All articles by Devin Gannon

Increased demand and new condos leads to record home sale prices in Brooklyn and Queens

April 13, 2017

Increased demand and new condos leads to record home sale prices in Brooklyn and Queens

By Devin Gannon

Once enticing New Yorkers with their cheaper rents and mortgages, the outer boroughs of Brooklyn and Queens have set record sales prices during the first quarter of the year. As reported by Crain’s, Brooklyn had a record-setting median sale price of $770,000, more than 16 percent higher than last year. This was driven by an increase in sales activity, with nearly 50 percent more transactions taking place this quarter compared with the beginning of 2016. In Queens, the median sale price was $485,000, but one- to three-family homes set a new record with both average ($697,946) and median ($650,000) sales.
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Real Estate Trends

Central Park’s Belvedere Castle and two playgrounds to close for renovations this summer

April 12, 2017

Central Park’s Belvedere Castle and two playgrounds to close for renovations this summer

By Devin Gannon

While the outside of the Belvedere Castle looks strong, the inside of the 146-year-old fortress is actually crumbling. The cracked pavement, leaking roof, and plumbing issues encouraged the Central Park Conservancy to start a 10-year $300 million campaign last summer to renovate its structures, as well as surrounding playgrounds. As DNAInfo reported, beginning at the end of this summer and early fall, the castle, the Bernard Family Playground, and the Billy Johnson Playground will be closed for reconstruction.
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Architecture And Design

April 12, 2017

Astoria, Morningside Heights and Bay Ridge have highest turnover of rent-stabilized apartments

By Devin Gannon

Scoring a rent-stabilized apartment is a big win in New York City, as these regulated pads usually offer rent at below-market rates and provide tenants more protections against landlords. While more than 925,000 rent-stabilized apartments still exist in the city, these units turn over at a faster rate in certain neighborhoods than others, and their availability continues to dwindle (h/t WYNC). According to a new report by the city’s Independent Budget Office (IBO), the neighborhoods of Astoria, Morningside Heights and Bay Ridge all have high concentrations of rent-regulated housing built prior to 1974 and therefore, higher rates of turnover compared to other parts of the city.
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Skyscraper proposal drapes Billionaires’ Row tower with flexible materials

April 12, 2017

Skyscraper proposal drapes Billionaires’ Row tower with flexible materials

By Devin Gannon

Yesterday, 6sqft shared a proposal for an inside-out Midtown tower that received an honorable mention in Evolo's 2017 Skyscraper Competition. Another that made the list is the Flexible Materials Skyscraper, an idea for a Billionaires' Row supertall with an exterior made of a new material that can be folded, cut, sewed, and turned over, falling into a pattern. The designers called it “draping,” and hope building skyscrapers with flexible materials will allow architects to explore a new model of building while also cutting down on the construction process.
See renderings of the skyscraper

Architecture And Design

Number of elderly Airbnb hosts jumps 60 percent in NYC

April 11, 2017

Number of elderly Airbnb hosts jumps 60 percent in NYC

By Devin Gannon

To make money and stay social after retirement, older New Yorkers are turning to Airbnb. According to a report by the company, the population of senior citizens hosting visitors through the website continues to grow faster than any other demographic in both New York State and City. The Daily News reports that in NYC, the number of elderly Airbnb hosts jumped 60 percent in the last year. Specifically, the Bronx saw a 120 percent leap and Queens a 199 percent increase. While this shows a clear boost, senior citizens still only make up about four percent of the city’s total listings, or about 1,043, up from 649 the year before.
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A design proposal envisions a cantilevered transit hub on Roosevelt Island

April 11, 2017

A design proposal envisions a cantilevered transit hub on Roosevelt Island

By Devin Gannon

Roosevelt Island, the mile-long neighborhood that lies in the East River between Manhattan and Queens, will be a stop on the NYC Ferry route that connects Astoria to Wall Street beginning in August. While this will ease access to other parts of the city for residents of the island, French architect Victor Ostojic has another idea. As Curbed reported, Ostojic published a conceptual proposal of a cantilevered glass-covered ferry terminal on the western side of the island. Located parallel to Manhattan’s East 63rd Street, the terminal would include ground-floor retail, a food court, office space and a luxury hotel on top.
See renderings of the transit hub

