The Monthly Insider | March 2016
The Hustis/Jovanovic Team
Our Industry: What’s the Latest?
With the Spring-like weather in the air the last couple of weeks and a seemingly traditional busy spring real estate season ahead of us, we figured we would give you an update on the market and what we have seen thus far from 2016.
Fill me in…
Despite the turmoil in the financial markets that started the year — keeping some paralyzed and fearing a major correction — we have been very busy and have seen buyers buying and sellers selling, especially as financial markets recovered. Our team alone has already closed over $30 Million in sales in 2016 and has another $41 Million in contract. This follows after a very strong 2015, where our team closed on properties totalling over $100 Million in sales, allowing us achieve the ranking as the #2 (out of 616) brokers nationally at Compass.
The good news is the market has definitely shifted from a place where sellers had all the leverage this time last year to more of a “balanced” market. Now buyers and sellers have to rationally agree to a price. No matter what there is always a market, and the key to navigating the market is through our continuous and real-time analysis of all neighborhoods and price points. As a team, we are able to stay ahead of the curve because we address our client’s needs both in the short and long term, which allows us to successfully guide our clients in making solid decisions. Monitoring trends rather than events, advising effectively, and negotiating based on the variables at hand is what we are known for and do best.
We wanted to thank everyone who has trusted us and has referred friends, family members, neighbors, and colleagues, it really means a lot to us! January 2016 marked the beginning of the 13th year that we have worked together advising our clients on the residential real estate market. In that time you have come to rely on us for guiding you through complex searches and transactions, difficult and fun personal situations, a major financial crisis, rhetoric truths from the media and governmental officials, and through all the changes that have impacted our great city and lives here. We thank you again and hope that you enjoy this edition of our newsletter.
Our Industry: The Scoop.
No recent addition to the cityscape has aspired to combine public utility and aesthetic daring to the same degree as Spanish Starchitect Santiago Calatrava’s Oculus.
The world’s most expensive train station is now open at the World Trade Center Transportation Hub. Whether this title holds true against the entire sweep of history, the amount of public money so far committed — nearly $4 billion — is double the inflation-adjusted cost of the station’s nearest living referent: Grand Central Terminal, although the Oculus is larger and taller than the main concourse.
In comparison the hundred-year-old Union Square station and more than a dozen other subway stations are much busier and more important to Manhattan transit hubs than the Oculus which has had many people questioning the great expense vs. public utility. It has been said that if Grand Central is a train station with some shops, the Oculus is a shopping center with some trains. Retailers will include an Apple Store and others that will link to Brookfield Place, which has the wonderful food hall Le District and many other fine shops. If you are in downtown Manhattan on a sunny day or happen to be passing through take a moment to admire, if anything at all this incredible piece of architecture.
Our Industry: Plaza Hotel Up for Auction.
Current owners, David & Simon Reuben are foreclosing on this trophy property next month. The Monaco based brothers originally paid $800 Million for the debt from the Bank of China after the last owner also defaulted. The sale includes all hotel rooms, restaurants and retail space. Hotel ownership has changed many times with Trump having purchased it in 1988 then selling it to Troy Richard Campbell for $325 Million. Campbell sold the property for $675 Million to Elad Group who completed the luxury condo conversion. Click here to learn about this historic and trophy property.
Our News: Here is what we’ve been working on…
After a wildly successful 1st edition of Compass Quarterly, our national magazine, the 2nd edition was just released Friday. You may have seen it in the NY Times, Wall Street Journal, LA Times, Washington Post, Miami Herald, or Boston Globe. The marketing team made numerous updates, but kept true to the concept of a creative publication. Compass Quarterly blends introspective and detailed stories, while featuring exceptional properties with beautiful imagery and cutting edge design. If you would like a physical copy, we would be happy to send it to you, in the meantime if you would like to view the digital copy click here.
Our News: Learn More About the Compass Team.
Christina Allen | Head of Product
This month we wanted to introduce to you our Head of Product, Christina Allen. Prior to Compass Christina lived in Silicon Valley where she was the Director of Product at LinkedIn, 5 months ago she joined Compass and moved her family to New York City. In her time here, she has radically transformed the Product Team to be a seamless channel, deciphering which products brokers need and the order our 52 in-house engineers should build them.
Why is this important you may ask? Christina lives and breathes workflow and timelines, however she has a deep understanding of writing code and layering processes. More importantly she really gets real estate as she has bought and sold numerous homes in her life. A growing firm like ours really needed Christina’s expertise to continue to build in a sustainable, yet exponential fashion. She started her career as a research analyst at Xerox in the 80s where she incubated some of the first “online” communities, and since then has helped to launch several companies. She has always been a true visionary and a woman admired for her success in what is considered a male dominated industry. We are very happy that she is on board and look forward to sharing the cool products her team is building.
Lifestyle: Around Town.
Silicon City Exhibit — New York Historical Society
No one thinks of New York as being the center of science and technology, but at one point it was. Tesla, Westinghouse, and Edison laid the foundation for science and innovation in the area and this exhibit shows the evolution of computing. From some of the original computer scientists at Bell Labs, to the Selective Sequence Electronic Calculator (which was a basic calculator the size of the dinner table), to actual displays from IBM’s Pavilion at the 1964 World’s Fair, there are so many fun displays. They show how far we have come in such a short period of time and the role that New York played in the evolution.
The exhibit only runs until April 17th located at the New York Historical Society at the corner of West 77th and Central Park West.
Lifestyle: New York’s Great Food Halls
We wanted to highlight some of the best food halls in the city so you can switch up your go-to lunch spots, grocery stores, and have a fun activity to do with out of town visitors.
Eataly — NoMad. Originally founded in 2004 as an Italian food hall/grocer and opened in NYC in 2010. Eataly was the trendsetter for upscale Food Halls in the city.
Gansevoort Market — Is Moving! New Location: 353 West 14th Street. Luzzos and Tacombi are a must try.
DeKalb Market Hall — Downtown Brooklyn. Coming soon! Including the famed ice cream of Ample Hills and the second outpost for Katz’s Deli.
Le District- Battery Park City. Located at Brookfield Place, this French equivalent of Eataly has beautiful, Hudson River views.
Urban Space, Vanderbilt — Midtown East. A few steps from Grand Central, offering a wide range of vendors including the famed Roberta’s Pizza and Dough doughnuts.
The Plaza — Central Park South. Located under the Plaza Hotel, you can browse and Dine in Style. Billy’s Bakery & Epicerie Boulud are our favorites.
Chelsea Market — Chelsea. Shopping and eating converge in this upscale warehouse. Incredible wine tastings at The Vault and Ninth Street Espresso are not to be missed.
Social: Coming to Market!
Spectacular pre-war, 2 bed Co-op Midtown East
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Compass: The Hustis/Jovanovic Team