In the second half of 2008, many big New York City developers inundated the market with new condo projects.  During this period the housing market was peaking, and these companies predicted that units in these buildings would sell quickly and at high prices.  Unfortunately, their timing turned out to be less than fortuitous, and the collapse of the housing market has meant that many of these developments are still struggling to find buyers, while others have been reinvented for the current market.

Here’s a look at some of these projects and where they stand today.

The Sheffield – 322 West 57^th Street

While this project was one of the most high-profile projects to suffer from the housing downturn, it has managed to turn things around in recent years.  While sales collapsed in 2009, the 58 story building sold 102 units in 2012, which is more than any other building in Manhattan.

W Downtown Hotel & Residences – 123 Washington Street

The W Downtown Hotel & Residences has benefitted greatly from an overhaul to its marketing campaign.  In 2012 the building changed marketing teams and since then sales have taken off.  Of the 223 units in the building, 60 sponsor units have been sold while another 8 are in contract.  The W is expected to be sold out by the end of 2013.

Rector Square – 225 Rector Place

Rector Square was once labeled as a failed project, but has since turned around.  The project contains a total of 289 units, and has sold approximately 132 of them since last May.  Part of their strategy has been to offer a higher commission to brokers – four percent instead of the standard three percent.

99 John Deco Lofts – 99 John Street

The 442 unit 99 John Deco Lofts opened in 2007 with brisk sales.  However, after six months only 70 of the units had been sold.  Sales dropped even more significantly with the recession.  However, sales are back up and the building has sold about 80 percent of their units, and prices remain steady.  In 2012, the project ranked as the third best-selling building in the city, behind the Edge in Williamsburg and the Sheffield.

The Laurel – 400 East 67^th Street

The 128 unit Laurel recently closed its sales office as only four units remained unsold.  However, this project has been plagued by challenges along the way.  In 2009, the developer dropped prices and units began to sell.  Prices are now back up and the Laurel is effectively a sellout.

The Apthorp – 390 West End Avenue

The Apthorp is a 152 unit building that includes 68 rental units that have yet to be converted.  The project halted sales briefly in 2011, but recently sales have picked up.  Since September 15 units have sold and there are only 15 condo units left to sell.

Trump Soho Hotel Condominium – 246 Spring Street

This project has been dealing with debt and foreclosure for many years.  The building is a hotel/condo which means that owners here can use their residence for up to 120 days per year.  When they are not being used, they are rented as hotel suites.  The rental revenue goes to the owner.  Prices have decreased over time, and only about one third of the units have sold.  Unsold units are currently being used as hotel rooms.

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The Cloisters Museum is in Fort Tryon Park in the Washington Heights neighborhood of New York City. The building is a branch of the Metropolitan Museum of Art, and was constructed in the 1930s. It resembles the architectural characteristics of many European abbeys during medieval times. The Museum exhibits art and architecture from Medieval Europe.

The Cloisters is also fascinating because it incorporates parts from five French cloistered abbeys. The buildings at Saint-Guilhem-le-Desert, Saint-Michel-de-Cuxa, Bonnefront-en-Comminges, Trie-en-Bigoree and Froville were all put together brick by brick before they were shipped to New York. Between the years of 1934 and 1938, the features of the museum were put back together at Fort Tryon Park. The area around the museum was landscaped was gardens that were planted according to the horticultural details that were gathered from medieval artifacts and writings, and the structure also includes several medieval-style cloistered herb gardens. The Cloisters, along with Fort Tryon Park, are listed as historic districts on the National Register of Historic Places.

The museum and gardens were opened to the public in 1938. The site is constructed on four acres of land that overlook the Hudson River. In addition to the beautiful gardens, tapestries, stained glass windows, column capitals are also featured at the museum. There are around 3,000 works of art from Medieval Europe, dating from the 9^th through 16^th centuries.

Much of the sculpture at the museum was acquired by George Gray Barnard (1863-1938), who was a prominent American sculptor who also collected medieval art. Barnard opened his original cloisters along Fort Washington Avenue in 1914, due to the generosity of art collector and philanthropist John D. Rockefeller, Jr. (1874-1960). In addition to providing the grounds and the building for the Barnard collection, Rockefeller contributed artwork from his own collection, including the Unicorn Tapestries. Rockefeller also established an endowment for future acquisitions and operations.

