Copyright 2008 The New York Sun Sun, 06 Jul 2008 21:56:05 -0400 http://blogs.law.harvard.edu/tech/rss Real Estate+ :: Stories from The New York Sun http://www.nysun.com/real-estate istoll@nysun.com (Ira Stoll) webmaster@nysun.com en-us LUCY COHEN BLATTER http://www.nysun.com/real-estate/an-oasis-blooms-in-long-island-city/81172/ Thu, 3 Jul 2008 00:00:00 EST In anticipation of the long weekend, many New Yorkers have been desperately planning their escapes from the concrete jungle. For a fortunate few, such as Philip Roche, the great outdoors lies just outside their apartments. Mr. Roche and his friends will enjoy the July 4 fireworks from his sprawling, 2,500-square-foot rooftop garden in Long Island City with unobstructed views of the East River, 57th Street, the Chrysler Building, the Empire State Building, and the Queensboro Bridge. While Mr... CANDACE TAYLOR http://www.nysun.com/real-estate/new-big-box-store-may-make-east-harlem-a-target/81238/ Thu, 3 Jul 2008 00:00:00 EST Ikea isn't the only new "big-box" store in New York City that may have a significant impact on the neighborhood around it. Manhattan's first Target is scheduled to open next year at a shopping plaza at 116th Street and the FDR Drive, and experts say it may be just the ticket to kick-start real estate prices in East Harlem. East Harlem lags behind West Harlem in terms of home prices, according to a vice president at the Corcoran Group, Jessica Armstead, in part because of a perception that the... CATHERINE BILKEY http://www.nysun.com/real-estate/the-smell-of-gowanus-canal-may-be-sponged-away/81174/ Thu, 3 Jul 2008 00:00:00 EST Brooklyn's Gowanus Canal has long been known as a stinky body of liquid contaminants, but a landscape architecture design firm and community advocates are aiming to transform its shores into a "sponge" park between the Third Street and Carroll Street bridges. The eco-friendly public park would reduce contaminants flowing into the canal by putting the water through a sponge system. Rainwater would be absorbed by the plants, reducing the amount of storm water entering the sewer system. The use of... MICHAEL STOLER http://www.nysun.com/real-estate/real-estate-investors-may-resort-to-prayer/81173/ Thu, 3 Jul 2008 00:00:00 EST With the pace of investment sales for commercial property down about 80% since the beginning of the year, real estate investors might find it worthwhile to go on a two-month holiday and hope and pray the investment market and capital markets return to a level of normalcy. As the president of Silverstein Properties, Larry Silverstein, recently remarked on my television show: "The capital markets' dislocation in real estate is the worst I have seen in my 55 years in real estate." The dislocation... CARTER B. HORSLEY http://www.nysun.com/real-estate/bulging-buildings-cantilevers-make-a-comeback/81175/ Thu, 3 Jul 2008 00:00:00 EST Cantilevers, among the showiest feats of architecture, are resurgent in the city. The new Graceline Court, at 106 W. 116th St., is a prominent example of the architectural feature, characterized by beams supported only at one end. The modern, mid-block, 16-story tower, designed by Feder & Stia, looms partially over the Malcolm Shabazz Mosque. A far more dramatic cantilever can be found at the Linden 78, a 20-story condominium building designed by Handel & Associates and now under construction... CATHERINE BILKEY http://www.nysun.com/real-estate/week-in-review/81177/ Thu, 3 Jul 2008 00:00:00 EST 1. APARTMENT IN THE DAKOTA AVAILABLE FOR $24 MILLION A broker for Brown Harris Stevens, John Burger, has listed a four-bedroom apartment for about $5,000 a square foot, or $24 million, in the Dakota, a 19th-century building at West 72nd Street facing Central Park, the New York Times reported. The largest sale in the building, a $20.5 million apartment bought by Phillip and Cheryl Milstein, took place in January. It was brokered by Dolly Lenz of Prudential Douglas Elliman. 