Friday, August 15, 2008

Shock: DMX's Harlem Townhouse Sold for Paltry $120k


Friday, August 15, 2008


Shock: DMX's Harlem Townhouse Sold for Paltry
$120k

2008_08_dmxsold.jpg


You didn't think we'd roll into the weekend without final word on 2007 Fifth
Avenue, better known as the partially renovated townhouse owned by rapper
DMX? Fans of celebrity trauma will recall that the place was set to be auctioned off on Wednesday at a sheriff's
auction. A Curbed operative reports in with news so completely unbelievable that
we'll just cut straight to it: "I just spoke with Daniel Eigerman, Esq.,
plaintiff's counsel. And holy crap, it sold for $120,000! I'm dying here.
Let me write it out. One hundred twenty thousand dollars. Give or take, there's
still some finalizing with the sheriff's department, and the full
payment/closing takes three business days. As the attorney describes it, that's
actually 'barely a whisker above' one-third of the value of the judgment they
obtained against X. So he's in the hospital, arrested at Wal-Mart, AND losing $1
million on his townhouse, all within 24 hours. A rough day."

Monday, August 11, 2008

Manhattan Real Estate 455 Central Park West

From A Cancer Hospital Built In 1887 To Luxury Condos Today - No Corners For Germs

The prices paid for the turret apartments were the highest prices paid for a coop or condo north of 96th Street originally priced from $4.8 - $7.6 million.

Affluent buyers paying record prices are moving on up to deluxe apartments on the Upper Upper West Side. The apartment is over 5000 square feet with 3 bedrooms, 4 bathrooms, a library, dining room, and family room; eat in kitchen, two terraces and a patio with 1000 square feet of outdoor space.

The French renaissance style chateau building has intricate wrought iron gates, arcaded loggia and imposing circular towers and slate roof. Built in 1887 for the New York Cancer Hospital, the first cancer hospital in the city.

The building has 5 round turrets because at the time it was built corners were thought to harbor germs. It later became a nursing home and asylum whose management was convicted of Medicaid fraud and it closed.

The building had been dormant and decaying for more than 25 years. Local neighborhood residents call it the castle.

In 2001 a Chicago developer Dan McLean who also built a development on Fisher Island off the Miami coast broke ground blending the landmark building with a new 26-story tower. The new building shares a lobby and courtyard with the chateau-style structure. Each turret condo has at least 1 circular room.

9/11 caused hardship and a halt to the project until Columbia University came to the rescue. The first 15 floors in the tower were bought by Columbia University. They bought 2 and 3 bedroom apartments for prominent professors and visiting dignitaries. They paid $45.38 million for 53 luxury condos an average of about $1 million per apartment.

The building is opposite Central Park, the area is called Manhattan Valley adjacent to Harlem and a few blocks east of Morningside Heights

Sunday, August 10, 2008

Hot New Construction for 2009 per NYC Condo Blog

#10 - 15 Union Square West

Developer: Brack Capital Real Estate
Architect: Eran Chen of Perkins Eastman
Anticipated Occupancy Date: Winter 2009

15 USW Rendering.JPG


The 19th century home of Tiffany & Co is undergoing an artistic metamorphosis. Forgetting the incredible location for a moment, the building itself is quite impressive. It contains 36 unique residences designed by Vicente Wolf. The top 6 floors have spacious penthouses complete with oversized terraces and wood-burning fireplaces. The amenities package, including Luxury Attaché concierge services along with a 50’ pool and valet parking, should help make your life at 15 Union Square West that much more effortless.


# 9 - The Centurion – 33 West 56th Street

Developer: Roy Stillman & Robbie Antonio
Architect: I.M. Pei & Sons
Anticipated Occupancy Date: Spring 2009


Centurion.jpg


It’s no surprise that brokers are drawing analogies between Centurion & 15 Central Park West. Both projects have proven developers and celebrity architects who pay attention to each and every tiny detail. However, one could argue the limestone façade of Centurion is actually better. The stone is imported from France and has a soft finish which is noticeably different from other types of limestone. Considering this is the only Pei condominium in New York, we’re not all that surprised the building is selling fast, and at prices that snuggle right up to $3,000/foot.


# 8 - W New York Downtown Hotel & Residences – 123 Washington Street

Developer: Moinian Group
Architect: Gwathmey Siegel
Anticipated Occupancy Date: Spring 2009


W Hotel & Residences Downtown.jpg


The first W residences in Manhattan are particularly significant because they are the only luxury hotel and residences constructed in downtown Manhattan. The project will be located just a block from the Freedom Tower, helping to liven up a somewhat depressed neighborhood. This 57-story project will have ‘unusual transparency’ and ‘built-in furniture.’ Why live in a W residence? You can buy a pre-furnished unit designed by Graft consisting of modern, W-style features. Or, you can buy the unit naked and design it on your own. Either way, you will gain access to an insurmountable laundry list of amenities including the fabulous roof terrace, pet concierge and Sweet Dreams Pillow Menu.


# 7 - 200 11th Avenue

Developer: Young Woo & Associates
Architect: Selldorf Architects
Anticipated Occupancy Date: February 2009


200 11th Avenue Rendering 2.jpg


Parking is a tough issue for New Yorkers, right? Not at 200 11th Avenue. If you own select units in this breathtaking new condo, you can actually take your car into the En-Suite sky garage and park it in your apartment. What’s the catch? How about $3,000 per foot. Maybe it’s worth it given the minimum 11’ ceilings (with some as high as 24’) and a façade comprised of glazed terra cotta and stainless steel designed to be ‘in context’ with the industrial loft surroundings. The bottom line is that this ultra-modern residence is designed for the ultra-rich. When we first snapped photos of the construction site in 2006 we were concerned about the neighborhood and overly-ambitious asking prices. Now that the project is nearly sold out, we’re simply amazed.


# 6 – Georgica – 305 East 85th Street

Developer: The Ascend Group, LLC
Architect: Cetra/Ruddy
Anticipated Occupancy Date: Summer 2009


Georgica Rendering.jpg


Continuing the gentrification of 86th Street, Georgica will take the next plot down from the Lucida and the Brompton. Georgica, like most comparable projects on the Upper East Side, will be marketed towards families. We have several reasons for loving Georgica: First, its beautiful architecture will help modernize this intersection on 2nd Avenue & 86th Street. Next, 86th Street will be a station stop for the new 2nd Avenue subway. And finally, we haven’t seen many new condos which offer such generous amounts of space. Everything from the living rooms to the bathrooms and closets are big at Georgica. The Ascend Group, LLC is on the ticket for this project and have proven themselves recently with incredible projects at 133 W 22nd Street and ‘A Building’ in the East Village.


# 5 - Superior Ink Condos – 400 West 12th Street

Developer: Related Companies
Architect: Robert Stern
Anticipated Occupancy Date: Spring, 2009


Superior Ink Rendering.jpg


Well, it’s not 15 Central Park West, but it could easily trick you. Robert Stern is back to work on another limestone façade, except with Related rather than Zeckendorf this time around. And while we still prefer 15 CPW, this beauty is certainly good enough to snatch the #5 spot. The project will include a 15-story tower housing 68 units in addition to seven carefully designed townhouses along Bethune Street. The building has beautiful features such as oversized arched windows and zen-like living spaces which overlook the river.


# 4 - 535 West End Avenue

Developer: Extell
Architect: Lucien Lagrange
Anticipated Occupancy Date: Fall, 2009


535 West End Ave Rendering- credit dbox.jpg


Extell takes a break from its plethora of Riverside Boulevard projects to tastefully improve upon an already expensive and elegant intersection on 86th Street and West End Avenue. Together with Lucien Lagrange, the team really outdid themselves when they amended the offering plan to include predominately half and full-floor layouts that rival luxury suburban homes in terms of space and grandeur. The apartments are nearly as massive as the offering prices and the Upper West Side is buzzing about it. The spare-no-expense attitude is in full effect at this 21st century ‘pre-war’ residence.


# 3 - Five Franklin Place

Developer: David Kislin & Leo Tsimmer of Sleepy Hudson, LLC
Architect: Ben van Berkel of UNStudio
Anticipated Occupancy Date: Fall, 2009


Five Franklin Place Facade Rendering.jpg


Berkel ‘dresses the future’ with this insanely modern metal-clad beauty located on a picturesque cobblestone alley in Tribeca. His first US project will contain 55 spacious condos with space that ‘keeps on flowing’ from room to room. The magnificent penthouses will have interior elevators and landscaped outdoor space. The unit interiors are B&B Italia and include features such as sliding walls in the bathrooms. Take five minutes and watch the video on the website. You’ll be amazed as well.


