52.4 Million!

Oaktree Capital’s Howard Mark buys 740 Park Avenue Duplex Sells for record $52.4 Million! Courtney Ross' 740 Park Avenue Duplex Sells for $52 Million - Photo Courtesy BHS

Not So hush hush! In New York luxury real estate market the sale of Courtney Sale Ross’ 30-room, 740 Park Avenue duplex for $52.4 million to Howard and Nancy Marks, as reported by The Observer and Curbed set a new record for the most expensive Manhattan luxury co-op sale. The asking price was $60 Million.

Mr. Marks is the founder of Oaktree Capital, a $75 Billion investment fund involved in distressed debt. They also have Read more…

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Wall Street Journal: Multiple Bids Stunning Homebuyers in New York, Miami and Nationwide

Wall Street Journal: Multiple Bids Stunning Homebuyers in New York, Miami and Nationwide Puck Building, New York - Tony Sargent (C) 2012

The Wall Street Journal reported that multiple bids are stunning condo apartment buyers from New York to Miami and homebuyers in California. A lack of inventory compared to demand has been especially evident in New York luxury real estate for over a year. Now multiple bids are occurring on entry-level properties both in Manhattan and in other areas of the country. 3 years ago Miami’s condo market was languishing and its huge inventory remained unsold. Today, between local and foreign investors (namely Brazilian) there is only a 4.1 month supply (34% decline in inventory – see chart below).

In Manhattan while demand for the super-luxury market ($5+ million) has slowed slightly compared to a year ago, fast-increasing rents and low interest rates have lead to the highest level of Read more…

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What is Real Estate?

What is Real Estate?

What is real estate? As I leave my office late tonight, I look at the list on my desk-wall of clients who want to buy or sell. They aren’t numbers to me. They are people: fathers, mothers, children, partners. All with a dream of owning a home or having more space. A place to create memories, to celebrate anniversaries, to laugh, to cry, to perhaps disagree and then come back together. To watch teeth fall and then the 1st sideburns grow.

This is why I do what I do. To help people make their dreams come true, as smoothly as I can. Nothing feels better than to seem them smile on closing day…and five years later. – By Tony Sargent

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Monday Market Video: Average Manhattan Home Now Costs $2M

Posted on April 4, 2016

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