2. CRANE INSPECTOR IS... MARGARET HO http://www.nysun.com/real-estate/mac-guy-buys-into-lower-east-sides-blue/81176/ Thu, 3 Jul 2008 00:00:00 EST Actor Justin Long, best-known for his starring role in a series of Macintosh computer commercials, has purchased an apartment at the high-rise Blue luxury complex at 105 Norfolk St., on the Lower East Side. The two-bedroom, two-bathroom apartment, listed by the Corcoran Group, was purchased for $2.4 million, according to the real estate Web site StreetEasy.com. The 32-unit building, distinctive for its pixilated blue glass and contorted form, was designed by a former dean at Columbia... JILL PRILUCK http://www.nysun.com/real-estate/25-columbus-circle-61b/81201/ Thu, 3 Jul 2008 00:00:00 EST 25 Columbus Circle, #61B At 58th Street $9.65 million Common Charges: $2,905 Monthly Taxes: $3,164 Broker: Caryl Berenato/ Prudential Douglas Elliman This two-bedroom Lincoln Square condo is on the 61st floor of the Time Warner Center and overlooks Central Park to the east and north, the Hudson River, the George Washington Bridge, and the Fifth Avenue skyline. The living and dining room faces north and east. The master suite (with two walk-in closets and a double vanity bath) and study (or... JILL PRILUCK http://www.nysun.com/real-estate/146-w-57th-st-76ab/81202/ Thu, 3 Jul 2008 00:00:00 EST 146 W. 57th St., # 76AB Between Sixth and Seventh avenues $15 million Common Charges: $5,148 Monthly Taxes: $5,272 Broker: Tamir Shemesh/ Prudential Douglas Elliman This four-bedroom Midtown condo is on the 76th floor of the Metropolitan Tower and has a perfectly centered, complete view of Central Park from the south. It also overlooks the East Side and West Side skylines, the Triborough and George Washington bridges, the Hudson River, and beyond. The corner living and dining room faces north... JILL PRILUCK http://www.nysun.com/real-estate/high-in-the-sky-845-united-nations-plaza/81203/ Thu, 3 Jul 2008 00:00:00 EST 845 United Nations Plaza, #PHB Between 47th and 48th streets $22 million Common Charges: $5,378 Monthly Taxes: $7,784 Broker: Debra Stotts/Trump World Tower This four-bedroom Turtle Bay condo is on the 86th floor of the Trump World Tower. About 5,425 square feet, it has expansive harbor and city views, including the East River bridges, Governors Island, the Hudson River, and close-ups of the Chrysler and Empire State buildings. The living room, library, and dining room face south — and feature... CANDACE TAYLOR http://www.nysun.com/real-estate/by-sharing-co-ops-compete-with-condos/80716/ Thu, 26 Jun 2008 00:00:00 EST Cedric Bernard and his wife, Sandrine, were two months from the end of the lease on their two-bedroom apartment at 63rd Street and West End, and with a toddler in the house and another child on the way, they needed more space badly. The condos they'd seen in Manhattan were too expensive, and they dreaded the idea of commuting from a house in Westchester. Then the Bernards came across a three-bedroom apartment at 55 W. 95th St. At $876,000, the unit was cheaper than most of the condos they had... CATHERINE BILKEY http://www.nysun.com/real-estate/week-in-review/80717/ Thu, 26 Jun 2008 00:00:00 EST 1. Google Expands in New York Google's co-founder, Sergey Brin, and Senator Schumer on Monday cut the ribbon on Google's 50,000-square-foot offices in Chelsea Market. The new offices are an expansion of Google's 500,000-square-foot office space across the street at 111 Eighth Ave. West Village Townhouse Sells A 19th-century landmarked townhouse at 85 Perry St. sold for nearly $12 million, the Real Deal reported. The buyer of the West Village townhouse was Falconer LLC, and the seller was an... CARTER B. HORSLEY http://www.nysun.com/real-estate/fling-open-the-shutters/80711/ Thu, 26 Jun 2008 00:00:00 EST Shutters adorn many of the city's older townhouses and industrial buildings. They are meant to provide protection against the elements, and are also used for privacy. When they are louvered, they can provide adjustable daylighting. Of late, shutters have been making a comeback. There is Shigeru Ban's Metal Shutter Houses, a residential condominium under construction at 524 W. 19th St. in Chelsea. Its "shutters" open vertically, like many garage doors. Earlier this month, the Landmarks... CANDACE TAYLOR http://www.nysun.com/real-estate/inventory-spike-signals-cash-out-mentality/80712/ Thu, 26 Jun 2008 00:00:00 EST A recent spike in real estate inventory is a sign that a growing number of New York City homeowners are seeking to cash out before prices fall, brokers said. The number of condos, co-ops, and lofts for sale in Manhattan jumped more than 12%, to 7,320 in May from 6,526 in March, according to the latest data available from the appraisal firm Miller Samuel. Inventory has increased 23.5% since January. "The market has been flooded with properties," a managing director and executive vice president... CATHERINE BILKEY