The building located at 345 Grand Street is believed to have been built around 1900.  It is a SOHO-Style Cast Iron that somehow was transplanted to Lower East Side.   Before the building was converted to a  Condominium in 2002, it had a quite an interesting history.

During the 1910’s the second floor was a dance hall.  The ticket pictured below was found under the floorboards on the 2nd floor, which has  13′ ceilings and used to have a wide staircase down to the ground floor, also 13′ high.  That stair is still there in the space that is for sale or rent as retail or gallery — but it is covered over now by the 2nd floor’s new flooring.

In the early 1900’s it became a distribution outlet for for H W Perlman Pianos.  1950’s it was a warehouse for Sun Ray Yarn.  As demonstrated in the photo below, Sun Ray Yarn used to be housed in the building next door to 345 Grand Street.  You can see that 347 the original home of Sun Ray Yarn was next door, while H W Perlman Pianos took up most of 345.  It was a warehouse and sales showroom, probably not a factory.  The lady’s long dress and the lack of wire suggest the date was around 1910, right around the time the “Grand Hall” Ballroom Dance was held.

Allen and Alice Freidman, the owners of the building put the building on the market in 1999.  Phillip Frazer and 5 other partners bought it as a Co-op.  They kept  the commercial spaces downstairs  where there was one tenant Grand Sterling Silver, operated by Grand Sterling Co Inc, now on 14th Ave Brooklyn.

AFTER the group brought together bought the building, in 1999, they chose an architect and builder and filed plans for a total rehab — new electrical, plumbing, HVAC, elevator, intercom and alarms.  A new roof enabled higher ceilings for the 5th floor and an entirely new apartment to be built on top — this 6th floor penthouse was designed and built by the present owner and seller Phillip Frazer.

For property details, visit: http://www.corenyc.com/en/listings-345-grand-street,18,163788.html

First Open-house 12-3PM, Sunday June 14th.

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The Monthly CORE Real Time Report is the only one of its kind in the Manhattan residential market.

As the fourth quarter of 2008 brought unsettling news we looked to the first quarter of 2009 to provide an indication of what to expect for the coming year and beyond. Although uncertainties in many aspects of the entire economic picture remain, there are some reassuring indicators to grasp at this point. Our new president has been a strong proponent of economic policies that will shore up badly damaged sectors of the economy and will no doubt continue to implement much needed regulation. As the financing needed to allow homebuyers to purchase property is loosened we will certainly see rises in numerous measures of consumer confidence. At this time, we are seeing a steady increase in sales volume, albeit down from this period last year, as sellers become more comfortable with realistic pricing in this cooled market.

As a former wine professional, I am still intrigued by the comings and goings of that industry. There are many correlations between the fine wine market and real estate, especially rarefied New York City real estate.

Today’s article in The New York Times Food & Wine section reveals a struggling wine market. “The London International Vintners Exchange’s Liv-ex 100 index, which tracks trading in 100 fine wines, mostly red Bordeaux, nearly tripled in dollar terms between February 2005 and August 2008. The index has lost about 43 percent of its value since then.”

Sound familiar?

The article goes on to quote Robert Parker, noted wine critic, “In terms of wine prices, even the luxury end are soft, but have not fallen as much as real estate, art, and stock. However, buying of top wines has slowed considerably, and what unfolds over the next six months will push prices lower, I suspect.”

Remember, this is a wine expert speaking candidly and not a real estate expert. I would assert again that the indicators and the inevitable outcome for both markets will be much the same.

An expert of another order likes to use the Liv-ex 100 as an indicator of how the world’s wealthy are faring as whole. Soon, we all may need another drink!