Contact Us at 917-860-2782 or vshtainer@compass.com

Manhattan Market Update: Halfway Through 2019

Manhattan Q2 Market Report

Manhattan - First of the year was a mixed bag if you collectively look at Q1 and Q2. Q1 got the year off to a slower start when looking at the market on a year-over-year (YoY) basis, however, Q2 finished with a 31% increase in sales compared to Q1 and a 7% increase YoY. This yearly increase in sales volume was the first time for Manhattan in nearly 18 months.

So what is driving the real estate market, and what do we expect as we think about the rest of 2019?

Taxes:

At both a national and local level, taxes have been a huge influence on the luxury market thus far in 2019 and will likely continue to be so. From a National, perspective, the reduction of State and Local Taxes (SALT), have certainly had an impact in a high-tax marketing like Manhattan. Some benefits of homeownership such as tax deductions have been reduced as a result of the new Federal tax laws.

On a local level, the passage of a new Progressive Mansion Tax can be observed in Q2, but we likely have not seen the full brunt of the impacts this may have on the higher end of the market - $10M+. The increase of YoY sales volume for Q2 2019 can likely be attributed to Buyers that pushed up closings in to late June to avoid the new, increased, progressive taxes that took effect as of July 1, 2019.

Furthermore, after July 1, the Manhattan market went nearly 3 weeks without a property over $10M going in to contract. If this is any indication of the Progressive Mansion Tax’s impact on the luxury market, it is certainly not favorable. This will be a key trend to monitor for the remaining part of 2019, specifically the volume of deals at $10M where the tax liability as escalated as a result of this.

 Pricing:

Looking at the data and negotiating for our clients, it is evident that pricing is still an ongoing issue, namely, the market is saying properties are still a bit overpriced. With that said, price reductions have been instrumental to keep product moving. Sellers are reducing prices for luxury properties anywhere between 9-11% before they enter contract. Pricing will continue to normalize in order to keep transactions moving through the rest of 2019.

With that said, pressure on pricing is being influenced by myriad things including inventory and negotiability. We are certainly in a Buyer’s market, however, there are many Buyer’s that continue to sit on the sidelines. Buyers know they can get a deal and have a wide array of selection, so they can become stubborn in instances, waiting for a deal they think is “better” to come down the line. As a result of increased inventory and a degree of Buyer hesitancy, time on the market has climbed for the luxury market in Manhattan. In Q2, average time on market had climbed to 168 days. This number can escalate quickly as price tier increases. We have seen some ultra-luxe properties on the market in excess of 365 days.

Politics:

Similar to the impact of Taxes, we have seen and expect political impacts to be felt from both the local and national levels. Thinking about the remaining part of the year, the 2020 Election will definitely have an impact on the market in some way as we progress towards the election throughout the cycle. That, of course, remains to be seen, but we expect some impact on the market at a larger level

Additionally, aspects of the current political climate that have resulted in Macroeconomic impacts such as a possible Trade War with China and Stock Market volatility have ancillary effects that trickle in to the luxury market. Largely, both of these events have contributed to some of the lingering hesitancy in the market from Buyers despite amazing deals being prevalent on properties.

At a local level, there has been influence on the market as a result of political decisions that resulted in Amazon pulling out of NYC as the location of its second headquarters as well as the recent passage of updated Rent laws by City Council.

Manhattan Q2 Inventory by Type
Manhattan Luxury Real Estate Q2 Sales by Unit Type

 

5 Most Expensive Homes Currently on the Market in New York City

New York Real Estate is viewed by many as one of the most competitive luxury markets in the world. There is much talk about the luxury market slowing down, but on the ultra-luxe end, there is no shortage of unique, ultra-pricey listings. From townhouses to penthouses, we rounded up a countdown of the five most expensive properties presently gracing the NYC real estate market. 

*All listings and image of respective listing agents/brokers

#5- 25 Columbus Circle, PH80

Photo: Corcoran/Deborah Grubman

Photo: Corcoran/Deborah Grubman

Related CEO Stephen Ross listed his Penthouse high above Columbus Circle in the Time Warner Center for $75 million. This has been Ross’s residence since Time Warner Center was initially completed. The interiors are designed by Tony Ingrao, who interestingly enough, have done the interiors at Related’s 35 Hudson Yards. He has customized virtually all aspects of the home.