http://www.nysun.com/real-estate/new-soho-condo-sounds-sweet-from-the-outset/80713/ Thu, 26 Jun 2008 00:00:00 EST The Renwick, a condominium under construction at 15 Renwick St. in SoHo, will have many bells and whistles, including a private gym with a trainer, a 50-foot lap pool, an underground garage, and a private library. Perhaps its most unique amenity, however, is the Bang & Olufsen audio-video system that will come installed in all 44 units. "This is the first luxury condominium development in the United States that will come fully equipped with Bang & Olufsen packages in all of its units," the... MICHAEL STOLER http://www.nysun.com/real-estate/from-condominiums-dormitories-may-rise/80715/ Thu, 26 Jun 2008 00:00:00 EST To meet the housing needs of an increasing student population in the more than 100 colleges and universities in New York City, many institutions as well as private and public corporations are seeking sites to develop dormitories and student housing. Fordham University is aiming to increase the population at its Lincoln Center campus by 2,500 students, to 10,500; New York University's long-term plan calls for 1,000 new students locally, and the City University of New York has reported record... JILL PRILUCK http://www.nysun.com/real-estate/open-house-brick-by-brick-525-w-22nd-st/80714/ Thu, 26 Jun 2008 00:00:00 EST 525 W. 22nd St., #PH6A between Tenth and Eleventh avenues $9.48 million Common Charges: $2,687 Monthly Taxes: $2,417 Broker: Alan Sands/Corcoran This newly renovated West Chelsea penthouse duplex has original brick in almost every room, including the living and dining room, kitchen, master suite, second bedroom, both wet bars (the downstairs bar is in the building's former elevator shaft), and upstairs bathroom (with a skylight and river-stone finishes). About 3,600 square feet, it also... JILL PRILUCK http://www.nysun.com/arts/open-house-brick-by-brick-514-broadway/80758/ Thu, 26 Jun 2008 00:00:00 EST 514 Broadway, #2GH Between Spring and Broome streets $4.995 million Maintenance: $3,074 Broker: Jason Walker/Prudential Douglas Elliman This SoHo loft, about 5,500 square feet, has exposed brick walls with original arches in the living and dining room, kitchen, study, and second bedroom (now a guest suite with a separate kitchen). This co-op also features a master suite (with an extra-large bath and a sitting area) and an additional bath. Design details include oak floors, cast iron columns... JILL PRILUCK http://www.nysun.com/real-estate/open-house-brick-by-brick-43-clarkson-st/80756/ Thu, 26 Jun 2008 00:00:00 EST 43 Clarkson St., #3E Between Hudson and Greenwich streets $4.895 million Common Charges: $930 Monthly Taxes: $1,436 Broker: Darren Sukenik/Prudential Douglas Elliman About 2,800 square feet, this West Village three-bedroom condo has exposed brick in the living room, dining room, and all three bedrooms. Featuring 13 windows facing west and north, it also contains a foyer, open kitchen (with granite countertops, including an island), and two baths (with penny-tiled flooring). Other details... CANDACE TAYLOR http://www.nysun.com/real-estate/apartment-customization-goes-beyond-choosing/80316/ Thu, 19 Jun 2008 00:00:00 EST When executives at Plaza LLC Development Group sat down to discuss the final phase of construction at their 67-unit development in Crown Heights, the conversation took an unexpected turn. By the end of the recent meeting, they had scrapped their floor plans in favor of offering raw space, even though the shell of the building is nearly complete. "Whatever buyers want, we will provide," Max Ribitzky, a vice president at HQ Marketing Partners, which is marketing the building at 1040 East New York... CATHERINE BILKEY http://www.nysun.com/real-estate/week-in-review/80326/ Thu, 19 Jun 2008 00:00:00 EST 1. De Niro Apologizes For Penthouse Actor Robert De Niro apologized to the Landmarks Preservation Commission for neglecting to report that he was building a rooftop penthouse at his TriBeCa hotel, The New York Sun reported. The commission is considering a compromise to avoid tearing down the multimillion-dollar unit at the Greenwich Hotel. 