Charles Collens, the architect of Riverside Church in New York City, designed the new Cloisters museum building. Collens combined elements from Barnard’s museum and Rockefeller’s works. Joseph Break was a curator of decorative arts and the assistant director of the Metropolitan Museum, and James Rorimer would be the museum’s director. These men were primarily responsible for the museum’s interior.

The location was formally dedicated in 1938, on May 10. The galleries that contained the seven Unicorn Tapestries were refurbished in 1999. The Cloisters collection continues to grow to this day, thanks to Rockefeller’s gifts and endowment. Among the fascinating works in the museum is the French illuminated book of hours, “The Belles Heures of Jean de France, Duc de Berry.”

The Cloister is located at 99 Margaret Corbin Dr. For more information, call the museum at 212,923.3700, or visit www.metmuseum.org.

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Whether you’re a fan of punk rock or want to know more about the Lower East Side’s immigrant history, the East Village Walking Tour provides lots of insight into the history and culture of this interesting and diverse neighborhood of New York City.

There are a number of landmark buildings in the tour, and the activity is affordable, which makes it ideal for families and large groups. The tour guide is also a resident of East Village, so you can be sure that you’re getting accurate information during the walking tour. However, there are a few drawbacks to the tour. For instance, a number of buildings are scheduled to be torn down in the East Village. A number of businesses in the area are also losing their leases. This means that there may not be enough features to show during the walking tour.

Attractive features of the East Village Walking Tour include:

• The Alamo
• St. Mark’s Place
• The Cooper Union
• Tompkins Square
• Orpheum Theatre

If you’re planning an extended stay in the East Village, you’ll love the Bowery Hotel. The facility has 135 rooms. Coming into the lobby is like being a part of a pre-Rahaelite painting. Take in the Gothic fireplace, the Oriental rugs and floors made of Moroccan tile. All the rooms are pure vintage-repro, right down to the ceilings made of beadboard. Toiletries are supplied by Bigelow & Co. The staff is extremely friendly, which dispels the perception that New Yorkers are curt or rude. The hotel is located at 335 Bowery.

The East Village Walking Tour is conducted Saturdays and Wednesdays at noon and costs $20. If you’re going on the tour with a group of less than 10 people, there’s no need to make a reservation. However, it’s best to arrive 15 minutes ahead of time at the Bowery Poetry Club at 308 Bowery. The closest subway to the East Village Neighborhood tour is the F Train to 2^nd Avenue. There are several stops along the way, and the tour covers about half a mile at a comfortable walking pace. It’s best for you to dress for the weather and wear comfortable shoes for the tour. If there is severe weather, the walking tour may be cancelled.

Private walking tours are available as well. The tours are 2 hours and cost $100 for one to four people. If the tour is for more than four people, the cost is $20 per person. Discounted rates are available for groups of 25 people or more. For more details on the East Village Walking Tour, call 347.465.7767.

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What would you say about spending your days in a castle, just like in a fairy tale? Well, that’s now possible in Germany. The country features a very long history and its numerous principalities left more than 5,000 castles. Every year, approximately 20 to 40 of them are available for sale mainly because Germany has a fairly constant economy, so the real-estate market is a strong one. Ergo, investing in properties in Germany is a smart decision for foreigners, and although buying a castle will cost you a fortune, the investment will definitely be worth every penny.

According to a firm that deals with historical buildings, a person who wants to purchase “a burg” definitely needs a great sum of money. A restored castle, apart from featuring a high price, it also involves high expenses for maintenance. Nevertheless, if you can afford a $10 million condo in the heart of NYC, you can definitely ‘save up’ some more for a castle.

The price of a tiny castle with a surface of 3,300 square feet designed for living, and its neighboring land can go from $650,000 to $6.5 million, whereas the price of a big, fully restored castle can exceed $26.1 million. Repairs and maintenance will increase the original price with millions of dollars.

Usually, palaces in Germany are situated in the countryside, in most of the cases on a mountain or hill. This means that they are isolated from towns, train stations, shops, markets and other sorts of conveniences that are of foremost importance for a normal life. Most castles that are situated in important towns from Germany are owned by public institutions.

