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TRD-Year In ReviewNew York managed to shatter several real estate records in 2013, a banner year for condominium sales and ambitious residential developments. Here’s a recap of the barriers broken over the last year.
Priciest NYC listing and largest home This year was designed to demolish records for the most expensive apartment listings in New York City history, it seems.
A whopping 62,000 square feet of space at storied co-op building River House, long in use as a private club, a five-story private home that came on the market in October and became the city’s priciest listing ever with a $130 million price tag. Listed by Brown Harris Stevens superbrokers Kyle Blackmon and John Burger, the digs at 447 East 52nd Street would include an 82-foot swimming pool, tennis court, screening room, wine cellar, full spa and gaming room.
But the River House property wasn’t the first to set a record this year. In fact, the listing unseated the penthouse at the Pierre, which the late Martin Zweig’s widow Barbara Digan Zweig first listed in April for $125 million (the price was later cut to $95 million), as well as hedge fund founder Steve Cohen’s One Beacon Court penthouse, listed for $115 million in April. And Steven Klar’s triplex penthouse at CitySpire at 150 West 56th Street in Midtown returned to the market with the same $100 million price tag as before, but with Klar marketing the home himself instead of going with a broker. Previously, the condominium was listed with Douglas Elliman’s Raphael De Niro.
Development: New York City’s largest apartment building A 40-story tower at 606 West 57th Street, to be developed by TF Cornerstone, is slated to become the city’s largest apartment building by units upon completion, with a total of 1,189 rentals.
Designed by Miami-based Arquitectonica, which also dreamed up the Westin Times Square Hotel and the Bronx Museum of Arts, the building is set to include 42,000 square feet of ground-floor retail and a 500-car garage.
However, an alternative plan, calling for only 848 units and a 285-room hotel, plus more than 60,000 square feet of retail space, would not quite make the bar for a record, according to the environmental impact statement filed with the city.
On the heels of the Federal Reserve’s announcement that it will reduce bond purchases, U.S. mortgage rates largely maintained status quo this week. The average for 30-year fixed rate mortgages rose to 4.48 percent this week from 4.47 percent, according to Freddie Mac data. The average 15-year rate saw similarly slight growth – to 3.52 percent from 3.51 percent week-over-week.
“Slightly higher rates are unlikely to be enough to derail the housing-market recovery as improvement in labor markets and other economic fundamentals keeps the recovery on track,” Gennadiy Goldberg, a strategist at the Midtown West office of Canadian investment firm TD Securities, told Bloomberg News.
August was a big month for the 30-year mortgage, as the rate reached 4.58 percent and hit a two-year high, Bloomberg reported.
Meanwhile, the Mortgage Bankers Association reported different data for the week. U.S. home mortgage applications fell for the second consecutive week to a 13-year low. Application activity dropped 6.3 percent to the lowest level seen since December 2000, according to the MBA report. [Bloomberg News] — Mark Maurer