2. NYU Gets $10 Million Donation A New York real estate family, the Schacks, donated $10 million to the New York University Real Estate Institute, which will... CARTER B. HORSLEY http://www.nysun.com/real-estate/for-the-birds/80317/ Thu, 19 Jun 2008 00:00:00 EST At 907 Fifth Ave., on the southeast corner of 72nd Street across from Central Park, at least 10 roosts for sparrows are nestled in the balustrades under the third-floor windows. These sparrows have flown under the radar, despite a storm of controversy about the city's most famous avian resident, Pale Male, a red-tail hawk that was evicted in 2004 from his regal roost atop the center window of the top floor of 927 Fifth Ave., two blocks to the north. The battle over Pale Male's nest, which was... MICHAEL STOLER http://www.nysun.com/real-estate/new-health-care-facilities-planned-in-ny/80315/ Thu, 19 Jun 2008 00:00:00 EST To meet the needs of residents of the tristate region, health care institutions are planning and developing new facilities. "With an aging population and surging improvements in medical technology, health care leaders in the United States have urged a one-third increase in physicians. By 2020, just 12 years from now, the U.S. population is slated to grow by over 33 million, which is more than New York State's current population," a state senator and the chairman of the Senate Health Committee... CATHERINE BILKEY http://www.nysun.com/real-estate/a-studys-surprising-finding-gentrification-can/80318/ Thu, 19 Jun 2008 00:00:00 EST Middle-class minority households are a big factor in gentrification, a new study shows, and the families that move into gentrifying neighborhoods see their incomes grow. Using U.S. Census data, the study examined urban neighborhoods across the country with average family incomes of less than $30,000 in 1990. Of those neighborhoods, it then called "gentrifying" those that saw average income increase at least $10,000 between 1990 and 2000. While the conventional wisdom is that gentrification... JILL PRILUCK http://www.nysun.com/real-estate/open-house-211-central-park-west/80319/ Thu, 19 Jun 2008 00:00:00 EST 211 Central Park West, #12GG Between 81st and 82nd streets $3.65 million Maintenance: $2,493 Broker: Maria Pashby/Corcoran This freshly renovated two-bedroom co-op is in the Beresford, a full-service Emery Roth building built in 1929. About 1,400 square feet, this 10-window home has views of Central Park that include the Reservoir and the Fifth Avenue skyline — the Jeff Koons sculptures currently on view at the Metropolitan Museum of Art's Iris and B. Gerald Cantor Roof Garden are visible from... JILL PRILUCK http://www.nysun.com/real-estate/open-house-300-central-park-west/80320/ Thu, 19 Jun 2008 00:00:00 EST 300 Central Park West, #2E Between 90th and 91st streets $5.5 million Maintenance: $2,920 Broker: David Parke/Prudential Douglas Elliman This seven-room co-op is in the Eldorado, a full-service Emery Roth apartment house completed in 1930. About 2,700 square feet, it has more than 40 feet of Central Park frontage, with the living room, two bedrooms, and a bath (plus dressing room) directly facing the park. This 14-window home also contains a gallery, dining room, kitchen (with granite... JILL PRILUCK http://www.nysun.com/real-estate/open-house-12-w-72nd-st/80321/ Thu, 19 Jun 2008 00:00:00 EST 12 W. 72nd St., #14ABC Between Central Park West and Columbus Avenue $4.95 million Maintenance: $4,594 Broker: Nikki Field/Sotheby's International This newly renovated seven-room co-op, a combination of three apartments, is in the Oliver Cromwell, a full-service Emery Roth building completed in 1927. About 2,600 square feet, it contains a foyer with glass-beaded wall coverings; a kitchen with granite countertops, a ceramic floor, and high-end stainless steel appliances; a living and dining... JILL PRILUCK http://www.nysun.com/real-estate/library-days-920-fifth-ave-11b-at-73rd-street/79885/ Thu, 12 Jun 2008 11:07:02 EST Located in a building designed by J.E.R. Carpenter, this eight-room home has a wood-paneled library with parquet floors, dentil moldings, builtins, a wet bar, and an en-suite bath. About 3,000 square feet, it also contains a private elevator landing, marble gallery, living room (with panel moldings and a wood-burning fireplace), dining room (also with a wood-burning fireplace), kitchen-plus-breakfast-area (with granite countertops, Poggenpohl-designed white cabinetry, top-of-the-line... JILL PRILUCK http://www.nysun.com/real-estate/library-days-910-park-ave-10s-between-79th/79886/ Thu, 12 Jun 2008 11:12:29 EST This six-room Upper East Side apartment has a walnut-paneled library with builtins, a wet bar, and hidden storage. About 2,165 square feet, this corner co-op