Year: 2015

The Observer reports:

Richard Cantor, a principle in the real estate marketing firm of Cantor-Pecorella, considers that the best of Village life consists of “very luxurious” apartments that incorporate the “open expanse” of loft-style living with the communal intimacy of townhouse residency. How serendipitous that Mr. Cantor’s firm should happen to be marketing the new(ish) eight-unit development at 12 East 13th Street co-engineered by DHA Capital and Continental Properties, which, he recently told the Observer, evinces just these same qualities! You know what they say, it’s always easier to sell a product that you truly believe in.

Certain longtime denizens of the Village, of course, would no-doubt quarrel with the tenets of Mr. Cantor’s appraisal, but his luck on East 13th Street has been pretty good so far. He reports that the development has made its first sale, of the full-floor Residence #4, which, he said, went for just shy of its $11.25 million asking price. The buyers, he said, were a young-ish family already living in the area and pleased indeed to find a place of this size–four bedrooms, 4,816 square feet–so near the heart of the neighborhood. The patriarch, naturally, is in finance.

But surely it was not size alone that lured the new owners; there is also, for example, the very luxurious open expanse of the condo’s townhouse-like intimacy to consider. The building, which was converted from a parking garage, retains a trace of automotive functionality, offering private parking spaces gratis for residents via a state-of-the-art robotic system. More creaturely comforts include high ceilings and big windows for plentiful light and air, custom Italian cabinetry, and bathrooms with generous portions of slab marble and Italian limestone.

Mr. Cantor said that he expects several more closures in the coming weeks, and occupancy no later than this summer. But for all you big spenders out there, the glass-sheathed triplex penthouse, we were given to understand, remains available. All you need to move in is $30.5 million, which seems eminently reasonable, for the very best of Village living.

Read more at http://observer.com/2015/03/best-of-the-village-garage-to-condo-development-notches-first-sale-around-11-25m/#ixzz3UYu20ZHe

A model apartment has been completed, and you can see it in all its glory here.

Read all about the sales difficulties of 61 5th Avenue and see lots of pictures here.

After nearly two and a half years since Dryden Gallery moved out, 129 Fourth Ave. is getting a new full-time tenant.

The Post reports that the first U.S. outpost of Mi Garba (“I like it” in Italian!) is opening here just south of East 13th Street.

And what will they sell?

“The flagship 1,000 square-foot space, at 129 Fourth Ave., will include a restaurant with 10 tables. There will also be Tuscan food and wine for sale along with a boutique offering fashion items, including custom-made shirts and jackets.”

This finding from the Union Square Partnership:

The Union Square Partnership analyzes and promotes visitor activity by conducting pedestrian and bicycle counts every two years over several Fridays and Saturdays in July.  Working with BFJ Planning, counts were taken from 8 AM to 10 PM at 26 locations around Union Square Park. To gain the most accurate account of how many people move through  Union Square on a typical summer day, the data gathered was then combined with transit turnstile information for the 14th Street – Union Square station. The station is the fourth busiest subway hub in NYC on a weekday and skyrockets to second position on weekends. Based on turnstile count patterns, it is estimated that during the summer a record-breaking 383,000 people visit the area on a Greenmarket Friday over a 24-hour period, a 10% increase from our last survey.

Find the full 2014 Pedestrian Activity Report here.

The Wall Street Journal has a lot to say about what’s happening in our neighborhood. For example: ““I think the area was quite spectacular and bohemian to begin with, but it’s becoming a bit more adult,” said Madeline Hult Elghanayan, a broker at Douglas Elliman Real Estate. “You now see a new, luxury-oriented clientele that’s looking for places to live in this immediate area.“

According to a report from Crain’s New York:

Foot traffic is stepping up in Union Square. The area now sees 11% more visitors on summer Fridays than it did in 2012, according to a recent survey conducted by the Union Square Partnership, the neighborhood’s business improvement district. After counting pedestrians and using data from subway turnstiles, the BID estimates that 383,000 people are in Union Square on a Greenmarket Friday.

“Union Square has it all,” crowed Jennifer Falk, executive director of the BID, in a statement, referring to the park, transit options, shops and the Greenmarket.

In recent months, the neighborhood has also drawn a variety of retailers—from Brooklyn doughnut shop Dough to classic outdoor-clothing brand Eddie Bauer. E-commerce brand Rent the Runway also set up a showroom in the area last fall. According to the BID, Union Square has a ground-floor retail vacancy rate of 2.9%, though several spaces are currently on the market.

Retail rents in the area are pricey and rising. Dylan’s Candy Bar signed a deal for 3,300 square feet at 33 Union Square West, a spot formerly held by Puma, for $545 a square foot in the fall, for example. Such rents have pushed out several longtime retailers, including Union Square Café. The Danny Meyer-owned restaurant announced over the summer it will be vacating its space on East 16th Street after three decades. When Mr. Meyer opened the eatery in 1985, he reportedly paid around $50,000 a year in rent—that price has jumped to $650,000.