Real Estate Trends

NYC pied-à-terre tax could raise less than Hochul’s $500M estimate, report finds

Credit: Andy on Unsplash

May 1, 2026

NYC pied-à-terre tax could raise less than Hochul’s $500M estimate, report finds

By Aaron Ginsburg

Gov. Kathy Hochul's proposed pied-à-terre tax could generate up to $500 million annually, but multiple variables could affect the final revenue, according to a report released Thursday by New York City Comptroller Mark Levine. Introduced last month, the governor's proposed tax, which would place a surcharge on secondary homes in the five boroughs valued at $5 million and above, could generate nearly $500 million from just over 11,200 properties. The comptroller's analysis examines several factors, including exclusions for rented units and "behavioral responses" to the tax, which could lower the actual revenue to between $340 million and $380 million.
Find out more

Extell files plans for 86-story, 430-unit apartment building on the Upper West Side

Looking at West 66th Stret from Columbus Avenue. Photo © Ondel Hylton

April 24, 2026

Extell files plans for 86-story, 430-unit apartment building on the Upper West Side

By Aaron Ginsburg

Extell Development this week filed plans for an 86-story residential tower on the Upper West Side, advancing a proposal for the neighborhood's next tallest building. Plans filed Wednesday with the city’s Department of Buildings (DOB) call for a 1,200-foot-tall tower with 430 apartments at 80 West 67th Street, also known as 77 West 66th Street, on the former Disney campus. The project would surpass Extell’s tower across the street at 55 West 66th Street by more than 400 feet, becoming the tallest building in the neighborhood.
Learn more

Mamdani proposes city-backed insurance program to cut costs for some NYC landlords

Credit: Jason Hawke CA on Unsplash

April 16, 2026

Mamdani proposes city-backed insurance program to cut costs for some NYC landlords

By Aaron Ginsburg

While Mayor Zohran Mamdani's administration has so far focused on affordability for renters, the mayor announced a plan to help landlords on Thursday. A new program managed by the city will reduce the cost of property and liability insurance for affordable and rent-stabilized housing. As the New York Times reported, the proposal is seen as a peace offering to property owners, whose interests have often been at odds with the administration. According to the city, the self-sustaining program will help address the rising cost of insurance, which has more than tripled since 2017.
Find out more

Hochul proposes pied-à-terre tax on NYC second homes worth over $5M

Photo by Jakub Hałun on Wikimedia

April 15, 2026

Hochul proposes pied-à-terre tax on NYC second homes worth over $5M

By Devin Gannon

Governor Kathy Hochul on Wednesday proposed a yearly tax on non-primary residences in New York City. After resisting calls to tax high-income earners led by progressive leaders like Mayor Zohran Mamdani, the governor is now embracing a surcharge on secondary homes in the five boroughs valued at $5 million and above. Known as pieds-à-terre, these properties are occupied by part-time residents who usually stay there while working or visiting the city. While it's not the first time such a tax has been proposed in recent years, the new push for the surcharge comes as the city deals with a multibillion-dollar budget gap.
READ MORE

Pink buys historic yellow Greenwich Village townhouse for $21.5M

Photo of the facade courtesy of Michael Weinstein of MW Studio. All others, courtesy of Shannon Dupre’ of DD Reps.

April 13, 2026

Pink buys historic yellow Greenwich Village townhouse for $21.5M

By Devin Gannon

Pink bought a yellow Greenwich Village townhouse. The pop star paid $21.5 million for the historic six-story home at 125 West 11th Street, as the Wall Street Journal first reported. Built in 1849, the cheerfully painted Greek Revival mansion has served as a haven for artists for over a century, most recently the same family for 70 years. Following a three-year renovation, the roughly 7,900-square-foot home first hit the market for $25 million in 2024 before being reduced by $3.5 million last fall.
READ MORE

Thomas Juul-Hansen to design 22-story condo in West Chelsea

All renderings courtesy of Visualisation One, unless noted otherwise

April 8, 2026

Thomas Juul-Hansen to design 22-story condo in West Chelsea

By Aaron Ginsburg

Here's a first look at the new condo rising on one of the largest last undeveloped waterfront sites in West Chelsea. Developer Legion Investment Group last week announced Thomas Juul-Hansen as the architect of 550 West 21st Street, a 22-story, limestone-clad tower situated between Hudson River Park and the High Line. The development includes 83 residences, starting at $2.5 million. Sales will launch this year, and construction is expected to wrap up late 2027.
Discover more