has three exposures and overlooks Park Avenue. The layout includes a private elevator landing, marble and onyx gallery, a living room, dining room, kitchen (with a washer/dryer), master suite (with a white marble bath and two walk-in closets), and second bedroom. This home also features original inlaid herringbone floors, panel moldings... JILL PRILUCK http://www.nysun.com/real-estate/library-days-48-w-86th-st-3rd-floor-between/79887/ Thu, 12 Jun 2008 11:16:07 EST This Upper West Side co-op is in a Beaux Arts mansion less than a block from Central Park. The mahogany-paneled living room, once the townhouse's library (and later one for a small private girls' school), contains original parquet floors and built-in bookshelves. It also has a wood-burning fireplace with a marble mantel. About 1,600 square feet, the layout includes a foyer, kitchen (with granite countertops, high-end appliances, and a "banquette"- style dining area), gallery-turnedden, master... MICHAEL STOLER http://www.nysun.com/real-estate/ikea-leads-a-retail-renaissance/79864/ Thu, 12 Jun 2008 00:00:00 EST A major retail expansion is under way in Brooklyn, especially in Red Hook and downtown. The emergence of more retail stores comes in response to rising local incomes, growing demand for quality goods, and a national consolidation of retail into urban areas to avoid high energy costs, experts say. After more than six years of planning, next week consumers will descend on New York City's first Ikea store. The furniture outlet is at 1 Beard St., on a 22-acre site along the waterfront in Red Hook... CANDACE TAYLOR http://www.nysun.com/real-estate/sex-and-the-brokers/79856/ Thu, 12 Jun 2008 00:00:00 EST When Elaine Clayman was starting out as a real estate broker, she sold a four-bedroom luxury condominium for $1 million to a couple who had planned to spend $480,000. "I said, 'I have another apartment I can you show you, but it's more money,'" Ms. Clayman, who is now a top broker at Brown Harris Stevens, said. "You hope they walk in and fall in love." That's exactly what happens in "Sex and the City: The Movie," the hit film based on the HBO series. Ms. Clayman said the scene in which Mr. Big... CANDACE TAYLOR http://www.nysun.com/real-estate/week-in-review/79860/ Thu, 12 Jun 2008 00:00:00 EST 1. Former Britney Spears Condo Moving Again An apartment once owned by the pop singer Britney Spears is now on the market for $6.595 million, the New York Times reported. Just before her 2004 marriage to Kevin Federline, Ms. Spears put the four-level condominium in the Silk Building at Broadway and East 4th Street on the market, dropping the price to $4 million from $6 million by the time it was finally sold in 2006. The current owners, Jessica Klein and Isaac Levenbrown, have restored and... CANDACE TAYLOR http://www.nysun.com/real-estate/credit-crunch-turns-condos-into-rentals/79861/ Thu, 12 Jun 2008 00:00:00 EST A coming wave of developments originally envisioned as condominiums will instead be rented, observers say, due to lenders' reluctance to finance condominiums in the midst of a credit crunch. On the crest of the wave is an 18-unit condominium development in East Harlem, the Bridges NYC North, which is being repositioned as a commercial and residential rental property with Wachovia bank and a government agency as anchor retail tenants, the developer will announce today. "There's been an enormous... CARTER B. HORSLEY http://www.nysun.com/real-estate/window-parking/79858/ Thu, 12 Jun 2008 00:00:00 EST Got a lot of packages? Tired or winded? Need a tan? Want to read a book alfresco? Want to people-watch? What you need, of course, is a nice, ground-floor window ledge, a very rare commodity. Such ledges are not the only recourse, but in a city as crowded as New York, one might think a reservation is sometimes needed to sit on the steps in front of the Metropolitan Museum of Art, which are now being redone, or to munch lunch along the polished granite corners of the plaza in front of the Seagram... CANDACE TAYLOR http://www.nysun.com/real-estate/a-church-grows-where-billiards-once-drew-crowds/79857/ Thu, 12 Jun 2008 00:00:00 EST The onetime largest pool hall in the country closed this winter because business had slowed to a trickle since the city's smoking ban was enacted in 2003, the owner says, but thanks to a local church, the space at 5905 Broadway in the Bronx is bustling once again. The 20,000-square-foot former