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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

The downtown skyline defines New

York City for the rest of the world: without
the imposing, brilliant skyscrapers that
make up the financial district, New York
just wouldn’t be New York. But for native
New Yorkers, downtown has for many
years been associated with work—an area
they enter at 9 and leave at 5.
That mindset is rapidly changing.
Downtown is now a hub for residential
and artistic life, for the best nightlife in
the city and the finest restaurants.
4
Cover Photo by Evan Joseph
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 From Chelsea and
Gramercy to South Ferry,
downtown is the capital
of cultural, financial
and residential life in
New York. Revitalized
recreational parks like the
High Line in Chelsea and
the Elevated Acre at 55
Water Street welcome
young families to the
area. Sleek, trendy clubs
like Tenjune and Lotus
in the Meatpacking
District attract a twenty-
something socialite
crowd, while in the East
Village, small cafes and
dive bars are a hub of
artistic activity. Steve
Kliegerman, Executive
Director of Halstead
Property Development
marketing, said he’s
seen a huge increase in
demand for downtown
markets and rentals
because of these factors.
“The downtown
marketplace offers a
lot of diversity both
in neighborhoods,
amenities, restaurants
and culture that the
uptown markets,
according to our buyers,
seem to lack,” he said.
Downtown’s history
as the center of finance
is part of the appeal
for new buyers: living
below 23rd Street offers
a view into history, but
also of cutting edge art,
culture, and dining. “The
historical is intermingled up tremendously over
with the contemporary,” the past year, and we’re
said Erin Aries, a seeing enormous interest
Senior Vice President at all levels, both in
and Director at Brown rentals and in sales,” she
Harris Stevens. “New said. “Interest rates being
restaurants, museums, low has really driven a lot
galleries and emporiums of buyers back into the
pop up over night. market. It’s a very strong
People are drawn to market across the board,
the culture, the history be it from the Financial
and the constantly District to Battery Park
evolving nature of each City to 15 Madison
neighborhood that Square North.”
comprises downtown. Corcoran Sunshine is
Nothing is ever stagnant.” the developer of 1 Rector
This influx of residents Park, a new development
has transformed the area in Battery Park City. Cole,
into one that is no longer a downtown resident for
sleepy on weekends, more than 17 years, said
but a vibrant home for that Battery Park City
a diverse group of New Washington Square Park. is a new hidden gem of
Yorkers. The hard times downtown residential
are over – and sales life. “I hadn’t spent a
demand is high lot of time down there
strong.” have an entirely different
The recession of in the last 15 years, and
The slowdown of demographic of people
late 2008 and 2009 it is now so beautiful
building during the who were never really
brought a severe dip in and has been so well
recession, along with introduced to Chelsea
demand for downtown developed, it’s actually
increased demand, has until the district moved
sales, but as Wall Street stunning,” she said. “If
made inventory hard to about 10 years ago.”
has recovered, so has you go down there on
come by, particularly in Buyers looking
the demand for homes a weekend afternoon,
areas like Chelsea where downtown have a diverse
nearby. Kliegerman said you’ll find everything
the art district, High range of neighborhoods
the downtown market is you could think of to
Line and Chelsea Piers to choose from, but
the strongest it’s been do. People are biking,
beckon new buyers. because the downtown
post-Lehman. “As Wall jogging and walking
Halstead is the developer area is so small, amenities
Street has rebounded, down the esplanade. It’s
of +ARt, a new 91-unit of all the neighborhoods
so has downtown and an amazing amenity that
condominium in West are at their disposal.
we’re both in demand many Manhattanites that
Chelsea. “The Chelsea “Most [clients] are open
and absorption of units,” don’t live in Battery Park
art district has brought to the incredible variety
he said. “Prices are still City are aware of.”
an entirely new amenity of properties that are
lower than they were The diversifying of
to the neighborhood offered downtown,
[pre-recession], but the housing stock in areas
because it’s mainly in from the cutting edge,
demand and interest in like Chelsea has made
Chelsea now rather than architecturally significant
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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 Most
Coveted
Celebrity
Homes
Celebrities are no stranger to downtown: the quick
pace and constant evolving cultural life attracts actors and
musicians looking to establish a pied-à-terre on the East
Coast. But the boom of luxury apartments and condos has
brought them forth in record numbers. Leonard Steinberg, a
broker for Prudential Douglas Elliman who focuses on luxury
real estate, said his celebrity clientele have a creative eye
that helps them in choosing great quality downtown living
spaces. “A lot would assume celebrities know nothing about
investment,” he said. “These people surround themselves
with very good advisors that help them through the decision
making process, and they’re looking for quality.” The hottest
places to live? If we look at the past month or so, it’s Tribeca,
the West Village, Soho and Chelsea.

