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How to Navigate The Complex New York City Real Estate Market

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NYC has more penthouses available than it can fill — and it suggests a change in the way wealthy people are looking at luxury real estate

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The penthouse pileup: Inventory swells thanks to the new dev glut

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REBNY “Deal of the Year” winner brings $81M in exclusives

Reba Miller, who last year took home the Real Estate Board of New York’s “Deal of the Year” award, is the latest industry veteran to join Warren Buffett’s growing New York City brokerage.

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Reba Miller and Julia Cole take home first prize in “Deal of the Year” category.

It took five months of chasing down clues, rummaging through musty storage lockers, and social media sleuthing for Reba Miller and Julia Cole of RP Miller Realty Group to sell a retail-turned residential unit with a very murky history. Their efforts brought them top-deal status Thursday night at the Real Estate Board of New York’s 29th annual residential award ceremony.

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Among the chosen are … RP Miller Realty Group’s Reba Miller, who is marketing an $8.7 million, three-bedroom pad spanning 2,443 square feet.

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Smaller firms rack up big listings, but dark clouds could be forming on the horizon.

Discreet, bespoke and focused on luxury, Manhattan’s boutique residential firms have seen their fortunes soar in recent years thanks to a luxury market that was firing on all cylinders. While those days are not over, there are signs of trouble ahead
— including a projected influx of ultra-luxe new developments coupled with a slower pace of high-end sales.

For now, however, the boutique firms at the top of The Real Deal’s list amassed an astounding roster of high-end listings.

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Overlooked in the mother/daughter drama surrounding the $100 million estate left by philanthropist and socialite Carroll Petrie, who died last year, is this teeny yet elegant guest studio on East 63rd Street. The 290-square-foot studio, at The Leonori, at 26 E. 63rd St., sold for $630,000 — down from its $695,000 asking price.

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What was your most notable project, deal, transaction or professional achievement in 2015?
I had four transactions with 3 different international clients that I have been working with for three decades.

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That changed in the 1980s, when condos surged in popularity, partly because of interest from overseas buyers who often had trouble buying in co-ops, brokers say. A handful of prewar conversions also took place, with one of the first being 26 East 63rd Street, a 12-story building at Madison called the Leonori that today has 57 units, according to Reba Miller, the owner of the RP Miller Realty Group.

“It was a way to get the foreign purchasers,” including Japanese, Saudi Arabians and especially Italians, said Ms. Miller, an agent who has marketed nearly two dozen condo projects in the neighborhood, including the Leonori. “Italians loved prewar.”

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Reba Miller has had quite a year.

The founder of RP Miller Realty Group re-launched her eponymous brokerage last March, after a two-year stint at CORE as senior managing director of sales.

The next month, she launched a commercial division.

Then she topped it off by winning REBNY’s prestigious Henry Forster Award, a lifetime achievement honor.

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Twenty years ago, when Jacqueline Schneider, a luxury goods and jewelry consultant, moved back to New York from Dallas, Texas, the apartment tower at 167 East 61st Street seemed to her a beacon of privilege and prestige. The co-op boasted a broad stone courtyard planted with greenery and was set back from the curb at a gracious remove. Its lobby was sleek, mirrored and bright, with double-height ceilings, walls of windows and spiffy doormen standing post. Constructed in 1983, the building was scarcely more than 10 years old, a flashy new kid on the block with a name to match: Trump Plaza.

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Market forces are now driving studio apartments to extinction: Bye, li’l guy.

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Jeff Karp, the head of the commercial division at RP Miller Realty Group said retail prices are soaring and that the sky’s the limit. He said the majority of his buyers for commercial property actually prioritize the retail space more than what’s upstairs.

“Compared to New York City, retail rents are relatively much cheaper everywhere else. When you’re selling the same widget for $20, and your rent is $55 per square foot in Tulsa or Chicago, but it’s $200 per square foot on 3rd Avenue in New York City, the latter becomes much more difficult to keep the business above water, ” Karp told me.

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‘Stella Tower is a proven success shifting the paradigm of Hell’s Kitchen and transforming the area,’ said Reba Miller, CEO and president of RP Miller Realty, who is marketing some of the listings within Stella Tower.

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Real estate pros discuss sustainable design and its impact on the luxury market. Celebrity homeowners like Leo DiCaprio were among the first to embrace and tout the benefits of green condo living in New York City. But beyond the A-list, how important is green to the high-end residential market? At this broker roundtable, part of gotham’s ongoing series, nine experts share their experiences brokering sustainable luxe.

