The tight inventory of for-sale residential properties, along with a glut of high-end homes going unused by their owners, is fueling a growing supply of luxury rental units in trophy buildings with prices of $100,000 per month or more.

Not only is the high-end rental inventory available, but the activity in the sector is also robust — even if not all of the units are achieving their listing prices.

That rental activity, sources say, is tied to the recent action in the high-end sales market, where record deals include last month’s closing of the $50.9 million sale of the penthouse at Walker Tower, and last year’s $42 million condominium purchase at 18 Gramercy Park by Houston Rockets owner Leslie Alexander.

“There is a certain ebb and flow” between the sales and rental markets, said Jonathan Miller, president and CEO of appraisal firm Miller Samuel.

“If you see record high-end activity in the purchase market, then you’re going to very likely see record high-end activity in the rental market. They don’t operate in a vacuum,” he said.

This month, The Real Deal compiled a list of Manhattan’s 15 priciest rentals for all of 2013 and through the beginning of this year. Using data from listings website StreetEasy, Real Plus and from brokers, what we discovered was that amid record-shattering co-op and condominium prices recently, the rental market was nearly as staggering.

While no deals matched 2012’s priciest rental, at $135,000 per month, 2013 scored two six-digit rentals and a third deal which nearly hit that mark at $92,500 a month.

In addition, as TRD reported in its latest Data Book, 2013 saw more than 10 Manhattan rental listings for over $100,000 per month, with the priciest asking $150,000 for a townhouse at 4 East 80th Street.

However, only two ultimately rented for those six-figure prices. Both were penthouse units at Trump Park Avenue at 502 Park Avenue, priced at $100,000 per month and listed by Trump International Realty’s Michelle Griffith. Each one has seven bedrooms and over 7,000 square feet.

The ultra-high-end renters who opt for such properties, brokers said, generally belong to one of three camps.

First are discerning homebuyers who need a temporary, yet suitably glamorous, crash pad while they look for a more permanent home. Many of those renters are being steered to lease for now because the inventory squeeze in the sales market means there are limited options for properties to buy.

Next are those who have the $70 million to spend on a new condominium in a building like 15 Central Park West, but would rather spend a lesser amount, preferring the stock market or other types of investment to real estate.

And finally, there are the out-of-towners (both international and domestic) who spend a limited amount of time in New York, but want to live and entertain in the grandest possible style while they’re here.

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SEE ALSO: The 20 Most Expensive Mansions For Sale In Los Angeles

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Just days after American Realty Capital’s New York Recovery REIT acquired an office building at 1440 Broadway in October for $529 million, the company’s chief investment officer made a bold proclamation.

Michael Happel said his company had a “loose target” to spend another $1 billion on commercial real estate in Manhattan over the next year.

While not everyone has a cool $1 billion to drop, there are plenty of deep-pocketed investors on both the residential and commercial fronts hungry for New York assets.

“I’ve never seen the marketplace so liquid and so deep,” said Dan Fasulo, the managing director of Real Capital Analytics.

While investors like Jeff Sutton and Thor Equities’ Joseph Sitt continue to rack up mega-acquisitions (and headlines) in a flurry of deals, a bunch of other players, from real estate investment trusts to Russian oligarchs, are also searching for assets with investment potential.

This month, The Real Deal identified some of the noteworthy companies and individuals likely to open their wallets in the coming months, whether it be for office buildings, multi-family properties, retail condos or pricey residential pads.

American Realty Capital

American Realty Capital’s New York Recovery REIT, which stunned the market with one eye-popping buy after another in 2013, is poised for another big year. It recently raised $1.7 billion from investors in preparation for a stock exchange listing later in 2014.

Nicholas Schorsch, CEO of the REIT’s parent company American Realty Capital, told TRDthat the funds will primarily be used to purchase more commercial real estate assets in New York City.

“We’re nowhere near the peak,” Schorsch said during a phone interview last month. “There’s still some leasing upside in the market.”

Formed in 2010, the New York Recovery REIT quickly exploded into one of the city’s most aggressive players. It acquired about $1.8 billion worth of New York City real estate in 2013, mostly Manhattan core office and retail properties.

Schorsch said that 80 percent of the REIT’s upcoming investments would be in Manhattan, primarily in office and retail properties with significant upside. The REIT is eyeing the Garment District, Midtown South and the Far West Side for those acquisitions.

“The trophy buildings tend to bring sovereign money — you get the whale hunters,” Schorsch said. “That’s not necessarily for us. Do you really want to be on Park Avenue buying a 4-cap building when you can buy a 6-cap building somewhere else?”

The company’s biggest deal was in November, when it outmaneuvered RXR Realty to snag a 48.9 percent stake in the 59-story, 1.8 million-square-foot Worldwide Plaza, with a right to buy the office tower outright for a total of roughly $1.45 billion.

It has raised more funds than any other non-traded REIT, according to news reports.

The initial public offering, Schorsch said, will “allow us to lower the cost of capital” and lead to a broader availability of money to spend.

RXR Realty

Scott Rechler’s RXR Realty shows no signs of putting the brakes on its ultra-aggressive run.

“We’re going to continue to build on our successful strategy,” said Seth Pinsky, who recently joined the company after leading the city Economic Development Corporation under former Mayor Michael Bloomberg. That echoed a comment Rechler made to TRDlast year that “we think this is the time to be active.”

The company has made good on that promise, building an enviable portfolio of New York properties. It’s closed on over $2.44 billion in acquisitions since 2012, either through joint ventures or as the sole buyer, according to Real Capital Analytics data. The priciest was the 1.2 million-square-foot 237 Park Avenue, which it bought with Walton Street Capital for $800 million in October. And shortly before TRD went to press, it went into contract to buy 61 Broadway, a Financial District office building, for $330 million.

Pinsky, who heads up RXR’s investments in emerging neighborhoods in the New York City area, said the overwhelming competition from global investors in Manhattan is forcing many real estate players to look outside the borough for viable acquisitions.

RXR, for one, is allocating $1 billion to buying properties in the outer boroughs, including industrial buildings in the South Bronx, office buildings and development sites in Long Island City and retail and residential properties on Staten Island.

And it’s already gotten started on deploying that cash. In January, it struck a $195 million joint-venture deal with American Landmark Properties to buy the long-term lease of a large office building at 470 Vanderbilt Avenue, near the Barclays Center (see “Anatomy of a deal: 470 Vanderbilt Avenue”).

Pinsky declined to comment on specific acquisitions RXR is considering, but said, “We’re in active discussions on a number of different fronts” and “we’re looking at the full mix of uses.”

The firm will have little trouble replenishing its funds if need be. Rechler has connections to “big sovereign wealth money,” said a source familiar with RXR. Plus, he’s got a track record of convincing deep-pocketed investment firms to open their wallets for him.

In December, NorthStar Realty Finance Corp. announced that it was investing $340 million in RXR in exchange for a 30 percent stake in the company.

Mikhail Prokhorov

The Russian businessman, best known in New York as the majority owner of the Brooklyn Nets, has a net worth of $12 billion, according to Bloomberg.

Last month, the Moscow-based Prokhorov, who also owns a 45 percent stake in the Barclays Center, said he’s trying to relocate the Nets’ parent company, Onexim Sports & Entertainment, to Russia because of growing tensions between the United States and his native country. Prokhorov, who made his fortune in precious metals, is also thought to be close to Russian President Vladimir Putin.

But the potential tax consequences of relocation may force him to reconsider his decision, according to real estate lawyer Edward Mermelstein, who is unconnected to Prokhorov but works with many wealthy Russian buyers.

“For him it makes more sense to continue with his investment policy in the U.S.,” Mermelstein said, as opposed to many of the other oligarchs. “The fact is that’s he’s vetted by both the government and the NBA, and has full access to the banking system at this point.”

When in New York, Prokhorov is known to stay at the Four Seasons. So if he decides to continue investing here, it might make sense for him to invest in a pied-à-terre. A trophy buy would put him in the ranks of other oligarchs, such as Dmitry Rybolovlev and Len Blavatnik, who’ve taken a fancy to the Manhattan market.

Another Russian billionaire may hold off on spending for the time being. Roman Abramovich, the owner of British soccer powerhouse Chelsea Football Club, went into contract in January to buy a mansion at 828 Fifth Avenue for $75 million. That deal is currently in dispute, and sources said that Abramovich, a Putin crony, may want to keep a low profile for now.

