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Washington Plaza Press Round Up - 6.30.16
- 1. Washington Plaza Press Round Up As of June 30, 2016 “A Makeover That Aims to Preserve” The New York Times June 12, 2016 Real Estate Weekly “NEW DEVELOPMENT: Cats’ tall order in Fort Greene, Closings underway at 56 Leonard” May 20, 2016 The Queens Tribune “Gone Co-Op” May 9, 2016 New York YIMBY “First Look: Washington Plaza at 73-12 35th Avenue, Jackson Heights” April 28, 2016 The Real Deal “Despite discount, tenants being priced out at Jackson Heights co-op conversion” April 18, 2016 DNAInfo “Jax Heights Apartment Complex Goes Co-Op, as Tenants Fear Being Priced Out” April 15, 2016 The New York Post “Spring Fever” April 14, 2016 Brick Underground “Note to Queens, the Bronx and Staten Island: These new developments and conversions are headed your way” April 1, 2016 Curbed “New NYC Developments for Sale” March 23, 2016
- 3. ! May 20, 2016 NEW DEVELOPMENT: Cats’ tall order in Fort Greene, Closings underway at 56 Leonard BY REW • MAY 20, 2016 Delta Management Re-imagined Washington Plaza opens for business The redesigned Washington Plaza Art Deco prewar rental complex has launched sales. Located in Jackson Heights, Washington Plaza, which is being converted into a co-op building, will fill a void for first-time homebuyers, families and buyers looking for a spacious home. “We are creating homes that capture the historical grace and charm of Jackson Heights while incorporating features that reflect a contemporary lifestyle,” said Marilyn Sollar, director of sales and leasing for Delta Management LLC, managing agent for the sponsor entities. The sponsors have owned the property for over 50years, and have been active in New York real estate for four generations. Washington Plaza has six lobby entries, which will be renovated as part of the ongoing conversion. Each lobby leads to its own apartment wing, and all are connected by a common basement and roof. The re-crafted 190 residences provide range from one-bedroom apartments averaging 900 s/f, to three-bedroom apartments averaging over 1,500 s/f. The penthouse is 1,850 s/f. Kitchens have Italian, soft close lacquered ash wood cabinetry, Caesar-stone countertops and stainless steel Frigidaire appliances.
- 4. Residences will begin at a price point of approximately $375,000 for one-bedroom apartments. http://rew-online.com/2016/05/20/new-development-cats-tall-order-in-fort-greene- closings-underway-at-56-leonard/
- 5. RENTING • OWNING • DEVELOPING • INVESTMENT • FINANCE Real EstateMARKETPLACE Real EstateVOL. 3 NO. 5 MAY 5-11, 2016 Real Estate Hunter’s Point South’s Next Phase Moves Along PAGE 2 Flushing Group Wants 100 Percent Affordable Housing Page 4 No Pet Policy? You May Be Able To Get A Waiver Page 9 GONE CO-OPJackson Heights’ Overhauled Washington Plaza Kicks Off Sales. Page 6
- 6. PAGE 6 MAY 5-11, 2016 TRIBUNE/PRESS REAL ESTATE MARKETPLACE BY JON CRONIN Staff Writer W ashington Plaza in Jackson Heights announced the beginning of co-op sales after a beautiful new redesign and apartments with single bedrooms starting at $375,000. The co-op has new amenities and proximity to Manhattan, Washing- ton Plaza, an Art Deco prewar rental in the heart of Jackson Heights. The developers plan on it filling a void for first-time homebuyers, families and buyers looking for a spacious home in this increasingly prominent location close to Manhattan. “We are creating homes that cap- turethehistoricalgraceandcharmof Jackson Heights while incorporating features that reflect a contemporary lifestyle,” said Marilyn Sollar, direc- tor of sales and leasing for Delta Management LLC, managing agent for the sponsor entities. The six story, six building prop- erty was originally designed by re- nowned architect Sylvan Bien, who also designed the Carlyle Hotel and 737 Park Street. Washington Plaza’s own- ers of 50 years are looking to retain the scale and grandeur of that bygone era.. They announced that the build- ings have received, “Recognition for the Historical and Architectural Merit” by the Queens Historical So- ciety and its National Register His- toric District status. Theirnewdesign highlights “many signature features of Art Deco design are evident throughout the prop- erty. A Greek-key geometric pattern runs along the exterior brickwork of the buildings, and is also featured over each of the six lobby entries, which will be renovated as partof the ongoingconversion.Theentriesform ahorseshoeshape,withagarden,cas- cading fountains, tranquil pond and sitting area enclosed in