Jody Kriss Reports: NYC is Still Tops for Billionaires

As an experienced developer of luxury condos across NYC, Jody Kriss of East River partners has met his share of the Big Apple’s most elite, but anyone who knows the city is well aware of what it takes to secure a well-appointed home. Some chart-topping real estate prices are now exceeding $100,400,000 which can only happen because the market allows for it. Between being an international business hub, an American icon, and a hotspot for cultural activities and socialites, NYC has always been a worldwide destination. Recently, China’s Hurun Report claimed Beijing had overtaken New York City as being the world-leader for number of billionaires. Are you crying foul? You should be.

The Hurun Report Announced Beijing as World-Capital for Billionaires

The Hurun Global Rich List is an awful lot like China’s version of a Forbes List. The group has been compiling and publishing data for five years now and ranks the world’s wealthiest from top to bottom, makes note of trends, and provides highlights of their research. The 2016 edition added 99 new names to the list, for a grand total of 2,188 billionaires, representing 68 different countries.

The Top 10 Cities as Represented by the Hurun Report

1. Beijing, China (100 billionaires)
2. New York, USA (95 billionaires)
3. Moscow, Russia (66 billionaires)
4. Hong Kong, China (64 billionaires)
5. Shanghai, China (50 billionaires)
6. London, England (50 billionaires)
7. Shenzhen, China (46 billionaires)
8. Mumbai, India (45 billionaires)
9. Hangzhou, China (32 billionaires)
10. Paris, France (30 billionaires)

Forbes Called their Bluff

Forbes Magazine was quick to check Hurun’s math, and published their own report that indicated contrary findings. The list from China misrepresented the number of Beijing’s billionaires by a 49% margin. By correcting the error, Beijing drops down to just fourth on the list. Moreover, its billionaires have a net worth that’s about half of NYC’s, at $149.9 billion and $364.6 billion, respectively.

The Top 10 Cities as Represented by Forbes

1. New York, USA (79 billionaires)
2. Hong Kong, China (68 billionaires)
3. Moscow, Russia (60 billionaires)
4. Beijing, China (51 billionaires)
5. London, England (47 billionaires)
6. Mumbai, India (32 billionaires)
7. Shanghai, China (31 billionaires)
8. Shenzhen, China (30 billionaires)
9. Seoul, South Korea (29 billionaires)
10. San Francisco, USA (28 billionaires)

Not surprisingly, the Chinese “research company” also gave five of the top ten spots to cities in China, when in reality, they only held four. To add even more fuel to the fire, America still has more billionaires as a whole than China does. In fact, there are twice as many in the US, with the countries hosting 540 and 252, respectively, plus the American billionaires have a cumulative net worth of $2.4 trillion, four-times greater than China’s $594 billion.

Forbes was kind enough to tip their hats to Asia, acknowledging their steady growth in business and wealth. Journalist  Katia Savchuk added, “Hong Kong and Beijing may well overtake New York as the billionaire capital soon – but not yet.” As for Jody Kriss’ take on the matter, “New York City has passion, and its people make it great,” he said. “There’s a reason why East River Partners operates here. I don’t see the status changing anytime soon.”

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Jody Kriss Featured on Real Estate Weekly

East River Partners Co-Founder Jody Kriss discusses the renovations of a historic East Village synagogue in an on-site interview with REW TV’s Dan Orlando.

March 17, 2016 NEW YORK CITY—Jody Kriss, Co-Founder of East River Partners, has been working tirelessly to restore one of NYC’s timeless treasures. Dan Orlando of Real Estate Weekly met with the project developer Jody Kriss, at the historic Synagogue site, and revealed some key features of the project, as well as when its expected completion date is. The interview is available to watch on Real Estate Weekly’s website.

The Adas Yisroel Anshe Mezritch Synagogue, originally built in 1910 by Polish settlers, was only one of hundreds that served the area in its heyday. By the time it was discovered by East River Partners, the synagogue was the last of its kind. The congregation had dwindled and the building was so dilapidated that it narrowly escaped demolition. As East River Partners began the process of acquiring it, the entire neighborhood became landmarked. They took great care to preserve its historical integrity, and their efforts are clear throughout the building.