garage where Fieldston Billiards thrived for 27 years has been leased to Words of Life Church, which has seen its membership leap by nearly 45% since moving this spring into the large space — a rare find... CANDACE TAYLOR http://www.nysun.com/real-estate/an-interior-designer-finds-plenty-of-room-for-ikea/79859/ Thu, 12 Jun 2008 00:00:00 EST Think interior designers would disapprove of a $22 ready-to-assemble bookshelf? Think again. A New York-based designer, Elaine Griffin, said nearly everything in her kitchen is from Ikea, the Swedish furniture chain that will open its first New York City location June 18. "I am crazy about Ikea," Ms. Griffin, who is a contributing editor of Elle Decor and is ranked as one of House Beautiful's Top 100 American Designers, said. She said she's not alone among interior designers, either. "Almost... LUCY COHEN BLATTER http://www.nysun.com/real-estate/theater-producers-change-their-stage-when-twins/79855/ Thu, 12 Jun 2008 00:00:00 EST When theater producer Stewart Lane told Bonnie Comley he wanted to find a penthouse apartment with a fireplace and outdoor space before they got married, she thought it would be impossible, and suspected he might be stalling the wedding. Luckily for the two of them, Mr. Lane found the New York real estate equivalent of the Holy Grail — a 4,000-square-foot duplex with more than 1,000 square feet of outdoor space, a fireplace, six bedrooms, and six-and-a-half baths. The couple, now married for 11... Bloomberg News http://www.nysun.com/real-estate/brad-pitt-to-consult-on-800-room-dubai-hotel/79324/ Thu, 5 Jun 2008 00:00:00 EST Brad Pitt, the star of "Fight Club" and "Ocean's 11" who professes a passion for architecture, will be a design consultant for an 800-room hotel and resort Zabeel Properties plans to build in Dubai, the developer said. Zabeel, based in Dubai, hired architecture firm Graft LLC to design an America-themed hotel in the city, the closely held developer said in a statement. Los Angeles-based Graft, which has worked with Mr. Pitt on rebuilding efforts in New Orleans, will include the 44-year-old... JILL PRILUCK http://www.nysun.com/real-estate/eastward-ho/79399/ Thu, 5 Jun 2008 10:55:21 EST This Southampton estate sits on about five acres along the ocean and one pond. The four-story residence, about 13,500 square feet, was built in 2004 and features nine bedrooms, 11 baths (plus a powder room), and fitness and media rooms, among others. There are also three fireplaces. The property abuts six acres of land preserved by the Peconic Land Trust, including 1,000 feet of oceanfront and 1,000 feet of pond frontage. The estate also includes a two-story gazebo, sunken tennis court, pool... JILL PRILUCK http://www.nysun.com/real-estate/10-lari-lane/79401/ Thu, 5 Jun 2008 11:24:23 EST This 16-room Shelter Island property, about 3.25 acres, has 300 feet of private frontage on Gardiners Bay and includes a dock that accommodates anything from a seaplane to a yacht. The total square footage is 16,000 square feet. Built in 2005, it has a living room, dining room, paneled library, kitchen, garden room (with bluestone-tiled terrace), six bedrooms and baths (plus a powder room), office, media room, and fitness room. There are seven fireplaces with hand-carved mantels, arched and bay... JILL PRILUCK http://www.nysun.com/real-estate/939-scuttlehole-road/79402/ Thu, 5 Jun 2008 11:29:32 EST Located in Bridgehampton, this estate, containing a 20,000 squarefoot villa, sits on six acres of land that includes three ponds, an 18-hole, PGA-rated golf course, and a grass tennis court. The primary residence is a two-story, Mediterranean-style home that contains eight bedrooms and 12 baths. There are two three-car garages on the premises and a Pro Shop with a golf club on the second floor. This property also comes with two separate one-bedroom studios, a guest house with three bedrooms and... CANDACE TAYLOR http://www.nysun.com/real-estate/roosevelt-island-tram-disruption-coincides-with/79320/ Thu, 5 Jun 2008 00:00:00 EST Roosevelt Islanders who rely on the aerial tramway connecting the island to Manhattan will soon have to find an alternative route. The tramway is expected to be closed between June 10 and June 18, which will give residents a taste of the transportation woes they will face next year, when it is scheduled to be taken out of service for at least six months. Next year's timing is inconvenient: The tram's closure will come