Listed By Deborah Grubman Corcoran

#4- 45 East 22nd Street PHAB

Photo: Douglas Elliman/Noble Black, Holly Parker

Photo: Douglas Elliman/Noble Black, Holly Parker

Perched on over 13,000 square feet of living space above Madison Square Parks green space, this gorgeous triplex penthouse located at 45 East 22nd Street could be yours for a mere $77,700,000. Sprawled out over three top floors of this luxury building the penthouse features two separate studio apartments for staff, two parking spaces, access to all the buildings amenities including a golf simulator, gym, and a playroom, and not to mention the 360° views of all of Manhattan. With floor to ceiling windows and incredible entertaining space, this apartment is perfect for dinner parties and having guests over. Despite the interior concepts of Lee Mindel, Ryan Korban, and Thomas Juul-Hansen, the condo is being sold as a blank canvas for the owner to have the ability to truly make it their own.

Listing Courtesy of Douglas Elliman - Noble Black & Holly Parker

#3- 134 Charles Street

Photo: Bespoke Marketing

Photo: Bespoke Marketing

Back on the market a year later with an additional $30 million tacked on, meet 134 Charles Street. An 18,000 square foot single family home converted from a warehouse space. This listing, owned by investor Ciaran O’Kelly first popped up in 2014 on the market for a whopping $47.5 million after having purchased the building for 17 million and 2008 and giving it extensive renovations. Boasting an infinity pool, a 47-foot garden space, and a roof deck this apartment has returned once again for $80 million.


Listed By Zachary Vichinsky of Bespoke Real Estate

#2- “Le Penthouse” 172 Madison Avenue

Photo: Keller Williams NYC

Photo: Keller Williams NYC

Boasting every amenity imaginable Le Penthouse, located at 172 Madison Ave, comes in second with a price tag of $98 million. This 11 bedroom, 14 bathooom Skytop mansion is going for $4,945 per square feet, giving you almost 20,000 square feet of living space (4,500 of which are outdoor). The apartment boasts a private rooftop deck featuring a jacuzzi and a 67-foot salt water pool in addition to a gym, a pet spa, a playroom and much more. 

Listed By Raphael Sitruk and Efraim Tessler of Keller Williams

#1- “The Pinnacle” The Woolworth Building

Alchemy

Alchemy

Coming in as number one of the five most expensive listings currently on NYC’s market is the Woolworth buildings “the Pinnacle Penthouse” for $110 million which sits nearly 700 feet above the City. This penthouse is spread out above five floors featuring an elevator giving the owner easy access to all five levels. The Pinnacle first hit the market in 2017 and if sold anywhere near the asking price, it will break the record of most expensive sale ever downtown with the previous titleholder, a property at Chelsea’s Walker Towers selling for $50.9 million back in 2014. 

Alchemy Properties had to conduct extensive work to the Pinnacle before bringing it to market as the crown previously held maintenance equipment for office tenants below. Work included adding additional windows and replacing nearly 3,500 damage terra cotta on the facade. 

Besides being located in the iconic Woolworth building, this apartment boasts 360° degree views of the city, a 400 sq ft observatory, and 24-foot ceilings. 

How New York City's New Rent Laws Could Impact You

You may have heard chatter over Rent Laws in New York City over the recent weeks, and wondering what is it all about? City Council recently met to conduct their annual meeting in Lower Manhattan to discuss this years rent guidelines. With over 65% of New York’s 8 million people being renters, these regulations will likely impact you or somebody you know. With mixed opinions on the board's decisions, let's dive into precisely what the board decided. 

Rent Regulation

One of the most significant disagreements to be resolved in this years meeting was the issue of rent regulation. Previously if a tenant were to live in a rent regulated apartment and their income was to surpass a certain amount, the apartment would become deregulated.

Now, if you live in a regulated apartment, your apartment will continue to remain regulated despite your financial situation. Additionally, the laws called for more apartments to be part of the rent-regulated system. Additionally, and notably landlords now only have the power to add up to $89 to an apartments rent in between tenants after a renovation, previously landlords had the ability to add up to $1000.


For Renters

For regular renters, this meeting was a harbinger of good as well. It was a common occurrence for troublesome tenants to be put on a “blacklist” by their landlord; this is now considered a misdemeanor. Additionally, more restrictions have been placed on evictions, giving the tenants more time to leave their apartment if evicted and creating a fine between $1,000 and $10,000 for illegal evictions on the part of the landlord. 