“We painstakingly and meticulously restored all of the original stained glass,” Mr. Kriss explained in the interview. The exterior façade, as well as the copper doors which adorn the synagogue’s main entry, have also received extensive TLC, allowing the building to return to its initial state of grandeur.

The lower floor will remain a fully-functional community synagogue, while the upper floors have been renovated into exquisite condos.

415 East 6th Street is expected to be completed in just six weeks, according to Jody Kriss, and it’s already creating quite a stir. Mr. Kriss previously spoke with Jacquie Hart of Downtown Magazine, and the condos have been discussed on major sites like Street Easy and the New York Times. While the public was once concerned about what would come of the beloved synagogue, with its livelihood no longer in question, attention has turned to what treasures the interior may hold for homebuyers. Condo owners will be treated to a perfect pairing of modern conveniences and sophistication with old-world charm. The expansive spaces have oak flooring, as well as well-appointed bathrooms and kitchens designed for an avid chef. Lucky homeowners will also have a wide variety of shops and entertainment opportunities within walking distance.

About Jody Kriss and East River Partners

Jody Kriss is a developer in NYC who specializes in renovating some of the city’s oldest buildings and restoring them to their original charm. His projects are varied, though he, along with East River Partners, tend to focus their efforts on creating luxurious living spaces designed for the needs of today’s modern New Yorker, while preserving the historical integrity of each building. 415 East 6th Street is one of the group’s many successful projects, with more in the works. For more information on the condo conversions, visit the 415 East 6th Street website, or check out the East River Partners website for details on the company and its other projects.

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From the Jody Kriss Blog: Review of the WTC Transportation Hub

With many successful development projects across NYC, Jody Kriss is no stranger to the city’s stunning architecture. Though Jody Kriss and East River Partners tend to focus on honoring the design of historic structures, their developments have one major thing in common with the new WTC Transportation Hub; mindfulness of modern elegance and opulence. But, did Santiago Calatrava’s Oculus deliver on expectations?

The Oculus Strayed from its Original Design

Calatrava, a seasoned architect from Spain, has a fantastic track record when it comes to designing transportation-related structures all over the globe. For many, rebuilding the WTC area has been a spiritual and emotional experience, and Calatrava intended to honor this with his initial concepts. Originally, the structure resembled a dove being released from a child’s hand and was expected to cost about $2.2 billion to create. Commissioned by the Port Authority of New York and New Jersey, with input from the local police force and various other entities, Calatrava’s initial designs were repeatedly altered to address “security issues.” Back in 2005, Chairman of the Port Authority of New York and New Jersey Anthony R. Coscia explained that the changes “were all done in a way that stayed faithful to the original vision,” but even then, New York Times reporter David W. Dunlap wasn’t buying it. “It may now evoke a slender stegosaurus more than it does a bird,” he wrote, and based on reactions from visitors to the completed structure, it seems he was spot on with his assessment.

Visitors are Divided on Opinion

The total building costs came to about $4 billion, which New York Times reporter Michael Kimmelman estimates is about twice the amount it took to see Grand Central Station come to fruition, when adjusting for inflation. He refers to Calatrava as a “one-trick pony,” and goes on to say “the Oculus reveals itself all at once from awkward, tongue-shaped balconies,” and adds “The trip downstairs becomes a letdown.” From bad to worse, he picks apart the Oculus, “In its scale, monotony of materials and color, preening formalism and disregard for the gritty urban fabric, the hub is the sort of object-building that might seem at home on the Washington Mall.”

Paul Goldberger of Vanity Fair provides a wholly different point of view, calling the Oculus “the exhilarating nave of a genuine people’s cathedral.” He believes that Calatrava’s design consists of “curving ribs of steel to make a space that is uplifting, full of light and movement, and capable of inspiring something that has been in particularly short supply at Ground Zero, which is hope.” It’s hard to believe that the two reporters are even discussing the same structure.

It seems as if Goldberger and Calatrava share the same sentiment: that this is a highly-unique and opulent structure, created expressly for the people of New York. Very few municipalities have invested in providing something so grand for average citizens. “This person who is coming to New York to work very hard, one day may be living in a very modest house and may also be working in a very modest job, but for me, this person is very important,” Calatrava explained in an interview with Architectural Digest. For him, the structure was about honoring hard-working people and showing them how important they are to the community, and inspiring hope with symbolism found throughout.

No matter where you stand on the matter, one thing is certain. The Oculus is a piece of art, open to interpretation and subjective to tastes. The debate over its beauty and message will linger on for generations.

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Jody Kriss Guides: Obscure “Features” Found in NYC’s Historic Buildings

As a premier NYC developer, Jody Kriss visits a lot of New York’s older buildings to determine which ones have the best bones for luxury renovations. While the Big Apple is known for majestic skyscrapers and quaint brownstones, the fact that many of these structures have been in use for hundreds of years means that some seemingly obscure features can be found in the older abodes. Just as today’s iPhone would surely create raised eyebrows in the early 1900s, a lot of the “technology” of yesteryear boggles the minds of today’s homeowners. Of course, if you’re in the market for one of Jody Kriss’ luxury developments, you aren’t likely to come across any of these gems, but surely these “features” commonly found in NYC’s older buildings are things most of the modern world is happy to do without.

1) Interior Windows

Many of NYC’s older buildings have windows for seemingly no reason. They’ll commonly appear on interior walls of a home and may even be placed on a bedroom wall that faces a hallway or other interior room. While not great for privacy, the windows once served a valuable purpose. As tenement living took center stage in NYC, buildings became cramped and densely populated. This worsened the spread of serious illnesses, like tuberculosis. In 1901, city codes were rewritten so that all rooms would have some form of ventilation. Even though traditional windows that provide fresh air from the outside were more ideal, lawmakers put in a clause that allowed landlords to fulfill their legal obligations by installing interior windows between rooms. To this day, they’re also called “tuberculosis windows.”

2) Kitchen Baths

Occasionally, some NYC homes still sport bathtubs in the kitchen. This is a throwback from the same piece of legislation that spurred interior windows. The earliest structures were built before running water made its way into homes, so when the laws changed to stipulate that landlords had to provide running water, they’d make it simple and run a single line into the main living area or kitchen. In order to cut costs, people began adding bathtubs to their kitchens, just to take advantage of the plumbing. In 1929, additional legislation passed that stated “Every wash basin, bath, shower, sink and laundry tub shall be provided with an adequate supply of hot and cold water.” This further encouraged landlords to forego the additional work and expense of hosting bathtubs in the bathroom and the trend of kitchen baths continued for another 30 years or so.

3) Speaking Tubes

Anyone who has seen “The Boy” movie in theaters was no doubt left unsettled by the existence of listening devices in the walls. Believe it or not, these are real contraptions, installed in many older buildings across America. They’re called “speaking tubes” and were commonly used as a way to communicate with household staff prior to intercoms. Some homes also have them installed as a way to talk to visitors at the front door, perhaps from an upper floor landing.

4) Milk Doors

Many a renter has been left mind boggled by a small passage with a door, which is usually cut through an exterior wall near a service door. The spaces are large enough for a child to fit through, which doesn’t make a whole lot of sense in modern life where safety and security are concerns. These are generally called “milk doors” or “milk chutes,” and they were used as a depositary area for the milkman. Homeowners would leave their empty bottles inside to be picked up, and the milkman would replace them with fresh bottles. Sometimes, they were used for other types of deliveries, but it almost always related to food.

Most of these features were born from necessity of the time or were utilized to cut corners and costs when updating properties. Although you’re likely to find an intercom system in a project developed by Jody Kriss, it’ll be of the modern variety, and thankfully, all bathtubs are tucked away in bathrooms, which look more like private sanctuaries than family hubs. Not surprisingly, this tends to be preferred among today’s homebuyers.

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Historic East Village Synagogue Preserved by Jody Kriss and ERP

Jody Kriss and East River Partners have been quite active in NYC development. While their usual focus is on revitalizing the city’s beloved brownstones and preserving the Big Apple’s aging properties and energizing them with modern touches, the latest project is truly one-of-a-kind. The developers are working in the Lower East Side restoring the last remaining synagogue in a one-time Jewish shtetl.

Saving the East Village Synagogue

Before Jody Kriss and East River Partners came upon the Adas Yisroel Anshe Mezritch Synagogue, it was a far cry from its original luster. Founded by Polish settlers in 1910, the synagogue fell into disrepair over the years and was slated for demolition in 2012. Somehow, the building and its occupants muddled through, though the brickwork was left crumbling and the once stately building exposed to the elements due to broken windows. When the locks broke as well, worshippers put their faith in a higher power, and secured the doors with rope. Then, Rabbi Pesach Ackerman and Jody Kriss worked together to come up with a very unconventional plan.