Some of these properties are only ruins that are more than 1,000 years old, while others are extremely stylish castles that were constructed at the turn of the previous century and which were used by German principalities that were in charge of tiny kingdoms.

Even though the privileges of the German nobility were eradicate subsequent to World War I, families continued to preserve the majority of the palaces for generations. The ones that become available for selling these days are from proprietors who are too aged to keep preserving the castles, from owners who are unable to maintain them because they don’t have enough money, or from those who just want to live someplace else.

There isn’t a rule for palace buyers, but it appears that Russians, as soon as they entered the market, have been continuously investing a lot of money in purchasing and restoring palaces. Agents declare that a lot of foreign buyers come to this country searching for the ideal palace, but only a few of them buy one.

The famous actor Nicolas Cage bought in 2006 a beautiful German castle that dates from the 11^th century. He spent nearly $2.6 million, however he decided to sell it in 2009. The magnificent edifice features 10,000 square feet, and it has 28 rooms.

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The Frieze New York event had their debut in 2012. And this year, it will happen on May 10 to 13, 2013. It presents the most forward-thinking galleries from all over the world. It brings international focus to the dynamic contemporary art scene found in lovely New York. During the event, the visitors have the chance to buy art done by over 1,000 best artists of the world. Aside from that, they can experience Frieze Projects too, the event’s program of artists’ specially commissioned projects, and the Frieze Talks, a program of debates, panel discussions, as well as keynote lectures regarding art.

The fair also features this thing called “Frame”. It is a section that is dedicated to solo artist presentations by emerging galleries and Focus galleries. They present curated projects and artworks that are made exclusively for the Frieze New York. Just imagine how big this art festival would be, and it’s all happening in New York.

The Sculpture Park, which is found beside the waterfront of the East River, will be exhibiting new selected works by both established and emerging artists. This part of the festival is free to the public. Anyone who is interested in art is welcome to look into the artworks.

For this year, Frieze New York is temporarily housed on a structure designed by New York-based architects. It is located in the unique and beautiful setting of Randall’s Island Park, Manhattan.Also, it is overlooking the East River. People who plan to join the event can easily locate the place and is easily accessible.

Frieze New York Schedule

• May 10, Friday: from 11 am to 7 pm
• May 11, Saturday: from 11 am to 7 pm
• May 12, Sunday: from 11 am to 7 pm
• May 13, Monday: from 11 am to 6 pm

The Event Details

• What: Frieze New York
• Where: Randall’s Island Park, East River, NY
• When: May 10 to 13, 2013
• Admission Fees: One Day is $42, Students for only $26. But if you’re interested in a one day admission with a catalogue, get it for only $75.
• Official Event Website: http://friezenewyork.com/

Guide to the Event

• To accommodate more room for the artworks, all guests and artists are asked to deposit medium to large bags and coats at the cloakroom, which will be inside the fair.  Large photographic equipment should be deposited there as well, unless of course it is pre-arranged with the organizers of the event or the Press Office.
• The fair is also an event wherein galleries can conduct business. Be aware of the behaviors that might disturb the galleries or other visitors.
• Visitors are not allowed to touch any works of art throughout the fair. Foods and beverages are only allowed in the corridors, not on the spaces intended for the artworks since these may damage the art displayed. Running in spaces is also discouraged.
• The fair is fully accessible to people with reduced mobility.
• Wheelchair users’ companions do not have to pay an admission fee. They are free of charge.
• Guide dogs are welcome too.

The 2012 Frieze New York event was indeed a huge success, with galleries including the Gavin Brown Enterprise, Metro Pictures, David Zwirner, Greene Naftali, and a whole lot more. For this year’s celebration, you can expect it to be more interesting, featuring all kinds of art from different corners of the globe.

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The apartment vacancy rate across the U.S. reached its lowest point in over 10 years, and a constant stagnant increase of the income for US employees has affected the capacity of proprietors to augment rents. During the last five years, the apartment market has represented the recipient of the U.S. housing breakdown, the economic revival, the elevated mortgage conditions, as well as the impelled inventory of new apartments. All these aspects have led to a decrease of the vacancy rate that allowed proprietors to increase rents. Unfortunately, these continuously increasing rents don’t go very well with the population’s stagnant salaries. Low salaries won’t allow tenants to pay for their monthly rents, so the only solution left was for investors and owners to lower their vacancy rates and adapt.