Boom in TV and film is lucrative for some New Yorkers, a nuisance for others

April 10, 2017

Boom in TV and film is lucrative for some New Yorkers, a nuisance for others

By Devin Gannon

In response to the state’s film production tax break, a record number of TV and movie crews have scouted NYC locations for shoots. The mayor’s Office of Media and Entertainment issued 149 location permits for 72 projects to film between March 9 and March 15 alone. And as reported by Crain’s, studios will pay residents hefty sums to rent their apartments or homes for shoots. While this can be quite profitable for those occupying the property, with location managers doling out anywhere between $5,000 and $20,000 per day, some neighbors are tired of the inconveniences these projects create on their block.
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Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

The original rendering of 3 Sutton Place by Foster + Partners

April 10, 2017

Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

By Devin Gannon

Following a contentious legal battle, Gamma Real Estate has won the foreclosure auction and closed on the $86 million acquisition of 3 Sutton Place, a development site where the firm plans on building a 700-foot-tall condominium tower. As Commercial Observer learned, this includes three neighboring lots at 428-432 East 58th Street between First Avenue and Sutton Place. Earlier this year, 6sqft explained that a bankruptcy judge authorized the sale of the property after Joseph Beninati’s Bauhouse Group failed to pay back creditors. While Stephen B Jacobs remains the executive architect, Gamma has hired Thomas Juul-Hansen, a Danish-born architect, who will design the skyscraper.
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Real Estate Trends

Hyperloop One plan would take travelers from NYC to D.C. in 20 minutes

April 10, 2017

Hyperloop One plan would take travelers from NYC to D.C. in 20 minutes

By Devin Gannon

Future New Yorkers may travel between cities faster than ever before. Hyperloop One--the California-based tech company whose transportation concept was first proposed by Elon Musk-- revealed its plan for a high-speed tube that could take passengers from NYC to D.C. in just 20 minutes, reports NBC New York (by comparison, Amtrak’s Acela Express currently takes a little more than three hours). Travelers would board magnetically levitating pods that move by electric propulsion and travel at more than 700 miles per hour. This would connect 80 percent of the country, making a cross-country trip just about five hours long. According to the company, nearly 83 million people would benefit from this hyperloop between our nation’s capital and the Big Apple.
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How much do amenities impact rent prices in NYC?

April 7, 2017

How much do amenities impact rent prices in NYC?

By Devin Gannon

When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.
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Popular Articles

Ari Onassis’ former Sutton Place townhouse hits the market for $30M

April 7, 2017

Ari Onassis’ former Sutton Place townhouse hits the market for $30M

By Devin Gannon

The exclusive neighborhood of Sutton Place has been described as a "riverside enclave for the well-to-do," and Sutton Square, which sits at the end of 58th Street and offers its residents an expansive shared garden perhaps best embodies this exclusivity. It makes sense then that Aristotle Onassis and his first wife Tina once lived in this magnificent townhouse at 16 Sutton Square; John Whitehead later lived in the same home for the last 26 years of his life. The 12-room house, now on the market for $29,950,000, also has a private backyard, as well as a terrace perfect for boat watching and a spectacular glass, circular staircase that "virtually cantilevers over the river."
See the exclusive townhouse here

Distinctive Homes

Rockaway Ferry to take off in May, one month ahead of schedule

April 6, 2017

Rockaway Ferry to take off in May, one month ahead of schedule

By Devin Gannon

Mayor de Blasio announced today that the Citywide Ferry Service, now officially named “NYC Ferry,” will be launching two routes on the first day of May: the new Rockaway Route and the existing East River Route. As DNA Info learned, the Rockaway route takes passengers from the new dock on Beach 108th Street to the Brooklyn Terminal, and then Wall Street’s Pier 11. Expect service on the South Brooklyn Route with stops in Bay Ridge, Sunset Park, Red Hook and Brooklyn Bridge Park to begin on June 1. The Astoria Route will be launched sometime in August and the Lower East Side and Soundview Routes have a launch date set in 2018.
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Fate of Gateway Project and Second Avenue Subway unknown under Trump’s infrastructure plan

April 6, 2017

Fate of Gateway Project and Second Avenue Subway unknown under Trump’s infrastructure plan