Jody Kriss and East River Partners’ 415 East 6th Street

The building at 415 East 6th Street needed a lot of help to be restored. As a landmarked structure, it required an experienced and knowledgeable team to handle the renovations, while preserving the historical integrity. With numerous successful condo developments throughout NYC under their belts, Jody Kriss and East River Partners stepped forward to create a one-of-a-kind development. The synagogue remains intact for its small base of worshippers, who will have full access to its amenities on the lower floor. Moreover, Kriss and his team have pledged to provide the funds to cover maintenance on the shul for a full 200 years following the renovation, allowing its iconic stained-glass windows with the Star of David to shine like a beacon on 6th street for generations to come.

Three Luxury Condos Top The Building

Though the main floor will remain a place of worship, the upper floors were converted to condos with all the lavish amenities people have come to expect from a Jody Kriss and East River Partners project. This enables the synagogue to be restored, and provides much-needed housing in the East Village. The second and third floor each host a two-bedroom unit of about 1900 square feet, while the uppermost two floors make up a three-bedroom duplex penthouse, and spans more than 2,500 square feet. The building boasts electronic keypads and video intercoms, as well as high-end appliances. The floors are of oak, with marble donning the bathroom floors, walls, and counters. The kitchens are designed with a chef in mind, featuring thoughtful touches like custom-cabinetry. Residents are also treated to all the area has to offer, such as shopping, cultural activities, and dining.

Downtown Magazine recently interviewed Jody Kriss, and spoke a bit about the East 6th Street preservation, as well as what’s happening with East River Partners and developments across NYC. While there is a lot happening in Manhattan and Brooklyn, and the group has numerous successful projects completed, Kriss can’t pick a single achievement that he’s most proud of. “Creating terrific homes for folks to live in and enjoy,” he explained. “That’s the joy of doing what we do.” If the 6th  Street synagogue revitalization is any indication of things to come, it’s clear his list of achievements to choose from will only grow larger.

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Legislative Fail May Halt New Development Across NYC

Developers like Jody Kriss and East River Partners rely on certain legislative codes in order to keep up with demand and to make performing neighborhood renewals more affordable. One of the most-notable is referred to as the 421-a, which offers developers tax breaks for including affordable housing into their projects. Now that lawmakers have failed to renew the policy, developments all over NYC could come to a screeching halt. This isn’t just bad news for developers- it could cause serious issues for millions of people in a city that’s already strapped for general housing, let alone affordable housing.

The 421-a has Been in Effect Since the 1970s

The Pratt Center for Community Development explains that the 421-a was created in 1971 when more people started moving to the suburbs and residential construction stalled. Although the agency tried to claim that the incentive was unnecessary, as a low percentage of developers took advantage of it, their own document showed that an average of 530 new buildings were added every year in Brooklyn alone between 1985 and 2002. The actual number for all of NYC exceeds 4,000 building per year. The city is already facing a housing crisis. Imagine if those 68,906 total buildings didn’t exist because developers couldn’t afford to create them.

The 421-a Originally Expired in June, but was Extended Until January 15

Renewal of the legislation hinged on an agreement between the Building and Construction Trades Council and the Real Estate Board of New York. The Trades Council has been fighting aggressively for higher wages and bigger benefit packages for construction workers. When the two could not reach an agreement back in June, Governor Andrew Cuomo decided to give them until January 15, at which point the 421-a would be suspended until the matter was settled. No agreement was reached. DNA Info published some numbers crunched by the Independent Budget Office. If the Trades Council gets its way, construction costs will go up by about 13 percent, or $45,000 for each and every unit built. On a grander scale, this means that the 80,000 units that are part of Mayor Bill de Blasio’s affordable housing plan will cost about $2.8 billion more to come to fruition.

Developers Scrambled to Qualify Before Time Ran Out

As the New York Law Journal points out, the loss of the 421-a doesn’t hurt anyone right now, but experts agree that future development around the city could seriously suffer in the long run. The Wall Street Journal tallied up all the permits that were applied for in the month preceding the anticipated loss of the incentive. Nearly 300 permits were issued, affecting 7,781 housing units. More than half, a whopping 59 percent, were for buildings in Brooklyn, and about one-quarter of them were from Queens. The uncertainty over the possibility of losing the 421-a led developers to have a record-breaking year for applications. While the previous chart-topping year was 2008, with 33,11 permits, 2014 blew it away with 56,248.