the middle. Each lobby leads to its own apart- ment wing, and all are connected by a common basement and roof. In ad- dition, upon entering the property, a stately gatehouse will be attended at key hours daily,” stated a spokes- person. The developers see this change as a re-crafting of the 190 residences. Their purpose is to showcase the right combination of prewar el- egance and extraordinary style. The apartments will keep their original size and depth. They will range from spacious one-bedroom apart- ments averaging 900 square feet, to three-bedroom apartments av- eraging over 1,500 square feet. The 1,850 square foot penthouse will feature gorgeous Manhattan views. Each residence has beautiful archways and original plaster moldings, ceilings that reach nine feet, hardwood floors of espresso solid oak, and large closets, many of which are walk-in. “Washington Pla- za offers buyers an unparalleled level of spaciousness, craftsmanship and convenience that they [buyers] are not likely to find elsewhere,” added Sollar. Washington Pla- za will also offer thoughtfully selected amenities such as a s t a t e - o f - t h e - art fitness center and on-site laundry facilities. All of the residences are prewired for cable and Internet. The sales gallery is located onsite at73-12 35thAve. Occupancyisslated for late summer 2016. For additional information or to schedule an ap- pointment, please contact Nu-Place Realty, the exclusive sales agent for thepropertyat(718)899-0202,orvisit their website: wplazanyc.com/. Washington Plaza’s Reinvention: BY JON CRONIN Staff Writer Refurbished Co-op In Jackson Heights Begins Sales
- 7. ! ! ! April 28, 2016 First Look: Washington Plaza At 73-12 35th Avenue, Jackson Heights A rendering of a living room at Washington Plaza. Via Delta Management BY: EVAN BINDELGLASS 7:30 AM ON APRIL 28, 2016 A pre-war apartment complex in Jackson Heights, Queens is coming back to life. It’s the six-building development known as Washington Plaza, and with sales having started on Monday, we have a first look at its co-op residences. Rendering of the gatehouse at Washington Plaza. Via Delta Management
- 8. The complex has 190 units, but only 53 have been put on the market so far. They range from one-bedrooms averaging 900 square feet and starting at $374,000 to two-bedrooms averaging about 1,100 square feet and starting at $560,150 and three-bedrooms averaging over 1,500 square feet and starting at $929,050. There is also an 1,850-square-foot penthouse unit, with a view of Manhattan. Rendering of a bedroom at Washington Plaza. Via Delta Management Some of the units have nearly nine-foot ceilings and all of them have archways and plaster moldings, plus hardwood floors and large closets, some of which are walk-ins. Rendering of the garden at Washington Plaza. Via Delta Management
- 9. After passing a gatehouse, all of the six-story buildings have their own lobbies, but a common basement, the exterior garden, and the roof connect all of them. The complex itself was originally designed in the 1920s by Sylvan Bien, who designed the Upper East Side’s Carlyle Hotel. Of course, it has been brought into the 21st century with stainless steel equipment, on-site laundry and fitness facilities, and residences pre-wired for cable and Internet. Rendering of a kitchen at Washington Plaza. Via Delta Management “We are creating homes that capture the historical grace and charm of Jackson Heights while incorporating features that reflect a contemporary lifestyle,” said Marilyn Sollar, director of sales and leasing for developer Delta Management LLC. At 73-12 35th Avenue, it is less than a 10-minute walk from either the 7 train or the M and R trains. Occupancy is expected this summer. http://newyorkyimby.com/2016/04/first-look-washington-plaza-at-73-12-35th-avenue- jackson-heights.html
- 10. ! ! ! ! ! April 18, 2016 Despite discount, tenants being priced out at Jackson Heights co-op conversion Some residents want the prices to be lowered even further April 18, 2016 12:50PM Washington Plaza in Jackson Heights is going co-op, but the “insider” discount may not be enough for many residents to buy. Existing tenants can buy a pad at the 190-unit building for 10 percent less than market rate, but units have appreciated in value by as much as $160,000, and many of the residents who agreed to convert the complex in 2014 are now on the outside looking in. At a recent tenant meeting, some residents of the six-story complex at 73-12 35th Avenue said they were “disappointed” and asked that prices be lowered more than 10 percent, according to DNAinfo. A two-bedroom, one bathroom apartment originally offered in 2014 for $402,161 is now listed at $562,275, documents show. A three-bedroom, two-bath apartment originally listed for $576,198 is now on the market for $830,790. The prices are in line with with demand for apartments in Jackson Heights, Marilyn Sollar, who is handling the units sales, told the website. Around 52 apartments, which are now vacant, are undergoing renovations and that also contributed to the higher prices, Sollar said. Sales will officially launch on May 1. Last month, The Real Deal found that there were only three studio apartments for rent in Jackson Heights and the neighborhood’s rent rate is 2.6 percent higher than last year. [DNAinfo] — Dusica Sue Malesevic http://therealdeal.com/2016/04/18/prices-jump-at-jackson-heights-rental-to-co-op-conversion/
- 11. ! ! ! ! ! ! April 15, 2016 Jax Heights Apartment Complex Goes Co-Op, as Tenants Fear Being Priced Out By Katie Honan | April 15, 2016 1:22pm | Updated on April 18, 2016 8:43am JACKSON HEIGHTS — A large rental complex along 35th Avenue has accepted a plan to be converted into co-op, as some in the building fear the rising cost of apartments since the original plan was released could push them out. Washington Plaza, a 190-unit complex with six wings between 73rd and 74th streets, voted for the plan after it was first presented in April 2014, records show. It was accepted for filing this February. Tenants already living in the buildings are being offered a special "insider" price for 90 days after the plan's approved, at 10 percent less than the "outsider" price, officials said.
- 12. But some got sticker shock from the spike in what was presented in the original book. At a recent tenant meeting, many asked that the insider price be lowered, according to people who were in attendance. A two-bedroom, one bathroom apartment originally offered in the book given to tenants for $402,161 is now listed at $562,275, documents show. And three-bedroom, two-bath apartment for $576,198 is now going for $830,790. Some tenants — who asked not to be named — said they were "disappointed" by the change in price and felt tricked by what was presented in the original book. Others were hopeful for successful sales. Rafael Bellber, a Washington Plaza renter who handles mortgages for properties, said the switch to co-op could be a "tremendous opportunity" but it would need a high number of owner-occupied units to be successful. "My hope is that the current tenants decide to purchase their units, as this can give us a healthy start to reaching that goal," he said. "I believe if the tenants are satisfied with their insider price they would be motivated to proceed with their purchase." Those working on the project said the revised prices are a reflection of the rising value of real estate costs in the neighborhood. "The outsider prices went up, and the tenants have always been offered a 10 percent discount," said Mark Axinn, the lawyer handling the conversion. "That price went up across the board. In the last two years, Jackson Heights has very much been in demand." Marilyn Sollar, who is handling sales on the units, said they priced the apartments in the final "black book" in line with what apartments have been going for in the neighborhood. "It's our obligation to understand market pricing," she said. "Jackson Heights has been really on fire. It's really a very hot neighborhood." Renovations around the building, including inside 52 vacant apartments, also contributed to the spike, Sollar said. "The renovations are exquisite," she said, noting brand-new kitchens, cabinets imported from Italy and stainless steel appliances inside the empty apartments. The building hired a special craftsman to restore the original scalloped crown molding in bedrooms, and outfitted the units with modern lighting and bathroom fittings.
- 13. They are also redesigning the lobby and hallways and adding more foliage to the already prized interior garden, including adding more seating. "At each and every turn...we opted for the better option," she said of the upgrades. Sollar said they plan to officially launch sales on the apartments May 1. For more information, visit the Washington Plaza website. https://www.dnainfo.com/new-york/20160415/jackson-heights/jax-heights-apartment- complex-goes-co-op-as-tenants-fear-being-priced-out
- 16. ! ! ! ! ! ! April 1, 2016 Note to Queens, the Bronx and Staten Island: These new developments and conversions are headed your way By Mayra David April 1, 2016 – 1:59AM