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From an old Beatles haunt in London to ground breakings in Miami, there is always something happening in the world of real estate. In this roundup, AD PRO has everything you need to know.
On the Market
Billy Joel’s upstate New York home hits the market for $2.5 million
The owner of Billy Joel’s former upstate New York estate is moving out.
In the mid 1970s, the Piano Man rented the five-bedroom brick Cape Cod in Highland Falls and, according to the listing with Jody Atkinson of Ellis Sotheby’s International Realty, finished writing his hit song “New York State of Mind” there. Located on Kings Road about 50 miles outside of Manhattan, the property includes a three-bedroom carriage house and one-bedroom cottage, as well as an in-ground pool and its own vineyard.
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And the estate’s link to history goes beyond Joel: In 1872, Gilded Age financier J.P. Morgan was taken by the unobstructed views of the Hudson and made it his sprawling summer home, Cragston. The buildings burned down in a fire, but the current house was laid on the same foundation in the 1950s using bricks from the original. The fireplace and an outdoor patio off the dining room are also from Cragston, and daffodils planted by Morgan’s wife Fanny still bloom each spring.
James Peter Donnery, whose grandmother was a maid at Cragston, purchased the estate in 1980 for $100,000. After their kids grew up, he and his wife, Roxanne, turned the property into a bed-and-breakfast. The second-floor bedroom where Joel composed his Empire State anthem was dubbed “the Billy Joel room,” and has been covered with wallpaper designed to look like sheet music.
Before becoming a prominent New York state legislator, Roxanne, who died earlier this year, was a successful interior designer. Her son, Sean, says the interiors of the family’s home were inspired in great part by Architectural Digest. “After she passed away the family found two piles of Architectural Digest magazines, approximately five feet high each,” publicist Evy Apostolatos tells AD PRO. “They dated back several decades, all with her notes in them.”
The Beatles’ London hideaway lists for $10.7 million
Across the Atlantic, a London estate where the Beatles retreated from their rabid fans has also gone on the market. For £8.75 million (approximately $10.7 million), you can own a handsome property in the affluent West End neighborhood of Mayfair. That price tag includes an elegant six-story Georgian town house dating to the 1750s, as well as a converted stable, or mews house, that the Fab Four made their hangout. The Beatles reportedly even worked on their seminal 1967 album, “Sgt. Pepper’s Lonely Hearts Club Band,” while at the Charles Street pad, which belonged to their manager, Brian Epstein.
The main house boasts gilded ceilings and elaborate period plasterwork. There are four bedrooms, as well as a family room, study and formal dining room, plus a salon with a green fireplace and floor-to-ceiling windows. (John Lennon painted graffiti on tiles in the spacious kitchen that, sadly, were removed and sold at auction some time ago).
The mews house, dubbed the “Beatles bolthole,” has its own entrance but is linked to the main home through the basement. It’s evolved considerably from its humble 18th-century origins, according to the listing with Wetherell, and now has its own reception space, kitchen and spacious ensuite bedroom.
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Bausch + Lomb CEO lists waterfront Miami estate with a living wall
A six-bedroom listing has washed ashore on the Venetian Islands, a chain of artificial isles in Miami’s Biscayne Bay. The contemporary waterfront estate is being offered for $19.49 million by Brent Saunders, former CEO of Botox maker Allergan and current chair of contact lens giant Bausch + Lomb.
Outside you’ll find lush native landscaping and a living wall along the entrance—as well as a pool, dock, and about 70 feet of water frontage. Inside there’s a living area with 10-foot telescopic sliding doors and a teak kitchen with dual eat-in marble islands and appliances from Miele and Sub-Zero. A stylish louvered wall divides the roomy formal dining room from the media lounge. Elsewhere, an art gallery corridor directs you toward the upper five bedrooms, including the primary suite, which boasts textured walls, floor-to-ceiling windows, and a balcony overlooking the bay.
The home was originally completed in 2014. Saunders bought it for $10.75 million five years later, then undertook a massive renovation that cost nearly $5 million that gutted the first floor. “[He] gave this impressive island residence a no-expense-spared enhancement, making it one of the most glamorous homes on the Venetian Islands,” says Douglas Elliman’s Dina Goldentayer, who is sharing the listing with Raissa Enis. “Telescopic windows in the salon, the palatial kitchen and a floating primary suite represent the essence of South Florida living.”
Saunders originally listed the home, one of only about 28 waterfront properties on the Venetians, for $21.9 million back in 2022.
Sales Launch
The Treadwell launches sales in Lenox Hill
Sales have commenced at The Treadwell, an Upper East Side condominium slated to welcome residents next year. Located on East 62nd Street between Second and Third Avenues, the Art Deco–inspired building from comes courtesy of developers Dart Interests and INC Architecture & Design, the firm behind 1 Hotel Brooklyn Bridge and the event spaces at the TWA Hotel, and co-development manager Zeckendorf Development.
But where does the name come from? The Treadwell family bought the land around the building in 1815. The Treadwell Farm Historic District was one of the first neighborhoods in the city to receive the designation, back in 1967.
You can’t miss the Treadwell, which towers over the neighborhood’s 19th-century rowhouses. Inside you’ll find European white oak floors throughout, with quartzite counters, cerused oak cabinets, and Miele appliances in the kitchens. Upper units will also offer glass-enclosed balconies offering spectacular views of Central Park, Midtown, and the East River.
There are a total of 66 units, ranging from studios to three bedrooms, with pricing beginning at $1.1 million. Most of the 28 floors will house between two and four residences each, though the first two levels are dedicated to amenities—including a fitness center, club lounge, catering kitchen, and meeting spaces. Buyers are also being tempted with one-year memberships to concierge medicine group Sollis Health and access to special events curated by Omacasa.
The Lumin lights up in Greenpoint, Brooklyn
Greenpoint is continuing its ascendancy with a sales launch at The Lumin, an eight-story luxury condo going up on McGuinness Boulevard. The property sits outside the Greenpoint Historic District, but Isaac & Stern Architects were still inspired by the neighborhood’s industrial roots, incorporating a traditional red-brick façade and oversized warehouse-style windows.
Pricing for the 24 residences ranges from $625,000 for a studio and $878,000 for a one-bedroom, to $1.48 million for a two-bedroom and $1.7 for a three-bedroom. Units offer European oak flooring, double-glazed casement windows, and kitchens with Carrara quartz countertops and Fisher & Paykel appliances.
When they move in later this year, residents will also have access to a gym, private courtyard, and roof deck.
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Sales for Indigo at Fort Lauderdale’s Pier Sixty-Six start at $5.5 million
In addition to new retail and accommodations, the $1 billion redevelopment of Fort Lauderdale’s Pier Sixty-Six will add a host of high-end housing. On October 18, sales launched for the Garcia Stromberg-designed Indigo at Pier Sixty-Six, the second and final opportunity for home ownership in the complex. Pricing for the 30 three-bedroom units, each of which boasts its own heated plunge pool on the balcony, begins at $5.5 million. There’s also a 5,824-square-foot penthouse with panoramic views of downtown, the Intracoastal Waterway, and the Atlantic.
“With an increased demand for luxury residences in South Florida, Indigo allows buyers to own at one of the most prestigious landmark destinations in Fort Lauderdale,” said Craig Collin, president of Tavistock Development Company, in a statement.
Indigo is set to be completed by late 2024, according to a release. Residents will have access to amenities at the transformed Pier Sixty-Six Resort, which should be ready by then as well.
Pier 66 began as a fuel dock for Phillips 66 in the 1950s, before evolving into a resort destination in the 1960s. Its latest transformation also includes a pair of four-story buildings, offering a total of 31 units starting at $3.85 million.
Milestones
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Developers break ground on North Miami Beach’s Nexo Residences
Fortune International Group broke ground on its Carlos Ott-designed Nexo Residences last week in North Miami Beach. The development, a partnership with Blue Road, will offer full home-sharing capabilities, with units furnished with interiors by Urban Robot Associates, which previously left its mark on Miami’s Standard Residences and Gucci’s flagship store in the Design District.
Slated for completion in 2026, the 15-story building will include 254 residences in all, with layouts ranging from studios to four-bedroom townhomes and prices starting in the mid-$600s. Amenities include a lounge and café in the lobby, a pool deck and jacuzzi, an outdoor movie theater, and a rooftop observatory.
