In an article earlier this year in the Wall Street Journal, Dana Rubenstein reported that the real-estate group led by developer Douglas Durst would soon be building a $350 million skyscraper south of Herald Square. This project shows optimism in the real estate world, since it’s one of the first major private projects to get underway since the real estate downturn. This is certainly welcome news for residential real estate lenders.

The current project includes a 40 story apartment which will change the flavor of the Sixth Avenue south of 34^th Street location. While it has traditionally been a wholesale and flower district, it will now become a high-end residential and retail location.

While it’s still a shaky time economically for the private construction market, the apartment residential sector has seen more growth than have other sectors.  Effective rents, which include landlord concessions, grew 5.25% in 2010, according to market research firm Reis Inc.Developer Mr. Durst was quoted as saying, “We’re very anxious to start building again.”  Certainly, time will tell how well the project does, but all indications point to the project helping to revitalize this portion of New York City; and the project points to a revitalization of the real estate economy, which can only be good news for lenders.

Certainly, any time that growth is expected, especially after a few rough years, it’s good news for the real estate sector.  At the moment, investors and business people are reporting that they expect the New York City Multifamily housing market to do well both in the short term and in the long term.Those in the know expect the multifamily vacancy rents to decline in 2011, while the rents will increase 1.4%, particularly in the major metropolitan areas.

Manhattan, in particular, is expected to have a rent growth of about 6%. The Bronx, where there has been an increase in building activity, has seen rent increases of 3.4%.  It is expected that the low vacancy rates will continue there through 2011.  Northern Brooklyn, which has often been a strong renters’ market, will see a drastic increase in rent growth.  Interestingly enough, certain areas such as Stuyvesant, Crown Heights and Bushwick are not expected to have increased growth.

In general, New York has seen a very tight housing market, even during the recession of recent years.  However, as reported by the NAR, Commercial Real Estate Quarterly Market Report and by the Marcus and Millichap Apartment Research Market Update for the Fourth Quarter 2010, all of these areas will show a sharp rise in interest. While potential rentors will not find these statistics comforting, property owners and lenders will certainly find these facts reassuring and invigorating.

Real estate in any US city is a big business, but in New York, it is especially big.  One of the companies who knows this best is Halstead Property. With offices on Park Ave they are the largest residential real estate firm in the NY metropolitan area.

Halstead Property boasts almost 900 sales and rental agents, and in New York, Connecticut and New Jersey has 18 premier storefront offices.  As well, just looking at Manhattan there are six offices and more in Fairfield County, Metro New Jersey, Riverdale, etc.

Another top real estate company in New York is Brown Harris Stevens that actually has a reputation for being a “New York institution older than the City itself.”  It was first opened by Charles S. Brown in 1873 in Lower Manhattan. At the time, NYC only comprised one borough.  It has definitely grown substantially since then.  Today it is known as Brown Harris Stevens, a worldwide leader in NYC’s residential real estate market.

New York residents and real estate are undoubtedly aware that the state now has the highest mortgage closing costs in the US.

Bankrate.com, the financial research company, has discovered that New York’s closing costs averaged $6,183 for a $200,000 mortgage. No.2 state Texas is lower by more than $1,200.

People familiar with the state, its expenses, and its taxes, were not particularly surprised by the findings.

“I don’t know that that’s anything new. We’ve seen New York at or near the top for a number of years,” explained Greg McBride of Bankrate.

Newcomers, however, may be put out by the costs. McBride said he doubts they will have a significant impact. “I’m not sure a couple thousand in closing costs are going to deter people if the state income rates and home prices in the New York City area haven’t already,” he said.

Philip J. Aquila Jr., said “when you combine closing costs with our low housing prices, we still are in a very affordable homeownership position versus most of the rest of the country.”

According to numerous experts, it is wise to seek out the best deal. “New York may be the highest cost-state, but there’s still a disparity among lenders operating in the state, so it’s important to shop around and make sure you’re getting the best deal that you can.”

In today’s economic climate, especially in New York City, it can be a challenge for families to find a way to finance the purchase of a home. Fortunately for families feeling the pinch of difficult economic times Federal Housing Administration government-insured home loans can be the path towards home ownership which otherwise would have been denied by traditional lending institutions.

The FHA was created in 1934 in the midst of the worst depression in US history. During the course of the past 77 years close to 40 million US mortgages have been insured by the FHA.  Difficult economic times tend to swell the numbers of FHA loans, due to the excellent terms that they offer in comparison to more traditional types of loans. In 2009, for example, there were more than 3 million applications for FHA loans, almost double the 1.8 million which were filed during the previous year.

