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Whether it’s Meg Ryan’s once-home going up for sale or historic modernist architecture hitting the market, there is always something new happening in the world of real estate. In this roundup, AD PRO has everything you need to know.
On the Market
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Meg Ryan and Dennis Quaid’s former co-op hits the market for $7.4 million
The Upper East Side apartment where Meg Ryan and Dennis Quaid raised their son, Jack, is for sale. The Hollywood couple sold their 12th floor co-op at 1136 Fifth Avenue in 2001, the New York Post reported, the same year they divorced.
Listed for $7.4 million with Compass agent Karen Kelley, the 3,000-square-foot residence features a 25-foot gallery that opens out to the living and dining rooms, as well as a separate wing with three bedrooms. Other highlights include a fireplace, eat-in chef’s kitchen, and spacious windows that look out onto Central Park and the Reservoir.
Completed in 1925, 1136 Fifth Avenue was designed by prolific architect George Frederick Pelham, who also developed the St. James House and Hudson View Gardens. Nearly a century later, residents still enjoy a full-time doorman and elevator operator.
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A New York media power couple are offering their Hamptons getaway for $25 million
Chris Mitchell and Pilar Guzman are media royalty: Mitchell is an ex-publisher of Vanity Fair and GQ, while Guzman is a former editor-in-chief of Condé Nast Traveler and current editorial director for Oprah Daily. The couple are also accomplished designers, having coauthored Patina Modern: A Guide to Designing Warm and Timeless Interiors last fall. So when they put a seven-bedroom Hamptons estate up for sale, it merits attention.
The 9,000-square-foot property is located in East Hampton’s exclusive Georgica Association (known to locals simply as the Settlement). A new build, it includes custom mahogany windows and doors, white oak and Belgian stone floors, and Waterworks and Lefroy Brooks fixtures. There’s also a 50-foot heated pool, a pool house, and an adjacent carriage house.
“It’s the rare new build that respects the integrity of the original late 19th-century style while not missing a beat on modern luxury and livability,” says Mitchell. Indeed, the property is already integrated with Wi-Fi transmitters, Sonos speakers, and Lutron lighting technology.
It could also come fully furnished. “We would entertain and offer the furnishings if the buyer fell in love with the whole lifestyle we’ve created here,” Mitchell adds.
The family had originally intended to make the Cottage Avenue residence their vacation home for the next 5 or 10 years. But they fell in love with a carriage house nearby and decided to take it on as their next project. “So we switched gears and decided that we would sell Cottage sooner than originally planned,” says Mitchell.
Beate Moore and Frank Newbold of Sotheby’s International Realty have the listing.
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A historic Case Study house from 1948 is available for $11.9 million
In the mid-20th century, Arts & Architecture magazine commissioned America’s preeminent architects—including Richard Neutra, Eero Saarinen, and Charles and Ray Eames—to design and construct inexpensive model homes to address the post-WWII housing boom. Not all of the imagined 36 Case Study Houses were built, and some have been demolished or completely remodeled. Of the 20 that remain, most are in LA. Now architecture buffs have a rare opportunity to own one.
Designed by Rodney Walker and completed in 1948, Case Study House #18, also known as the West House, was built on the same street in Pacific Palisades as the Eames House and Neutra’s Stuart Bailey House. The 1,700-square-foot wood-frame includes two bedrooms, a garden room, and a combined living-dining area with a two-sided floor-to-ceiling brick fireplace faced with copper. Walker took advantage of the gorgeous locale by strategically orienting the house toward the Pacific Ocean and including full-length glass panels, many of which slide open to outdoor terraces.
“These projects enlisted the most prominent architects of their time to design and construct efficient model homes that would shape the future of housing in the United States following World War II,” says the listing, which is held by Aaron Kirman, Ray Ross, Charlene Durarte, Fran Chavez, and Andrew Spitz, all of AKG Christie’s International Real Estate.
Need more space? The home’s half-acre plot can be developed to include a secondary structure designed by Seattle architect Tom Kundig. (Plans are included with purchase.)
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A glamorous L.A. home lists for nearly $7 million
A colonial-style estate designed by renowned Los Angeles architects Sumner Spaulding and Walter Webber has just landed on the market for $6.879 million.
