Company News | TOWN Residential Officially Opens West Side Flagship Office

Significantly expanding the firm’s West Side footprint, the more than 14,000 square foot space in the prestigious 888 Seventh Avenue welcomes an esteemed roster of Representatives. 

Top: 888 Seventh Avenue, Image Courtesy Real Estate Weekly; Bottom: Andrew Heiberger, Founder and CEO; Gary Lacy, Managing Director; Adam Taylor; Director of Sales

TOWN Residential, New York’s leading luxury services firm, is proud to announce the opening of its new office on Manhattan’s vibrant West Side at 888 Seventh Avenue. Situated inside the prominent Emery Roth & Sons-designed building, the West Side Flagship welcomes an esteemed roster of Representatives, including the 75 Representatives and Associates previously associated with the 10,000-square-foot TOWN Fifth Avenue inside the widely-recognized and prestigious Crown Building. After hosting TOWN for six years, 730 Fifth Avenue has been slated for conversion to a world-renowned Aman hotel and 23 ultra-luxury residential condominiums. 

888 Seventh Avenue stands at the intersection of Billionaire’s Row and Columbus Circle at the gateway of the West Side. The expansive class-A space features double-height ceilings as well as direct views of the iconic Carnegie Hall and brimming Central Park. Along with a full suite of windowed private offices, the space includes multiple conference rooms, open workspaces and two large kitchen areas. As always, a TOWN Square stands as the office’s most distinctive feature in testament to TOWN’s hallmark culture of collaboration. 

Managing the new office and heralding its continued success are two TOWN veterans, Gary Lacy and Adam Taylor. 

Widely respected, Gary Lacy is known for his energy, innovation and keen market knowledge. The open-door policy he previously employed at TOWN Fifth Avenue yields itself well to the new environment, where he remains a driving force behind the growth of each of his Elite and recognized Representatives and teams. 

Adam Taylor carries over thirty years of luxury sales experience and over a decade of undeniable results in the high-end New York City real estate market. Most previously the Sales Director at TOWN Astor Place, Adam’s managing style can only be characterized by unwavering enthusiasm and steadfast dedication to every Representatives’ initiatives. 

With all the ease and accessibility of Lincoln Center and Columbus Circle, plus unbeatable highlights including The High Line, 57th Street Billionaire’s Row corridor, and a consistent presence of prominent banks and corporate headquarters including Barclays and CBS, the location brings a new meaning to the cultivated TOWN Experience that Representatives and clients alike have come to recognize. In the blocks surrounding 888 Seventh Avenue, residents of and visitors to the neighborhood enjoy popular dining destinations including Red Eye Grill and Brooklyn Diner. Plus, Central Park is always full of opportunity to enjoy leisurely, active, historic or family-oriented activities, no matter the season.  

Opportune in timing, the new office at 888 Seventh Avenue serves as a testament to the tremendous shift of excitement to the West Side now materializing through the Hudson Yards development. TOWN New Development is spearheading Circa Central Park, the Upper West Side’s most stunning and iconic new addition designed by FXFowle; the icon, a distinctive 43-story tower located at 306 West 48th Street designed by Ismael Leyva Architects and featuring luxury rentals; as well as exciting upcoming projects in the vicinity as well, including 520 Fifth Avenue, Cerruzi Properties’s highly anticipated super-tall Midtown luxury tower; and 212 West 93rd Street, a 14-story residential redevelopment of the historic Shaare Zedek synagogue. 

At 888 Seventh Avenue, TOWN joins an office presence that includes Vornado Realty Trust, Pershing Square Capital Management, Lone Star Funds, and respected industry colleagues from The Corcoran Group.

About TOWN Residential, townresidential.com
Founded by Andrew Heiberger in 2010, TOWN Residential has cemented its position as New York’s foremost luxury real estate services firm with seamless execution of best-in-class customer service by more than 500 local experts within strategically located Manhattan and Brooklyn locations. Completing more than 21,550 transactions totaling over $12.4 billion since inception, the firm celebrates success in luxury residential sales; leasing; the marketing, sales and leasing of property developments; commercial and retail.

Prioritizing genuine relationships with best-in-class local experts, TOWN Residential created a powerful network of more than 3,200 professionals within more than 180 offices spanning five continents. Clients and customers benefit from seamless interaction with Fortune International Group, South Florida’s pre-eminent fully integrated real estate firm with a reach that extends into Latin America; Chestertons, one of the premier real estate firms in London and the Middle East; Gilmar, Spain’s largest real estate network headquartered in Madrid; Forest Hill Real Estate, Inc., Toronto’s leading real estate firm specializing in the sale of luxury homes and commercial properties; The Fite Group Luxury Homes, the market leading independent luxury real estate firm in Palm Beach, Florida; AVENUE Residential, the leading Hoboken-based brokerage serving Hoboken, Jersey City, Weehawken and surrounding areas; Alpine Homes, the most sought after firm specializing in destination homes in Switzerland with a reach that extends into France, Austria and Italy; and Towne Realty Group, the inside expert for residential homes in North Central, New Jersey. TOWN Residential is also a proud member of Who’s Who in Luxury Real Estate, the world’s most prestigious network of brokerages who transact within the top 10% of their market.  

All endeavors are backed by TOWN Infinity, a fully integrated real estate technology platform that exemplifies the firm’s commitment to providing its Representatives, clients and customers with the most innovative and comprehensive applications to exceed all technology, listing and marketing needs.

TOWN Data | Weekly Amenities Report

New York City’s top buildings offer a range of amenities so extensive that residents might never have to leave home. Seasoned Representatives and savvy buyers know the importance of staying up-to-date on the latest amenities and top-notch services that buildings offer, from rooftop lounges to gyms or five star services, children’s playrooms, and more. With this in mind, TOWN is proud to provide you with the Building Amenities Report, the latest amalgamation of data intended to bolster your knowledge of the city’s greatest amenities as they correlate to recent sale prices.

As of January 30, the current average price of
a Manhattan apartment was:

$2,532,953

In buildings with these amenities, you can expect to pay:

TOWN Data | Location Report

location report broker loopThe old adage rings true, location is everything. In New York City, we have the world’s greatest amenities – from parks and cultural destinations to express transportation and premier shopping – right outside our door. It is with this in mind that TOWN shares the Location Report, the latest amalgamation of data intended to keep you up-to-date and ensure you make the most informed decision.

Real Estate Market News: The Commercial Real Estate Explosion of NYC

Real Estate Weekly recently published an article noting the invasion of new developments in both Manhattan and Brooklyn that feature retail components. The article also discussed sites completely devoted to commercial space, including the Mast Brothers’ new “chocolate brewery” at the reimagined Brooklyn Navy Yard and, of course, the mega-project at the Hudson Yards, which will have more than 100 stores, restaurants and an Equinox gym of monstrous proportions.

Image courtesy marvelararchitects.com
Image courtesy marvelararchitects.com

In June, The Real Deal released their list of the ten biggest projects that saw plans filed the prior month. While three of the filings were for schools and warehouse structures, the remaining seven permits all called for development of mixed-use buildings with residential units and retail space at their respective bases — most with planned commercial sections spanning tens of thousands of square feet.

This mixed-use craze is in line with the luxury amenities trend, where developers look to lure the best tenants with the promise of, not just a home, but a lifestyle. Retailers renting space in the building help to brand a development and the lifestyle quality of the residents living within it as well. On the flipside, retail components in buildings represent a continuous revenue source for the developer, which helps to offset construction and planning costs.

Image courtesy Tishman Speyer Properties
Image courtesy Tishman Speyer Properties

A recent report out of George Washington University School of Business called “Foot Traffic Ahead” may offer more insight into this commercial development boom. It stated that “walking cities” are growing, becoming more desirable living locations than suburbs. Over the last six or seven decades, it was the suburbs that saw continued population increases, but an increasing number of people these days are inclined to view cities as more “equitable,” in part because of more mixed-use development. So, a higher density of people in New York City — the fastest growing U.S. walking city included on the university’s list — makes for greater demand for such constructs.

Image courtesy smartgrowthamerica.org
Image courtesy smartgrowthamerica.org

It appears that the city is in line for even more new buildings with retail space carved into their blueprints over the next few years. Here are three of the more impressive complexes on the way:

City Point in Downtown Brooklyn

Image courtesy citypointtower1.com
Image courtesy citypointtower1.com

Situated on Fulton Street, when fully built, the City Point mixed-use development will measure 1.9 million square feet. There is a nearly completed market-rate rental apartment building there, and a retail complex on City Point’s bottom floors, which are still under construction, will house the Alamo Drafthouse Cinema, the DeKalb Market Hall, Trader Joe’s, Target, a Century 21 department store and more.

Flushing Commons

Iamge courtesy flushingcommons.com
Iamge courtesy flushingcommons.com

Phase I of this much ballyhooed Queens mega-project is set to be complete by the end of the year. The commercial space alone measures 570,000 square feet, prompting buyers to gobble up the high-end residential units at a dizzying pace. Local restaurants, plus national chain eateries and retailers are expected to occupy the commercial sections, but no specific tenants have yet been released. 

77 Greenwich Street

Town July RE Market News 6
Image courtesy DBOX

In March, the Landmarks Preservation approved construction of a mixed-use building that will stand 35 stories, contain 85 condos, an elementary school and 7,000 square feet of retail space. The glassy tower will cantilever over the landmarked Robert and Anne Dickey House at 67 Greenwich Street. Completion is set for 2019.