By Devin Gannon

Earlier this year, President Trump, a lifelong New Yorker, hired two NY-based developers to head an infrastructure commission, which oversees spending on his proposed $1 trillion plan to improve the country’s bridges and roads. Despite this clear connection to the Big Apple, the president refuses to say whether he will include two major transportation projects for the city, both of which his proposed budget defunds, as the New York Times reported. As of now, Trump has proposed eliminating a program that would build a new train tunnel under the Hudson River and a program which extends the Second Avenue subway in Manhattan to East Harlem.
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NYC and Mexico City join forces to boost tourism

April 6, 2017

NYC and Mexico City join forces to boost tourism

By Devin Gannon

The uncertain political climate and anti-immigrant rhetoric following Donald Trump’s election caused a drop in tourism to New York from many countries, and notably, from Mexico. In an effort to repair its relationship, New York City and Mexico City renewed a city-to-city partnership this week to foster tourism between the two places. As Crain’s learned, NYC & Company, the city’s official tourism agency, collaborated with Mexico City’s Ministry of Tourism, to share best practices in tourism marketing and provide reciprocal promotional support. In Mexico City, billboards and bus shelters will declare “New York City- Le da la bienvenida al mundo,” which means “welcoming the world.”
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Policy

Habitat for Humanity will build 48 affordable homes for New Yorkers

April 5, 2017

Habitat for Humanity will build 48 affordable homes for New Yorkers

By Devin Gannon

In New York City, and the rest of the country, it's becoming increasingly difficult to find affordable housing. To combat this, the Habitat for Humanity NYC announced a plan to build affordable houses for buyers in Brooklyn and Queens. The organization, aimed at constructing quality housing for families in need, will bring 48 units of affordable homes to these boroughs by redeveloping abandoned or foreclosed properties. Since most of these homes have been left vacant for decades, many are run-down and have negatively impacted the surrounding neighborhoods. As Brick Underground learned, the city’s Housing Authority first acquired these properties and then sold them to Habitat for Humanity at $1 each.
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Ralph Lauren closing flagship store amid Fifth Avenue slowdown

April 5, 2017

Ralph Lauren closing flagship store amid Fifth Avenue slowdown

By Devin Gannon

Ralph Lauren announced Tuesday that it will close its flagship store on Fifth Avenue and 55th Street, citing falling revenue and rising rents. As reported by the New York Times, the company, which opened this location in 2014, plans to reorganize by investing more in their online stores. Keeping afloat a business on New York City’s most expensive shopping strip is not a problem unique to Ralph Lauren; Kenneth Cole, Juicy Couture, and H&M have also recently closed their doors. Soaring rents, plus a drop in tourism, has lead to an increase in vacant space along Fifth Avenue.
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Real Estate Trends

City Council proposes half-priced MetroCards for low-income New Yorkers

April 5, 2017

City Council proposes half-priced MetroCards for low-income New Yorkers

By Devin Gannon

Although the recent subway and bus fare hike affects all New Yorkers, low-income residents are being especially hard hit by the jump in cost. As a way to ease this financial burden, the City Council has proposed a $50 million pilot program as part of the “Fair Fares” initiative which will provide half-fare MetroCards to New Yorkers living at or below the federal poverty line. As the Daily News learned, transit advocates say nearly 800,000 residents would be eligible for the discount under the full plan.
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This graphic color codes major transit lines in North America

April 4, 2017

This graphic color codes major transit lines in North America

By Devin Gannon

Like New York, Boston's subway system is organized with a different color for each route. Unlike NYC, however, there's no corresponding numbers, so the lines along the T are actually referred to by their respective hues. Which is why Boston resident Ari Ofsevit, a transportation engineering and urban planning graduate student at MIT, found it odd that the Massachusetts Bay Transit Authority didn't use the same colors on their Twitter alerts as were found on their maps and signs. As Next City reported, this inspired him to create a graphic comparing the various colors of 13 major transit lines across the U.S. and Canada.
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Explore the homes of NYC’s notable writers with an audio-narrated tour

April 4, 2017

Explore the homes of NYC’s notable writers with an audio-narrated tour

By Devin Gannon

Some of the greatest literary giants of all time lived and wrote in New York City. In celebration of the 200th anniversary of HarperCollins, which was founded in NYC, the publishing company created an interactive walking tour map that narrates the history of each author as you walk (h/t DNAinfo). Just a few of the famed Big Apple authors include Harper Lee, Mark Twain, Zora Neale Hurston and Richard Wright.
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Trump buildings rank as some of the biggest polluters in NYC

April 4, 2017

Trump buildings rank as some of the biggest polluters in NYC

By Devin Gannon

With a federal budget proposal that strips significant funding to the Environmental Protection Agency, it’s not so shocking that President Trump and his son-in-law and close adviser, Jared Kushner, both own buildings that rank as the least energy-efficient in New York City. The Daily News shared a new report from ALIGN, a coalition of labor and environmental activists, which found that Trump Tower uses more energy than 93 percent of the city’s large residential buildings. Worse, the Trump Organization's Mayfair condo uses more than 98 percent. The report also revealed that a Kushner Companies' 666 Fifth Avenue (controversial for even more reasons as of late) uses more energy than 85 percent of large office buildings.
See the report here

Policy

The 10 best neighborhoods for New York City artists

April 4, 2017

The 10 best neighborhoods for New York City artists

By Devin Gannon

Like most things in New York, creative communities come and ago as new development and rising rents force artists to move on to the next best, or cheaper neighborhood. While 6sqft found 'hoods like the Upper East Side, Harlem and Long Island City to be the best places for artists a few years back, we've updated our top-10 list to reflect the changing times. Ahead you'll find some areas you may expect--Sunset Park and Bushwick, for example, along with more up-and-coming artsy enclaves like Newark, Washington Heights, and the South Bronx.
The full list right this way

April 4, 2017

MTA Board officially approves 15-month shutdown of L train

By Devin Gannon

It’s official. The Metropolitan Transit Authority board voted to approve a 15-month shutdown of the L train on Monday, instead of the originally proposed 18 months. The Board also awarded a $477 million contract to Judlau Contracting and TC Electric, who will responsible for repairing the train’s Canarsie Tunnel, which suffered severe flooding damage after Hurricane Sandy (h/t WSJ). The planned shutdown is set to begin in April 2019 and cuts all L train service between Bedford Avenue in Williamsburg and Eighth Avenue in Manhattan.
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Track the cherry blossoms at the New York and Brooklyn Botanical Gardens

April 3, 2017

Track the cherry blossoms at the New York and Brooklyn Botanical Gardens

By Devin Gannon

After getting through the see-sawing weather of March, spring seems to have finally sprung in New York. To fully experience the changing seasons, check out these cherry blossom trackers from both the Brooklyn Botanical Garden and the New York Botanical Garden. Right now, more blossoms can be spotted in Brooklyn, with the first flowers appearing last Wednesday.
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City Living

A skyscraper may be built on top of Lord & Taylor’s Fifth Avenue flagship

April 3, 2017

A skyscraper may be built on top of Lord & Taylor’s Fifth Avenue flagship

By Devin Gannon

The 103-year-old landmarked Lord & Taylor flagship store at 424 Fifth Avenue may be getting a luxurious makeover. As the New York Post learned, the speculative project includes constructing a steel-and-glass skyscraper and redeveloping the building into an office and residential tower, keeping the 11-story department store as the base. Sources tell the Post that NYC property executive Richard Baker, who acquired Lord & Taylor in 2008, is behind the development talks. And though few details are known, "real estate insiders" point out that nearby towers rise as high as 60 stories.
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New Developments

Dumbo Clock Tower penthouse finally sells for $15M, is borough’s priciest condo ever sold

April 3, 2017

Dumbo Clock Tower penthouse finally sells for $15M, is borough’s priciest condo ever sold

By Devin Gannon

And just like that, the record for the most expensive condo ever sold in Brooklyn has been broken. A triplex penthouse at 1 Main Street, atop the Clock Tower building in Dumbo, sold for $15 million, beating out a unit at Brooklyn Bridge Park’s Pierhouse that closed for nearly $10.6 million just last month. As the New York Post reported, the historic unit had a hard time finding a buyer; it sat on the market for nearly six years, switched brokerages and chopping its price tag several times.
See the iconic Clock Tower here

Real Estate Trends

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