Families or individuals interested in either purchasing a home or refinancing their existing mortgage can choose from many reliable and easy to work with mortgage banks in the New York City metropolitan area.

TD Bank is a place from which prospective homeowners can secure an FHA loan. As one of the largest banks in the US, with a main office in Cherry Hill, New Jersey, New Yorkers can be assured that they will get excellent service from this versatile lender.

There are many other lending institutions where a FHA loan can be applied for and obtained. It is worthwhile for aspiring homeowners to investigate all their options, and not give up hope in the face of difficult economic times. Mortgage banks such as TD Bank can be the answer to securing the dream of home ownership for many people.

Business travelers and tourists alike should be clued into a great club called “Small Luxury Hotels of the World.” This club helps travelers find that perfect place to stay which is not overly large, but gives the kind of exclusive service of the best hotels in the world. Small Luxury Hotels of the World has over five hundred member hotels splashed all across the face of the earth, ready to serve their customers with exquisite care and unsurpassed elegance.

Travelers to New York will find two wonderful hotels which are proud members of Small Luxury Hotels; The Iroquois New York and The Inn at Irving Place.

The Iroquois is one of four New York hotels run under the Triumph Hotels brand, known for their high level of service and customer satisfaction. Shimmie Horn, scion of a family of hoteliers, runs the enterprise, and his experience and knowledge guarantees that Triumph Hotels, and especially the Iroquois, offer the kind of personalized service and profound emphasis on comfort which should be expected and received at a luxury hotel. Shimmie Horn takes special pride in The Iroquois. Its status as a member or Small Luxury Hotels of the World means he has taken customer service to the next level at the Iroquois.

The Inn at Irving Place, the only other New York hotel flying under the banner of Luxury Hotels of the World, is a unique combination of old world charm and state-of-the-art elegance. The Inn is composed of two renovated classic New York townhouses constructed in 1834. Its location in New York’s historic Gramercy Park area gives the Inn a classic, authentic charm almost impossible to match in today’s world of mass-produced, high-tech luxury. At the Inn guests are treated like family, with their every need and whim addressed.

Whether visitors to New York stay at the Inn or at Shimmie Horn’s Iroquois, they can rest assured that luxury and style is not compromised, and their comfort comes first. This is a promise fulfilled by all hotels which belong to Small Luxury Hotels of the World.

Brooklyn appears to be the up-and-coming hot spot for the rich and famous.  And we aren’t complaining – yet.  The Truman Capote House on 70 Willow Street sold recently to the Grand Theft Auto video game creator for a cool $12.5 million. This was actually a record in Brooklyn for a single-family house. It will be “Breakfast at Tiffany’s” every day for the new owner.

As Doug Bowen, a Brooklyn townhouse expert and CORE senior vice president said,

“Brooklyn Heights is the city’s first official historic landmark district, that’s how beautiful it is and what it means to New York.”

Now, it appears that cozy couple Sarah Jessica Parker and Matthew Broderick are making their way into Brooklyn as well.  The gossip around town reports that the two are close to closing a deal on the purchase of adjacent townhouses on State Street near Sidney Place.  Someone close to the negotiations explains that, “They loved the West Village but wanted something more private, laid-back and discreet.”

The houses, of course, aren’t officially for sale so that everything is being done in a very discreet way.  Parker and Broderick will fit right in with some of their other famous neighbors, including Norah Jones, Gabriel Byrne and others.

Brooklyn Heights is certainly gaining attention and some hot new neighbors!  For those who own already, this is generally good news, as neighbors of this sort send purchasing prices up. For the rest of us, well, it might be fun to catch a glimpse of them around town.

Pat Kiernan with Kelly Ripa

In hot real estate news in Brooklyn, Pat Kiernan is moving in.  He recently paid $2.02 million for a three story, four bedroom townhouse on Bedford Avenue in Williamsburg.

According to the Brownstoner blog, it’s the highest price that anyone has paid for a single-family home in the Brooklyn area – certainly good news for other real estate owners.

As a very early riser, Kiernan may not be able to enjoy the nightlife next to his new digs, but he should enjoy the 2,600 square foot location.  He’ll be moving in with his wife and two daughters.

Sources have also been reporting that Kiernan may be moving up in the world in more ways then one.  He’s been asked to return to guest host LIVE! With Kelly.  Last month he was the co-host of one show, and he’s now been asked to return on April 30^th and on May 1^st.

