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A model residence opens at 393 West End Avenue
New York City designer Crystal Sinclair has unveiled a model residence at 393 West End Avenue, a 1920s building on the Upper West Side updated for 21st-century living by CetraRuddy. On the market for $5.995 million, the apartment at 11A is styled in geometric shapes, warm tones, and vintage furnishings that Sinclair says “invoke the carefree spirit of the 1970s.”
Much of the furniture is vintage and sourced from Europe and Brazil to create an inviting and relaxed atmosphere. Those pieces are complemented by wood-veneer Phillip Jeffries wallpaper and furnishings by Vladimir Kagan and Raymond Loewy. A triangular Moroccan wool rug from Sinclair’s personal collection contrasts with the living room’s curves and cylinders and enhances the disco-era vibe. Sinclar describes the four-bedroom apartment’s color palette of rich browns, creamy whites, and soft pinks as a “sunset on a plateau desert.”
According to the buildings’ developers, Rabina, the building is one of the last condo conversions in the West End–Collegiate Historic District due to the neighborhood’s landmark status.
Sales for 393 West End Avenue launched last April, with Louise Phillips Forbes of The Louise Phillips Forbes Team at Brown Harris Stevens leading sales. Move-ins are expected to commence in the spring.
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New York governor Kathy Hochul vetoes bill closing condo loophole
New York governor Kathy Hochul vetoed a bill last week that would have ended a loophole giving tax breaks to suburban real estate developers.
New York housing law allows single-family homes on large lots to be designated as condominiums and assessed at a lower tax rate than traditional single-family properties. That workaround allows more than 100,000 homeowners to avoid paying at least $330 million in taxes, according to Syracuse.com.
A measure passed by the legislature in June would have let municipalities apply higher tax rates to those homes. But Hochel vetoed the bill on December 29, concerned it would deter new construction. “At a time when New York state is in the midst of a statewide housing crisis, this would be an unacceptable outcome,” the governor said in her veto statement.
Manhattan real estate ends the year on slow note
New York real estate softened in the fourth quarter of 2022, according to a new report from real estate firm Serhant. There were 28.2% fewer sales than in the fourth quarter of 2021, although the median sales price dipped just 1%, to $1,125,000. (The average sales price actually increased 5.6%, to $2,097,969.) The luxury market saw a bit of an upswing, with 2.3% of deals inked at $10 million or above. That’s up from both the third quarter of 2022 and the end of 2021, when super-prime deals represented just 1.8% of the market.
New developments also saw a slowdown at year’s end, with a total of 297 sales, down more than 16% from the third quarter. Contracts for condos with two or more bedrooms decreased, while those for smaller studio and one-bedroom units improved. “This is a marked shift from the COVID era, when larger, more spacious homes became the size of choice,” Garrett Derderian, Serhant’s director of market intelligence, said in the report.
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