“It would be politically unwise [for Abramovich] to buy now,” a source said. “There’s no reason for him to spend what’s going to be reported as Russian national funds. He would have unfavorable press very quickly.”

Vornado Realty Trust

While Vornado, the second-biggest office landlord in the city, made some big-ticket buys in the last few years, it’s largely been in selling mode.

That may be starting to change. The REIT, headed by Steven Roth, is reportedly considering spinning off its suburban shopping centers into a separate company. Those who follow the firm said if that happens, it could free up resources and manpower for Vornado to focus more on acquiring core office and retail assets in urban markets.

“The idea behind Vornado’s divesting strategy is to eventually focus [its] resources on the underlying property portfolio in profitable areas” such as New York and Washington, according to a February report cited on the investment website Seeking Alpha.

The firm has cash to spend. At the end of 2013, the company’s cash and cash equivalents stood at $583 million, according to regulatory filings.

In addition, in June, it lost out on its bid for the office and retail tower 650 Madison Avenue. (Vornado ultimately got in on the deal with a minor $12.5 million investment after a partnership led by Crown Acquisitions and Highgate Holdings paid $1.3 billion for the 27-story building.) Nonetheless, the fact that Vornado initially vied for a bigger stake in the mega-building signals its intent to be a player in this market.

In October, it paid $300.3 million for the 57,500-square-foot 655 Fifth Avenue, which has about 20,000 square feet of retail space. It also bought a $171.2 million development site from Extell at 225 West 58th Street, where it’s planning to develop the 41-story condo 220 Central Park South.

Vornado has struggled through a rough patch in recent years, culminating with the resignation of CEO Michael Fascitelli last year. But in the past two quarters, its stock price has rebounded (see “A REIT rundown for 2014″).

Vornado made good on its promise to streamline its business and Roth “regenerated a lot of goodwill in the past two years,” said Alexander Goldfarb, an analyst with Midtown-based investment banking firm Sandler O’Neill + Partners.

HFZ Capital Group

On the residential side, Ziel Feldman’s HFZ Capital Group has been among the most active investors (see “NYC’s most active developers”). And he shows no signs of letting up. Indeed, Feldman told TRD that he will soon announce the acquisition of up to six more residential projects.

HFZ is also in the market for trophy mixed-use properties, such as 650 Madison, which it bid on but lost to the Crown-Highgate partnership in June. Sources said Feldman teamed up with wealthy Middle Eastern investors on that bid.

HFZ’s track record over the past year certainly suggests an abundance of funds.

In December, the company — which according to Real Capital Analytics, spent almost $1 billion on multi-family properties since 2012 — paid $610 million for a 743-unit, four-property rental portfolio in Manhattan. The move followed several big buys in 2012, including the $150 million purchase of the 147-unit Chatsworth Building at 344 West 72nd Street in a joint venture with BSG Real Estate.

Investment sales brokers said Feldman was actively scouting for more buys.

“We’re looking for circumstances [for deals],” Feldman told the New York Times last year. “Churches, nonprofits, synagogues, they’re starting to realize the untapped financial resources that they have in real estate.”

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In 2008, developer Harry Macklowe was faced with $7 billion in debt and was forced to give up his crown jewel, the 50-story, 1.82 million-square-foot GM Building at 767 Fifth Avenue. A group led by Boston Properties’ Mort Zuckerman paid $2.8 billion for the tower, about twice what Macklowe had paid just five years earlier.

But last year, when the families of two billionaires, Soho China’s Zhang Xin and Brazilian banking magnate Moise Safra, bought a 40 percent stake in the building, its value had shot up to $3.4 billion, making it the most expensive office tower in the country.

“It’s probably one of the most recognizable assets in the world,” said Greg Kraut, a principal at commercial brokerage Avison Young. Kraut added that the property was one of the only buildings in the Plaza District with floor plates large enough to support the bigger hedge funds. “Once you manage more than a couple billion dollars worth of assets, you can’t be on 10,000-square-foot floor plates,” he said.

This month, The Real Deal broke down just which companies occupy the trophy tower. Hint: billionaire bold-faced names abound.

CoStar Group data shows that there are currently over 90 tenants at the property, which is anchored by the white-shoe law firm Weil, Gotshal & Manges and cosmetics giant Estée Lauder. But the building is also home to some of the world’s most high-profile private equity firms, with founders including billionaires Carl Icahn and J. Christopher Flowers. And according to website Hedge Tracker, the address was home to eight of the world’s top 100 hedge funds in 2012.

CBRE Group, which handles leasing at the property, referred questions to Boston Properties, which did not respond to requests for comment.

On the following page is a look at some of the building’s most noteworthy tenants.

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One of the most pleasant surprises of this young spring season is the recently unveiled revision of the southwest quadrant of Washington Square Park. After five years of staggered renovations, a largely new and re-imagined park finally stands revealed.

The 1970s grittiness, some would say the sleaze, has departed and in its place is one of the finest small parks in the city, 10 acres of congenial and harmonious public space. Complaints have been raised about creeping gentrification and the police presence in the area. But based on what I saw there last weekend, it doesn’t appear that the storied bohemian vitality of the Greenwich Village landmark has been in any way diminished.

Granted, I could do without the snow fences that seem, each year, to close off the lawns the moment the weather improves enough for people actually to consider sitting on them. But on the whole, the renovations to the park have been a signal success, especially when it is approached from the corner of West 4th Street and Washington Square South. The chess hustlers are still there and the mounds — those controversial mounds that the locals fought so hard to preserve — are there as well, converted into a lovely lawn integrated with a playground that was getting a great deal of business the last time I passed.

One of the best parts of the renovation is a one-story structure, with a parabolic footprint, that interacts masterfully with its newly landscaped surroundings and that replaces a series of sheds that once occupied that area. This building will contain “comfort stations” as well as sundry rooms for the park’s staff. According to one official cited here,there are some discussions about the NYPD’s occupying it as well, though there does not seem to be any truth to the rumors that it will contain holding cells.

If it does, it will surely be one of the most charming jails in Manhattan. A surprisingly sensitive use of modern architecture, with just a touch of contextualism, this new structure is confected of slate bays and paired pillars, mullioned windows and a wooden roof that greatly aids in the building’s integration into the park context. And the landscaping of the paths that skirt the building’s entrances is downright distinguished.

Washington Square Park has never looked better.

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Rents in New York City have skyrocketed by 75% since 2000, while median incomes have grown static.

The median apartment rent rose to $1,100 per month from $630 over a 12-year period ending in 2012, according to a report from the office of Comptroller Scott Stringer.

Compared to everywhere else in the U.S., the 2012 rent level in the city was 31% higher. Michael Bloomberg was elected mayor in 2001. Several more apartments rents in the range of $1,200 and $1,600 now than in 2000. Back then, apartments renting for $400 through $1,000 per month were far more common. There were 360,000 fewer units in that range in 2012, Crain’s reported, citing the study.

The median income of residents is down by 4.8%. The average annual U.S. inflation rate during the same period was around 2.5%, Crain’s reported.

Mayor Bill de Blasio is slated to unveil a plan for preserving 200,000 affordable-housing units on May 1.

“Rents are going through the roof, while incomes are sinking. And that’s where you get the affordability crunch, and it’s hitting our city at virtually every income level,” Stringer said, calling some of the data “chilling.” [Crain's] — Mark Maurer

SEE ALSO: This Simple Test Could Tell You Whether To Rent Or Buy A Home

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A day after the $31.7 million sale of a three-bedroom condominium at Extell Development’s One57 hit property records, the sponsor unit is once again fair game and on the market for a price nearly $10 million higher, according to StreetEasy data.

Sotheby’s International Realty brokers Elizabeth Sample and Brenda Powers, who declined to comment, have the new $41 million listing. The 4,483-square-foot, 62nd-floor apartment features four bathrooms and floor-to-ceiling windows.

An undisclosed company affiliated with the mysterious “Escape From New York, LLC” appeared to have closed on the apartment, unit 62A, last month, records show. Cohen & Frankel lawyer Bruce Cohen, who represented the buyer as legal counsel, also declined to comment.

An affiliate of George Constantin-led Heritage Realty Services bought a 59th-floor condominium unit there for $30 million last month, as previously reported.

