Leslie Westreich

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Homes in the Hamptons Get Pricey

Demand for the most expensive properties has climbed, and so home prices in the Hamptons have surged 22% in the third quarter. During that same quarter, the Standard & Poor’s 500 Index fell 14%, heightening concerns of another recession.

Luxury-home shoppers helped boost the market. According to Jonathan Miller, president of Miller Samuel, wealthy house-hunters view the Hampton homes as a secure investment.

“Despite all the economic turmoil, the high end of the market was extremely active,” he said. “If you remove the high end of the market, I’d characterize prices as stable with a modest uptick in sales activity.”

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“Million Dollar Contractor”

New York City real estate now has another reality TV representation, this time in the form of “Million Dollar Contractor” on DIY Network.

The press release said:

“Stephen Fanuka, who is well known as the ‘contractor to the stars’ for his work with the world’s top designers, architects and celebrity clientele, including Tyra Banks, Nate Berkus, Tony Bennett, Michael J. Fox and Lindsay Lohan, gives viewers a behind-the-scenes look at some of the most amazing spaces and construction of Manhattan’s high end luxury homes. Premiering Sunday, October 16th at 10 p.m. ET, Million Dollar Contractor focuses on the details, the materials and the insane amount of money clients spend to allow Fanuka to create million dollar projects. Despite the hefty price tag, many of the same issues and problems on-site also occur in the homes of everyday people.”

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Manhattan Townhouse Has a Pool In the Living Room

Real estate tycoons like Leslie Westreich are certainly familiar with unusual properties throughout the country. Here is an example of a unique house in Manhattan, New York.
What do you think?

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Josh Yashar and Leslie Westreich Host Local Marketing Session and Luncheon

Tryad Group partners Josh Yashar and Leslie Westreich recently hosted the Local Marketing Session and Luncheon. Held at the Rochester Technology Park at Young Lion Studios, the event boasted more than 40 RAC NYSCAR members and guests.

The property is being leased by Moore Corporate Real Estate. Several tours of the site were held. The Session encouraged participants to present properties which they had for sale or lease.

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Changing NYC

New York real estate prices have undergone a significant upswing since the 1990s. One major reason for this change is the gentrification of formerly run-down neighborhoods, such as North Williamsburg, Astoria, and Alphabet City, which then see their building prices rise accordingly. It is property developers like Leslie Westreich of the Tryad Group who created the impetus for this gentrification process, spearheading the renovation of older buildings and the transformation of local communities that has enabled the socio-economic restoration of neighborhoods throughout New York City.

Source

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St. Paul’s School May Be Demolished

$4 million may be spent on demolishing the historic boarding school building of St. Paul’s School in a Long island village. The building is 128 years old, and is a nationally recognized landmark, topped with spires and gargoyles. It was purchased by the village in 1993 for $7.25 million. However, the residents of Garden City, New York have not been able to find a suitable use for the vacant building.

A spokeswoman for the Committee to Save St. Paul’s said “It is an architectural gem. It is part of our heritage here. We think it would be quite a tragedy to lose this building.”

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Robert Nederlander Purchases Colorful Ritz Condo

Robert Nederlander, the famed Broadway producer, theater operator and former Yankees owner has recently purchased a brightly-colored two-bedroom apartment in the Ritz Tower. The condo was priced at $2.25 million. Nederlander bought it a month after he sold his previous home; a three-bedroom at 510 Park Avenue.

The Ritz obviously suits him. The interior, which includes the walls and the furniture, is brightly colored and flashy. The home belonged to the Duke Family.

“Traditional moldings, lovely architectural details, a hand painted mural in the guest bathroom, extensive built-ins and an abundance of closets fit for fashionistas will welcome the discerning buyer,” explained Barbara Evans-Butler.

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Ark Prepares to Open Four More Restaurants in NYC

New York real estate developers such as Leslie Westreich would undoubtedly be interested to note that chief executive of Ark Restaurants Michael Weinstein has revealed plans of four new restaurants in the city. Ark has opened only one new restaurant in New York over the past seven years- Robert in the Museum of Arts and Design.

“I think all four deals will take place,” Weinstein said. The locations have not been revealed, but Weinstein said they are in both new and old buildings.

Ark currently owns twenty-two restaurants, with eight in New York. Leslie Siben, senior managing director at JDF Realty Services explained that restaurant operators are “doing deals right now and not just little spots in off areas. It became a more healthy marketplace a year ago, and it hasn’t abated since.”

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Construction In Full Gear at World Trade Center Site

In 2006, Developer Larry Silverstein told New York City he would lease one third of the office tower that is currently being built at the site of the World Trade Center. Last month, Silverstein shared that he is considering renting fourteen floors of office space to the government for $56.50 per square foot every year. He asked 10% more for space at the 7 World Trade Center, but this deal provides him with tenants for two thirds of the building, as the Port Authority of New York and New Jersey has already agreed to the amount.

Andrew Brent, a spokesman for Mayor Michael Bloomberg said “The City’s commitment to take space back in 2006 was one of the key steps that enabled development to move forward.” He explained that the transaction was part of an attempt to boost construction at the site. “With the rebuilding now in full gear, the plan has clearly worked.”

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Google Hopes to Expand at 111 Eighth Avenue

Google Inc., in its attempt to obtain additional office space at 111 Eighth Avenue, has offered Nike a sum for its 100,000 square-feet worth of space on the sixth floor. They declined the offer. The sporting goods company’s lease at the 3 million square-foot building expires in 2014.

According to an anonymous source, Nike has rejected the offer because it is currently paying less than market rate, and sees no real benefit in transferring its offices early.

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