#2 - HL23

Developer: Alf Naman & Garrett Heher
Architect: Neil Denari
Anticipated Occupancy Date: Spring/Summer 2009


HL23 Rendering.jpg


This futuristic masterpiece by Neil Denari broke ground recently on West 23rd Street. As you can see by the rendering, the building will increase in size as it gets taller and will cantilever gracefully over the High Line rail beds. The result will be a fresh landmark over High Line Park with direct views of everything going on below. New York City had to modify several zoning requirements to facilitate HL23, which will house only eleven units. To top it off, developer Alf Naman has chosen 100% green energy for the building, expecting to receive the coveted gold level of LEED Certification when the building is complete. This project will be featured at the Museum of the City of New York next month.


# 1 - 100 11th Avenue

Developer: Craig Wood of Cape Advisors with Alf Naman as associate developer
Architect: Jean Nouvel
Anticipated Occupancy Date: Summer/Fall 2009


100 11th Avenue Rendering.jpg


If you want an apartment that also functions as art, check out the nearly 1,700 panes of glass which comprise Jean Nouvel’s fabulous new condo rising in West Chelsea. The project is near the upcoming High Line Park, where Naman’s other development (which took the #2 spot on our list) sits. 100 11th Avenue is also situated directly next to Frank Gehry’s incredible IAC headquarters and directly across from the river. The building will have a mirror-canopied pool, a restaurant space, and a vertical garden complete with with floating trees. While on the topic of Jean Nouvel, keep your eyes out for his recently approved skyscraper soon to rise at 53 West 53rd. The 75-story, ultra-luxury tower will include a seven-star hotel and 120 condos.

Friday, August 8, 2008

The Kalahari uses alternative energy



By MAX GROSS

Kalahari, a massive, 249-unit building offering both affordable units and market-rate housing (with units priced as high as $1.65 million), is aiming for silver LEED certification. Features include a green roof, ionic air filters, low-VOC materials and bamboo floors.

Solar and wind energy powers 25 percent of the building. The developer estimates that on a 1,000-square-foot unit, the average resident will save more than $500 per year in energy costs.

And over in East Harlem, the 38-unit Observatory Place development has a green roof, low-VOC materials and an energy-efficient heating system. The 20 remaining units are priced from $330,000 for a studio up to $850,000 for a three-bedroom.

Tuesday, July 29, 2008

Manhattan Financial District New Construction

By JENNIFER CEASER- FIDI
District: With Amy Sacco as its "lifestyle consultant," the 163-unit District could have a pretty sweet scene. There's a 12,000-square-foot rooftop terrace with lighted reflecting pools, chaise lounges and cabanas, an indoor pool, a spa, a screening room and a lounge/library with billiards. And if the scene is sputtering, there's a concierge on duty 24/7. Opening September.
Dwell on Wall: Designed by Philippe Starck, this just-opened 507-unit rental has your typical amenities - 24-hour doorman and concierge, gym, penthouse lounge - and some atypical ones too, including on-site parking, free breakfast and automatic rent payments via your AMEX.
Nobu Hotel and Residences: Well, you can be assured that the restaurant here is going to be an upgrade for FiDi. The 62-story, all-glass condo-hotel (with 77 residences) will have a Nobu on the third floor, a six-floor-high atrium with retail space, a screening room, a 13,000-square-foot health club and spa with an indoor pool and the all-important private sake cellar. Occupancy: 2010.

The Setai: If it's anything like Miami's Setai, this 167-unit building could single-handedly make FiDi a cool place to live. With 44,000 square feet devoted to amenities, residents will have access to a members-only Setai club, restaurant, spa and rooftop terrace with hot tub. Other perks: room and maid service, butler service and in-room spa service. Occupancy: Fall 2008.
William Beaver House: The 320-unit building's ad campaign has morphed from sexy cartoons to pillow fights among nubile young women, so we're pretty sure it's favoring single-guy buyers. Or voyeurs, because you will be able to use the Internet to see what's going on in your apartment from anywhere in the world. Other amenities: a restaurant, lounge with wet bar, lap pool, screening room, covered outdoor dog run, sundeck and "sky lounge." Occupancy: Fall 2008.