Extell and its partners are expected to gross about $2 billion in sales from the trophy residential tower.

SEE ALSO: The 11 Most Expensive US Homes Ever Sold

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The luxury market has received a lot of press for the outrageous prices buyers are paying. And at almost no building is that truer than at One57, where the average price per square foot is $6,888, according to the building’s offering plan.

The 94-unit tower, which officially launched sales in late 2011, is now 75 percent sold, according to an Extell spokesperson. Two of those sales eclipsed the $90 million mark, the spokesperson confirmed, meaning that when they close, they’ll break the city’s current $88 million record, which was set at 15 Central Park West.

While only 13 units in the building have closed to date — closings started late last year —roughly 60 others are in contract. The closed units, which TRD detailed on the below chart, range in price from $3.6 million to $30.6 million. While most of those deals are not the sexiest in the building, they are hugely important to moving the building into its next phase. And many of the in-contract deals — the most prominent of which are outlined below — are expected to close in the coming months. See below for a look at both.

Unit: PH 75
Price: $90 million to $100 million
Buyer: Consortium of investors led by hedge-fund titan Bill Ackman

Ackman and his fellow investors are in contract for this 13,554-square-foot duplex condo on the 75th and 76th floors, which was asking $115 million. Its most notable feature is a two-story, 51-foot-wide glass enclosed “winter garden” with a curved glass roof. Ackman, the CEO of the hedge fund Pershing Square Capital, has said that the buy was purely an investment, and he would not look to live in the apartment.

Unit: PH 90
Price: More than $90 million
Buyer: Unknown

This 10,923-square-foot duplex on the 89th and 90th floors has six bedrooms and six-and-a-half bathrooms and had an asking price of $115 million. It was snapped up last May for more than $90 million by a mystery buyer. The apartment’s pièce de résistance, sources said, are its panoramic views of the city and Central Park. From the unit, Vanity Fair’s Paul Goldberger wrote in a recent essay “you feel as connected to the sky as to the ground.”

Unit: 82
Price: Just over $50 million
Buyer: Silas Chou

The heir to a Hong Kong–based fortune, Chou is worth $2.4 billion, according to Forbes, and was part of the two-person team that took apparel brand Michael Kors public in 2011. His 6,240-square-foot, four-bedroom, four-and-a-half-bathroom unit at One57 was most recently asking $57.5 million.

Unit: 85
Price: Just under $50 million
Buyer: Lawrence Stroll

Canadian fashion tycoon Lawrence Stroll, the other half of the Michael Kors IPO dream team, is reportedly worth $1.8 billion. He paid just under $50 million for his 6,200-square-foot, four-bedroom, four-and-a-half-bathroom unit shortly after sales at the building launched. Extell’s most recent asking price for the apartment was $62 million.

Unit: 59A
Price: $30 million
Buyer: George Constantin

The man behind commercial real estate investment firm Heritage Realty Services snapped up this 4,483-square-foot, three-bedroom, four-and-a-half-bathroom unit in a sale that officially closed in April. Before founding Heritage, which has $400 million in assets, Constantin was at real estate firm Helmsley-Spear. He currently lives in Westchester, according Heritage’s website.

Unit: 48A
Price: $17.5 million
Buyer: Richard Kringstein

The CEO of apparel maker Herman Kay Company, which makes outerwear for brands such as Anne Klein, opted for this 3,228-square-foot pad on the 48th floor, which has three bedrooms and three-and-a-half bathrooms and was most recently asking $20.5 million.

Unit: 40F
Price: $9.6 million
Buyer: David Beyda

Beyda is the CEO of Town & Country Living, a prominent linen manufacturer. His 2,289-square-foot pad on the 40th floor was most recently asking $9.95 million.

Unit: Unknown
Price: $6.5 million
Buyer: Unnamed Chinese businesswoman

This buyer generated international headlines when she bought this pricey pad for her daughter, in the anticipation that it would come in handy when her kid would attend Columbia or Harvard. The catch? Her daughter’s still a toddler, just two years old.

SEE ALSO: Meet The Big Shots Who Live At 15 Central Park West, The World's Most Powerful Address

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A duplex condominium at 15 Central Park West sold last week for $48 million, despite clearing about $15 million less than the original asking price, today’s property records show.

The 5,610-square-foot apartment spanning the 18th and 19th floors at the Zeckendorfs’ luxury tower sold to an LLC represented by a Chicago law firm, according to records that became public today.

The four-bedroom, seven-bath apartment featuring a park-facing terrace, staff room and internal elevator was listed for $62.5 million when it hit the market in October. Listing agent Kyle Blackmon of Brown Harris Stevens could not immediately be reached for comment.

The sale marks the second-priciest in the 202-unit building to date, topped only by the $88 million sale of former Citigroup Chairman Sandy Weill’s 6,744-square-foot home in 2012, which set a Manhattan residential record. Blackmon was the listing broker on that deal, as well as the $29 million sale of a 33rd-floor apartment in August.

Seller the Ullman Family Partnership bought the apartment that hit public records today for $23.9 million in March 2008, according to city filings.

SEE ALSO: Meet The Big Shots Who Live At 15 Central Park West, The World's Most Powerful Address

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An absolutely tiny apartment on the Upper West Side asking nearly half a million dollars isn’t anything new, but then most listings don’t “fold.”

The 450-square-foot foldable apartment has hit the market asking $469,000, according to Gothamist. Third-grade-teacher Eric Schneider purchased the West 73rd Street apartment for just $235,000 in 2005. Soon after, he hired architects Michael Chen and Kari Anderson of Normal Projects to renovate his apartment.

The architects added what looks like a large closet that turns the studio into a four-in-one unfolding box, with a bedroom, living room, office and closet all inside. [Gothamist] –Christopher Cameron

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Samsung Electronics is close to leasing the entire building at 837 Washington Street in the Meatpacking District.

Facebook, Google and Ferrari have also been bidding to lease out the whole property.

Asking rent for the ground floor of the 55,000-square-foot glass building between Little West 12th and 13th streets is $500 per square foot, the New York Observer reported.

Samsung already opened a hands-on innovation and design center called Samsung Living Atelier in the building, which is being developed by Thor Equities and Taconic Investment Partners.

The property, which is located across from the Whitney Museum’s new location, has a roof that overlooks the High Line. The development includes more than 7,000 square feet of outdoor space on the second and third floors.

When the building is completed later this year, the property will boast a total of 28,000 square feet of retail on the ground level and the second floor. The third through sixth floors will house an additional 27,000 square feet of office space. [NYO]

SEE ALSO: You Will Want To Live In SoundCloud's Stunning Berlin Offices

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What’s in vogue one moment is often passé the next — a maxim that holds true for luxury real estate.

The gleaming towers that are now in fashion in Manhattan are edging out yesterday’s “it” buildings, attracting the high-end buyers who might otherwise have bought their predecessors, even when those “old” buildings debuted relatively recently.

Which new developments are taking place of the old?

This month, The Real Deal paired five new Manhattan construction projects with headline-generating buildings of 15 years vintage or less. Purely by being new, the latest projects can boast advantages like fresh finishes and more built-in technology. And in the eyes of a buyer, newer often equates to better.

“Developers can make the new model even better based on what they know to be successful,” said Douglas Elliman broker Jessica Cohen, who has sold properties in several of the buildings on TRD’s list.

To be sure, there are still plenty of deep-pocketed potential buyers for these “old” properties. Some might opt to purchase a resale because they can pay a lower price, for example, or to avoid waiting years for construction to be complete, brokers said.

“The older buildings will also attract wealthy buyers, but those buyers are more likely to not be concerned with having the most sparkly thing on the block,” said Sofia Song, head of research and external affairs at the brokerage Urban Compass.

The increased competition that brand-new buildings pose to their slightly older counterparts means it is taking longer for resale sellers (and their brokers) to unload units than they expect, said Jonathan Miller of real estate appraisal firm Miller Samuel.

In addition, luxury resales are not seeing quite as astronomical a shift toward higher prices as the luxury new developments, according to Miller’s data. In 2014’s first quarter, the median price of luxury new development units rose 73 percent year-over-year, to $9.6 million. On the luxury resale side, meanwhile, the median price was up 39 percent year-over-year to $5.3 million, according to the data.