RXR files plans for 95-story supertall next to Grand Central

Renderings courtesy of SOM

April 7, 2026

RXR files plans for 95-story supertall next to Grand Central

By Aaron Ginsburg

After receiving approval five years ago, a plan to build a supertall next to Grand Central Terminal is moving forward. Last week, RXR Realty filed the first permits for a 95-story tower at 175 Park Avenue, the site of the former Grand Hyatt Hotel, which the City Council approved in 2021 as part of the hotel’s redevelopment. The project is 12 stories taller than previously reported and would include office space and hotel rooms spanning nearly 3 million square feet. The tower had appeared stalled but was revived last month after RXR met with JPMorgan clients to gauge interest in funding the project, which the firm says is expected to cost $6.5 billion, according to Crain’s. Construction could begin in June.
Learn more

West Village megamansion enters contract for over $70M

All photos courtesy of Hayley Ellen Day

April 6, 2026

West Village megamansion enters contract for over $70M

By Devin Gannon

Two multi-family townhouses that were combined into one megamansion in the West Village found a buyer this month. As first reported by the Wall Street Journal, the unique property at 105-107 Bank Street entered contract for over $70 million, set to become one of the most expensive homes ever sold in downtown Manhattan if the deal closes at that price. Robert A.M. Stern Architects designed the double-wide residence, which is six stories and measures over 13,000 square feet.
more here

Real Estate Trends

Oleg Cassini’s former UES mansion sells for $34.5M after lengthy bankruptcy battle

Photo credit: Evan Joseph for Sotheby’s International Realty

April 1, 2026

Oleg Cassini’s former UES mansion sells for $34.5M after lengthy bankruptcy battle

By Aaron Ginsburg

An Upper East Side townhouse tied to late fashion designer Oleg Cassini has sold for $34.5 million, bringing a years-long legal and bankruptcy battle to a close. The five-story home at 15 East 63rd Street was at the center of a high-profile dispute involving Cassini’s widow, Marianne Nestor, and her sister, Peggy Nestor, who filed for bankruptcy in 2023 after creditors moved to foreclose on the Beaux Arts limestone townhouse. The pair had filed, and lost, nearly 20 court appeals to delay the case and keep the residence, according to Crain’s.
Find out more

Real Estate Trends

Meta to open first NYC flagship store on Fifth Avenue

Images courtesy of Meta

March 18, 2026

Meta to open first NYC flagship store on Fifth Avenue

By Aaron Ginsburg

Meta will open its first flagship store in New York City. Vornado Realty Trust on Wednesday announced retail store Meta Lab will occupy the five-story townhouse at 697 Fifth Avenue, next to the St. Regis Hotel. Last November, the company opened a pop-up shop at the building, which was painted bright blue and offered Meta's AI glasses and virtual-reality headsets to test. With existing office space at The Farley Building, Meta's 10-year agreement with Vornado adds to its NYC footprint.
details here

Popular Articles

Gracie Abrams drops $4.5M on another Greenwich Village penthouse

(L) Gracie Abrams. Credit: Justin Higuchi on Flickr (R) 1 Fifth Avenue. Image via WikiCommons

March 13, 2026

Gracie Abrams drops $4.5M on another Greenwich Village penthouse

By Aaron Ginsburg

Gracie Abrams has purchased another unit at Greenwich Village’s 1 Fifth Avenue co-op, a year after buying a $5.5 million penthouse in the building, with plans to combine the two. The pop star paid $4.5 million for the 18th-floor penthouse, which was once two separate units and now includes one bedroom, two bathrooms, and two terraces. If combined with the other unit, Abrams' residence in the building could span five bedrooms, five bathrooms, and five terraces, according to The Real Deal.
Find out more

New Hell’s Kitchen venue will host hologram ABBA show

Credit: Raph_PH on Flickr

March 6, 2026

New Hell’s Kitchen venue will host hologram ABBA show

By Aaron Ginsburg

Extell Development this week applied to demolish part of a block in Hell's Kitchen to build a venue that will host a hologram show featuring the Swedish pop band ABBA. As first reported by Crain's, the firm seeks to raze a string of low-rise buildings in Hell’s Kitchen—formerly home to a strip club, a dance club, and a lumberyard—between 11th Avenue and West 45th and 46th Streets. The new venue will become the permanent home for ABBA Voyage, a production designed by the legendary 1970s pop group featuring holograms of their younger selves, according to the New York Times.
Discover more

Real Estate Trends

Ivana Trump’s Lenox Hill townhouse sells for $14M, nearly half its original asking price