40 Mercer living room.

1.
Katy Perry
is banned
from Sesame
Street, but
she and
fiancé Russell Brand
are more than welcome
on North Moore Street
in Tribeca. Last month
the two purchased a
two-bedroom, two-bath
loft for $2.9 million in a
building that – gulp! –
doesn’t have a doorman.
According to the
Corcoran listing, the
1,500-square-foot
duplex features a cherry
floor, and a key-locked
elevator. The south
facing views transform
the pied-à-terre into
a bragging point for
string of celebrities to
make prewar buildings
in Tribeca their haven.
“I think whether it’s a
celebrity or any other
person who’s looking to
purchase a home, there
are a lot of different
wonderful residential
products available: be
it an older prewar that
has a lot of detail and
interest, or a big loft, or
an expensive space with
big windows, or some
brand new residential
development,” said Tricia
Cole, executive managing
2.
Courtney New York Magazine.
Love has “It doesn’t have to be
made news Gold Coast; you know,
in the past west of Sixth is fine.
few months But it has to be in that
for her outspoken real part that’s really quaint
estate envy. Where and lovely.” Jovovich’s
did she set her sights?
A townhouse in the
West Village. Not just
any townhouse: none
other than that of Milla
Jovovich.In August,
she expressed a clear
desire to move out
of the Mercer Hotel,
where she had been
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

for Soho because

uninhabited. security in his new three- buildings deliver on so is a unique and wonderful
traditionally, Soho was all
bedroom home: Soho many levels.” draw.”
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Nancy Schafer is the quiet
force behind the cultural
phenomenon that is the
Tribeca Film Festival. As
Executive Director, she
oversees all programming
and operations for the yearly
event that brings artists,
locals, celebrities and plain old
movie enthusiasts downtown
to enjoy independent film.
The Festival began just after
9/11, when Jane Rosenthal
and Robert DeNiro aimed to
revitalize a devastated area.
Nearly ten years later, the
Festival has grown to be one
of the most important artistic
events of the decade.
How is planning for this
year’s Festival going?
Last year, the Tribeca Film
Festival debuted the virtual
Film Festival – are there any
new developments we can
expect?
I think it’s a little early in
the planning stages to let
the cats out of the bag, but
it’s going to be our 10th
annual festival, so that’s
very exciting. I think a lot
of partners will be helping
us celebrate that. But we’re
going to do the same thing
we do every year, which is
try to get as many people
viewing independent films as
possible.
Do you think that the
Festival is responsible for
changing the artistic scene
Open 7 days
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7pm - 10pm
of downtown and Tribeca
over the past 10 years?
We bring all of these artists
together once a year, but
I don’t know that we’re
responsible for making
artists move downtown. I
think they have always been
living here, and that’s one of
the reasons Jane Rosenthal
and Robert DeNiro wanted
to have the festival down
here. I hope we can continue
to celebrate the people who
live here and support them
and help them continue to
live here.
How has Tribeca changed
in the past 10 years the
Festival has existed?
We started right after 9/11,
Restaurant &
Wine Bar
so Tribeca has changed a
lot since 10 years ago. The
area was devastated after
the attack. No one wanted
to come here, no one was
dining out. Now there are
fine restaurants and bars and
it’s a great place to live.
What have been some
of the highlights of the
Festival in the past few
years? I think the wonderful
thing about Tribeca is that
we obviously show films
from all over the world and
all walks of life, but the fun
thing for us is celebrating
downtown artists. Every year
it seems like there are films
about local musicians and
artists.
Marisa and Tony May
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
to Cookshop and Red Cat.
Le Zie is also one of my
favorites. Seasonally, if it’s a
beautiful night out, there are
a ton of places to sit outside
on 7th Avenue.
What’s next for the Film
Festival?
The Film Festival itself is the
jewel and crown of Tribeca,
it’s what we work on and
we want it to be perfect. But
we now distribute film in
theaters and through Tribeca
Film Festival Virtual. We are
always finding new ways
for filmmakers to use the
festival to expose their work.
Through distribution viewers
can engage in independent
films year round.
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makes this apt/loft very unique in a wonderful Condo, a
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T H E H A M P TO N S THE NORTH FORK
 Balthazar.