“The challenge for older buildings is to look at their own identity,” said Town Residential broker Michelle Evi Bourgeois, who recently represented a buyer that went into contract for a $16.6 million unit at 551 West 21st Street, the under-construction, Norman Foster–designed Chelsea condo. “The management team should consider upgrading the lobby, the hallways and amenity spaces; make sure the doorman stands up straight; and consider rebranding. These things give the crucial first impression.”

Not every 2000s-era super-luxury property has an immediate heir, at least not yet. The Zeckendorfs’ 15 Central Park West, for example, dominated the real estate headlines from 2007 to 2012, but it does not yet have a clear replacement building. Some point to One57 as the logical successor, but the Robert A.M. Stern-designed showpiece might also get some competition from another new work from the starchictect: Vornado Realty Trust’s 100-unit 220 Central Park South, which is slated to be one of the tallest residential buildings in the city at 1,031 feet when it opens in 2016. Pricing for the apartments is not yet available.

Below are the match-ups making waves today.

One57 vs. Time Warner CenterWhile many consider One57 to be the prime successor to 15 Central Park West, sources told TRD that its most direct elder rival might be the Time Warner Center, based on sheer proximity. Extell’s 90-story, 57th-Street skyscraper is rising just blocks from Related Companies’ twin 80-story Time Warner Center, which opened at Columbus Circle in 2004.

Four times between 2003 and 2009, the city’s priciest condo sale of the year was at the Time Warner Center, including a $43 million sale in 2003.

But the building hasn’t claimed the priciest sale in the city in four years. Meanwhile, the 94-unit One57 — which launched sales in 2011 and is expected to open later this year — has two units in contract for more than $90 million, which would be a New York City condo-sale record.

Some Time Warner Center owners may even be trading up into One57. Last month, a couple who lives on the 69th floor of the Time Warner Center’s Mandarin Oriental hotel paid $19.1 million for a condo on the 50th floor of One57, property records show. Yu-Ting and Yu-Wen Huang declined to comment on whether they plan to unload their Time Warner pad. Corcoran Group broker Carrie Chiang, who represented the Huangs in their Mandarin Oriental purchase, declined to comment about whether they plan to list their current home.

A change in developers’ tactics in recent years may also be drawing high-end buyers to new buildings like One57.

Nikki Field of Sotheby’s International Realty said several of her clients residing at the Time Warner Center, as well as across the street at Trump International Hotel & Tower and 15 Central Park West, have opted to upgrade to One57. When those older buildings arrived on the scene, many buyers expected to replace all the finishes, she said.

“Developers delivered moderate quality and low-cost finishes with the understanding that they would be replaced with personalized finishes,” Field said. But now, “in this era of 2014 billionaire buildings, purchasers often do not have the time and patience to rebuild a new home. Few will tolerate another year of customization time and they expect, demand and are paying for high-quality finishes.”

There are other factors as well. The Time Warner Center offers amenities shared by both the guests at the Mandarin Oriental and the condo owners, whereas at One57 residents will have access to a 20,000-square-foot amenities floor (including a 65-foot pool and aquarium), separate from the niceties available to guests at the building’s Park Hyatt hotel, said Elliman broker Toni Haber, who has sold units in some of the city’s toniest buildings.

Still, brokers say the Time Warner Center has several key features that will ensure it doesn’t lose its luster among über-wealthy buyers, such as its south-facing views and smaller floor plans.

“A lot of buildings [like One57 or 432 Park] are not making the two-bedrooms or smaller units available that you do find at Time Warner,” said Brown Harris Stevens broker Kathy Sloane.

In addition, in 2011, Related revamped the four-story indoor mall portion of Time Warner.

Haber said resales at the Time Warner Center are “doing fantastic.” A five-bedroom condo sold for $30 million in March, while a three-bedroom closed for $15 million in April, according to StreetEasy.

56 Leonard vs. 101 Warren StreetOnly a few years apart, these Tribeca condo buildings both made a splash when they debuted.

Developer Edward Minskoff’s 101 Warren Street raked in $650 million in sales, selling out in 2010 after four years on the market. The 227-unit, 35-story property sits at the heart of a 1-million-square-foot mixed-use complex.

But there’s a new shiny tower in the neighborhood.

And 56 Leonard, a 145-unit, 60-story structure by Alexico Group and Hines, is the tallest residential building in Tribeca. Slated to open in 2016, the building set a then-Downtown record when an unidentified New York-based hedge-fund manager went into contract for a $47 million penthouse, the Wall Street Journal reported.

“They have practically the same absorption rate,” Miller said, referring to the buildings’ respective sales. “When 101 Warren came online, it was one of the big success stories. It was well received as the new product in that location.”

Elliman’s Haber said 101 Warren was a “pioneer in its day.” But, she said, its views can’t compare to those at 56 Leonard, which is nearly twice the height.

Sales at 101 Warren have tamped down in the years since its heyday. In fact, of 11 active or in-contract listings on StreetEasy, six show price cuts, including the 5,769-square-foot duplex now offered for $30 million, a 14 percent drop from its original listing in August for $35 million.

Haber said 56 Leonard feels more exclusive, in that all units are condos and feature a private terrace. At 101 Warren, there is a 132-unit rental component as well as shared amenity spaces, which Haber said tends to be a turn-off to the super rich. It does, however, have floor-to-ceiling windows and views of the Hudson River.

But what cements 56 Leonard as the superior property, brokers said, is its Jenga-shaped, glassy design from Pritzker Prize-winning duo Herzog & de Meuron.

551 West 21st Street vs. 100 11th Avenue

Both of these angular, glass Chelsea condos were also born from the eye of a Pritzker Prize-winning starchitect.

French architect Jean Nouvel designed the Cape Advisors-developed 100 11th Avenue, while Foster is behind 551 West 21st Street, which is being developed by real estate scion Scott Resnick.

The condos are both located on the West Side Highway, roughly two blocks apart.

Sales launched at the Foster building earlier this year, about seven years after the debut of the Nouvel tower, where the priciest unit sold for $19.75 million, records show.

The top penthouse at the newer project, which has its own swimming pool on a 4,000 square-foot rooftop terrace, hit the market in April for $50 million. Buyers are drawn to the 11-foot-high ceilings, 34-foot-high lobby and gated car entry, brokers said. In addition, Foster designed both the exterior and the interior of the building.

Town’s Bourgeois also pointed to the storm-resistant design as setting 551 West 21st Street apart from 100 11th Avenue. A gas-powered, rooftop emergency generator and metal barriers at the entrances are designed to protect the structure from damage in future storms, given its proximity to the Hudson River.

“It would cost a lot to retrofit something like that,” Bourgeois said, referring to properties built before Hurricane Sandy that lack similar fortification.

In addition to being the latest buzzworthy building in the area, the newer tower has a distinct leg up on its older competitor. While 100 11th Avenue sold out in 2011, it has taken heat for a slew of problems, including drainage issues connected to its iconic multi-colored mosaic glass façade and alleged inferior construction. A buyer who went into contract for a $24.5 million duplex in 2007 requested that the deposit be returned, alleging that the ceiling heights were 9.4 feet instead of the 11 feet they were promised. And Nouvel himself has publicly said that cost cutting by the developers went “off course.”

18 Gramercy Park vs. 50 Gramercy Park NorthWhen it comes to floor plans and interior design, these Gramercy Park properties — located one street apart between Park and Lexington avenues — do not have much in common. But brokers say given their locations, high-profile developers and price points, they are playing in the same space.

Both have 40 feet of frontage on Manhattan’s only private park, and come with coveted keys to the exclusive oasis.

“They’re extremely different products, but they’re both the highest-priced on Gramercy Park,” Miller said. “They represent two different development boom eras.”

Ian Schrager’s 50 Gramercy Park North launched sales in 2005, following a revamp of the stately 1925 landmark. It is the residential component of the Gramercy Park Hotel, the interiors of which artist and filmmaker Julian Schnabel helped design.

Most of the apartments feature a fireplace and 12-foot ceilings, along with views of the park.

The 17-story building is a condop sitting on leased ground — which therefore results in higher-than-normal monthly maintenance fees. John Burger of Brown Harris Stevens, one of the city’s top brokers, said he generally advises clients to avoid land-lease buildings because they have limited appreciation.