Based on the most recent information, salaries have had a hard time dealing with inflation. In February, the medium earnings per hour increased with 2.1% in comparison with the previous year, whereas the consumer price index increased with 2%. December and January brought exactly the same gains. Specialists have mentioned that it is not reasonable to keep amplifying the rents as long as most of renters aren’t benefiting from income increases. This makes it impossible for them pay their expenses.

Even if the housing market recovery hasn’t restricted the whole demand as far as apartments are concerned, the restriction might eventually happen. These renters are not bordered by rough mortgage conditions which lead to so many people not being able to purchase a house.

Recent statistics are mentioning that they’re able to buy and they decide when they want to buy. Starting from the second half of 2010 and until the first half of 2012, all proprietors that owned apartments in buildings which featured a rent of $3,000 or even more have had no other option but to diminish the rent with 25% to 27% in order to allure new renters. During the second half of 2012, this decrease reached 44%, due to the fact that those who earned high salaries preferred to own instead of renting.

The first quarter of this year brought a vacancy rate of 4.3%, which is smaller than the one of 5.0% featured by the previous quarter. Not to mention that in 2009, this rate reached 8%, so now you can understand the difference. It seems that New York had the lowest rate of 1.9%, while Tennessee and Memphis posted the highest rates of 8.5%.

The first quarter came with an increase of 0.5% of the average asking rent, reaching $1,102 for a month. Seattle was the city that experienced the highest boost of 1.5 % of an effective rent, reaching $1,078 for a month. New York continues to have the priciest rents across the United States, featuring a medium effective rent of $2,989 and an increase of 0.2%.

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Livin’ On A Prayer

Proud New Jersey native and timeless rock star, Jon Bon Jovi waded across the river in 2007 to invest millions renovating a penthouse in Manhattan fit for a rock and roll king.

His upscale SoHo pad which includes breathtaking city scape views and a rooftop garden is now on the market for $42 million.

Where a Rock Star Resides

The penthouse truly is one of a kind. It’s modern design paired with impeccable craftsmanship make the property a fantastic investment for any buyer.

Deborah Grubman of The Corcoran Group paints the experience of the home, “the journey begins when you step off the elevator into the lower-level foyer.” The prestigious home, located at 158 Mercer St, New York, NY 10012, has 5 bedrooms, 5.5 bath and measures in at an impressive 7,452 square feet.

The open plan home flows effortlessly from room to impressive room. A dream chef’s kitchen. A spacious living room graced with well-crafted furniture leads to the sparkle of a chandelier hovering above the dining area. Venture upstairs to find massive bedrooms with stunning views and three neatly pruned terraces.

The penthouse’s most appealing asset, however, are the stunning floor to ceiling windows give eyes to the heart of SoHo and Manhattan.

I’ll Be There For You

Always the devoted family man, Bon Jovi put his penthouse on the market as he is taking this time to focus on family, especially coping and helping his 19 year old daughter, Stephanie, after her overdose in November.

Bon Jovi is still as popular as ever, currently on tour, making TV appearances, including performing on “American Idol”, actively using his status for philanthropy and aiding in support to help victim of his native New Jersey after hurricane Sandy, and releasing the band’s 12th album, “What About Now”.

Bon Jovi’s SoHo suite is available for an estimated $151,029 a month, according to  Zillow’s mortgage calculator.

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In the past several years, the construction boom in New York City has brought with it a wealth of luxury rental buildings.  These buildings feature upscale amenities, a variety of services, and innovative design.  Here’s a look at the top buildings on offer in Manhattan right now.

OHM

This 34 story luxury rental building is located in West Chelsea on the corner of 11^th Avenue and 30^th Street.  It opened in 2010 in conjunction with The Knitting Factory, who present concerts in the atrium lobby.  The building was designed by Stephen B. Jacobs and feels like a posh hotel.  Some of the unique services offered by the building include an arcade room, a shuttle bus, on-site parking, bicycle storage on the ground floor and a beautifully landscaped sky deck.