Sunday, July 27, 2008

Growing Pains Come and Go in Bed-Stuy

Dakota Blair acknowledges that both he and the apartment building where he lives are somewhat out of place.

“It’s just sad that money can change a neighborhood.”
ROY VANASCO, owner of All Appliance Refrigerator on Myrtle Avenue, where developers have sought to buy him out.

Mr. Blair, 23, a software engineer from East Texas, pays $1,700 a month for a studio in what he calls the Yuppie Spaceship: a new luxury apartment building on an unluxurious corner in Bedford-Stuyvesant, Brooklyn. After nine months in the neighborhood, which New York magazine labeled the city’s “next hipster enclave,” Mr. Blair is considering moving out.

He figures that for $1,700, he could be living in Manhattan. There is a subway station down the street from his building at Myrtle and Nostrand Avenues, but it is for the G train, which does not go into Manhattan. Other neighborhoods eagerly anticipate the arrival of new cafes or restaurants, but on Myrtle Avenue, the biggest news is the opening of a Duane Reade pharmacy.

“The only thing keeping me here is my lease,” Mr. Blair said.

Even for hipsters, life in one of New York City’s frontier neighborhoods — long-troubled places at the fringes of gentrification — can be anything but smooth, particularly in these uncertain economic times.

New residents like Mr. Blair have grown frustrated waiting for change to come to Bed-Stuy, a north-central Brooklyn neighborhood with high rates of crime and foreclosures, trash-strewn streets and limited night life. And the owners of businesses that have recently opened to cater to this new population wait, in turn, for a surge that has not yet arrived.

Longtime residents concerned about the architectural and cultural fate of Bed-Stuy, the largest predominantly black neighborhood in New York City, relish the slow speed of change. But they still worry about rising rents and have become weary of living and working next to buildings that are new, sleek and, in their eyes, ugly.

Myrtle Avenue, which cuts across the northern edge of the neighborhood, is at a crossroads of the gentrified and the ungentrified. Down the street from where a shoeless man lay on a piece of cardboard on the sidewalk one recent afternoon, a two-bedroom condo was for sale at 609 Myrtle Avenue for $675,000. On one side of Myrtle Avenue are the Marcy Houses, one of Brooklyn’s biggest public housing projects and the former home of the rapper Jay-Z, where the average monthly rent, subsidized by the federal government, is $334. Across the street is the luxury building where Mr. Blair lives, the Mynt, at 756 Myrtle Avenue.

Along the avenue, there are building and roofing supply stores, auto shops and the twin red-brick smokestacks of the Cascade linen and uniform plant. There is a liquor store that advertises a “Birthday Special” — 5 percent off spirits and 10 percent off wines on a customer’s birthday. Into this mix came FreshDirect, the online grocery delivery service, which officially started delivering in April in Bed-Stuy.

There used to be a 12-foot-wide, blue-colored mural at Myrtle and Nostrand Avenues, diagonal from the Mynt. The painting listed the names of neighborhood murder victims inside the chalk outline of a body, an inevitable memorial in a police precinct where homicide was once a weekly occurrence.

Mr. Blair took a picture of the mural in January, but the snapshot is already an antique: Someone covered it up with a thin layer of concrete, and now only one side of it remains, a tribute to lives cut short — Hollywood, Danny Dan, Rocky — itself cut short. It reads “Rest in.”

The half-covered mural is an apt symbol of Bed-Stuy today: a changing neighborhood not quite changed, transforming not in broad strokes but in half-steps.

The average sales price of residential property and the number of sales in Bed-Stuy, Bushwick and other nearby neighborhoods have dropped sharply, according to a recent report released by the brokerage firm Prudential Douglas Elliman. The report found that from April 1 to June 30, the average sales price in the area was $500,925, down from $539,187 in the same period a year ago. The situation was different in the Greenpoint and Williamsburg area, where the average sales price was $663,946, a 13 percent increase from the same period last year.

There have been other signs of stalled growth.

Bed-Stuy had the second-highest number of foreclosure filings in Brooklyn last year and the fourth-highest of any neighborhood in the city, according to an analysis by the Furman Center for Real Estate and Urban Policy at New York University. Building permits have also dropped. In the first two quarters of this year, 50 permits for new residential buildings were issued by the city’s Department of Buildings in Community District 3, which includes Bed-Stuy. In the first two quarters of 2005, 93 such permits were issued.