Still, a three-bedroom penthouse in the building sold for $22 million in 2011, breaking a record at the time for priciest-ever sale of a home abutting the park, StreetEasy records show. The apartment was most recently listed for $14.9 million in 2013, but is no longer on the market and has not been sold, according to StreetEasy and property records.

In addition, actress Jennifer Aniston bought a three-bedroom there for $9 million.

Meanwhile, the Zeckendorfs’ posh new 18 Gramercy Park, an 18-story condo converted from 200 studio apartments, was designed by Stern and launched sales last year. A $42 million penthouse set a then-record for the most expensive condo Downtown when it sold to Houston Rockets owner Leslie Alexander. (The current record for a Downtown condo was set by Walker Tower in Chelsea when a unit there sold for $50.9 million.)

Unlike 50 Gramercy Park North, 18 Gramercy features all full-floor units and is on the comparatively quieter south side of the park, said Burger, who represented former New Jersey Governor Jon Corzine’s ex-wife in her purchase of a $16.6 million sponsor unit at 18 Gramercy Park last year.

Most of the apartments have four bedrooms and span at least 4,200 square feet. Asking prices range from $9 million to $18 million. Each unit also features about 2,000 square feet of terrace space.

One Riverside Park vs. the AveryExtell is going head-to-head with, well, Extell on the Upper West Side.

The prolific developer is behind both buildings in TRD’s final match-up: The Avery, which it sold out in 2006, and One Riverside Park, which it launched last year.

Units at the 32-story Avery, a 274-unit tower at 100 Riverside Boulevard, had an average sales price of $1,350 per square foot when the building sold out, according to news reports. The property has drawn buyers for its in-house theater, parking garage, library and private courtyard.

The Avery was Extell’s first building along Riverside Boulevard. The developer is also responsible for other nearby condos such as the Rushmore and the Aldyn, which fetched similar prices.

Now, the developer is aiming to out-Extell itself.

The first batch of the 219 units at the 35-story One Riverside Park hit the market last year, until Extell chief Gary Barnett halted further sales pending an upward price adjustment. Average asking prices there exceed $2,000 per square foot.

Over eight years, Extell has evolved further and learned what worked and what did not, said Urban Compass’ Song. The new building offers access to 40,000 square feet of amenities, a glassier exterior and “more generous” room sizes than the Avery does, she said.

“The Avery pushed the envelope at the time, with respect to pricing,” Miller said. “It was a hot building, while One Riverside Park is something new that hopes to be hot.”

SEE ALSO: This Is The $20 Billion Future Of Manhattan's West Side

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Earlier this month, VICE announced it would move into a new 60,000-square-foot space in Williamsburg as it sought to house an additional 525 employees. The development will see the company move to and renovate an industrial building at the corner of Kent Street and South 2nd Street in Brooklyn.

To support the transition, New York State will give VICE up to $6.5 million in tax credits if it meets its hiring targets. The credit is part of an initiative called the Excelsior Jobs Program.

The scheme has been around for years and aims to convince businesses to move to New York State or expand within it. And since more bodies typically require more space, Excelsior has helped companies build out and lease up in New York City. Here’s a look at some of the companies that have received an Excelsior tax credit for setting up shop  in New York.

Amazon

Just north of VICE’s new headquarters, Amazon.com operates a 40,000-square-foot photo studio at 35 Kent Avenue, where it shoots clothing from all angles for its Amazon Fashion store. At the ribbon cutting in October, former Mayor Michael Bloomberg said the  facility would hire up to 175 freelancers and contract workers — as well as full-time employees — as photographers, digital imaging staff, models and hair and makeup artists.

Tax credits: $2 million

Etsy

Etsy’s move to Jared Kushner’s new tech hub among the former Watchtower buildings will see the Brooklyn-born online marketplace for crafts lease 200,000 square feet in Dumbo. The company plans to add more than 300 employees at 117 Adams Street. Its facility will include a rooftop deck and space for events and discussions.

Tax credits: $5 million

ADP

Payroll processor ADP will open a 24,000-square-foot software development facility in a two-floor space at 135 West 18th Street. The company plans to add 100 new jobs, increasing its headcount from 22 at the time of the announcement.

Tax credits: $2 million

Macy’s

The retail giant leased nearly 80,000 square feet of additional space in two buildings as it began adding 583 back office jobs. In 2012, it inked a deal for 47,000 square feet at SL Green’s 919 Third Avenue. The following year, it took another 31,700 square feet at 1440 Broadway near 40th Street, which American Realty REIT bought from Monday Properties and the Rockpoint Group for $528.6 million last year.

Tax credit: $7.6 million

FactSet

The financial data and software firm plans to lease an additional 16,867 square feet of space on the 11th floor of 90 Park Avenue to accommodate the 186 new employees it committed to hiring.

Tax credit: $2.5 million

SailThru

The cross-platform marketing company plans to lease an additional 14,000 square feet of space at 160 Varick Street, bringing its footprint in the West Side building to about 32,000 square feet. The additional space will house a projected 140 new employees.

Tax credit: $500,000

Roche

The Swiss-owned pharmaceuticals company signed an 11-year lease for space in the Alexandria Center for Life Sciences at 450 East 29th Street. The deal was part of a plan that saw Roche shutter most of its Nutley, New Jersey operations and bring 200 jobs to Manhattan, with another 35 to follow. The company agreed to invest more than $9 million in a research center at the building.

Tax credit: $6.6 million

Shopkeep

The payment hardware maker currently occupies 15,000 square feet at 143 Varick Street and plans to expand its presence in the building as it builds up its cloud-based software platform. A representative for the company said Shopkeep has not inked a deal yet, but the company committed to adding 365 new jobs by the middle of 2018, up from 77 today.

Tax credit: $750,000

Shapeways

The 3-D printing services company joined the program about two years ago and leased 25,000 square feet of industrial space in Long Island City, Queens. Shapeways agreed to hire 50 employees at its “Factory of the Future,” where engineers, 3-D printing specialists and industrial designers create and ship products for consumers.

Tax credit: $200,000

Tax credits listed are the maximum amount afforded through the Excelsior Jobs Program. Source: Excelsior Jobs Program Quarterly Report, March 31, 2014

SEE ALSO: The 12 Best Toys Of Tech's Wealthiest Executives

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Commercial real estate technology startups aren’t just shaking up how the industry works – they’re also raking in plenty of cash from investors. And New York-based firms are starting to receive more of that money, seizing the momentum from rivals in the traditional tech haven of Silicon Valley.

According to a new report from real estate consulting firm RE: Tech, investors funneled $743.7 million globally into commercial real estate tech startups between the second quarter of 2012 and the second quarter of 2014.

While Silicon Valley-based firms attracted $74 million of worldwide investment in the sector, the dollar volume of capital going to these firms dropped 18 percent year-over-year in the second quarter of 2014. In contrast, New York-based firms pulled in nearly $56 million of total investments in the same period, but the dollar volume of investment in these firms leaped nearly 78 percent year-over-year.

The average deal size – defined in the report as the money the startups raised in a single financing round – was just under $2.2 million in New York, compared to nearly $4.1 million in Silicon Valley. New York, however, saw 23 deals in the two-year period, compared to Silicon Valley’s 21. Together, the two markets accounted for more than a third of all deals, according to the report.

“There are more institutional landlords here in New York than anywhere else in the country,” said Ashkan Zandieh, the author of the report and a former broker at ABS Partners Real Estate who founded RE: Tech earlier this year. “Once you reach one, it’ll be easy to reach another. And if you’re a real estate startup servicing brokers, it’s easier to connect here.”

Among the city’s top magnets for investor cash: online marketplace Honest Buildings, which raised $11.5 million; cloud-based leasing portfolio management company View the Space, which received more than $7 million; 3D technology firm Floored, which pulled in $6.4 million; and “crowdsourced comps” firm CompStak, which raised $5.7 million. (The Real Deal featured many of these companies last year in a story on the industry’s hottest tech entrepreneurs.)

“Tech companies used to be exciting if they had two things — the business expertise and the tech expertise,” said Honest Buildings CEO Riggs Kubiak. Nowadays, however, Kubiak said that investors in real estate startups look for a third criteria: direct industry experience.

Combine the city’s massive financial and real estate industries with its growing tech talent pool and “New York is uniquely positioned to have that trifecta,” he said.