New York by Gehry

New York by Gehry has the distinction of being the tallest residential building in the Western Hemisphere.  Talk about big!  It was designed by a superstar of architecture, Frank Gehry, and has received high marks from the world’s most well-known critics.  It is located on Spruce Street downtown near the Brooklyn Bridge.  It opened in 2011 and features 900 units which have been quickly renting.

Emerald Green

Rentals at Emerald Green have been a hot property since its opening in 2009.  It is located at 38^th Street near 8^th Avenue and features bargain-priced luxury rentals.  The building is completely LEED certified, conforming not only to New York City codes, but also to the standards set forth by the Leadership in Energy and Design board.  Units here have great layouts and terrific amenities.

Silver Towers

The two towers that make up Silver Towers are located on 42^nd Street near Hudson River Park.  The buildings are almost 60 stories tall and were completed in 2009.  The complex itself is over 1.2 million square feet and includes a park, and the largest indoor pool in a New York City residential building.

The Continental

The Continental opened its doors in 2011 and has been attracting attention ever since.  The building is in a great location on Sixth Avenue and 32^nd Street and features contemporary design and luxury amenities including an infinity lap pool with heated spa, on-site garage, ground floor bicycle storage, Asko washers and dryers, open layouts with ten foot ceilings, and gourmet kitchens.

MiMA

This 63 story mixed-use building is home to luxury rentals, condos and a hotel.  MiMA derives its name from its location, which is the Middle of Manhattan on 10^th Avenue and 42^nd Street.  It was opened in 2011 and features a luxury pet spa and an Equinox gym.  The building is also LEED-Silver certified.

The Beatrice

Luxury rentals at The Beatrice start at the 26^th floor, so all the units feature spectacular views.  Many of the apartments also have 12 foot ceilings with wall-to-wall windows.  It is located on 29^th Street and Sixth Avenue and offers luxury amenities as well as a lounge on the 54^th floor.  The building opened in 2010 and units here are going fast.

Columbus Square

This five building complex opened in 2010 on the Upper West Side, located on Columbus Avenue and 97^th Street.  Amenities include a media center in each home, high speed wireless everywhere within the complex, and a retail center which includes Whole Foods.

Townsend

Townsend is located on 37^th Street and Tenth Avenue and opened in 2010.  It has a beautiful glass and limestone design with open kitchens in all of the 164 units.  Amenities include a sun deck overlooking the Hudson as well as surround-sound speakers in each unit.

The Corner

Located on 72 Street and Broadway, The Corner gives residents easy access to both Riverside Park and Central Park.  Opened in 2010, the building features many amenities such as a washer and dryer in each unit, a kid’s playroom, and a 10,000 square foot roof deck.

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• Location: 100 East 42nd Street
  New York, NY 10017
• Phone: (212) 340-2583
• Nearby attractions: NY Library, Vanderbilt Hall, Chanin Building, Chrysler Building

Grand Central Station is  one of the most beautiful stations in the US and it is recognized as the largest in the world according to its number of platforms. It is positioned in midtown Manhattan, between Park Avenue and 42nd Street. Grand Central Station, occasionally referred to as Grand Central, counts 44 platforms and has 67 tracks along them. All the tracks are below ground and are situated on two levels: 41 tracks on the upper level and 26 on the lower level.

The terminal is meant for commuter traveling to Westchester, Putnam on the Metro-North Railroad, as well New Heaven and Fairfield counties in Connecticut, and Dutchess NY.

History & Architecture

Grand Central was designed by Reed & Stem and Warren & Wetmore in the Beaux Arts style and constructed in three years (1910 – 1913). It is basically an improvement of the previous train shed called Grand Central Depot which was opened in 1871. In 1976, Grand Central Station was declared a National Historic Landmark . Surrounded by skyscrapers, this extraordinary railroad station can be best seen from Park Avenue South of 42^nd Street.

The center of Grand Central also known as the ‘Main Concourse’ is extremely large: 275 feet (84 m) long and 37 m (120 feet) wide. The height is also impressive, the Main Concourse measuring 38 m (125 feet). This enormous main hall is full of activity, no matter if it’s day or night.

The station has always been a meeting place and perhaps its most famous icon is the four-faced clock situated above the information booth. Each clock face is made of opalescent glass although an urban legend says that the faces were made of opal and that their value is estimated at $20 million.