where to go when you’re a local

This spring the owners cellar surely draw an boroughs for good Market (South Street
Financial District installed six bee hives on elite crowd looking for ethnic food? Sophie’s and Peck Slip,) hearkens
The Financial District
top of the cafe, bringing atmosphere, but the Cuban Cuisine (73 New back to the days of
is home to several public
new meaning to local menu can make anyone Street, 212-809-7755) open-air street markets,
schools: P.S. 397 (The
eating. feel like a Wall Street is the perfect lunch spot but with a modern
Spruce Street School),
If Paris is just one king. The standard for Wall Street bigwigs focus on local food and
Millenium High School,
too many plane hops steak offerings are a looking for a hearty, commerce. Each Sunday,
the High School for
away, head to Brasserie strong contender, but no-frills meal: plantains, a host of tri-state area
Leadership and Public
Les Halles (15 John Delmonico’s is famous yellow rice and black farmers and purveyors
Service, HS 520, and
Street, 212-285-8585). for being the birthplace beans and cubano of specialized goods
Stuyvesant High School
The bustling French of Lobster Newberg. sandwiches round out a convene on the site of
among them. Claremont
brasserie is the home Lobster, brandy, cream menu of Cuban classics. the historic Fulton Fish
Prep is the area’s private
base of celebrity chef and caviar—is there The bustle of life Market. Among the
school.
Anthony Bourdain, but anything more lavish? downtown sometimes finds? Local and gourmet
Just between the
don’t let this be the only Who says you have calls for moments of seaweed, mead, ravioli,
Brooklyn Bridge and the
draw: a simple menu of to trek to the outer pause, and the Elevated Catskills cheese, pickles
South Street Pier, Bridge
outstandingly executed Acre at 55 Water Street and honey.
Cafe (297 Water Street,
French classics like onion offers a quiet place to
212-227-3344) occupies
a wood-frame building
soup and steak au poivre do that. A tangle of The Village
will keep you coming trees and flowers, tables The Village is a hub
built in 1794 that was
back. and benches, the acre for education with
once home to a brothel.
For those wishing of space is a Financial Cooper Union and NYU
Now the restaurant is
for taste of Gilded Era District alternative to populating the area
famous for its softshell
indulgence, Delmonico’s the High Line. The all- with college students.
crab dishes, which
(56 Beaver Street, 212- season green lawn is Private schools in the
dominate the menu from
509-1144) still raises the surrounded by a seven- area include St. Luke’s
March to November: the
bar 173 years after the tiered amphitheater, School, Friends Seminary,
softshell crab BLT wins
steakhouse’s opening. offering beautiful views and The City and Country
with its sweet peppered
Opulent Italian pillars, of the East River from 30 School. The area is
eduardo pavon

bacon and sundried

private dining rooms feet up. also home to several
tomato pesto aioli.
and a brimming wine The New Amsterdam public schools: P.S. 41