The report doesn’t include the money raised by startups in the real estate crowdfunding domain, such as Fundrise, which pulled in $31 million from industry giants like Silverstein Properties, and Realty Mogul, a firm that attracted more than $10 million from big investors, including Canaan Partners.

The commercial real estate technology space does appear to be in its infancy. The report states that nearly 54 percent of the investments made in the two-year period were seed money. About 32 percent of the investments were Series A investments.

CompStak CEO Michael Mandel predicted that the investments would increase in size as companies that successfully secured seed funding go back to their investors in subsequent financing rounds.

And it’s common to see cross-pollination of investors in the space. Mandel pointed out that his firm shares investors with View the Space and office space search website 42Floors, while Joshua Kushner’s Thrive Capital is a backer of both Honest Buildings and Hightower, a View the Space competitor.

“They’ve realized that the [real estate] industry is rather antiquated,” Mandel said, “and that this is a huge market opportunity.”

(Alexandra Barrett contributed reporting)

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The sale of the country’s most expensive residential property has resulted in a multimillion dollar lawsuit.

Barry Rosenstein, founder of hedge fund Jana Partners, bought the mansion in East Hampton in May for $147 million.

Now, brokerage Corcoran claims that it is owed $8.82 million in commission and damages after the firm was allegedly cut out of the deal. Corcoran maintains that it was hired as the broker to sell the property.

Rosenstein bought the 18-acre, beachfront estate from its former owners Christopher Brown and Andrew Gordon.

The lawsuit was filed on Wednesday in Suffolk County.

According to the suit, Corcoran President Pam Liebman and broker, Tim Davis, met with the trustees of the estate in January. The suit alleges that they had exclusively been picked to market the property for $150 million. Rosenstein reportedly thought the price was too high and brokered a deal with the estate’s representatives.

“This dispute is between the sellers of the property and a broker claiming to represent them. Mr. Rosenstein, as the buyer, should not be a party to the complaint and we are confident the court will see it that way as well,” according to a spokesperson for Rosenstein. [NYP] – Claire Moses

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The number of sales of single-family properties in New York City at or above $15 million hit a new post-recession high over the past 12 months, with 76 closed sales at that price point recorded throughout the five boroughs.

At the current pace, $15 million-and-up sales are on track to set an all-time record in 2014, Jonathan Miller, president and CEO of appraisal firm Miller Samuel told The Real Deal.

The last time the number of deals at that threshold was this high was in 2008, when 90 sales at or above $15 million were recorded, according to ACRIS data.

Of the 76 closed sales at or above $15 million, 24 were located in new condominium developments, the data show. And that number, currently accounting for roughly 30 percent of the last year’s sales in the price bracket, is expected to continue to rise.

“I think that [number] is undercounting, in the sense that there’s a lot of product just starting to close now,” Miller said. “That’s going to occur with increasing frequency, so I would suspect that the $15 million-plus market will be more like 50 percent new development, if not more.”

The push for both higher price points and buyer interest in new high-end development is driven by two main factors, Miller said: costly land on which increasingly expensive residential product is being built, and a global phenomenon of international investors seeking a safe haven for their capital.

“I like to say we’re building the world’s most expensive safety deposit boxes,” Miller quipped.

At the top of the chart was the $70 million purchase of an apartment at 960 Fifth Avenue, an all-time record for a co-op. Another co-op deal for $70 million, at 740 Park, appears to have not yet hit public records.

Still, the $15 million threshold represents an upper echelon of the market that is increasingly detached from the mainstream. While there is more product at that point than in past years it still represents only the top 0.7 percent of all closed sales — less than 1 percent of the entire market.

Sales at or above $15 million over the last year were all also concentrated in Manhattan. The priciest property sale in Brooklyn — a three-bedroom townhouse at 12 College Place in Brooklyn Heights — went for $8.67 million in November, while the priciest in Queens — a seven-bedroom house at 72 Tennis Place in Flushing — sold for $4.3 million that same month. The highest sales in both Staten Island and the Bronx were under $3 million.

For all of the last year’s sales at or above $15 million in New York City, see the chart below.

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The nation of Qatar has pulled the plug on a $90 million purchase of an Upper East Side townhouse at 19 East 64th Street, putting an end to what would have been the city’s priciest commercial townhouse deal, The Real Deal has learned.

In January, Qatar, represented by Douglas Elliman’s Oren and Tal Alexander, entered into contract to buy the 20,500-square-foot townhouse from the Wildenstein family with the intention of using it as a consulate, as TRD reported.

At the time, the Alexanders said the contract was for $100 million, but a source familiar with the property confirmed yesterday that the contract was for $90 million.

The Wildensteins, who are prominent New York City art dealers, were being represented by the Corcoran Group’s Carrie Chiang. They were using the townhouse as an art gallery, but it now lies vacant, and questions remain as to whether they will look for a new buyer.

The closing was slated for late June. Shortly before then, however, lawyers representing Qatar approached the Wildensteins and indicated that the deal could die, according to a well-placed source. A new closing date was set for late July, but once again the Qataris’ lawyers expressed that their clients were not going to complete the acquisition.

“The deal did not close as scheduled,” a spokesperson for the Wildensteins told TRD yesterday, but declined to comment further.

When approached by TRD last month, Oren Alexander said that he was “patiently waiting for closing.” He cited certificate of occupancy issues as a reason for the delay, but insisted that the deal would be sealed in July. Chiang didn’t respond to requests for comment.

This week, both Alexander brothers did not respond to multiple requests for comment. The deal, which they aggressively publicized when it went into contract, would have been the largest single sale of their careers.

Ahmed Yousef Al-Rumaihi, consul general for the state of Qatar in New York, told TRD in a statement in January that the property was in “move-in condition.” But he couldn’t be reached for comment this week.

What caused the Qataris to get cold feet remains unclear. It’s unlikely to be an issue of money – the nation’s sovereign wealth fund has about $170 billion in assets under management, according to the Sovereign Wealth Fund Institute. And Qatari royals have shown a penchant for buying trophy Manhattan real estate, including the $35 million Ellen Biddle Shipman Residence at Beekman Place, a $47 million townhouse at 22 East 71st Street formerly owned by Aby Rosen, and multiple apartments at Gary Barnett’s One57, according to news reports.

But sources speculated the Qatari government may be looking to lower its profile, in the light of severe criticism heaped against it after a report concluded that hundreds of migrant construction workers have died due to poor working conditions in the oil-rich nation. A recent ESPN documentary estimated that, at the current rate, more than 4,000 migrant workers will die by 2022, by the time Qatar hosts the FIFA World Cup.

In anticipation of the closing, the Wildensteins had already vacated the art gallery and cleaned out the space, a source said. It’s uncertain what the fate of the property will be, and the Wildensteins’ spokesperson declined to comment about whether the family would pursue litigation.

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New York sees plenty of eye-popping price tags on luxurious homes, from a record-busting $88 million penthouse condo sale at 15 Central Park West to $95 million listings like the 16-room penthouse at the Pierre Hotel.

But as any homeowner knows, buying the property is only the beginning. Once a buyer is in, they have to shell out big bucks to maintain their palatial pads. Condo fees, taxes and, of course, the staff that keeps these properties in multimillion dollar shape can add up fast.

This month, The Real Deal examined the ongoing costs for five pricey properties in the New York City area — running the gamut from penthouse condos to hotel co-ops to Hamptons’ horse farms. Below is a rundown.

The Pierre Hotel

The priciest unit at the luxury co-op residences atop Manhattan’s Pierre Hotel is late stock titan Martin Zweig’s former pad. The triplex, which takes up the entire 41st, 42nd and 43rd floors, is on the market for $95 million — down from an earlier ask of $125 million.

If that isn’t enough to throw a buyer into sticker shock, the apartment, which features five master bedrooms and a 75-foot-long salon and dining area that occupies the original hotel’s ballroom, comes with maintenance charges of $42,720 per month, according to listings website StreetEasy. Those maintenance charges include a range of amenities at the hotel, along with the service of two full-time staff — a “houseboy and maid,” said Brenda Powers of Sotheby’s International Realty, who holds the listing along with partner Elizabeth Sample and fellow Sotheby’s broker Serena Boardman.

“The setup at the Pierre is very interesting structure because the shareholders also own part of the hotel,” Powers explained.