Jonathan J. Miller, the president and chief executive of Miller Samuel Inc., a real estate appraisal company that prepared the Prudential Douglas Elliman report, said the impact of the credit crunch — tighter lending standards imposed by banks that have made it hard for many people to secure credit — is felt more severely in “emerging markets” like Bed-Stuy.

“The pace has slowed considerably,” Mr. Miller said.

Cafe Naico, which opened at 705 Myrtle Avenue in 2006 offering lattes, smoothies and free Wi-Fi, tried staying open late for dinner for a few months, but then scaled back its evening hours. “It wasn’t feasible to keep the kitchen open later hours,” said the owner, Ocian Dailly, 33. “There wasn’t enough business.”

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Ruby Washington/The New York Times
A new condo building at 609 Myrtle Avenue, right, is evidence of change in Bedford-Stuyvesant, Brooklyn.

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Ruby Washington/The New York Times
A memorial mural at Myrtle and Nostrand Avenues, partly covered, recalls a time when crime in the area was more prevalent.

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Piotr Redlinski for The New York Times
Dakota Blair pays $1,700 for a studio at the Mynt, across Myrtle Avenue from the Marcy Houses.
Petra Symister, 36, a psychology professor at Kingsborough Community College in Brooklyn, is a regular patron of the cafe, one of the few establishments within walking distance of her condo where customers do not order from behind bulletproof glass.

Ms. Symister moved to Bed-Stuy nearly three years ago from Chelsea in Manhattan, buying a condo on Myrtle Avenue for less than $400,000. One recent Friday night, about two blocks from her home, a teenager was shot and killed. The next day, her pleasant afternoon at home was briefly interrupted when two detectives from the 79th Precinct asked her if she had heard anything unusual the morning of July 12, when there was a burglary downstairs.

“It’s happening in fits and starts, kind of a jerky progression,” Ms. Symister said of the neighborhood’s rebirth. “But it is happening.”

Indeed, a number of empty lots have been developed for the first time in decades, and there is far less crime than in years past. Private developers, community development corporations like the Bedford Stuyvesant Restoration Corporation and the city’s housing agency are planning new co-op, rental and condo units, including several projects that allow developers to build at greater than usual density in exchange for setting aside units for low- or middle-income tenants.

But evidence of a slowdown can be seen. The Mynt was originally planned as condominiums, but the developer converted it to rentals, a move other developers in Bed-Stuy have made or are considering.

“There’s not a long tradition for condo development in Bed-Stuy,” said Wendell Walters, an assistant commissioner at the housing agency, the Department of Housing Preservation and Development. “We’re trying to make them happen, but the financing has proven to be a little challenging.”

Bed-Stuy’s growing pains have become a public affair. A group of bloggers, mostly newcomers to the neighborhood, draw attention to the best real estate picks and block parties, but also document the setbacks and victories on the path to revitalization.

On Ms. Symister’s blog, www.bedstuyblog.com, she has written about the abrupt closing of a corner gas station and the opening of the Duane Reade. A run-in Mr. Blair had in December with two men on Myrtle Avenue turned into a sizable post on his blog, www.antbed.com. He got the nickname he uses for his building, Yuppie Spaceship, from another neighborhood blog, bedstuybanana.blogspot.com.

The Mynt’s Web site describes the building as being in the “Clinton Hill/Bedford-Stuyvesant area.” The boundaries of Bed-Stuy in the Encyclopedia of New York City place the building well inside Bed-Stuy and blocks outside Clinton Hill. Zipcar, the popular car-sharing company, has several cars in the northern end of Bed-Stuy, but it refers to the area on its Web site not as Bed-Stuy but as Williamsburg.

This reshaping of Bed-Stuy’s boundaries, character and affordability to poor and middle-income families has concerned residents and community leaders of this predominantly black neighborhood. On Myrtle Avenue, several men and women in the Marcy Houses and the surrounding area worried that buildings like the Mynt, where a one-bedroom rental can cost $1,900 a month, were the future of Bed-Stuy.

“Most of us can’t afford that,” said Ronald Alston, 63, a semiretired painter who lives on Vernon Avenue.