As Pat Kiernan told Gothamist.com,

“The invitation to return says they liked me enough that they wanted to see more. But I’ve definitely got to take it up a notch. With two days in a row I’ve got a chance to get comfortable on the spiffy new set and get into a routine with Kelly. There’s still pressure to perform, but I’m much more at ease this time because we’ve done this before.”

Welcome to the neighborhood that is filling up with celebrities!

Domino Sugar Factory in Williamsburg

Real estate developer Two Trees is working on a deal with co-owners of the Domino Sugar factory in Williamsburg to purchase the building for about $160 million. Two Trees is the same gentrifying giant that made the DUMBO one of the hottest neighborhoods to live in Brooklyn.

Domino’s co-owner, Community Preservation Corporation Resources is looking to sell the problematic waterfront property so that they can zero-out about $125 million in debt. They examined about six bids for the 11-acre property before deciding to go with Two Trees.

“Two Trees understands waterfront development, is well-capitalized and is the best chance for Domino to get developed into the mixed-income, mixed-use community it was intended to be,” Community Preservation Corporation Resources CEO Rafael Cestero said. “With the sale of Domino, we will be able to return to our core mission as a lender providing badly needed capital to support affordable housing development and strengthen neighborhoods throughout the city and state.”

The hope is that the finalized deal will allow the shelved project to develop 2,200 apartments to get underway, transforming the iconic factory into a residential area in Williamsburg’s Southside.

Susan Pollock, the manager of the project, has said that her company has been looking for a “reputable developer” who would agree to conform to the original project plans which were worked out after the area was re-zoned in 2010. Included in the plans for the new development are high-rise buildings up to 34 floors high; a shuttle bus to the J train; and over 600 apartments with rents below market value.

Two Trees is considered a good choice of developer. They became famous for turning DUMBO from an industrial “nowheresville” into Brooklyn’s, and maybe even all of New York’s, most expensive neighborhoods. And Two Trees has previous experience in Williamsburg. Six years ago Two Trees founder David Walentas purchased a fabric factory on Wythe Avenue for $9.5 million and since then has transformed it into a boutique hotel which just opened in May.

Observers of the real estate scene believe that if Two Trees takes over the project at the Domino Sugar factory the Southside will most likely change in a big way.

“This is a firm that is known for taking a long-term vision of the neighborhood and replacing artists and industry with condos,” said researcher and documentary filmmaker Brian Paul, who has called Walentas a practitioner of “Jane Jacobs gentrification.”

Havemeyer is Brooklyn’s First Pop-Up Park

Williamsburg will be the new home to an innovative form of biking called ‘pop-up.’ The park, which will be in this location on former Domino Sugar land, will be replaced by affordable housing which will eventually be built on the site.

Known as Havemeyer Park, the 55,000-square-foot space was unused for months but is now the location of Brooklyn’s first bike course. There is also an urban farm, a reading room and a community green space on the land.

“If you kind of look around from the bike park and do a 360, you see what used to be a parking lot and what used to just be a flat surface,” said park contractor Brant Moeller.

The property is now owned by Two Trees Management and is found between South 3rd and 4th Streets on Kent Avenue. The owners are encouraging people in the area to enjoy the park now. Next year the park will be forced to closed to make way for several low-cost housing projects.

Most of what a tenant needs to know about the who, what, why and where of paying rent should be clearly delineated in the rental agreement between tenant and landlord. New Jersey residents should make sure their rental agreement states clearly:

•    The monthly rental amount.
•    Where to submit the rent. It can be sent my mail to the landlord’s business address, or another arrangement can be made.
•    The date the rent is due
•    In what form the payment is made: by check, cash, credit card and/or money order.
•    How much notice the landlord is required to give before raising the rent.
•    If the rent check bounces what, if any, extra fees are accrued.
•    What happens if the rent is paid late? Are there late fees and/or the termination of rental agreement and eviction from the premises?

The law states that tenants must submit their rent on the day specified in the rental agreement, which is most frequently the first day of each month. An exception is made for senior citizens and others receiving specific benefits such as Social Security or Disability payments. In these cases a five day grace period is allowed before the landlord can impose a late fee.

According to Gemma M. Giantomasi, a New Jersey real estate lawyer who works alongside partners Elnardo Webster Jr. and Brian W. Kronick at the New Jersey law firm Genova Burns Giantomasi Webster, the amount the landlord can impose as a late fee is limited by New Jersey law. In a letter written to the New York Times Giantomasi addresses this issue in the following way:

“Charging $150 for late rent might be illegal, and it is certainly obnoxious. Many New Jersey towns cap late fees around $30, so the landlord should check and see if his fee scheme is even permitted.