Other ways the new laws impact Renters include:

  • Security Deposits must be returned to the Tenant within 14 days of vacating the unit

  • At least 30 days’ must be given to Tenants if the Landlord intends to raise the rent by more than 5%

  • Tenants have 30 days to fix lease violations, up from 10

  • Application fees are limited to $20, even when a background check is included


However, the news was not so good if you are a renter of a rent-stabilized apartment with the board voting 5-4 to raise rents for the 3rd consecutive year. The increase will go into effect on renewal leases started on or after October 1st, 2019, and September 30, 2020. The increase will come at a 1.5% increase for one-year leases and 2.5% for two-year leases. While this is still an increase, it is rather small compared to the 14% increase that New York had seen in the ’80s.


The new regulations affect a wide variety of renters and landlords in positive and negative ways. Feedback from Landlords is that these laws are disincentivizing them to upkeep existing apartments given there may be a cap on how much they can increase rent after a renovation. However, tenant advocates see the laws in a positive light, saying that some of them were desperately called for. 


Interview: Why Long-Time Upper East Side Resident Makes the Move to Upper West Side

When speaking to Real Estate, you know that the first thing anyone mentions about property is “Location, Location, Location!”. In New York City, we are fortunate to have so many diverse neighborhoods, each with their own character and offerings.

We help our Client hone in on the neighborhoods that best align to their lifestyle. We often find that people end up falling in love with a neighborhood and staying for many years.

But what about when people are interested in a neighborhood that they’ve never considered? It happens, and yes, it can actually offer great opportunity!

Why Long-Time Upper East Side Resident Victoria Shtainer Moved to the West Side:

Move to the Upper West Side

 Q: As a long-time resident of the Upper East Side, what made you explore additional neighborhoods that were not in your original consideration set?

Victoria Shtainer: It is a Buyer’s Market currently in NYC and we wanted to take full advantage of that. It is currently cheaper to Buy than to Rent, especially when we need a large apartment to accommodate the entire family. With that said, there is New Development available in NYC that offers Tax Abatement, which is a huge positive for Buyers/Investors and something that should strongly be considered, even if those buildings are not in your target neighborhood.

Q: You mentioned Financial Reasons – Can you elaborate a bit more on some of the opportunities out there for Buyers currently?

Victoria Shtainer: Yes, given it is a Buyer’s Market, and the volume of New Development that is on the market in NYC, the ball is in the Buyer’s court to negotiate. While some may be hesitant to buy, that is when even greater opportunity can be had. Financial opportunities can include

  • Tax Abatement: Buildings such as One West End Avenue and Waterline Square are offering a 20 Tax Abatement which means monthly Real Estate Taxes are incredibly low for 20 years, thus reducing the carrying costs significantly. This is a huge benefit, especially if you are an investor looking to purchase your unit to rent.

  • Incentives: New Developments are offering Buyers incentives to attract them to their projects given the competitive market. This may include Sponsor paid Common Charges for X amount of years, Sponsor Paid Transfer Tax, as well as negotiability on the Asking price.

I practice what I preach! All of this comes together to result in what was an amazing opportunity to move to the Upper West Side from an investment standpoint. Just as I would advise Client looking for a great opportunity, I demonstrated that by doing so myself.

Q: Do you foresee yourself having to adjust your lifestyle from what you might have been used to on the Upper East Side versus your new neighborhood?

Victoria Shtainer: No! In fact, the amenities here from both a building and neighborhood standpoint are amazing. Given the Upper West Side has many New Developments, the building is outfitted with state of the art amenities including a pool, expansive terrace, in-building parking, and more.

From a neighborhood perspective, we have access to everything we would want such as Supermarkets, working studios such as Soulcycle a block away, and popular coffee shops. Additionally, you can easily access the West Side Highway to get to the Lincoln Tunnels and George Washington Bridge.

Q: Given the New Development selection around the City, what made you focus on the Upper West Side compared to another neighborhood?

Victoria Shtainer: I think that there is tremendous upside in this area, especially from an investment standpoint when you factor in the financial benefits I previously mentioned.

Hudson Yards is a few blocks South and has completely transformed the Far West Side, and the arrival of Waterline Square is going to add great value and interest to this neighborhood. The project included 3 amazing buildings by 3 world-class architects and will be bringing a host of neighborhood amenities including 28,000 square foot Cipriani and Empellon, 2.7 acre park, and an ice skating rink in the winter.

 I think that the Far West Side is experiencing what Downtown experienced during the post-Sandy era.

Fourth of July: Things to Do in New York City and The Hamptons

It is almost time to celebrate America’s independence and enjoy the long weekend ahead.  The Fourth of July marks a time to partake in summer festivities including barbecues, beach trips, and of course fireworks. Whether in NYC or the Hamptons we have rounded up some of our favorite ways to celebrate this classic American holiday from firework displays to parties. 

NYC

Whether viewing the fireworks or going to a rooftop party spending the Fourth of July weekend in New York City is never a bad idea. Here are some of our favorite things to do in order to celebrate.


The 5th Annual Freedom Fest at Pier 15

via

This annual event is celebrating its 15th year this year. The event features a top DJ, a dinner buffet fully stocked with Fourth of July classics such as burgers and hot dogs, an open bar, and most importantly an excellent view of the fireworks. The event will run from 6:45-11:00pm on July 4th. Tickets are $205 per person.

View the Fireworks from any of the Free Viewing Spots Around the City

via

This year Macy’s will be hosting its 43rd annual fireworks display with fireworks launching from the Brooklyn Bridge and barges along the lower east river. The fireworks can be viewed from many locations across NYC including Brooklyn bridge park, and dedicated viewing sections on FDR drive, or any place with unrestricted views of the bridge. The firework display will begin at 9:20pm on July 4th.

Circle Line Fourth of July Cruise

Get an incredible view of the fireworks and the NYC skyline this July 4th on circle line cruises. Cruise down the Hudson river with complimentary beer, wine, and a buffet. Tickets are $229.

The Hamptons

Fourth of July events will be taking place all throughout the week out East in the Hamptons. Here are some of our favorite places to celebrate or view the fireworks.


Southampton Fresh Air Home’s American Picnic

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This Hamptons classic event will be taking place for its 32nd year on Friday July 5th from 7-10pm. Featuring fireworks by Grucci, carnival games, a picnic, dancing, and music this event is perfect for families and and event not to be missed.

Sag Harbor Yacht Club

With one of the best Hamptons fireworks display, pulling in around 20,000 viewers a year the Sag Harbor Yacht Clubs annual John A Ward Independence day fireworks display is back. The event is set to take place at 9:30pm on Saturday July 6th and can be best viewed from the marine park, Sag Harbor Wharf, or Havens beach.

Veuve Clicquot Champagne Pool Party

via

Set to take place at the Topping Rose House on July 4th from 1-5pm this pool party is not to be missed. Featuring a DJ, a grill out, and champagne this event is a great way to kick off fourth of July weekend. Tickets are $50 and include two glasses of champagne.  






New Renderings Give a Peak Inside the Luxe Residences from Aman in New York

Much buzz has been created over the past few months since the announcement that Aman Resorts would be opening its first urban residences in New York, at an iconic address, The Crown Building (57th Street and 5th Avenue)

While other buildings rising along 57th Street have garnered attention because of their height, pricing, and other features, Aman has quietly released new renderings of the project, and they are simply stunning! Based on the look inside, these homes are truly delivering the vision of an oasis in the middle of urban chaos.

Aman New York is slated to open its doors in 2020, bringing 83 rooms and suites in addition to 22 private residences. It’s been reported by the Wall Street Journal that nearly half of the private residences have already sold, despite being listed. It is rumored that asking prices start at $4.65M

About the Residences

For the Condo portion, there will only be 22 residences. As of now, we know that some homes are slated to have terraces as well as private pools. All of them come with access to a suite of ultra-luxe amenities. There is expected to be a Sky Lobby, members club, piano bar, wine library, cigar bar, a members-only jazz club and 2 restaurants. Arva will be serving Italian fare while Nama will be Aman’s interpretation of Japan’s washoku dining tradition.  

Living Room

Living Room

Aman Residences Master Bedroom.jpg

The Aman Club will encompass 3 stories of the building with a 75-foot pool, hot and cold plunge pools, fire pits, hammams, salon, gym, and juice bar. Based on the renderings, this Club will be a true representation of the Aman brand and the serene and luxurious spas for which it is known the world over.

Pool Terrace

Pool Terrace

Cigar Lounge

Cigar Lounge

 About Aman:

Aman Resorts are located around the world in both remote and urban settings, known for their meticulous design to frame their natural settings. People love Aman Resorts for the space and privacy that they offer.

Aman started in 1988 with the first location being on Phuket’s West Coast. It was named Amanpuri which means “place of peace.” From that, the Aman name was born. Today, there are 33 resorts, hotels, and private residences across 21 countries.