Though each were acclaimed in their own right, the pair collaborated several times: This Shannon Road estate was built in 1928, the same year Webber and Spaulding finished work on silent film star Harold Lloyd’s 44-room mansion, Greenacres. (Catalina Casino, their Art Deco masterpiece on Santa Catalina Island, was finished the following year.)
Hidden from the street in L.A’s Los Feliz neighborhood, 3659 Shannon Road includes a library, formal dining room, living room, family room, and primary suite with balcony on the main floor, with six additional bedrooms and an office upstairs. Many original details have been preserved, including the hardwood floors, moldings, three fireplaces, and a dumbwaiter. An outdoor area features a pool, spa, and another fireplace, as well as an outdoor kitchen and semi-covered dining patio.
3659 Shannon Road is listed with Konstantine Valissarakos of Nourmand & Associates and Rick Yohon of Sotheby’s.
New Developments
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Silverstein closes on 55 Broad Street conversion
Silverstein Properties and Metro Loft Management have completed their acquisition of 55 Broad Street in New York’s Financial District, clearing the way for one of the largest office-to-residential conversions in New York history.
The companies purchased the 30-story, 410,000-square-foot tower from the Rudin Family for $172.5 million and will convert it into 571 market-rate apartments over the next two years.
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“As our local and national policymakers look to conversions as a critical way to generate new housing, downtown continues to be a model mixed-use neighborhood, offering lessons to cities across the country,” Silverstein CEO Marty Burger said in a statement.
Designed by Emery Roth & Sons, 55 Broad Street opened in 1967 and served as the headquarters for Goldman Sachs until 1983. CetraRuddy has been tapped to oversee the conversion.
“We took advantage of 55 Broad’s unique form with setbacks that enabled us to design a variety of apartment sizes and types ranging from efficient units to loftlike layouts with generous terraces,” says John Cetra, CetraRuddy’s founding principal. When completed, the building will include layouts ranging from studios to three-bedroom apartments, as well as a private club, coworking space, and 45-foot-long rooftop pool.
In recent years, supply-chain issues, construction shortages, and the rise of remote work have seen adaptive reuse projects like 55 Broadway outpacing new apartment construction. Office-to-apartment conversions hit a record high during the pandemic, according to data analysis firm Yardi Matrix, with 11,090 apartments delivered in 2020 and 2021—a 43% uptick compared to the previous two-year time period.
First Look
The Treadwell takes a lap on the Upper East Side
Dart Interest and Zeckendorf Development have unveiled new renderings of the Treadwell, a 28-story residential tower going up at 249 East 62nd Street between Second and Third Avenues in Manhattan. Designed by INC Architecture & Design, the Art Deco–inspired building is expected to be completed near the end of 2023 and will include 66 units, from studio to three-bedroom layouts, with prices ranging from from $1.1 to $4.5 million.
Each floor will house two to four residences, according to New York YIMBY, with upper units offering glass-enclosed balconies and floor-to-ceiling windows to maximize views of Midtown and the East River.
The Treadwell family owned the land between East 61st and East 62nd in the early 1800s, and the Treadwell Farm Historic District is one of New York’s oldest. Most of the buildings on the block are four-story row houses built between 1868 and 1875.
News
Foreign real estate investments take a hit
Foreign investment in US real estate has dropped to its lowest level in over a decade, according to a new report from the National Association of Realtors that points to lower housing inventory and higher borrowing costs over the past two years.
Between April 2022 and March 2023, international buyers bought 84,600 homes across the US—a decline of 14.2% from the 12 months prior and the lowest rate since NAR began tracking such data in 2009. In that time frame, foreign buyers spent a total of $53.3 billion on US residences, a drop of almost 10% from the prior year.
But there’s hope on the horizon, according to NAR chief economist Lawrence Yun. “Recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years,” Yun said in a press release.
For the 10th year in a row, Chinese buyers topped the list, representing 13% of all foreign investors, followed by those from Mexico (11%) and Canada (10%). Florida was far and away the most popular destination, representing nearly a quarter of all international sales. California and Texas (with 12% each) tied for second, and Arizona, Illinois, and North Carolina landed in third (with 4% each). According to NAR, half of foreign buyers are using their properties as an investment or vacation home.