“Late fees are intended to help a landlord recoup losses sustained from late rent. They are not supposed to be used as a cudgel or as a clever way to increase income without going through the hassle of negotiating a new lease.”

It is important to note that if no date is specified in the rental agreement on which the rent is due, then the landlord is not permitted, according to the law, to charge any late fee whatsoever. In order to charge a late fee there must be a “late fee clause” written into the agreement.

In what John H. Mollenkopf, director of City University’s Center for Urban Research says “is curtains up on the first act of the real-estate drama for the new administration,” New York City Mayor Bill de Blasio is demanding more space for affordable housing to the $1.5 billion development proposal along the waterfront in Williamsburg, Brooklyn.

After more than 100 years as the anchor of a busy industrial strip, the Domino Sugar factory closed shop in 2004.  After the

The future on the Williamsburg waterfront?

Community Preservation Corporation purchased the 11-acre property they spent six years creating a plan for development. Local politics and public approvals finally led to city officials rezoning the industrial area of Williamsburg for high-rise apartment buildings which led to a building boom in the area and the beginning of the process of gentrification.

Not good news for working class residents of Brooklyn, they complained that gentrification was increasing housing costs and pushing them out of their neighborhood. Community Preservation said they would keep the refinery building along with its iconic 40-foot sign, build an esplanade, a park, a school and 2,200 housing units with 30 percent, or 660 apartments reserved for low and middle class families.

Unfortunately the company fell on hard financial times and defaulted on its loans. In 2012 a new developer, Two Trees, took over the project and completely redesigned the buildings, enlarged the park space, added more office space for high-tech companies, and remained faithful to the promise of 660 reserved apartments for low to mid income families. These changes eased the fears of just about everyone who had been apprehensive about the project, and won neighborhood support for the project.

Now enters on to the stage the newly minted Mayor de Blasio, who wants even more affordable housing added to the project in exchange for the zoning changes that Jed Walentas, head of Two Trees, needs to proceed with the development. But Mr. Walentas is not thrilled with the changes the mayor is calling for threatening to go back to the original plan.

“I’d very much like to work this out with them,” Mr. Walentas said on Thursday. “But what they’re currently asking for is not workable.”

New York housing activists, who support de Blasio, and the powerful real estate industry, who are worried about the new mayor’s populist stands, are both paying close attention to the fight over Domino.

One activist, Rob Solano, member of Brooklyn’s Community Board 1 and the executive director of Churches United for Fair Housing, both of which are supporters of the Two Trees scheme, says he is happy about the city’s “aggressiveness” in demanding more low-income housing. He hopes, however, the push will not cause the project to be delayed or derailed.

“It’s a delicate balance between pushing as hard as you can and a break,” Mr. Solano said. “If we get to the point where nothing is built, or there are more delays, that’s another day without affordable housing.”

Steven P. Rosenthal of Northland Investment Corp.

Northland Investment Corporation, based in Newton, Massachusetts, utilizes a large number of sources to find deals. They do not hesitate to seek out brokers, title companies, local contacts and its in-house managers to find the best transactions. Steven P. Rosenthal, Northland President and CEO, explains:

“We’re going to be very aggressive when there’s an appropriate opportunity,” Rosenthal says. “There may be all kinds of opportunities, not just buying notes. For instance, some of the smaller REITs have to sell property. Maybe there’s an opportunity to take a small REIT private.”

Northland does not just jump into a purchase without a thorough understanding of the entire picture. Not only is the acquisitions department involved in the legwork before purchases, but the management team plays a crucial role also, doing market surveys and lease audits.

“We literally do up to a one-year budget from the property management folks, and we match it [with the budget from acquisitions] and see how far apart they are,” says William M. Thompson, vice president of asset management for Northland. “Typically, property management is more conservative, and acquisition folks are more optimistic. It’s a good balance for what the pro formas are in the broker packages.”

Northland is also attracted to many of the country’s high-tech hubs for growth potential. Rosenthal explains:

“With places like Austin, Charlotte, or Raleigh, you see a real concentration of brain power,” says Rosenthal. “You have a lot of smart people living in the same place. That will drive the economy.”