Photos courtesy of Evan Joseph Photography

March 3, 2026

Ivana Trump’s Lenox Hill townhouse sells for $14M, nearly half its original asking price

By Aaron Ginsburg

After nearly four years on the market, Ivana Trump's opulent Lenox Hill townhouse has finally sold, fetching much less than its original $26.5 million listing price. The five-story home at 10 East 64th Street sold for $14 million, according to property records and first reported by the Wall Street Journal, down from its initial 2022 ask. Ivana purchased the home for roughly $2.5 million in 1992, shortly after her divorce from Donald Trump. The property was first listed following Ivana's death in 2022, as 6sqft previously reported.
details this way

Bally’s buys Bronx casino site from NYC for $157M

Images courtesy of Bally’s Bronx

March 2, 2026

Bally’s buys Bronx casino site from NYC for $157M

By Aaron Ginsburg

Bally's Corporation has officially purchased the Bronx parkland where it will build one of three new casinos downstate after the company secured a gaming license in December. As first reported by the Commercial Observer, the company last week purchased the 16-acre parcel at 450 Hutchinson Parkway in Throggs Neck—formerly leased to Donald Trump—from the city for $156.6 million. The proposal survived a City Council vote that initially denied a crucial rezoning, a decision later overridden by a veto from former Mayor Eric Adams, keeping the project alive.
Learn more

Real Estate Trends

FiDi office tower to become 796-unit residential building

61 Broadway © 2024 Google

March 2, 2026

FiDi office tower to become 796-unit residential building

By Aaron Ginsburg

RXR Realty secured a $420 million construction loan last week for an office-to-residential conversion that will transform a century-old Financial District office tower into 796 new homes. Affiliates of Apollo Global Management provided the financing to convert the 32-story 61 Broadway, with construction expected to begin later this month and the first residents projected to move in during the first half of 2028, according to Crain's. Roughly 200 of the apartments will be set aside for households earning 80 percent of the area median income (AMI).
Find out more

Real Estate Trends

Dumbo penthouse closes for $16.25M, new record for Brooklyn sponsor condo

All photos courtesy of Pavel Bendov for Olympia DUMBO

February 26, 2026

Dumbo penthouse closes for $16.25M, new record for Brooklyn sponsor condo

By Devin Gannon

A full-floor penthouse at Dumbo's tallest tower officially closed this week, setting a new record for the borough. Penthouse B at Olympia, a 33-story condo at 30 Front Street, sold for $16.25 million, becoming the highest price-per-square-foot ($3,297) deal ever for a Brooklyn sponsor condo. The home might look familiar; the condo was featured in Spike Lee's 2025 movie "Highest 2 Lowest" as Denzel Washington's fictional apartment.
READ MORE

Real Estate Trends

Battery Park City rent protections extended for long-time tenants

Gateway Plaza. Image via WikiCommons

February 25, 2026

Battery Park City rent protections extended for long-time tenants

By Aaron Ginsburg

Hundreds of tenants at Gateway Plaza, Battery Park City's oldest and largest residential development, will have their annual rent increases capped at 2.5 percent for the next 43 years. On Monday, the Battery Park City Authority (BPCA) announced an agreement with Marina Tower Associates to extend those protections for roughly 430 units with continuous occupancy since July 1, 2009. Originally set to expire in July 2030, the safeguards will now remain in place through June 17, 2069.
Learn more

New condo planned for vacant Chelsea lot next to the High Line

The High Line’s 10th Avenue overlook. The new condo at 118 10th Avenue will be on the east side of the street. Photograph by Mike Peel on Wikimedia

February 23, 2026

New condo planned for vacant Chelsea lot next to the High Line

By Aaron Ginsburg

A vacant Chelsea development site once tied to the late New York City developer Brandon Miller has sold for $53 million and will become a new condo building. Adirondack Capital Partners on Monday announced that Toll Brothers purchased the roughly 12,000-square-foot parcel at 118 10th Avenue from Benny Barmapov, with plans to build an 85,000-square-foot condominium. Miller had previously leased the site, with plans for a 10-story, 100,000-square-foot office building, according to The Real Deal.
Learn more

Real Estate Trends

Manhattan rents hit another high, median price near $4.7K/month

Photo by Chanan Greenblatt on Unsplash

February 12, 2026

Manhattan rents hit another high, median price near $4.7K/month

By Devin Gannon

While January is normally the best time to find deals on apartments, New Yorkers continued to face record-high rents in the first month of 2026. In January, the Manhattan median rent hit $4,695/month, according to the monthly rental report prepared by Miller Samuel for Douglas Elliman. While the price is down slightly from December, which saw median rents for the borough at $4,720, January marked the third-highest rent on record for Manhattan.
READ MORE