All Renderings Courtesy of Aman

We Sat Down With a Mortgage Expert: Here's What You Need to Know

Interests Rates Extend Declines

Mortgage Rates have been been on the decline year over year, and touched a 16-month low in recent weeks. While rates have been at historic lows for quite some time now, they are once again at very low rates. Near the end of May, the 30-year fixed, the benchmark Mortgage product, was at 3.99%. Many factors are putting downward pressure on Mortgage Rates such as U.S.-Chine Trade War concerns, Brexit, and concerns of weak economic growth.

Given rates are low, now is a great time to lock in a rate if you are considering financing. We often get asked many questions from our Buyers surrounding Mortgages - what’s best for me? Is this a good rate? Given Mortgages are top of mind for many in the current environment, we sat down with Mortgage export, Donna Vitalone, a Senior Lending Officer with Citi.

Victoria Shtainer: What are some of the most important factors to consider when deciding between a fixed rate and adjustable rate mortgage - time in residence? Affordability in the future? Etc.

Donna Vitalone: A number of important factors come to mind that the borrower should consider and weigh when deciding between a fixed rate and an adjustable rate mortgage.  First and foremost is determining where you are in the human life cycle based on your age plus your marital and employment/job status.  I think it’s equally important that the borrower also take into consideration:

  • whether or not it’s the borrower’s first home;

  • the length of time the borrower expects to own the property: 5 years, 10 years, longer than 10 years;

  • is the borrower upwardly mobile or is planning to downsize; 

  • is the borrower’s job the type that could possibly require relocating at any time in the future; 

  • does the borrower have a particular objective with regard to the mortgage such as either having the flexibility to manage monthly cash flow or is likely to rapidly pay down mortgage with bonus income or receipt of a large inheritance.

Victoria Shtainer: What is the most common mistake you see Buyers make when selecting a mortgage, or the biggest misconception about Mortgage product options?

Donna Vitalone: I’d say the most common mistake buyers make when choosing a program is to regard of a mortgage as just a loan when in fact they should consider choosing the program in much the same way they would any other financial planning tool where future plans will likely be given consideration;

Among the many misconceptions the most common I hear is “avoid paying points because it’s expensive”.  However, the truth is paying points can be a smart financial planning tool for primary home buyers who, by taking advantage of federal income tax benefits, by paying points not only buy down their interest rate but also see a reduction in their taxable income.

Victoria Shtainer: If you take a fixed rate loan, and rates drop continue to drop, are you locked in, or do most fixed rates loans give borrowers the flexibility to refinance to a lower rate?

Donna Vitalone: Because most fixed rate mortgage programs do not include prepayment penalties, they give homeowners the ability to take advantage of a lower interest rate environment by refinancing their fixed rate mortgage.  However, in deciding whether to refinance the borrower should be sure to first ask the loan officer to prepare a cost benefit analysis to confirm an advantage exists. 

Victoria Shtainer: As a Buyer, should I be most concerned about my credit score as it relates to getting the best rate?

Donna Vitalone: Definitely; a buyer whose financial house in order is also a borrower with a high credit score and one the bank will regard as being low-risk.  The borrower is certain to save money by the lower interest rate that will most likely be offered by the bank.   

The opposite is true for the buyer with a lower credit score who the bank will see as a high-risk borrower that should expect to be offered a much higher interest rate.  That buyer first think about engaging a credit repair firm that works with borrowers to improve their credit score by removing the derogatory information responsible for impacting their credit.  However, planning ahead is key for the prospective borrower when choosing this approach as the credit repair process often can be a protracted one. 

Victoria Shtainer: What is a Mortgage Product you have been leaning into recently that most Buyers may not be aware exists as an option to finance?

Donna Vitalone: Well there are three programs that come to mind with the first being relationship pricing.  While talking with clients I’ll often try to identify certain eligible assets which can lead to interest rate discounts on their mortgage if moved to my bank.

Another involves buying down the interest rate by paying points because for a client whose looking to manage their monthly payment it sometimes can be a more cost effective strategy than reducing the loan amount with a larger down payment.  This recently came up with one my clients who wanted to have a specific monthly payment.  I was able to show her that spending roughly $20,000 to pay points that would buy down the interest rate turned out to be a less costly approach than reducing her loan amount by adding another $90,000 to her down payment.  Needless to say, she was thrilled. 

Last, for clients wanting liquidity to meet unexpected expenses I’m most likely to suggest taking out Home Equity Line of Credit.

About Donna Vitalone:

Donna joined Citibank in 2018 bringing with her nearly thirty years’ experience in the mortgage banking industry. She has held positions as Market Development Manager, Correspondent Account Executive, Producing Sales Manager and Mortgage Loan Officer with organizations including JPMorgan Chase, Wells Fargo Bank, and Bank of America.  During that time, she has closed over $900 million in residential mortgages and winning many production and management awards as a result. 

 

Compass Concierge: Exclusive Service to Boost the Value of Your Home

In today’s market, Sellers are looking to get the most value from their home when selling, however, that can be challenging in a crowded market with a lot of inventory from which Buyers can choose. What is the key to getting more value for your home? Set it apart from the crowd.

We have previously discussed the value of staging a home when listing it for sale. We are happy to take this service to the next level by being able to offer our Clients Compass Concierge – an only-at-Compass offering where we will front the cost of services to improve your home so you can seller more quickly and at a higher price. 

About Compass Concierge

Compass Concierge will assist you with the execution of a tailored plan for updating and staging your home for prospective buyers. We will front the costs associated with home-selling improvements and collect a fee for the services rendered at the time of the property’s closing. House preparation services include staging, painting, deep cleaning, landscaping, and decluttering.

Compass Concierge

 How It Works

  • Our team will develop a tailored project plan with suggested home improvements and updates to prepare your home for the market.

  • You will contract directly with home improvement service providers.

  • Compass Concierge will pay the associated cost for home improvement work performed subject to your agreements with home service providers.

  • At the closing of the property, Compass Concierge will collect a fee that covers the cost of the work performed.

 This is just scratching the surface of what this exclusive service can offer our clients. Additionally, while Compass Concierge helps Sellers, there are also ways that this program can help Buyers as well.

 Interested in understanding more about Compass Concierge, its Use Cases, and how it may help you? Contact Us, we would love to chat!

 

Name *
Name

 Note: Restrictions apply. This program is available to all Sellers with an exclusive Listing Agreement with Compass. Properties that are short-sales or foreclosures are not eligible for the program. Structural or construction services will not be covered

Inside the 47th Annual Kips Bay Decorator Showhouse

Dining Room by  Cullman & Kravis

Dining Room by Cullman & Kravis

The 47th annual Decorator Show House is underway, showcasing work from top interior designers. The Upper East Side townhouse at 36-38 East 74th Street has been completely transformed, and all for a good cause, namely the Kips Bay Boys & Girls Club. All proceeds from the events will go to the Kips Bay Boys & Girls Club which provides after school enrichment programs to more than 10,000 youth in the Bronx.

Victoria Shtainer Kips Bay Decorator Showhouse

About the Kips Bay Decorator Show House

The Upper East Side is known for its historic and grandiose townhomes, and this year’s townhouse is situated on the Gold Coast of the Upper East Side, steeped with a rich history. 36-38 East 74th Street was features a brick façade and intricate architectural details, with the likes of Cross & Cross and D. & J. Jardine having worked on elements of the home. 36-38 East 74th Street was combined into the 40-foot wide mansion it is today by Cross & Cross.

In 1948, the home was purchased by Dorothy Hearst Paley, a prominent figure in New York society at the time. She hired Swiss architect William Lescaze to modernize the interior of the townhouse and redesign the front steps.

36-38 East 74th Street is a rare townhouse on the Upper East Side, with a width of 40 feet, a two car garage, and a 40 foot wide garden. The interior is comprised of nearly 14,000 square feet with 19 rooms, 8-11 bedrooms, and 10 fireplaces across 6 levels. The home is in the heart of the Upper East Side, one block from Central Park and nearby to iconic institutions such as the Met Breuer and Frick Museum.

It is currently offered at $28,750,000.

Decorator Showhouse

Staircase by Brian Gluckstein

Staircase by Brian Gluckstein

Office by Eve Robinson Associates

Office by Eve Robinson Associates

The expansive townhouse residence has become a showcase of work from renowned interior designers that have donated their time and skill to create the beautiful spaces. The interior features 6 floors of living space which have been transformed into sumptuous space from an elegant staircase  to a luxurious dining area and attention grabbing work studio.

 

The Show House will be running Until May 30th 2019.