Jody Kriss and East River Partners tend to focus on restoring historic properties. Unexpected and luxurious touches are integrated into their projects, while maintaining the integrity of the architecture and honoring the neighborhood appeal. Because of the types of properties East River Partners is involved in, the loss of the 421-a will leave their ongoing work largely unaffected. However, Jody Kriss explained in a statement, “We are fortunate that our condo projects are largely unaffected by the expiration of the 421-a program. But the program is extremely important to the development community in the city and the uncertainty surrounding its extension has made it very difficult to build new homes since developers are operating in and uncertain regulatory environment”

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East River Partners on the History, Lore, and Love of Brooklyn Brownstones

When people think of NYC, one of the first things that they picture is Brooklyn’s historical brownstones. The iconic rowhomes that line the streets of some of Brooklyn’s more affluent neighborhoods have become synonymous with the city over time, and have won the hearts of Americans everywhere. We’ve seen them in Hollywood hits like “You’ve Got Mail” and a Manhattan home once even disguised itself as a Brooklyn brownstone for “The Cosby Show.” Celebrities, like Neil Patrick Harris and Sarah Jessica Parker, have proudly displayed their brownstones in feature articles, forever cementing in our minds that these timeless residences are reserved for an elite class. Are they truly unattainable for the masses, and if so, how did they come to be?

Brooklyn Brownstones Rose to Popularity During the Romantic Era

While most people call any kind of rowhome a “brownstone,” the term technically refers to townhomes that have a brownstone facade. Prior to the mid-1800s, Brooklyn was largely deserted. It’s said that the famous Dakota Hotel was aptly named as such because the area it was built in resembled the Dakota Territory- barren and uninhabitable. As new developments crept in, rowhomes began to pop up everywhere, but simple brick would not do for the new affluent crowd. As the New York Historical Society points out, brownstone was the ideal façade, largely because of price. Other popular choices, such as granite, limestone, and marble, were very expensive and difficult to obtain. A brown sandstone quarry, which sat on the Connecticut River, proved to be an excellent source. Because the sandstone could be carved easily and transported by water, it helped improve the aesthetics of buildings all over NYC.

East River Partners, LLC and Jody Kriss Focus on Brownstones

Quality brownstones are in short supply, and those that hit the market these days can sell in a single day. Even though America and NYC have been in love with brownstones since they first appeared, they have struggled to remain in top form. Early builders rushed the masonry, which meant that residents were trying to manage cracking and crumbling facades within a decade or two of the buildings rising. NYC’s constant battle with affordable housing also left building owners will no funds to make necessary renovations and repairs. Over the years, the problem has only gotten worse, across all of NYC’s buildings. Finally, developers like Jody Kriss and East River Partners are coming in and restoring the buildings to their original splendor.

Brownstones are Now the Ideal Choice for Brooklyn Families

There’s a huge movement in Brooklyn right now to restore the iconic buildings. East River Partners tends to focus more on buildings that were largely dilapidated before renovations. As Jody Kriss has explained, they often clear out much of the interior of the brownstones, and start from scratch. This enables them to create stunning homes, with the modern touches today’s buyers want. In an interview with Samantha Rowan, Kriss explained, “In Brooklyn, the public schools tend to be better, so you see parents going there because private schools in Manhattan are so prohibitively expensive.” Between quality education and affordability, Brooklyn is seeing a major boom in families. This is in line with a NY Post report that indicated more than half of those buying in Brooklyn right now are in their 30s. Even though about 40 percent of them are Brooklynites already, nearly one-in-five are coming in from Manhattan.

Due to the hard work of developers like Jody Kriss, many of the brownstones in Brooklyn have already been thoughtfully restored and renovated. Going forward, we may be seeing more of what NY Daily News calls “Brownstone 2.0.” Kriss gives a nod to this in his Rowan interview explaining, “The brownstone type of building is so well-received, that we’re actually looking at building a whole bunch of new ones.” Without a doubt, they’re sure to be as popular as their historical cousins.

 

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