Along with New York’s burgeoning economy, there is a real estate boom. This is having a positive impact on architectures, builders and engineers alike, boosting their businesses. According to recent data from Crain’s, in 2013, thousands of jobs were added in top architecture, construction and engineering firms, marking an 8 percent increase in headcount from numbers of the previous year.

What is happening in New York right now with all of this however is a bit of a chicken-and-egg scenario. What came first, the jobs or the real estate? The tourism, or the attractive hotels, such as the centrally-located Shimmie Horn’s Belleclaire, the newly-opened Paper Factory Hotel or the themed Casablanca Hotel Times Square, to name but a few? The colleges or the Ivy League students?

Perhaps it’s the reputation that the state has gotten for its high quality education (in particular Binghamton, Cornell and Hamilton University) that is creating this boom. Or perhaps people are just finally realizing that the “city that never sleeps” has too much to offer to not frequent it. It’s hard to accurately pinpoint what is driving people to New York and what is boosting the businesses.

There is Broadway, the New York City Theater, and even The Egg Center for the Performing Arts, the latter offering a spectacularly site in its egg-shaped architecture. Indeed, for those who love architecture, there is simply too much to list in this one article about what New York has to offer. From the Empire State Building, to Midtown’s General Electric Building, the Statute of Liberty and even the Temple Emanu-El synagogue, one can enjoy architecture from a whole range of eras.  Not forgetting the fact that the state is home to the tallest building in the world.

And now, even more architecture is being designed. For New Yorkers, for wannabe New Yorkers, and for everyone in between, it seems like there is something for everyone and now is the time to come.

Hurricane Sandy Left Many New Yorkers Homeless

With the help of volunteers from the Habitat for Humanity non-profit organization, Mildred Davis has finally been able to move back into her home which was rendered un-inhabitable by the hurricane force winds and surging ocean waters of Hurricane Sandy in the winter of 2012.

Davis left her Coney Island home before the storm destroyed her apartment’s floors, walls, electrical system, furniture and more, and has been living in a nearby apartment. In the early aftermath of the storm Davis searched high and low for a government agency to help her rebuild, but hit nothing but walls and dead ends. Finally a local church leader suggested she go to Habitat.

Davis’ home was Habitat’s first job in Coney Island.

“We decided to move into Brooklyn because we saw that, for whatever reason, some folks weren’t getting the help they needed,” said Habitat’s real estate and construction director Olga Jobe.

So far Habitat for Humanity in New York City has renovate 36 houses in Staten Island which suffered storm damage, and they are planning to work on an additional 20-35 in the South Brooklyn neighborhood of Coney Island, which was devastated by Sandy.
Over 260 volunteers contributed to the renewal of Davis’ home, which she has already begun to move back into.

“It felt really good to be able to step back through that front door,” said Davis, a 68-year-old city subway conductor. “To be able to wake up out of that nightmare and have my house back was a dream come true.”

Not far from the Barclays Center at 461 Dean Street at Flatbush Avenue, construction of the first of 14 prefab buildings in Pacific Park (formerly Atlantic Yards) has once again come to an unplanned halt. The building will be a 32-story, prefabricated collection of 930 modules resulting in a 322-foot-tall tower known at B2. Designed by SHoP Architects, it will be the tallest modular building in the world, if it is ever actually completed.

Contractor Skanska issued a stop work order, furloughing its workers as of last Wednesday. They say that if their dispute with developer Forest City is not settled, they will lay off their employees on September 23.

The conflict originates in the higher costs of the construction of the modules, which are being manufactured in a factory in the Brooklyn Navy Yard. The contract is worth $117 million for the delivery of the modules. No specific numbers on the amount of the overruns have been given, but according to sources who reported to the Wall Street Journal on the dispute, the figure is in the “tens of millions of dollars.”

Skanska blames the higher costs on problems with the design of the modules, which have “technical issues.” The co-chief operating officer of Skanska USA Building, Richard Kennedy,  explained to the WSJ that, “We’ve invested more into that venture than we ever anticipated or agreed to. No contractor in America would continue working under those circumstances.”

Forest City, the developer, has a completely different take on the work stoppage. A Forest City spokesman says that Skanska is trying to “weasel” out of a situation that they created themselves. In a statement published in Crain’s, a Forest City representative said that,

“This is a dispute over the costs of delays resulting from Skanska’s own failures and missteps as the construction manager for B2 modular. Skanska entered into a construction management agreement based on a fixed price which they guaranteed. Now faced with overruns, they are employing a typical strategy to try to weasel out of that obligation.”