The Pierre, which includes 70 residences and just over 200 hotel rooms, is owned by a partnership comprised of all the shareholders of the co-op — that is to say, the residents who live there. The hotel rooms are then sublet to Taj Hotels, which operates and rents them.

A $24 million mortgage on the building that the co-op owners are responsible for accounts for roughly half of the shareholders’ monthly charges. Real estate taxes are built into the mortgage payments, explained Brown Harris Stevens broker Martha Kramer, who has an $18.25 million listing for a three-bedroom apartment in the building. The monthly maintenance for that unit is $10,000, which pays for twice daily maid service, an additional “heavy cleaning” of the apartment once a month, as well as hotel discounts for guests and concierge services, including dog-walking.

“I’ve even seen them walking cats,” Kramer said of the concierges.

15 Central Park West

Nobody would expect buying an apartment at 15 Central Park West, the Robert A.M. Stern–designed tower that’s home to a slew of boldfaced names, to be cheap.

Until the middle of last month, the priciest unit on the market in the building — where former Citigroup head Sanford Weill broke a record when he sold his penthouse to Russian billionaire Dmitry Rybolovlev in late 2011 for $88 million — was a $65 million, 6,000-square-foot, five-bedroom. (The apartment was temporarily taken off the market because it was rented, but it could still be sold while the tenant is in place.)

The property was the only two-unit combination to be listed since the building launched. The 35th-floor unit has been gut renovated, has panoramic views in three directions and has its own elevator landing, according to the listing, which was held by BHS’ Paula Del Nunzio.

Any buyer can expect to pay monthly common charges of $7,872, plus $10,273 in monthly taxes — for a total of $18,145 per month. That pays for more than just magnificent park views. In addition to the building’s daily upkeep and staff, the monthly maintenance covers the property’s many amenities such as the gym, movie theater, billiards room and, of course, restaurant.

The 14,000-square-foot fitness center, managed by Wright Fit, has state-of-the-art machines, including a Power Plate, which vibrates to help develop muscle tone — a feature most public gyms don’t have, according to Core broker Emily Beare, who’s handled rentals and sales in the building.

Meanwhile, the 75-foot lap pool, located in the fitness center, is lit with skylights from a reflecting pool on the floor above. And, the 20-seat movie theater is available for anything from kids’ parties to Super Bowl get-togethers to private movie screenings.

In addition, the restaurant also caters private events hosted by residents in their homes, said Beare, who added that the restaurant prices are not over-the-top.

“It’s not astronomical,” she said. “You’re not paying a premium for having it in your apartment building. The prices are in keeping with what a normal restaurant would be — it isn’t necessarily $100 per person.”

The building also has a floor devoted to studio apartments, which owners can purchase for their staff. Those, of course, come with tacked-on common charges and taxes.

Two Trees Farm

The owner of Bridgehampton’s Two Trees Farm, Dumbo-based developer David Walentas, first put his famed 115-acre property on the market in 2010 for $95 million. He quickly reduced the price to $55 million, where it stood until a few weeks ago.

Now Walentas has divided the property into several separate sites — two of which are up for sale, as TRD reported last month.

Walentas, who has been trying to secure a zoning change to subdivide the property into 18 individual parcels, recently won final approval, the Corcoran Group’s Susan Breitenbach told TRD.

One of the two listings is comprised of five of those 19 parcels and totals 12.2 acres of developable land. It’s listed for $25.9 million with Terry Cohen of Saunders & Associates.

Walentas has already started to build houses on the 13 yet-to-be-listed parcels, said Breitenbach, one of several brokers who previously listed the entire property. It was not immediately clear when those sites will be listed or at what stage in the development process.

Meanwhile, the second listing is for the 65-acre horse farm, which is now on the market for $25 million. It includes the 2,500-square-foot main residence, a guest house, all three horse stables, two indoor equestrian areas, a pool, tennis court, staff housing and at least four other buildings to house maintenance equipment. Douglas Elliman’s Morgan White, who declined to comment, has the listing for that spread, which is protected as preserved farmland.

To keep up the farm property, the buyer will have to consider a staff of at least 15 to maintain the fields and stables, plus an estimated $1,000 to $3,000 per year to maintain the tennis court, sources said. And on average, tennis courts must be resurfaced every seven years to the tune of between $4,100 and $5,500. However, because the property is a farm, some costs would likely be tax-deductible.

Paul Brennan, Douglas Elliman’s Hamptons regional manager, who is not affiliated with the property, said it’s hard to gauge how much it would cost to foot the Two Trees’ annual bill.

“That’s scary. I wouldn’t even want to,” he said of estimating the upkeep costs. “You have the farm maintenance costs, which aren’t cheap, but it’s just something that has to be done, and if you have things like a horse farm or grapes, they come under agriculture, and so you get a huge [tax] break.”

Still, the taxes on the horse farm are $25,000 annually, according to listing information on Elliman’s website. Walentas declined to comment.

One57

The priciest pad up for grabs at Extell Development’s One57, a $41 million condominium on the 62nd floor measuring just over 4,400 square feet, is actually not that outrageous on a monthly basis — relatively speaking, that is.

The unit will cost its new owner just $7,095 in monthly common charges, and a little over $500 in monthly taxes, according to StreetEasy. The unusually low taxes for such a pricey property are thanks to a controversial 421a tax abatement passed in Albany last year.

Still, despite those relatively low monthly fees, Extell estimates that the building will generate $8.25 million in its first year of operations, with the biggest chunk of that, over $7 million, coming from residential common charges, according to filings with the Attorney General’s office that TRD has cited in the past.

The monthly fees cover the building’s plush amenities, including a private fitness center and yoga studio, an indoor pool with live music pumped in — under water — from nearby Carnegie Hall, private dining, a full catering kitchen and screening and performance rooms. The building has also earmarked $1.57 million for salaries, wages and benefits for its 18 employees, according to its filings. The building also projects that it will spend $2.5 million for heat and hot water annually, $1.43 million on electricity and nearly $1 million on “services and supplies.”

Unlike other Manhattan condos with on-site hotels, however, residents are only charged for hotel services like massages if they use them.

“I did not personally receive any pushback from my numerous customers regarding maintenance fees at all,” said Sotheby’s broker Nikki Field, who told TRD she has sold units to buyers in the building ranging from $8.9 million to $50 million. “The carrying costs are far lower than all the other in-the-ground competition. Most other hotel condos like the Sherry Netherland or the Pierre have exorbitant monthlies due to the included hotel services, whether the owner uses them or not.”

16 Gin Lane, Southampton

The sprawling nine-bedroom, 10,000-square-foot Tudor-style mansion at 16 Gin Lane, which hedge-funder Scott Bommer purchased from shoe mogul Vince Camuto last year for $75 million, just sold again for an undisclosed amount.

But there is little doubt that the new owner will have to dig deep to cover the monthly and annual nut for the 7.5-acre Southampton oceanfront property.

In total, big estates like this one on Gin Lane can run their owners $250,000 a year or more in maintenance costs, according Elliman’s Brennan, who was not involved in the recent sales of the property but is familiar with it.

That’s on top of the nearly $115,000 in annual taxes, according to the property’s most recent listing. Corcoran’s Tim Davis, the listing agent, did not return calls for comment.

Perhaps the most expensive feature to maintain will be the formal gardens, which require a team of full-time workers, according to Brennan. The estate, of course, also has a tennis court and pool.

“I’d hate to think what that costs year over year,” Brennan said of maintaining the property. “The hedges alone would be more than I make in a year.”

The exact cost of maintaining the grounds and gardens depends on exactly what is planted. A rose or vegetable garden, for instance, is more labor-intensive and therefore more costly, said Elizabeth Lear, co-owner of Southampton-based luxury landscape design firm Lear Mahoney.

“Some companies just do the general maintenance: hedges and lawns, fertilizing, spraying,” she said. “People who do specialty gardening generally charge an hourly rate, anywhere from $20 to $50 per hour, depending on who it is and where they are.”

SEE ALSO: The New 'It' Buildings In New York's Luxury Real Estate Market

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A mobile home in Malibu recently hit the market asking $3.75M.

Wealthy retirees and film industry moguls are paying millions for the privilege of living in a trailer park — albeit, one that sits on a bluff overlooking the Pacific Ocean in Malibu.