36-38 East 74th Street
Monday-Saturday: 11-5pm
Tuesday and Thursday: 11-8pm
Sunday: 12-5pm

Tickets can purchased online in advance by visiting Kips Bay Decorator Show House. Remember, all ticket proceeds benefit the Kips Bay Boys & Girls Club.

Guide: 5 Things to Do for Mother's Day in New York City

Mother’s Day is Sunday May 12th. Whether spending the day with Mom in the city, or sending her a gift, we’ve rounded up 5 ideas for Mother’s Day in New York City as well as a few gift ideas. From Brunch to a Staycation, check out these fun things to do with Mom in New York City:

Brunch

Photo: Teddy Wolff

Photo: Teddy Wolff

We could right an entire post just on Brunch places…it is New York City after all. Check out Simon & the Whale conveniently located in Gramercy in the Freehand Hotel. The restaurant is done by Gabriel Stulman who is also behind city favorites Fairfax, Charlie Bird, and Fedora.

Notable items for a Mother’s Day Brunch include griddles banana bread with date syrup, ricotta artichoke popovers, and sorrento lemon mascarpone danishes

New York Botanical Garden Party

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Enjoy the beautiful spring blooms at the weekend-long garden party at the New York Botanical Garden. This year is expected to be the biggest Garden Party yet! Stroll through the newly opened Lilac collection and enjoy live music and dancers on the garden’s main stage. There are a bunch of activities planned throughout the whole day, making it a great family event. Activities include putting on the green, croquet, guided walking tours throughout the gardens, face painting, and bouquet making demonstrations to name a few.

The event will take place during the entire weekend, from 10am-6pm on Saturday and Sunday.

All garden pass $28, $12 children // 2900 Southern Boulevard

 Mother’s Day at the MoMa

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Check out that exhibit you’ve been wanting to see at the MoMa with a special day planned for Mom. Before the Museum opens to the public, enjoy breakfast in the Terrace 5 Café which overlooks the Abby Aldrich Rockefeller Sculpture Garden.

After breakfast, you can participate in exclusive group tours of the MoMa collection, including special exhibitions.

Tickets: $120 Adults // $25 Children

Staycation at the Four Season New York Downtown

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Treat Mom to a special weekend Staycation at the new Four Seasons New York Downtown. They are offering a special promotion package for Mother’s Day called the Overnight Pamper Package. The package includes:

  • Overnight accommodation

  • In Room Dining Breakfast for Two

  • 80 minute Soveral Facial

  • Complimentary glass of Champagne or Wellness Elixir in The Spa

Rates starting at $795

Tea at Bergdorf Goodman

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BG at Bergdorf Goodman hosts afternoon tea daily from 3-5pm. If a full brunch isn’t your thing, this is a great way to pass the afternoon at a place that all women love, the famed Bergdorf Goodman department store.

Tea service comes with an assortment of tea sandwiches, freshly baked scones, fruit preserves, Devonshire cream, and a variety of petite sweets. We recommend getting the option paired with a glass of Veuve Clicquot Champagne. After tea, take mom downstairs to pick out a luxurious gift.

$45 per person or $62 with glass of Veuve // 58th Street at 5th Avenue

Gift Ideas:

Flowers: Flowers always make the perfect gift for Mother’s Day. What Mom doesn’t love a beautiful arrangement? One of our favorites in New York City is Ovando

Ovando takes a unique approach to floral arrangement, creating stunning displays both classic and modern. Quality and craftsmanship defines the brands beautiful arrangement. The store, dubbed the Botanical Gallery, is a experience not worth being passed up, and can also be rented for private events.

They have a special collection for Mother’s Day which you can shop directly here.

Fragrance: Replenish Mom’s favorite perfume, or buy her a new one. Byredo has some of the best scents available. For Mother’s Day, why not pick a scent thats grounded in floral notes?

Byredo Rose of No Man’s Land is an elegant floral fragrance that was created to pay homage to the nurses and heroines who served on the front lines of World War I. The fragrance has notes of pink pepper, Turkish rose petals, and raspberry blossom among others.

Available at Barneys

Dress - Looking to splurge on Mom? Treat her to an iconic Dolce & Gabbana dress that will be perfect for Spring and Summer whether in the City, The Hamptons, are the Almafi Coast. Dolce & Gabbana has beautiful prints inspired by the Italian scenery and Coast. They are known for the recognizable floral prints.

Dolce & Gabbana Cold Shoulder Anemoni Print Poplin Dress - Available at Bergdorf Goodman