Greene’s design of the unit is a cornucopia of color and texture. Each of the rooms has its own distinct identity, creating a sense of discovery as you glimpse each additional space. In the living room, a bronzed mirrored wall is paired with a plum pink built-in bar. The guest bedroom is composed almost entirely of bold blue furnishings and finishes, while the primary bedroom’s cream and blush palette is more delicate, though no less entrancing. “First and foremost, I wanted to enhance the architecture and material palette established by Jean Louis Deniot’s office, but put my stamp on it by creating a sumptuous yet approachable decor that felt move-in ready,” Greene told AD PRO by email. “In any new construction, it’s imperative to add texture, so we used a lot of wall coverings and lush fabrics for the window treatments in every room.”
The designer also hoped to subtly highlight the building’s Art Deco stylings. “There are slight Deco references throughout, namely in fabrics with geometric prints or higher sheens (think satins) as well as the bronzed mirrored wall in the living room and the pair of custom-tiered silk light fixtures,” Greene explained. “I intended to strike a balance between the historic architecture of the building and the contemporary nature of a new residence in the 21st century without being overly deferential to Art Deco. We just kept it in the back of our minds when concepting.”
Condos in the building start at $1.875 million and include access to 50,000 square feet of private amenities. The building is approaching the first phase of its reopening, which is expected at the end of 2024.
News
After four years with no cut, the Fed (finally) lowered its interest rate
Last Wednesday, September 28, the Federal Reserve announced that it was lowering its key interest rate by half of a percentage point. It’s the first reduction since March 2020—a change that many prospective homebuyers have been crossing their fingers for for months in hopes that mortgage rates would lower soon after. Only time will reveal the full effect on these latter rates, but there is certainly cause for optimism for anyone waiting on a decrease.
According to a report prepared by Realtor.com, the quarterly mortgage rate forecasts from Mortgage Bankers Association, Fannie Mae, and Wells Fargo are all in alignment that the 30-year fixed mortgage rate will average out to 6.2% between now and the fourth quarter of 2025. Fannie Mae forecasts that top figure, while the MBA states 6.0% and Wells Fargo expects 5.9%.
Nick Boniakowski, a third-generation realtor and the head of agent partnerships at Opendoor, shared his insights with AD PRO. “I expect that mortgage rates may see a slight decline—though it will likely be modest,” Boniakowski told AD PRO by email. “However, the Fed has signaled that there may be more cuts in the future, which means there may be more relief for buyers on the horizon.” Still, he encourages prospective home buyers to consider factors outside of mortgage rates as they consider the right time to buy.
“As mortgage rates decrease, more buyers are likely to enter the market, which would increase competition and could drive home prices up even higher,” Boniakowski explains. “There is still a lot of uncertainty in the market and variables at play, which is why I advise that the best time to buy is ultimately when it’s right for you and your financial situation, instead of trying to predict economic shifts. Shop for the best rates and for the homes you can currently afford. You can always refinance later on better terms if they become available.”