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The housing crisis may have tempered some enthusiasm for homeownership, but many people still consider putting down roots and buying a home to be part of the American dream. This is especially true for immigrants to the U.S. In fact, they accounted for nearly 40 percent of the net growth in homeowners between 2000 and 2010, according to a report by the Research Institute for Housing America (compare this with the 1970s when they represented just over 5 percent of the growth).

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What does it take to sell high-end properties in one of the most competitive housing markets on the planet? Virtually everything. That is why some real estate agencies are turning to virtual renovations, doing the visual work for potential buyers, in order to lure those buyers in the actual door.

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Give me your tired, your poor, your huddled masses yearning to breathe free, reads Lady Liberty’s welcome. Every year since New York City’s founding, tens of thousands have crossed over the Atlantic to trade in their European chapeaux for American caps. This year, New York has increasingly become home to one particular population seeking American status: Jewish Frenchmen.

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A decade ago, when people asked Eve Moskowitz Parness where she lived, the Murray Hill resident frequently put them off with the vague answer “Midtown East.” Though she liked her Manhattan neighborhood, Ms. Parness said that, as a student, she was embarrassed to be associated with Murray Hill, particularly the bar scene on Third Avenue, with its reputation as a postgraduate playground.

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Buyers who sniffed at co-ops five years ago, it seems, have decidedly changed their tune.

The absorption rate for co-ops in Manhattan has plummeted to 4.1 months in the second quarter, compared with 34.8 months during the same period in 2009, according to data obtained by The Real Deal from the appraisal firm Miller Samuel. As for condos, the drop’s been slower, to 6.5 months during the second quarter, from 21.7 months.

Sources said the accelerated pace of co-op absorption reflects high condo prices, and a lack of inventory.

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Brand-New Interior With Midcentury Touches

Listing agent: Reba Miller, RP Miller Realty Group.

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One bedroom, 1 – bath resident   in Trump Park   pre -war condominium. Kitchenette features statuary marble, stainless steel appliances. Crown molding, 9ft. beamed ceilings and oak herringbone floors. Bedroom has en-suite  marble  bath. Washer and dryer. Unit has fully  furnished belonging, that can be included in the sale.  White glove condoattended to   by hotel services including doormen, concierge, live-in manager, fitness center. Listing agent: Reba Miller, RP Miller Realty Group.

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Only 75 percent of the 94-unit One57 is occupied along Billionaire’s Row in Midtown. Where did all the billionaires go?

After a year of frenzied sales in 2013, high-end condo deals have slowed at several luxe buildings, including One57, the blue glass skyscraper that symbolizes the new Billionaire’s Row on W. 57th St.

This time last year, the 94-unit building was 70% sold. Now, it’s just above 75%, said Jeff Dvorett of Extell Development, meaning only a couple of apartments have been bought over the last 12 months.

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The renaissance of Walker Tower, the 24-story Art Deco office building at 212 West 18th Street that put Chelsea on the skyscraper map after Ralph Thomas Walker designed it for the New York Telephone Company in 1929, has been emphatic.

Its 2012 conversion to 47 luxury-laden condos produced a record-breaking downtown sale — PH1, after asking $55 million, recently sold for $50.912 million — and inspired such a surge of wealthy buyers that only one unit, PH2 for $47.5 million, is still available. And now the tower’s first resale, a two-bedroom unit on the 11th floor, has generated a near $3 million profit for an owner/investor who, by the way, never actually set foot in the building.

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As condo prices in Manhattan’s luxury market rise to record levels, fixer-uppers are one of the last options for bargain hunters.

“Here’s an opportunity to save a lot of money and do it yourself,” said CORE broker Reba Miller, standing in a full floor condo on East 66th Street. “There is just a very limited supply for people who want a big space in Lenox Hill. “Would this appeal to someone from China who wants a brand-new apartment? No. It appeals to someone who understands charm.ˮ

The 3,600 s/f apartment hasn’t been renovated in years, and Miller estimates that the buyer would have to invest $2-3 million — that’s on top of an asking price of $9 million. But she claims this is still a bargain compared to new developments and conversions such as the nearby Marquand, an HFZ conversion project, where similarly sized apartments start around $15 million.

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Manhattan’s top dealmakers, dressed in their finest furs and dapperest suits, poured into the Pierre Hotel last night via an elaborately muraled rotunda for the 25th annual residential Deal of the Year awards hosted by the Real Estate Board of New York.

Top brokers making the rounds at the gala included Keller Williams NYC’s Ilan Bracha, Elliman’s Vickey Barron, Corcoran’s Tamir Shemesh, Sotheby’s International Realty’s Nikki Field and Mara Flash Blum and CORE’s Reba Miller and Tom Postillio. “Million Dollar Listing New York” stars Ryan Serhant and Luis Ortiz also appeared.