Real Estate Trends

One Domino Square penthouse set to break another area sales record at $7M

Photo credit: William Jess Laird

February 11, 2026

One Domino Square penthouse set to break another area sales record at $7M

By Michelle Cohen

Another penthouse at Williamsburg's One Domino Square condominium looks like it may again surpass area sales records: Penthouse 3A just entered contract for $7 million. If the unit closes at that price, it will be the area's top sale per square foot (a whopping $3,313). Another penthouse in the tallest residential tower on the Williamsburg waterfront sold for $7.7 million last year, as 6sqft reports, setting an area sponsor unit sale record.
find out more

30-story condo will be the tallest building in Greenwich Village

11 West 13th Street in July 2025, ahead of construction. © Ondel Hylton

February 10, 2026

30-story condo will be the tallest building in Greenwich Village

By Aaron Ginsburg

The tallest building in Greenwich Village is moving forward. Construction financing was secured last week for a new luxury condominium at 11 West 13th Street, a planned 30-story tower with 34 residences that will rise well above the neighborhood's next tallest buildings. Despite backlash from preservationist groups, which filed a zoning challenge with the Department of Buildings, the project is moving ahead, after developers Legion Investment Group and EJS Group secured $190 million in construction financing last week.
Find out more

$17.5M Dumbo penthouse seen in Denzel Washington’s ‘Highest 2 Lowest’ movie finds a buyer

All photos courtesy of Pavel Bendov for Olympia DUMBO

February 4, 2026

$17.5M Dumbo penthouse seen in Denzel Washington’s ‘Highest 2 Lowest’ movie finds a buyer

By Devin Gannon

Denzel Washington's fictional home in the 2025 movie "Highest 2 Lowest" has found a real-life buyer. A full-floor penthouse at Olympia, a sail-like condominium at 30 Front Street in Dumbo, entered contract this week. Last asking $17,500,000, the home's incredible views of the Manhattan skyline are on full display in the Spike Lee thriller, which stars Washington, A$AP Rocky, and Ilfenesh Hadera.
see the views

Real Estate Trends

Vornado and Newmark to expand Penn District with more retail

Seventh Avenue between 33rd and 34th Streets. Photo © 6sqft

February 2, 2026

Vornado and Newmark to expand Penn District with more retail

By Aaron Ginsburg

Vornado Realty Trust’s Penn District in Midtown East will grow further as the firm teams up with another major real estate company to create a new retail corridor along Seventh Avenue between 33rd and 34th Streets. On Monday, Vornado announced that Newmark has been named the exclusive leasing agent for the next stage of the Penn District, which will feature a street-level "retail experience" alongside existing anchors Macy’s and Primark, whose 78,000-square-foot flagship is set to open this spring. Newmark will also assist Vornado in developing the Moynihan Retail Corridor, the primary commercial hub of Moynihan Train Hall.
Learn more

Real Estate Trends

Extell to purchase Park Ave development site

Streetview of 405 Park Avenue © 2024 Google

January 26, 2026

Extell to purchase Park Ave development site

By Aaron Ginsburg

Extell Development’s Manhattan expansion continues as the firm moves to acquire a prime Midtown site and air rights from an adjacent synagogue. On Sunday, Gary Barnett's firm entered a contract to purchase 405–415 Park Avenue and air rights from Central Synagogue, as first reported by The Promote. The company is also reportedly negotiating to acquire the adjacent office building at 110 East 55th Street, which, combined with the Park Avenue site, could become a major new mixed-use or office development in Midtown.
Find out more

Real Estate Trends

Nathan’s Famous, home of the hot dog eating contest, sells for $450M

Credit: Jeremy Thompson on Flickr

January 22, 2026

Nathan’s Famous, home of the hot dog eating contest, sells for $450M

By Aaron Ginsburg

Nathan’s Famous, the century-old Coney Island hot dog institution that grew from a single stand into a global brand, has been sold for $450 million. On Wednesday, Smithfield Foods said it would pay $102 per share to acquire the iconic brand. Smithfield, a Chinese-owned food processor based in Virginia, has held the rights to produce and sell Nathan’s products in the U.S. and Canada since 2014, which were scheduled to expire in 2032. For fans worried about the future of the famed Nathan's Hot Dog Eating Contest, fear not—Smithfield said it plans to continue hosting the event, according to The Hill.
Learn more

1
2
3