The clock situated in front of the Grand Central Station is made of the world’s largest piece of Tiffany glass and it is best seen from 42^nd Street. It is surrounded by sculptures of Minerva, Hercules and Mercury designed by the French sculptor Jules-Felix Coutan.

Grand Central Station – an Undercover ‘City’

Apart from all this extraordinary architectural features, Grand Central is famous for its exquisite staircases, its unique ceiling representing the sky which is decorated with the signs of the zodiac, its public market, and its three famous restaurants: Metrazur, Michael Jordan’s Steakhouse, and the Oyster Bar, where tourists can choose between a wide variety of oysters or seafood.

Just like all the great key locations of the world, Grand Central Station has been used in a large number of novels, movies and TV productions such as:

• Gossip Girl
• The Avengers
• Friends with Benefits
• Men in Black
• Step Up 3

This key location is often considered the world’s loveliest station and it certainly deserves its popularity. Travel magazine stated in a 2011 survey that Grand Central Terminal is the sixth most visited location in the world, attracting more than 21 million visitors each year.

If you happen to be in New York, you really should visit this technological and architectural marvel.

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Photo taken from Flickr creative commons http://www.flickr.com/photos/ylraw/4557115039/

Columbus Square is in a collection of 5 luxury apartment buildings located in Manhattan. The apartments come with 1, 2 or 3 bedrooms and they provide easy access to some of the neighborhood’s main points of interest such as Columbia University, Mt. Sinai Hospital, and more.

Columbus Square Luxury Apartments is a modern condominium that highlights both modern and classical designs for its residences. The building is positioned on the Upper West Side, really close to Lincoln Center and Beacon Theatre. The construction emphasizes an eco-friendly concept of living meant for residents who want to benefit from supreme luxury while protecting the environment. All the waste and heat that comes from the units are being recycled and utilized to cool or heat the lobby, as well as additional corresponding rooms of the whole condo building. Also, the developers have installed solar panels on the roof to support even more the green lifestyle.

Consequently, all the apartments with floor-to-ceiling windows feature solar shades. Columbus Square presents a unique mixture of elegance and comfort. Ergo, living here can be a dream come true.

The Columbus Square Luxury Apartments

Columbus Square highlights studios, as well as apartments with 1, 2 and 3 bedrooms. Whether you’re looking to invest or rent an apartment, you should know that the approximate square footage per studio is somewhere between 415 and 1,000.

Residents will have a spacious terrace at their disposal, a beautiful living room and a sleeping area. All condos are fully furnished and they come with stainless steel electric range, Caesar stone counter, and oak hardwood flooring. Despite the small size of a studio, future residents will still plenty of space to enjoy. The beautiful terrace offers superb views of Manhattan while the modernly decorated living rooms will certainly live up to your expectations.

Regarding the apartments with two and three bedrooms, residents will have between 800 and 1,500 sq. ft at their disposal. Once again, the condos are fully-furnished and designed to fit your needs and requirements. Every Columbus Square condo has central air conditioner, a gas fireplace, large closets, additional storage spaces, microwave, stainless steel refrigerator, bay windows, breakfast bars, dishwasher, and more.

The Columbus Square Luxury Apartments Amenities

Columbus Square was constructed in 2007, and it managed to prove over the years that location is not the only thing that can lead to success. State-of-the-art amenities, spectacular views and discreet classical designs make living in a Columbus Square condo an unforgettable experience.

All residents will benefit from a modern fitness center packed with an indoor heated pool, lifestyle machines, expansive lounge, and children playrooms. To make sure that residents are properly attended you’ll there will be a 24h front desk attendant available.

Residents have easy access to Manhattan’s basic facilities such as dry cleaners, shopping areas, entertainment venues, the bus station, convenience stores, parks, restaurants, and more. Columbus Square is perfect for both singles and families and prices per condo range from $2,663 to $10,915 per square foot.

Amenities and features:

• Elevator
• Laundry in building
• Indoor pool
• Children’s playroom
• Residents Garden
• On-site Garage
• Attended Lobby
• Fitness center
• Residents Lounge
• Rooftop Deck
• WiFi Access
• High-rise (26+ floors)

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