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On the Upper East Side, 27 East 61st Street became a piece of territory in the life-size Monopoly game being played by Italian joints Nello and Serafina. Serafina purchased the building to keep Nello from building atop the two properties it owned on either side. Fast forward two years…and something completely different is going on! 27 East 61st Street is on the market now for $18.5 million, and since we last checked in, the lot has seen quite a transformation. A new six-story building is in progress—rendered above—and when finished, it will include two floors of residential units, two floors zoned for commercial use, and a restaurant. The restaurant will be a sushi joint, Geisha, which will at least mean no more Italian food wars.

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That’s a lot of pasta. The owners of the Serafina Restaurant Group, Vittorio Assaf and Fabio Granato, have listed a five-story building at 27 E. 61st St. for $18.5 million.

The building – which is under construction and being expanded to 8,100 square feet – includes two private residential floors, two commercially zoned floors and a restaurant with a 10-year rent roll in place. The Geisha restaurant is slated to reopen there in January with two sushi bars, a lounge and table seating for 160 people. It was previously located down the street.

The property comes with air rights and a rooftop terrace. The listing broker is Reba Miller of CORE.

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Ellen Burstyn is 80, but that hasn’t stopped her from scoping out real estate.

The Oscar/Tony-winning actress, who’s been in everything from “The Exorcist” to Broadway’s “Same Time, Next Year,” recently visited a two-bedroom, two-bathroom rental apartment at 515 W. 23rd St. that’s listed for $12,000 a month. The fourth-floor West Chelsea loft is 1,870 square feet and features a library/media area and a chef’s kitchen with a wine refrigerator. There’s also a “wet room” featuring a Boffi Swim bathtub and floor-to-ceiling glass with operable windows and shades for privacy.

Core listing brokers Susan Rubell and Reba Miller declined to comment.

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Upper East Side $7.5 million

So this “grand” and “one-of-a-kind” condo loft – What? You’ve heard of this before? – on East 63rd Street is “available for the first time” and you really can make it your own. The 2,500-square-foot space is currently configured as a three-bedroom spread with a 47-foot-long living/dining/entertaining area, but where those walls go is up to you. Just make sure to account for the “oversized” windows that currently offer “views of Central Park from every room,” even the “top-of-the-line” chef’s kitchen. And the full-service Beaux-Arts building’s location – one block from the park with 100 feet facing Madison Avenue – might not be the only one of its kind, but it’s rare enough to take note. Agent: Reba Miller, Core, 212-726-0913.

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Residential real estate brokerage CORE unveiled its second Manhattan retail office today and had a party last night to celebrate. The rather tasteful, subdued gathering took place in a sleek basement lounge at the Rouge Tomate, an upscale Upper East Side restaurant known for its nutritional offerings, and was hosted by the firm in partnership with the New York Observer, which just launched a new lifestyle supplement to its weekly newspaper.

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Printing House at 421 Hudson St. is getting new life 25 years after the condo conversion stalled.

It seemed like a good idea back in what turned out to be the waning days of the condominium craze of the 1980s: Turn a massive 10-story former printing building on Hudson Street with Italian Renaissance details and 15-foot ceilings into 184 duplex loft condominiums with a large health club and a pool.

But the dream faded at Printing House—along with dozens of other 1980s condominiums in New York—as the real-estate market entered a long slump. Much of the building, already a rental, has been rented out since.

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At 23 years old, Reba Miller walked into the luxury boutique real estate firm Whitbread-Nolan for her first day. She was promptly given a seat and told: “you’re on your own.”

Today, over $1 billion worth of sales and almost 30 years later, Ms.Miller, who made her name by almost dominating the market on Madison Avenue, continues to be a go-to name in New York City real estate across continents.

“I recently received a call 20 years after I sold several apartments to and for an international buyer,” said Miller.“[They] asked for my help and I negotiated a park view two bedroom unit with all rooms facing the Park. They wrote to me today that it was the best apartment they have ever owned.”

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Serafina restaurant owner Vittorio Assaf and his wife have listed their Upper East Side apartment for $35,000 per month, the New York Post reported. Reba Miller, senior managing director of sales at Core, has the listing for the unit in the Leonori building, at 26 East 63rd Street between Madison and Park avenues. According to both the Post and Streeteasy.com, the apartment has four bedrooms and 5.5 bathrooms. The unit will be ready for move-in June 1.

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An Abundance of Luxury: Reba Miller’s Prized Condos

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