In attendance at the ground breaking were Fortune International Group president Edgardo Defortuna, Blue Road CEO Jorge Savloff and Urban Robot creative director Giancarlo Pietri, as well as North Miami Beach Commissioners Daniela Jean and Phyllis Smith.
“This area holds tremendous appeal for both short-term visitors and long-term residents, due to its strategic proximity to renowned South Florida attractions,” Savloff said in a statement. He positioned North Miami Beach as a family-friendly alternative to Miami’s bigger tourist meccas, “ensuring a well-rounded and enriching experience for all.”
New Developments
Naftali Group unveils Jem Private Residences in Miami
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New York developer Naftali Group has announced official plans for a 67-story mixed-use tower in the Miami Worldcenter complex just north of downtown. Designed by Arquitectonica, the Jem Private Residences will include 550 rental units and 259 residences, which range from 469-square-foot studios to 2,052-square-foot four-bedrooms. There will also be 10 penthouses at the crown of the tower, some with outdoor hot tubs.
Naftali Group’s first foray into Miami, Jem draws inspiration from the ocean landscape, according to the release, with a wave-like design and wraparound terraces. Prices begin at $540,000, and buyers will enjoy interiors designed by New York’s Rockwell Group, including Calacatta counters and Miele appliances in the kitchen, and honed dolomite countertops and mosaic-floor-tile showers in the bathrooms. Condo amenities include a spirits-tasting room, a Sky Lounge with fireplace, a 60-foot swimming pool, and an outdoor fitness area with a boxing arena, a yoga patio, and a cold plunge pool.
Spanning several blocks in Park West, Miami Worldcenter will be one of the largest private urban real estate developments in the US. The Jem will be situated across the street from the One Thousand Museum and Ten Museum Park, and just east of two additional towers planned by Abbhi Capital.
News
New York’s legendary Flatiron Building is going residential
After months of speculation, the Brodsky Organization has announced the Flatiron Building, the triangular tower that’s been the jewel of 23rd Street for 121 years, is being converted into a residential property. Completed by legendary architect Daniel Burnham in 1902, the steel-framed landmark at 175 Fifth Avenue has sat mostly vacant after MacMillan Publishers moved downtown in 2019. Since the owners—including Nathan Silverstein, the Gural family’s GFP Real Estate, the Sorgente Group, and ABS Partners—couldn’t agree on what to do with it, the Flatiron went up for auction in March. It went back under the gavel a few months later, though, when winning investor Jacob Garlick couldn’t pony up the $190 million he had committed. To retain control, the owners brokered a deal with Brodsky, which now has a stake in the Flatiron and will overhaul it with Sorgente into luxury condos.
It’s a landmarked building—one of the first in New York—so changes will have to be vetted by the city and the Landmarks Preservation Commission and could take at least three years and $100 million to implement. The ground floor will remain retail but there could be some 40 residences on the upper 21 floors, The New York Times reported.
Given the building’s celebrity status and pricy renovations, buyers could pay up to $3,000 per square foot, according to The Messenger. But adaptive reuse is big these days, and future residents will get to look out from one of the city’s most iconic profiles. Its odd shape and dated layout made the Flatiron a tough sell for contemporary commercial needs, but could be a real draw for homeowners. And the renovations will include millions of dollars to upgrade the wonky elevators and other building systems.
New home sales surge in September
The number of newly built homes sold last month jumped 12.3%, reaching an adjusted rate of 759,000—the highest since February 2022. Analysts had predicted a more modest 680,000 houses, which would still be above the August annual rate of 676,000. At the same time, the median sales price for a new home fell to $418,800 in September, down from $430,300 the month before. The data on new home sales is seasonally adjusted and indicates how many houses would be built over an entire year if construction continued at the same pace every month. Last month’s figure is 33.9% above September 2022’s more modest 567,000 homes.
At the same time, sales on existing homes have screeched to the slowest pace in 15 years, according to a new report from Redfin, as current homeowners are loath to assume an 8% mortgage on a new place. That’s forcing prospective buyers to turn to new builds.
Neil Dutta, head of economics at Renaissance Macro Research, says that with mortgage rates at a 33-year high, this kind of gravity-defying activity has a limited shelf-life. “It is hard to see this lasting, since it will be more difficult for the homebuilders to buy prospective buyers down to more manageable rates, with 30-year mortgages nearing 8%,” Dutta told Marketwatch.