14
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SOHO GEM: West Soho loft with South
Western light and Hudson River views. 3,234±
SF. Beamed ceilings, hardwood floors and
cement columns. 3 bedrooms, 2 full baths.
$3,200,000.WEB: 0135330. Jeremy V. Stein,
212.431.2427, Robin Stein 212.431.2446
UNCONVENTIONAL PENTHOUSE: Unique,
loft-like penthouse in the West Village. A mod-
ern yet rustic private retreat. Extraordinary 1-
bedroom + den with pebbled meditation pool,
and private roof access. $2,065,000.WEB:
0135334. Diane Wildowsky, 212.431.2463
DOWNTOWN MANHATTAN BROKERAGE I sothebyshomes.com/nyc
379 WEST BROADWAY, NEW YORK, NY 10012 T 212.431.2440 F 212.431.2441
Sotheby’s International Realty, Inc. is owned and operated by NRT LLC. Sotheby’s International Realty® is a registered trademark. Street in Saintes-Maries, used with permission.
Local Experts Worldwide
GREENE STREET CONTEMPORARY:
Andrés Escobar designed duplex loft with 3
bedrooms, 3 baths and windowed home
office. Dramatic living room with 12ft± ceil-
ings. Doorman-condo. $4,200,000.WEB:
0135240. Tom Doyle, 212.431.2474
151 WEST 17TH STREET: Full floor 2,284±
SF Chelsea condo with 3 exposures. Open LR
with floor to ceiling windows. 3 bedrooms, 3
baths. Full service luxury building. Gym and
parking garage. $2,850,000.WEB: 0135348.
J.Tenore, 212.431.2473, G. Norrgard, 212.431.2456
PENTHOUSE AERIE: Loft-like 1 bedroom
with 11’± ceilings and top of the line finishes.
Unparalleled views of the city and beyond
from planted wraparound terraces. Full-serv-
ice prewar building in the heart of Chelsea.
$1,895,000 WEB: 0135378. M. Amadei, J. Hettinger
212.810.4953
TREASURE IN TRIBECA: Stunning 3bed/2.5
bath with terrace in sought after building.
Oversized LR with wood burning fireplace,
huge mahogany triple windows, custom built-
ins. Custom Poggenpohl kitchen. $3,695,000.
WEB: 0135373. K. Heyman, 212.810.4990
WEST VILLAGE GARDEN DUPLEX:
Townhouse living in luxury doorman condo.
Hear the birds sing. 2,044+/-SF plus garden. 2
bedrooms, 2.5 baths, plus media and guest
rooms. Short distance to Hudson River.
$2,100,000. WEB: 0135375. M. Blum, 212.431.2447
KEY TO GRAMERCY PARK: Best value. Full
service luxury doorman building. Oversized
corner one bedroom.Windowed eat-in
kitchen. Huge closets.Very quiet. Low mainte-
nance. $569,000.WEB 0135281. Joshua Frank,
212.810.4978
Downtown closing prices
The tables below present recorded sales data of condos, co-ops, and townhouses in Man-
market statistics
provided by

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%

Battery Park City

Financial District
August 2008 114 916,425 1,160,130
August 2009 44 1,127,628 1,201,952
August 2010 42 962,187 1,115,809
Aug 2010 v. Aug 2009 -4.5% -14.7% -7.2%
Aug 2010 v. Aug 2008 -63.2% 5.0% -3.8%