In fact, properties in the mobile-home community known as Paradise Cove routinely sell for millions.

This spring a couple purchased a two-bedroom, 1,800-square-foot trailer for $1.25 million. And months earlier, a trailer in the park — which had previously hosted actor Matthew McConaughey — sold for $2.55 million.

In July, a four-bedroom, 2,200-square-foot trailer with a hot tub and two-car garage went on the market for $3.75 million, according to the Wall Street Journal.

Conventional homes in the Malibu neighborhood can run in the $20 million to $40 million range, which partially explains the appeal of trailer park living.

And of course, these well-heeled buyers aren’t sparing any expense on their mobile homes. These trailers feature hardwood floors, high-end appliances, and granite countertops.

“It’s like you’re in a house in Pacific Palisades or Bel Air,” said Chuck Cohen, who recently bought in the community, said. “You just happen to be in a mobile-home park instead.”

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The size of recent investments from Chinese firms and individuals in New York real estate has commanded headlines. Generally speaking, the properties being bought are familiar to those in the New York City property business.

Those doing the buying, however, are less well known. In reality, the wave of Chinese investment in New York City property is being led by some of the biggest names in real estate in the People’s Republic. Some of these investors hope to fill American condos with wealthy Chinese home seekers and stock U.S. offices with China’s outwardly looking companies.

For others, buying into U.S. assets represents a logical next step in expanding highly diversified portfolios. At the same time, Chinese developers — particularly residential developers — are facing a serious slump in the business, as home prices fall and vacancies rise in the country’s cities.

Indeed, a number of the nation’s big builders have flagged overbuilding and high land prices as causes for concern. That helps explain, in part, why some of China’s real estate titans are seeking out residential investments in overseas markets like New York. Here, then, is a look at six major property players in China that are making waves in New York.

1. China Vanke

Given China Vanke’s position as the largest residential developer in China, one could say the company is starting small in the U.S. In February, a partnership comprised of Vanke, Aby Rosen’s RFR Holdings and Hines broke ground on 610 Lexington Avenue, a 61-story condo building designed by Norman Foster. Vanke will also develop a four-building, 656-unit condo development in San Francisco called Lumina in partnership with Tishman Speyer. Vanke was founded in 1984, and began focusing on real estate in 1988. Since then, the company says it has built more than 500,000 homes in 70 cities. Vanke focuses on developing small residences for China’s growing urban population. Last year, it constructed 160 million square feet and brought in $28 billion in revenue. Vanka recently voiced concern that prices are overheating in some Chinese cities, Reuters reported. Vanke president Yu Liang told a real estate forum the company could well plow 10 percent of its overall investment into overseas markets in the next five years. The company’s preferred destination in the Western world? The U.S., according to the news service.

2. Greenland Holding Group

It’s no wonder Forest City Ratner chose Greenland Holding Group when it sought a partner to help expedite the construction of the Atlantic Yards project (recently rechristened Pacific Park Brooklyn). Greenland is Shanghai’s largest state-owned enterprise. Since 1992, the company has built urban complexes, industrial parks and business districts in more than 80 Chinese cities. The company also specializes in developing ultra high-rise towers and has some of the world’s tallest skyscrapers in its pipeline. Greenland is ranked number 268 in Fortune Magazine’s Global 500 last year — two spots above Goldman Sachs – and has $58 billion of assets under management as of 2013. In addition to real estate, Greenland has significant interests in energy, finance, construction and hotel and commercial center operations. 

3. Fosun International

Fosun International’s $725 million purchase of 1 Chase Manhattan Plaza was the biggest foreign investment in commercial office space last year. That feat is no surprise when one considers the scale of Fosun’s business. Formed in 1992, Fosun is China’s largest closely held conglomerate. Its cofounder and Chairman, Guo Guangchang, has been called the Warren Buffet of China, making Fosun the Berkshire Hathaway of the Middle Kingdom. The company has nearly $30 billion in assets under management and posted about $1.3 billion in profits last year. Most of Fosun’s $8.3 billion in revenues in 2013 came from industrial operations, which include pharmaceuticals, property development, steel production and mining. It plans to aggressively develop its other main businesses — insurance, investment and asset management – over the coming decade.

4. Zhang Xin and Pan Shiyi

Last year, the wife-and-husband team of Zhang Xin and Pan Shiyi partnered with Brazilian banking magnate Moise Safra to take a 40 percent stake in the General Motors building for $700 million. The deal made Zhang and Pan stakeholders in one of the most valuable real estate assets in the US. The duo is no stranger to big deals. Zhang and Pan serve as the chief executive and chairman, respectively, for SOHO China, the country’s largest developer of high-end office space. Founded in 1995, the company focuses on developing architecturally distinct buildings in Beijing and Shanghai by collaborating with notable architects such as of Zaha Hadid. Forbes puts Zhang and Pan’s fortune at $3.9 billion. Last year, SOHO reported a profit of $1.3 billion on revenues of $2.4 billion. The company also transitioned to a business model focused on operating rather than selling buildings. SOHO has built about 32 million square feet of office space and has a total development portfolio of 58 million square feet.

5. Wang Jianlin

Few details have emerged since Wanda Group chairman — and China’s richest man — Wang Jianlin said last year he would invest $1 billion in a New York hotel and residence. But Wang has shown his ability to execute. He purchased cinema chain AMC group for $2.6 billion in 2012. He also spent $900 million on a 90-percent stake in a Chicago mixed-use development earlier this year. Last week, he won the right to develop a former department store in Beverly Hills with a $1.2 billion bid. Wang topped Forbes Magazine’s China Rich List with an estimated wealth of $14.1 billion last year. Wanda Group’s assets under management totaled $62.8 billion at the end of 2013. Wang spent 16 years in the army and did a brief stint with the Dalian city government before establishing Wanda Group in 1988. Initially focusing on urban reconstruction in the seaport city of Dalian, the company embarked in 1992 on residential development in Guangzhou, China’s third largest city. Since then, Wanda has diversified into four major businesses: commercial real estate; hotel development and management; department stores; and cultural enterprises, including movie theaters, film production and theme parks.

6. XIN Development

In 2012, XIN Development purchased a Williamsburg condo site for $54 million. The firm has since begun construction on the Oosten, a 216-unit development designed by Dutch architect Piet Boons. XIN Development is the U.S. arm of the Beijing-based homebuilder Xinyuan Real Estate. Founded by chairman and CEO Yong Zhang in 1997, the company has a simple strategy: it acquires land in China’s high-growth, second tier cities and develops middle-income housing. As of last year, Xinyuan had completed 28 projects comprising more than 42,000 apartments. Between 2009 and 2013, Xinyuan has grown revenues 50 percent to nearly $900 million, according to its last annual report. Xinyuan became the first Chinese real estate company to list on the New York Stock Exchange in December 2007. Investors don’t appear to be entirely sold on the company, however. Xinyuan, which has a market cap of just $315 million, has seen its stock price tumble 73 percent since going public.

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Alchemy Properties’ offering plan for the condominiums at the Woolworth Building was just approved by the New York Attorney General’s office, and The Real Deal headed over to the AG’s real estate finance bureau to take a peek at it.

The plan reveals that the $110 million penthouse atop the iconic tower — a unit that has been christened the “Pinnacle” — will span 9,400 square feet with just under 500 square feet of outdoor space.

This means Alchemy is asking about $11,700 per square foot for the aerie atop the landmark tower, by far a record for Downtown and one of the priciest listings ever to hit the city.

Overall, the average price for the 34 condo units collectively known as the Woolworth Tower Residences is $4,172 per foot, with a total sellout of $443.7 million. Prices start at $3.9 million for a 1,290-square-foot pad on the 44th floor, suggesting Alchemy feels even more bullish about sales prospects than it did in June, when Bloomberg News reported that the unit was asking $3.5 million.

According to the floor plan for the Pinnacle, the penthouse will have three bedrooms, three bathrooms and three powder rooms, as well as a private elevator. The 50th and 51st floors, with more than 4,700 square feet between them, will contain the main living and dining spaces.The 2,456-square-foot 53rd floor will boast a room of more than 1,350 square feet, and the 55th through 58th levels in the cupola will offer a library or media room and an observation deck at the very top.

Alchemy opted to keep sales at the tower in-house, as TRD reported earlier this week. Representatives for the developer declined to comment for this story. 

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