Matthew Warner, 25, a law student at New York University, has lived in a one-bedroom apartment in a brownstone at the southern end of Bed-Stuy for a little more than a year. He plans to move in a few months to the East Village in Manhattan. “We just wish there was more variety nearby, for places to go out,” he said. “You just wish you could go out and have different types of bars and night life nearby.”

Mr. Warner and Mr. Blair are white, and they said that their decisions to leave or consider leaving had nothing to do with living in a largely black neighborhood. But they and other recent arrivals described being the targets of hostile racial remarks, isolated incidents that they said detracted from the positive reaction they received from others in the neighborhood.

Henry L. Butler, 41, a longtime Bed-Stuy resident and the chairman of Community Board 3, said the race of the newcomers was not the issue. “It’s about income,” said Mr. Butler, who wants to see more housing that is affordable to working-class tenants. “I’m not looking to Harlemize Bedford-Stuyvesant. My emphasis is on the working people.”

Roy Vanasco, 82, calls his home-appliance store on Myrtle Avenue, quite accurately, the “house of a million parts.” Lined with stove burners, newspaper clippings and signed photographs of the actor Harry Guardino, there is nothing modern about All Appliance Refrigerator, which he opened at 610 Myrtle Avenue in 1953. The shop is hard to miss: It is the one with the flag-draped washing machine out front.

Across the street — Mr. Vanasco remembers when the street had elevated train tracks — is the new condo building at 609 Myrtle Avenue. “It doesn’t have the mood of the community,” he said of the building. “It’s just sad that money can change a neighborhood, can destroy a neighborhood.”

He said he was offered $1.5 million for his three-story building and the narrow lot next door. He said he had turned it down, for now.

PropertyShark to launch residential listings

The Brooklyn-based site expects to introduce the service for homebuyers by Sept. 1. This will be first time the five-year-old site—which provides data on sale prices, financing and appraisal values for more than 25 million properties in 20 major markets—has moved beyond commercial real estate.

"We have conquered delivering difficult-to-find information to professionals," says PropertyShark Chief Executive Bill Staniford. "We're ready to add another tool."

Mr. Staniford acknowledges that replicating such success with consumers might be difficult. In addition to the battered condition of the real estate industry, the residential listings market is overcrowded.

But real estate sites report runaway growth, citing consumers' enduring desire for information.

National competitors Trulia.com and Zillow.com both recently raised substantial infusions of venture funding.

In New York, PropertyShark's largest market, local sites StreetEasy.com and ResidentialNYC.com—the portal for industry group the Real Estate Board of New York—have established themselves as major players.

StreetEasy, a two-year-old firm offering overall market and neighborhood research, claims that it provides superior listings. Its technology scours the Web, receives feeds from brokerages and accepts submissions from brokers.

"We provide search by things like zones and elementary schools," says StreetEasy CEO Michael Smith, who isn't concerned about PropertyShark's entrance into the market. "No other tool does that."

ResidentialNYC boasts exclusive listings that are updated every 24 hours from 75 brokerage firms, which pay a $100 annual membership fee.

"The people who run ResidentialNYC are the people out there selling property every day—it has a real feel," says REBNY President Steven Spinola. He adds that, unlike StreetEasy, its listings lead directly to brokers' Web sites.

PropertyShark's service will also take users to brokerage Web sites, according to Mr. Staniford.

Regardless of which site provides the most comprehensive and reliable listings, traffic to ResidentialNYC and StreetEasy has ballooned in the past year. Both attribute the surge to the uniqueness of New York City and say that, though transactions are down, consumers still demand their real estate data.

StreetEasy, which generates most of its revenues from ads, has doubled traffic from a year ago, attracting about 4.5 million page views and 250,000 unique visitors a month in 2008. The firm, which has raised $3 million in venture funding, does not disclose financials.


Consumer cachet


ResidentialNYC, which launched in October, says it is getting about 85,000 page views a day.

Additionally, newer sites like Propertyqube.com, which combines residential listings and social networking, have gained traction. The site, introduced in May, has 10,000 members and expects to reach 25,000 by the end of the year, says co-founder David Bethony.

Several members requested the residential listing service so that they could easily view properties without having to leave PropertyShark.com "Listings are a commodity," Mr. Staniford says. "For us, it's an extension of the business. We are already generating revenue."