With a distinctive brown-brick and glass facade, the 57-story high-rise condominium  Sheffield57at West 57th Street and 8th Avenue seems to fit right in in the up-and-coming Clinton neighborhood. But this recent development has a quirky portfolio, and until being foreclosed in late 2009, was steadily heading downhill. The desperate behavior of the building's developers reflected the frustration of a bad market coupled with poor managment, as developer Ken Swigs hired a marching band with trumpets and tubas to drown out the the sound of renters protesting eviction. Later his partner would make headlines (and a court appearance) for throwing a metal ice bucket at him. But under new management, and with a new name, The Sheffield has drastically resurrected sales, which seemed at one time unthinkable.

In theory, newly constructed luxury condos in Manhattan have it all. Fitness-centers, roof-decks, yoga-studios, bowling alleys, pet spas; they really might as well be cruise ships. In reality, residents aren’t impressed. In many buildings these luxurious features just haven’t taken, and most of the time these rooms are more or less empty. Developers have been taken aback by the fact that providing in their luxury condos, and hence a new kind of lifestyle, isn't enough. So in response to this predicament, building managers are stepping up their game and hiring professional instructors, organizers, and “lifestyle managers” to provide programming for residents. Early results are encouraing: people are finally coming out of their apartments in order to participate in organized events.

The rap on Tribeca has always been that while the whole triangle is a cultural hotspot, it’s the southern part below North Moore where the celebrities and high-end Manhattan condos are. The northern part is grittier and more bohemian, and until recently, more dangerous. But just over the past few years Developers are converting the old, gritty looking buildings for which Northern Tribeca is infamous into luxury condos. And they’re doing it so extensively that prices in Northern Tribeca are higher now than they are down south. The Wall Street Journal found that the median price for a high-end condo in the north is $3.3 million, compared to $2.8 million in the south. So while northern Tribeca still has the look and feel of a Bohemian neighborhood, its residents are actually living in converted condos as nice as any luxury condo for sale in the Financial District or SoHo.

As any Manhattanite knows, there’s a tradeoff for buying real estate inside the Big Apple: there isn’t a whole lot of space. Now, although luxury Manhattan condominiums and co-ops have the persuasive appeal of amenities and friendly service, some New Yorkers are still keeping their eyes out for vacancies in the city’s limited supply of townhomes and brownstones. So, basically, all eyes on Lenox Hill, which stands out among some of the taller Manhattan neighborhoods with its historic charm and lines of single-family homes. Lenox Hill, the bottom half of the Upper East Side, runs from 59th to 72nd Street. Most of the townhouses in the neighborhood have been bought up, gutted out, dusted off and listed with stark prices that have defied the economic downturn. With single-family homes a furiously hot city real estate, closing prices for the Lenox Hill gems range from $8 million to $48 million, according The Wall Street Journal.  A limestone townhouse on 64th Street for instance, sold out to renovators in 2002 at $5 million. Renovators added a pool, elevator, gym, and subsequently a ringing grand total of $21 million.

This is what they call a seller’s market. Crain’s New York took a look at sales of luxury condos in Manhattan on StreetEasy.com and found that overall inventory for condos over $5 million is at its . Realtors in Manhattan suspect that international buyers looking for stable investments, and prospective condo-owners aggressively pursuing prices still affected by the once-troubled New York real estate market, are responsible for the increased demand. . Last October there were 832 available listings of condos priced at $5 million or more. That’s the lowest October number since the market peaked in 2007 and StreetEasy was posting only 588 listings.

As we know all too well here at New Construction Manhattan, our island’s real estate market is going strong. Improving yet again on last year’s numbers, Manhattan sales when measured by price per square foot (PPSF) have increased by 8% over the past year, with only a 4% increase when compared to the second quarter of 2011. However, that statistic doesn’t nearly cover the fluctuations at the neighborhood level, a trait that truly gives us insight into the inner workings of the Manhattan luxury real estate market, especially in regards to new developments.

We’ve covered, along with the rest of the real estate world, in the agonizingly drawn-out process of turning One Madison Park into an operational Manhattan condo, with in terms of resolution -- though we now have some surprisingly intriguing (and sometimes exasperating) stories about the complications of real estate law. The legal limbo of One Madison has been frustrating considering how impressive this Manhattan condominium is, with a prime Gramercy location, notable architecture and covetous amenities. But today is a different kind of day. We have the happy task of reporting that this case of real estate stasis is apparently over -- or at least closer to over than ever before. A bankruptcy court judge in Delaware has recently approved a settlement that would resolve most of the financial claims bogging down One Madison, and grant official ownership jointly to the firms Related Companies and HFZ Capital.

A trend is emerging in New York City real estate that doubles as an ideal way to deal with . High-end condo owners are subletting their homes and moving into new apartments in New York. This trend of subletting in Manhattan began as a way for homeowners struggling to afford their mortgage in a difficult economy to lessen their housing expenses, but it’s since become an option for property owners who want to do things as simple as bring in some extra cash, or move into a more convenient location. And apartments for rent in Manhattan are difficult to come by, so people looking for real estate in New York benefit as well. But the process of becoming a landlord in NYC is often fraught with some surprising concerns that may not have crossed an owner's mind right away. If you're a condo owner who has recently decided to sublet your apartment and add your name to the list of New York City landlords, here are a few tips and suggestions you should keep in mind as you embark on your new role.

Conventional wisdom lately suggests that New Yorkers in the past couple of years have favored the luxury rental market in lieu of committing to a purchase in a less-than-certain residential real estate market. But the numbers lately beg to differ. and the , means that it's easier than ever for a building to sell out its units and make a splash. So for a building to attract even our attentions here at NCM, it must stand out even more so than usual. One particular building that has managed to rise above the competion is the Touraine on the Upper East Side. In a neighborhood known for its posh buildings and sterling reputation, the Touraine has been able to make quite the impact -- by selling units based on the strength of floor plans alone, something that has become less common post-2006. How did the Touraine do it? By a combination of smart apartment design and a modern technologically-savvy marketing approach.