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The Observer's Upper East Side Living

The Observer's Upper East Side Living

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Published by Anna C. Lindow

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Published by: Anna C. Lindow on Mar 19, 2010
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08/30/2012

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FIND YOUR IDEAL AGENTTHEN SEARCH LIKE ONE
Through all NYC Listings in Real TimeOnly at
halsteadaccess.com

 



 
 
3
 
BY JILLIAN BLUME
A
udrey Hepburn cre-ated a vision of the Up-per East Side party girlwith a past in
 Break-fast at Ti 
 
any’s
, playing the dra-matic and flighty Holly Golightly.She lived in a brownstone filmedat 169 East 71st Street. Her favoritehaunt was a bar on Lexington Ave-nue. Today’s uptown party girl hasits representation in Paris Hilton,Olivia Palermo, Tinsley Mortimerand their brood. Glamorous, high-spirited and a little inaccessible,they represent a lifestyle that couldbe described as aspirational, stu
 
y,privileged, elegant, cultured and af-fluent.The Upper East Side, however, isnot just for the rich and famous;there are properties for families of di
 
ering financial muscle. As wellas o
 
ering some of the most luxu-rious (and expensive) properties,it also o
 
ers tremendous valuein both sales and rental proper-ties. “The Upper East Side ingeneral has always beenknown as one of thevery best residential lo-cations in New Yorkto live in,” says KellyMack, Corcoran Sun-shine Marketing.It’s considered bymany to be the mostprestigious addressin town, its residentialstreets lined with trees,stately prewar architec-ture, elaborate brown-stones, distinguishedtownhouses and exclu-sive luxury apartmentbuildings. Comprised of a numberof smaller enclaves including Carn-egie Hill, Lennox Hill, East End Av-enue, and Yorkville, it is an elegant,exclusive area, bordered by the EastRiver Esplanade and Central Park.“You have every single thing thatrelates to proper infrastructureto support a neighborhood,” saysMack. “It’s very clean, it’s very safe,and there’s always been a lot of verygood housing stock available there.It’s a long-established residentialneighborhood, unlike other parts of New York, which were more emerg-ing and have now developed them-selves into strong residential loca-tions, but they don’t have the samesense of history and maturity. Up-per East Side property values havealways held up and grown year-over-year.”
Star-StuddedNeighborhood
Once known as the “Silk Stocking”district, it was the site of the fash-ionable mansions of families such asthe Kennedys, the Rockefellers, theRoosevelts, the Whitneys, the Car-negies, the Astors and the Dukes.Ithas been home to actors and actress-es including Woody Allen, JamesCagney, Paul Sorvino, ChristopherWalken, Michael J. Fox, Robert Red-ford, Kevin Kline, Candice Bergen,Elizabeth Taylor, Ellen Barkin andGreta Garbo; musicians Cole Porter,Sean Combs, Art Garfunkel and BillyIdol; and famous designers such asDonna Karan and Ralph Lauren. Fa-mous athletes who own homes in thearea include Tiki Barber, Derek Jeterand Martina Navratilova. Businessmoguls occupying Upper East Sidereal estate include Rupert Murdochand George Soros. Madonna recent-ly purchased a four-story, Georgian-style townhouse at 152 East 81st for$40 million.
Real Estate Prices& the Market
“From this year compared to last,it’s like a di
 
erent world,” says Rog-er Erickson, senior managing direc-tor with Sotheby’s InternationalRealty. “Last year, pretty much ev-eryone was hiding in a cave expect-ing the world to end, and it a
 
ectedbuyers drastically. There were veryfew people braving to go out andeven look at properties, let alonepurchase. There was very little tonothing happening. And then inthe fourth quarter, things startedto pick up. The fourth quarter wasvery strong with a lot of transac-tions. I actually sold a house in ex-cess of $24 million, an apartmentin excess of $22 million, a couple of major deals over $20 million and alot of other transactions to roundout the year.”According to Mack, this is a greattime to buy real estate on the Up-per East Side. There is a lot of greatproduct to choose among. Invento-ry levels relative to historical aver-ages are high. “The inventory rightnow is about 1,600 units,” she says.“So there’s lots of really great in-ventory to choose from, and there’svalue to be had in terms of the pric-ing. Prices have adjusted downwardin the past year and a half by about20 percent. So if you look at value asit relates to potential price appre-ciation, I think everyone will agreethat the Upper East Side has longbeen known as an area that has sup-ported price appreciation and thathas all the infrastructure to supportgrowing property values.”The Upper East Side has some of the priciest real estate in the city,but even if your name is not Rocke-feller, you’ll still find plenty of prop-erties at various price ranges. “Thelower end of the market is insanelyhot with young people looking to
The Upper East Side
“I don’t want to own anything until I know I’ve found the place where meand things belong together. I’m not quite sure where that is just yet.But I know what it’s like. It’s like Tiffany’s.”—Truman Capote,
Breakfast at Tiffany’s 
, spoken by Holly Golightly.
The Upper East Side; Holly called it home.So can you.
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rmativeadvertisingandmarketingprograminwhichtherearenobarrierstoobtaininghousingbecauseofrace,color,religion,sex,handicap,familialstatusornationalorigin.EXCLUSIVE MARKETING AND SALES AGENT:
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Experience how the reality of The Lucida hasstayed absolutely true to the vision. With itsdramatic glass façade, richly styled interiors,filtered fresh air and unmatched entertainmentand spa facilities, it is the newest neighborhoodclassic with every detail built to the fineststandards. We invite you to visit and learnwhy we have sold 6 homes in the last month.
 
4
 
spend under a million dollars,” saysRoger Erickson. “I’d say the one tofour million dollar price point is alsovery, very hot. The only area thatstill seems to be slower is the highend of the market, where there arenot as many transactions happen-ing and not quite as much activity.”According to Kelly Mack, peopleare feeling a lot more confident.There have been several quartersin a row where the numbers havebeen strong, where prices are notcontinuing to decline, and wherepeople are starting to feel like it’sa good time to jump back into themarket. “It took some time, butmost of the sellers have become alot more realistic and have finallyadjusted their prices. So buyers andsellers are finally seeing eye-to-eyeon where the market is because wehave seen some form of stabiliza-tion. I think we’re pretty much onthe brink of some form of recovery.There’s a lot more transaction vol-ume in the market, and there’s a lotmore people who are jumping in be-cause they don’t want to miss theopportunity.”There were 615 sales on the UpperEast Side during the fourth quarterof 2009. According to Mack, this isabout 6 percent above the five-yearaverage and 200 percent year-over-year. So market velocity is clearlypicking up and inventory is actuallyshrinking. And the Upper East Sidehas some of the most extraordinaryand pricey real estate in the city.For example, Roger Ericksonhas a listing in the Pierre Hotel for$27,500,000. It’s the entire 29thfloor, about 5,000 square feet, withspectacular 360-degre views. Theapartment is newly renovated, andit comes with all the hotel servicesof the Pierre, including twice-dailymaid service, room service, a per-sonal housekeeper, and 24-hour ho-tel sta
 
. The aartment has 11 rooms,with a bar-equipped library, a hometheater, a personal gym, a home of-fice, a TV room, a formal diningroom, sta
 
rooms, guest rooms, abreakfast room and more. “If youwant to have a party, you call thebutler from the hotel to greet peo-ple as they get o
 
the elevator,” Er-ickson says. “It’s an absolutely re-markable lifestyle that one couldhave there.”Paula Del Nunzio, senior vice pres-ident, managing director at BrownHarris Stevens lists the Walter N.Rothschild Mansion on the Leh-man Gardens on East 70th Street for$25,500,000. With a design by ar-chitect Aymar Embury II, who con-ceived the other townhouses in thisenclave, and gardens designed byAlfred Rheinstein, this townhouseis truly a part of New York history.The architect worked on the Tri-boro Bridge, the Whitestone Bridgeand the original zoo buildings inCentral Park, but this collection of Georgian mansions are the onlyresidential buildings he designedin Manhattan. The Rothschild Man-sion has six floors of approximately11,256 square feet and a basementwith high ceilings.Of course, if you are planning onpurchasing, a broker is the most ef-fective way to assure that the priceis right. “I think a lot of people usethe Internet, which is a wonderfuleducational tool, but every deal isunique, and when you’re in a marketlike this, you really need to know thehistory and the ins and outs of thesebuildings,” says Kirk Henckels, di-rector of Stribling Private Broker-age. “Which means that you needto have a really experienced brokerto say this is priced right or it’s notpriced right. Time and time again,when I see people buying directly,they generally overpaid, and some-times quite significantly.”
UES
10 Facts aboutBLOOMINGDALE’S
1. It all started with the hoopskirt.Joseph and Lyman Bloomingdale, oneof the nation’s first trendspotters,opened Bloomingdale’s Hoopshirtand Ladies’Notions Shop on theLower East Side in 1872. 2. In 1886, Bloomingdale’s movedinto a row house on 59th andLexington, another visionary move;most of the competition was locatedon the more fashionable Upper WestSide.3. The Bloomingdale brothers were among the first to use dramatic scenesin their windows, later dubbed “retailing as theater.” 4. Along with their advertising campaign, “All CarsTransfer to Bloomingdale’s,”which appeared oneverything from delivery wagons to beach umbrellas,the store hosted gala events including the 1947Woman of the Year. 5. The Bloomingdale’s team commissioned artistJoseph Kinigstein to design the first designershopping bags in 1961 for the “Esprit de France”promotion. He used a reproduction of French tarotcards in red, black and white, and boldly omittedthe store name.6. Among the store’s model rooms, theirinstallation in 1971 of “The Cave”receivedworldwide attention with a multilevel frame wrappedentirely in white polyurethane. Frank Gehry, Federico Fellini and othersdesigned model rooms over the years. 7. Their logo was created for an intimate apparel promotion in 1973 whenthey decided to stamp the store name on panties using the nicknameBloomie’s to appeal to the young and trendy.8. When Queen Elizabeth II visited Bloomingdale’s in 1976, traffic wasreversed on Lexington Avenue so the Queen could step out of her car on theright side.9. New designers discovered by the buyers include Ralph Lauren, Dolce &Gabanna, Norma Kamali, John Galliano, Sonia Rykiel and Kenzo. 10. The first Bloomingdale’s store outside the U.S. opened in Dubai in 2010.
The Upper East Side
Shoppers flock toManhattan’s Upper East SIde.
212.828.4848
www.AzureNY.com
THE COLOR OFLIFE
What is the colorof perspective?

 
601 sf
 
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1,129 sf
 
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1,198 sf
 
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1,810 sf
 
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2,517 sf
 

 
333 East 91
st
Street at First AvenueON-SITE SALES & DESIGN CENTER

The complete offering terms are available in an offering plan available from Sponsor.File No.CD07-0555. Sponsor:1765 First Associates,LLC,820 ElmontRd.,Elmont,NY 11003.We are pledged to the letter and the spirit of U.S.policy for the achievement of equal housing opportunity throughout the nation.
 A joint development of the DeMatteis Organizations and the Mattone Group

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