at a time when several hundred new residents are expected to move into two... JULIE SATOW http://www.nysun.com/real-estate/real-estate-the-week-in-review/79327/ Thu, 5 Jun 2008 00:00:00 EST 1. Rent-Stabilized Building to Be a Mansion The owners of a 15-unit rent-stabilized apartment building can remove tenants and convert it into a single-family home for their personal use, the state Court of Appeals ruled, overturning a decision by the state Supreme Court. Catherine and Alistair Economakis, represented by the law firm Rosenberg & Estis, can transform the five-story apartment building at 47 E. 3rd St. into a home as long as they occupy it themselves, the court said this week. 2... MICHAEL STOLER http://www.nysun.com/real-estate/assessing-the-hospitality-industry/79321/ Thu, 5 Jun 2008 00:00:00 EST More than 2,500 professionals from around the world were in attendance this week at the 30th Anniversary New York University International Hospitality Industry Investment Conference, and the topic du jour was whether the city's hospitality industry can maintain its strength and resilience during the economic turmoil of 2008. The stagnant economy and rising inflation and fuel costs have created an unhealthy dependency on foreign travelers in the hotel and restaurant industries, experts said, and... DAVID M. LEVITT http://www.nysun.com/real-estate/vornado-seeks-retail-acquisitions-with-14b-in-cash/79323/ Thu, 5 Jun 2008 00:00:00 EST Vornado Realty Trust, the fourth-biggest American real estate investment trust, is looking for retail properties to buy with the $1.4 billion of cash on its balance sheet, company executives said. "What we like more than anything else is New York City retail," the chief executive officer of Vornado, Steven Roth, said Tuesday at a presentation to company investors in Manhattan. "We think we're better at it than anyone else." The company has accumulated cash, and has access to financing for... LUCY COHEN BLATTER http://www.nysun.com/real-estate/hot-fashion-designer-claims-fierce-williamsburg/79325/ Thu, 5 Jun 2008 00:00:00 EST Fans of the Bravo reality TV series "Project Runway" will likely remember when contestant Christian Siriano took the show's host, Tim Gunn, on a tour of the tiny East Village apartment where he lived and worked. Now that Mr. Siriano has won the show, the designer has ditched his shared one-bedroom apartment in favor of a newly renovated 1,400-square-foot loft in Williamsburg. Mr. Siriano, 22, said he wasn't specifically looking to rent in the trendy Brooklyn neighborhood, and would have been... CARTER B. HORSLEY http://www.nysun.com/real-estate/the-romance-of-ruins/79326/ Thu, 5 Jun 2008 00:00:00 EST The Renwick Ruins near the southern tip of Roosevelt Island are among the city's most dramatic pile of architecture. Commanding a majestic view of Manhattan, the structure is the ghostly remains of the 1856 Smallpox Hospital that was designed by James Renwick Jr. (1818-95), the architect of St. Patrick's Cathedral on Fifth Avenue, the "English Terrace" row of townhouses sharing a common second-floor balcony on 10th Street between Fifth and Sixth avenues, and the Smithsonian Institution and... CANDACE TAYLOR http://www.nysun.com/real-estate/priced-out-of-brooklyn-nonprofit-takes-manhattan/78868/ Thu, 29 May 2008 00:00:00 EST When the National Federation of Community Development Credit Unions began looking for a new home because its lease at 120 Wall St. was expiring, Brooklyn seemed like the top option for a nonprofit aiming to cut costs. There was one problem — the group couldn't afford the rent. "Everyone thinks you get these dirt-cheap prices in the outer boroughs, but Brooklyn was more expensive," the president of the federation, Clifford Rosenthal, said. It eventually signed a lease for the 33rd floor of 116... CANDACE TAYLOR http://www.nysun.com/real-estate/developers-turning-to-new-generation-of-amenities/78839/ Thu, 29 May 2008 00:00:00 EST With New Yorkers tired of buildings laden with expensive features like meditation rooms and volleyball courts, developers are offering a new generation of amenities to make their products stand out from the pack. Focusing on one-of-a-kind experiences rather than physical objects, they've made it possible for residents to experience a bevy of cultural and social events, from private opera performances to sushi nights, without leaving their homes. "There's only so much that you can offer within...