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
current snapshot
Below is a market snapshot as of October 6, 2010 of what is currently available for sale and rent.
all DOWNTOWN
sales
Type #Listings Price
Studio 447 $489,000
1 BR 1,174 $785,000
2 BR 844 $1,582,500
3 BR 402 $3,200,000
4+ BR 175 $6,850,000
rentals
Type #Listings Price
Studio 380 $2,797
1 BR 711 $3,250
2 BR 483 $5,250
3 BR 140 $7,972
4+ BR 39 $14,500
Battery Park
City/Financial
District
sales
Type #Listings Price
Studio 111 $575,000
1 BR 325 $800,000
2 BR 184 $1,495,000
3 BR 81 $2,310,000
4+ BR 18 $3,062,500
rentals
Type #Listings Price
Studio 91 $2,710
1 BR 161 $3,200
2 BR 91 $5,150
3 BR 21 $8,200
4+ BR 3 $5,900
Tribeca/Soho
sales
Type #Listings Price
Studio 25 $715,000
1 BR 83 $1,150,000
2 BR 150 $2,284,500
3 BR 105 $4,250,000
4+ BR 32 $8,692,500
rentals
Type #Listings Price
Studio 40 $4,715
1 BR 55 $4,400
2 BR 63 $8,450
3 BR 31 $17,500
4+ BR 10 $15,500
Nolita/Lower
East Side/
Chinatown
sales
Type #Listings Price
Studio 13 $349,000
1 BR 98 $499,500
2 BR 90 $780,000
3 BR 12 $829,000
4+ BR 9 $5,250,000
rentals
Type #Listings Price
Studio 21 $2,200
1 BR 69 $2,600
2 BR 62 $3,247
3 BR 4 $4,950
4+ BR 2 $13,750
West Village
sales
Type #Listings Price
Studio 33 $459,000
1 BR 83 $850,000
2 BR 46 $1,572,500
3 BR 23 $3,600,000
4+ BR 20 $8,325,000
rentals
Type #Listings Price
Studio 30 $2,925
1 BR 53 $3,000
2 BR 19 $5,495
3 BR 5 $22,500
4+ BR 6 $23,250
Chelsea
sales
Type #Listings Price
Studio 93 $459,000
1 BR 214 $849,000
2 BR 161 $1,675,000
3 BR 78 $3,600,000
4+ BR 41 $5,875,000
rentals
Type #Listings Price
Studio 68 $2,700
1 BR 145 $3,355
2 BR 77 $6,295
3 BR 13 $8,500
4+ BR 8 $12,500
market statistics
provided by
Greenwich
Village/East
Village
sales
Type #Listings Price
Studio 104 $442,000
1 BR 189 $725,000
2 BR 112 $1,364,500
3 BR 43 $2,600,000
4+ BR 28 $6,702,500
rentals
Type #Listings Price
Studio 76 $2,500
1 BR 141 $3,095
2 BR 118 $3,825
3 BR 36 $5,920
4+ BR 4 $5,000
Flatiron/
Gramercy
sales
Type #Listings Price
Studio 52 $449,000
1 BR 126 $750,000
2 BR 87 $1,550,000
3 BR 45 $4,500,000
4+ BR 19 $9,750,000
rentals
Type #Listings Price
Studio 46 $2,700
1 BR 61 $3,495
2 BR 31 $6,500
3 BR 19 $7,500
4+ BR 4 $22,250
Prices indicate
median values.
17
Greenwich Village School
and the Lower Manhattan
Community Middle
School.
The Village has long
been known as a nexus
of creative energy, but
it also is home to some
of the city’s greatest
dining experiences.
For a blast to your
collegiate past, head to
Macdougal Street just
south of Washington
Square Park, where NYU
students linger for their
fix of tattoo parlors,
raucous bars and cheap
falafel. Mamoun’s (119
MacDougal St, 212-
674-8685) is the most
universally adored of
the latter, with lines out
the door for some of the
best falafel sandwiches
in the city, most for
under $3. Tea Spot (127
Macdougal St., 212-832-
7768) is a cozy recluse isn’t your style, head
from the shenanigans, to the West Village
chops.
EN Japanese
Brasserie (435 Hudson
St, 212-647-9196) is a
star of Asian cuisine in
the West Village, and its
contemporary space only
plays a supporting role
to the Japanese cuisine:
try the Buta no Kakuni
(braised pork belly)
and the fresh tofu. For
a post-work refresher,
try a cocktail made with
fresh pineapple, ginger
and vodka. Every first
Thursday of the month,
the chef hosts a $45
fish heads, eel bones
and beer dinner. In the
Japanese tradition of
wasting nothing, Chef
Hiroki Abe puts together
a decadent meal with
McSorley’s Ale House. ingredients rarely seen
on a typical sushi bar
menu.
If streetside dining Village, (90 Bedford McSorley’s Ale House
St, 212-741-4695), (15 E. 7th St., 212-473-
you’ll be privy to an 9148), one of New York’s
seen around the building,
and though popular with
tourists, offers something
for any New Yorker tuned
to history: Abraham
Lincoln and Woodie
Guthrie are among its
patrons. Women were
admitted to the bar in
the 1970s, so now the fun
is open to all.
Aicon Gallery (35
Great Jones St, 212-725-
6092) in the East Village
presents contemporary
Indian art, but with a
focus on exhibiting artists
who rarely present their
work outside of Asia.
Chelsea & Gramercy
Public schools in
the area include P.S.
11, Baruch, and P.S. 33
(Chelsea Prep). Private
schools include the Ecole
Internationale de New
York, the Guardian Angel
School and Xavier High
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

A view from The Highline.

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

SPANISH AND MEXICAN RESTAURANT SPANISH tapas bar

168 west 4th street • 212.242.6480 170 west 4th street • 646.415.7924

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).

