Your piece of the pie
The Hamptons middle, Thanksgiving pies, Midnight Plus One, United Sodas, private airport terminals, MORE
REAL ESTATE • Hamptons Report
The softening ‘Hamptons middle’
It’s easy to appreciate the poetry of last week’s NY Post headline: “Hamptons ‘middle class’ homes priced below $5M slammed in selling frenzy.” But is it true? Are low-seven-figure buyers, saddled by variable-rate bills coming due (and with diminished Wall St. bonuses to foot them) actually struggling to find buyers willing to take on inflated mortgage payments of their own?
We’d been hearing reports of softening from shoppers in this range. To confirm, we reached out to Jonathan Miller, CEO of appraisal firm Miller Samuel and author of Elliman’s Hamptons market report (and media darling), who indeed had the receipts:
The big story in the Hamptons is that a large share of the market over $5 million pays cash, and is less impacted by mortgage rates than those in the “Hamptons middle” between $1 million and $5 million. The "middle" market share of sales fell to 37.4% from 46.2% year over year, as that section of the market relies on financing, and the spike in mortgage rates has made them a tougher sell.
Meanwhile, the luxury market (representing the top 10% of sales beginning at $4.2M) remained unusually tight, with the market share of bidding wars reaching 50%, the highest on record.
And so, with appreciation for both the Post’s poetry and Miller’s cold, hard facts, we present three Hamptons listings with notable price reductions for your Friday perusal:
NYC REAL ESTATE LINKS: Big sales continue at Extell new development 50 West 66th • Matt Damon joins fight over Upper West Side church • How much change is okay at Tribeca’s AT&T Building? • SS United States returning to Hudson, connecting to High Line as hotel?
GOODS & SERVICES • The Nines
CULTURE & LEISURE • Friday Routine
That fizzy life
KATE REEDER, COO and head of brand, United Sodas of America
Neighborhood you live in: Williamsburg
It’s Friday afternoon, how are you rolling into the weekend?
Lately, my life's been on the go, so when I'm home, I relish it. An ideal Friday for me? Practicing some of the simpler Vietnamese dishes I’ve been learning from my mom. I’ll invite some friends over and we’ll set up a summer roll station in the kitchen, open a bottle of tempranillo, and chat the night away. Dessert always includes Italian cookies from Fortunato, the best bakery in the neighborhood.
Any restaurant plans?
My friends tease me about struggling with life’s easy decisions, especially when it comes to dining. Luckily, they're all foodies. Lately, I've been loving Eyval, a Persian spot in Bushwick, and Bangkok Supper Club in Meatpacking. This weekend, I'm excited to try Stretch Pizza, which now serves our (colorful, modern, natural) sodas.
How about a little leisure or culture?
I can’t recommend Titanique the Musical enough. Tagline: “When Céline Dion music makes sweet Canadian love with the film Titanic, you get Titanique.” Need I say more?
Any weekend getaways?
My best friend lives in Sag Harbor, so I frequently head out east for beach outings and to transform her backyard into my personal woodworking haven. Woodworking has become my primary hobby in recent years, and a circular saw and clamp can only take you so far in a third-floor Brooklyn apartment. While I’m there, I love to take day trips to Greenport on the North Fork (above).
What was your last great vacation?
Last year, my boyfriend and I spent a few weeks in Bali visiting some of my family. We were fortunate to have a perfect mix of activities and downtime during our trip. If you visit, I highly recommend:
Alta Moda Fabrics. In Ubud, in central Bali, this store has an amazing assortment of fabrics and tailors on site to make anything you want.
Batukaru Coffee Estate, nestled in the hills of Ubud. Not only did we enjoy the coffee, but the vegetarian cuisine ranked among our top five meals, ever.
Lembongan Island. A short boat ride away, this island can be explored on mopeds. We swam with manta rays and spent an afternoon at Kelingking Beach (epic views, and cliffs that take the shape of T-Rex).
GETAWAYS • Airports
PS, it’s worth it
A version of this post appeared in yesterday’s edition of FOUND LA. Looking for a little more West Coast in your life? Subscribe to FOUND LA, with new issues dropping each Thursday.
PS offers a reprieve for pro travelers looking to bypass airport chaos. Currently available at LAX and ATL (with DTW and MIA on the 2024 roadmap), the value proposition is straightforward: arrive at what’s essentially a private terminal, and wait for takeoff in either The Salon (above) or a Private Suite.
The Salon is comparable to a spacious first-class lounge with impeccable service. (The hospitality is managed by a former general manager of Aman hotels.) The Private Suite offers a private room that accommodates up to four people, complete with a daybed, lounger, and outdoor area.
Both options come with a premium price tag. The best deal seems to be The Salon membership, with an annual fee of $1250 a year, plus $850 per person per trip. The all-access membership carries an annual $4850 cost, plus $750 per person per trip, or $3250 per trip for use of a Private Suite.
The benefits are tangible. On a recent trip starting at LAX, I had my tickets managed for me, relaxed for an hour with newspapers and coffee in the Salon, and then was driven directly to an Emirates flight to Dubai for pre-boarding. For foreign passport holders, the real value might be in the service on arrival. As soon as the plane's door opens, a PS rep greets you, escorts you to a private immigration and customs area within the private terminal, and then whisks you away in a car. Invaluable. –Colin Nagy
→ PS (LAX and ATL).
GETAWAYS LINKS: On the North Fork, a vending machine for oysters • Clear rolling out new facial recognition process, eliminating need for iris scan or fingerprints • United tweaks elite status for 2024 • The decline of the Centurion Lounge • Is Paris+ replacing Frieze London on the art circuit?
BARS • First Round
Fifty-seat Midnight Plus One, the new Nolita cocktail lounge and music venue below Bar Pasquale, is strewn with vinyl records, old hardcover books, and retro swivel chairs more comfortable than they look. Funk and R&B floats out of the restored Klipsch speakers, except when there’s live music, which is often.
The newest project from the Delicious Hospitality Group (Charlie Bird, Pasquale Jones, Legacy Records), Midnight Plus One opened in September and serves cocktails based on the 1936 Italian cocktail book 1,000 Misture by Elvezio Grassi. A tight food menu features crudo, arancini, and chef and co-owner Ryan Hardy’s signature fried chicken.
During an evening visit last week, I spied Hardy working the room, waiting tables. “Nothing great happens after 2 a.m.,” he told me as he delivered my gin martini. “But a lot of great things happen after midnight.” Tight window, but Midnight Plus One is through. –David Farley
→ Midnight Plus One (Nolita) • 98 Kenmare • 7p to late.
CULTURE & LEISURE • New York Comedy Festival
Bill Burr, Madison Square Garden (Midtown South), Fri @ 8p, section 105, $115 per
Nicole Byer, The Apollo (Harlem), Fri @ 8p, orchestra, $96 per
Dave Atell & Friends, Town Hall (Times Square), Fri @ 945p, orchestra, $68 per
CULTURE LINKS: Barbara Walters estate auction recap: $6,400 for the ostrich-form candlesticks plus $5M more • Cool Cats will be first NFT brand in Macy’s Thanksgiving Parade • NYC is the muse at this mega-gallery show on Upper East Side • Sleep No More to close in January • How to recover your stolen art.
LOST & FOUND • Behind the Paywall
Dispatches from the frontline, from FOUND subscribers for FOUND subscribers: