FLATIRON BUILDING - JUNE 7 2007

NO TO MOSCOW

According to the latest from The Economist magazine, Moscow tops the list as the world's most expensive destination for expats. They cite Mercer's annual "cost of Living Survey which put London in the number two spot, and Seoul Korea in third.

MasterCard's "Worldwide Centres of Commerce" called Moscow the worst place to do business among 50 cities it surveyed. Bureacratic whims and hazy regs seem to be the culprits. Sounds like not much has changed since Gogol's writing of "The Overcoat!"

HISTORY OF THE FLATIRON DISTRICT

Just found this great little history of the Flatiron written in June of 2006 by Denton Tarver entitled "From Farmland to High Rises" for the Cooperator. Tarver covers the area's story from the days of farmland through the Commissioner's Plan of 1811 that transformed Manhattan’s city streets into a rectangular grid from 14th Street up, (giving us all those triangular plots of land that evolved into Times Square, Herald Square, Union Square and Madison Square)and it's reemergence as a highly coveted place and one of the most prestigious addresses in Manhattan.

Madison Square Park has existed as an urban public space since 1686 and was named for James Madison, fourth President of the United States and co-author of the US Constitution. In the second half of the 19th century Madison Square became the focal point of one of Manhattan's most elite neighborhoods with society's fashionable residences and hotels bordering the park. During the Civil War Era the park served as a campground for Union Soldiers. Then came the time of prestigious hotels and apartment living as fashionable clubs and men's organizations began dotting the scene. The beginning of the 20th Century saw the building of the Clock Tower and the Flatiron building creating an environment that brought New York City to the attention of the world as a leader in fashion, publishing and design. Then came the Depression and the slow decay of the neighborhood. In the 1990s thanks to the Madison Square Park Conservancy with the backing of the Metropolitan Life Insurance Company, New York Life, Credit Suisse, Rudin Management and the Union Square Hospitality Group the renaissance of the entire area began, reestablishing the Flatiron District as one of the most desired places to live in Manahttan. For Tarver’s well-written and researched article jump here for a great read!

RETAIL RENTS ZOOM IN FINANCIAL DISTRICT

15 BROAD - THE PHILIPPE STARCK BUILDING

Hermes opening in the Philippe Starck building at 15 Broad, Tiffany's around the corner on Wall Street and Canali on the way has raised the ante for retailers in the Financial District. As the area becomes tonier by the minute the retail rents have raised $200 a foot according to Lois Weiss writing for the NY Post. Jump here for the scoop!

VAMOS RAFA!

SOLD & CLOSED - DOWNTOWN MANHATTAN

Photo of 260 Park Avenue South

242 Elizabeth St one story building $2.8 mil closed May 07
25 N Moore $6,25 mil 4032 sf closed May 07 $1550 psf
366 W 11th St $675k 465 sf closed May 07 $1452 psf
429 Greenwich St $4.5 mil 3174 sf closed May 07 $1418 psf
455 Hudson $9 mil 6 Family walk up closed May 07
21 Downing $6.6mil 3 Family closed May 07
505 Greenwich St $3.435 mil 2404 sf closed May 07 1429 psf
20 West St $635k 500 sf closed Mar 07 $1270 psf
56 Crosby $5.2 mil 3220 sf closed Mar 07 $1615 psf
21 S William St $650K 529 sf closed May 07 $1229 psf
176 Perry $6.4 mil 3785 sf closed May 07 $1691 psf
677 Washington St $965k 655 sf closed May 07 $1473 psf
260 Park Ave $2.9 mil 1880 sf closed May 07 $1543 psf
122 E 25th St $4.56 mil 3880 sf closed May 07 $1176 psf