Historic Brownstones in Park Slope photo by GK tramrunner

Preserve Park Slope, a neighborhood citizen’s advocacy group, succeeded to win a hearing to postpone the expansion of Methodist Hospital. The group was able to convince the city’s Board of Standards and Appeals to examine the zoning variances which were given to the project. Methodist Hospital is seeing to build an eight-story out-patient clinic, on Sixth Street in the historic, residential neighborhood.

Architect and member of the Preserve Park Slope group, David Abramson said, “There are simply too many unanswered questions at this point for this huge expansion to be approved without proper scrutiny.”

Abramson and the group have two main fears: First, that the U-shaped, modern-look, huge glass structure will adversely affect the special character and historic nature of the neighborhood; and second, the large clinic will worsen an already chaotic and crowded traffic situation.

Last June the city board unanimously gave its go-ahead to the hospital’s plans. Included in those plans was the razing of 16 buildings owned by the hospital, including a few 19th century brownstones.  In 2010 those brownstones were specifically left out of a 600-building expansion of the neighborhood’s historic district, which now includes 2,575 buildings.

After that decision the Park Slope group sued the hospital in the New York Supreme Court. Part of their argument was that the hospital unfairly received the zoning variance to demolish the buildings. The case is still working its way through the courts system.

Hospital spokeswoman Lyn Hill did not comment, saying that “The hospital does not comment on matters in litigation.”

The hospital did complain that they have already changed their plans 20 times in order to take into consideration a wide variety of community concerns. The hearing is scheduled to take place on December 16, and is considered an unusual move on the part of the board.

Dime Savings Bank of Brooklyn: Landmark Up for Sale: photo by Beyond My Ken

The stately neo-Roman former Dime Savings Bank of New York building is about to make its debut on the real estate market, offering up some wonderful fantasies about what that space can become.

Owned by JPMorgan Chase, some say the building could sell for as much as, or even more than $100 million.

Situated at 9 DeKalb Avenue, the building features a domed roof, a grand interior with a rotunda surrounded by huge red marble columns, and about 100,000 square feet of space. JPMorgan hired brokers Bob Knakal, James Nelson and Stephen Palmese of Massey Knakal Realty Services to market the property. JPMorgan already has a new location, 490 Fulton Street, which they plan to inhabit right after the buildings sale. The building itself has landmark status, and one of the possibilities for it after the sale is to turn it into an events space. It brings to mind the giant former Bowery Savings Bank hall which now houses the caterer Cipriani across from Grand Central Terminal. Today it is one of Manhattan’s most popular events venues.

“This is an incredible asset that is one of the best buildings to hit the market in Brooklyn,” Mr. Knakal said. “It holds a lot of exciting possibilities.”

Brooklyn Heights Promenade Photo by Joe Mabel

An 18,000 square-foot, 150 year-old Brooklyn mansion, was put on the market for a stratospheric $40 million. The home is in Brooklyn Heights, at 3 Pierrepont Place, and its list price competes with some of New York’s fanciest Fifth Avenue townhouses. With 15 bedrooms and 16 baths, the home has some inspiring views of the Brooklyn Heights Promenade and the New York Harbor.

The mansion, which is famous as the home of “Prizzi’s Honor” fictional mafiosa Don Corrado, is in reality owned by retired banker Jeff Keil. Keil is a former president of Republic New York Corp. He purchased the home back in 1991 for a mere $2.3 millon.

The majestic home is listed with Corcoran Realty, by broker Vicki Negron. It was built in 1856 for a businessman who made his fortune trading tea and silks from China, Abiel Abbot Low. The home has some incredible historic details: original fireplaces; high ceilings; a dramatic central staircase with a skylight above it; and gardens and outdoor grounds of 9,000 square feet.

The home was designed by architect Richard Upjohn, who also created the Trinity Church on Wall Street and St. Thomas Episcopal Church on Fifth Avenue.

Tom Colicchio Visits DC Central Kitchen. Photo courtesy of Flickr

Tom Colicchio, “Top Chef” judge and owner of Craft Restaurants and high-end Chelsea eatery Colicchio & Sons, just purchased a townhouse in the Brooklyn up-and-coming neighborhood of Fort Greene.

Property records show that Colicchio bought the three-floor building at 366 Adelphi Street, which is divided into 7 separate dwellings, from Derek Cox, who himself purchased it in 1982.

Colicchio’s intentions for the property are not immediately known. The eminent chef now lives in a duplex in the Meatpacking District with his wife Lori Silverbush.