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Rental Prices by
Chris Albanese is the
CEO of the Albanese
Organization, the
developer behind some
of Manhattan’s boldest
residential buildings. They
were the first to build
an LEED Gold certified
residential tower and their
newest development,
The Visionaire in Battery
Park City, received LEED
Platinum certification.
Albanese took some time
to chat about the benefits
and challenges of green
building.
How did you get
involved in Manhattan
real estate?
The company was
started 50 years ago by
my father, Vincent, and
Uncle Anthony. They
started building single-
family homes in Queens.
I worked in real estate
after college, and then I
joined the family business.
I worked for three or four
years and then I decided
to go back to law school
and I practiced law for
a couple years doing
litigation and real estate
law. In 1995, I went back
to the family business
and we started focusing
on Manhattan apartment
buildings. My cousin
Russell Albanese and I
are now partners in the
second generation.
How did Albanese
26
become invested in
the process of LEED
certifying residential
buildings?
Our first green building
was The Solaire in
Battery Park City which
was the first residential
tower to get gold LEED
certification. To secure the
site we responded to an
RFP issued by the Battery
Park City Authority and
one of the requests was
to build the site green.
One of the reasons why
we won the dig was we
went further than our
competitors in greening
the proposed building
and so that’s what got us
started in building LEED
certified buildings. Then
we went on to build The
Verdesian. We strove for
LEED Platinum and we
were the first residential
tower in the country to
get it. The Visionaire also
received the Platinum
rating. We always strove
to build green buildings,
even back in the 1980s
when there was no
such thing as LEED
certification—making the
buildings more efficient.
Obviously with The
Solaire we were taking
that to a higher level.
Is it a difficult process?
I wouldn’t say the process
has become more difficult.
The first one was a learning
process. We put a lot of
new technologies into
the building at once and
a lot of the technologies
we used were tested; but
no one had ever put all of
them into one building. It
was a learning curve, and
there were no consultants
back then to go to to show
you how to build a green
building, so we had to learn
how to do it. It’s a lot easier
for us to learn to design
and build a green building,
and we learn from doing it.
Did the post-Lehman
market affect demand
for green buildings? How
did you deal with it?
Our theory is that
buildings that are built
with higher quality
withstand the downturns
better than those that
don’t. We think that
building with higher
quality insulates you
with the downturn. Post-
Lehman rents went down
about 15 to 20 percent,
and in some locations
25 percent. We were at
the low end of the scale.
Now our buildings are
95 percent occupied and
we’re getting back to the
rents of pre-Lehman. The
rental market improved
significantly in Manhattan.
As far as our condo project
The Visionaire, I’d say our
prices dropped 15 percent,
but other buildings in
less desirable locations
or our low rent buildings
prices dropped 25 to 35
percent. Right now our
philosophy is good given
the economy.
What is some of
the appeal of living
in a green building
downtown?
The biggest benefit is
the indoor air quality.
Our indoor air quality is
better than the outdoor
air quality. For example,
at The Visionaire fresh
air is flown in through
the roof, filtered and
pumped into every room
of every apartment. In
the apartment, that air is
recirculated and refiltered,
so the air is filtered twice.
People don’t need those
ineffective air filters and
humidifiers that they
would typically buy.
We’ve had a lot of
people with asthma and
allergies that have told
us that their conditions
have improved by living
in one of our buildings.
That’s the most obvious
and important benefit to
the people living in our
buildings. In a typical
apartment building,
there’s a compressor in
every room; so if you have
300 apartments, you
have 800 compressors.
Our buildings are much
quieter because we have
one central plant, so all
you hear is the fan that
blows the air over the
coals. Battery Park City
is like its own little oasis.
The parks are beautiful,
there’s open space, and
there’s a social calendar
run by the Batery
Park City Authority:
concerts, fishing, sports,
backgammon, art, music
events. You’re close to
the subway, but you’re
in your own little oasis
and you don’t have the
traffic and stress of living
on Second Avenue. What
we find is some people
are concerned they’ll feel
isolated when they come
down to Battery Park
City; but once they move
down there and learn the
neighborhood, they love
living there. Now there
are a lot more services
than there were 10 years
ago.
What’s in the cards for
Albanese?
Fortunately, in this
downturn, we didn’t over-
leverage any projects or
overpay for any projects.
We’ve been fortunate
not to get hurt by the
downturn, so we’ve been
actively looking for new
projects and development
sites. Whenever we buy
existing buildings to
renovate, we always strive
to do it as cleanly and
efficiently as possible.
We’re pounding the
pavement for our next
few projects.
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THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM THE SPONSOR. FILE NO. CD08-0089. SPONSOR: 333 RECTOR PARK – RIVER ROSE, LLC, 1114 AVENUE OF THE AMERICAS, NEW YORK, NY 10036.

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