Looking north towards Billionaires’ Row in early October © 6sqft
A new study of the top “ultra-prime” locations in the world dispels any doubt that Billionaire’s Row is living up to its name. London-based property consultancy Knight Frank, along with Douglas Elliman, looked at the number of homes sold for over $25 million since 2015 and found the greatest concentration along Midtown’s 57th Street, where 41 transactions have been closed in the last five years at an average price of $38.5 million. Manhattan cracked the top ten three more times, with Central Park South coming in third, followed by Park Avenue and Fifth Avenue in fourth and seventh place.
Images by Tory Williams; courtesy of The Wing
The Wing is celebrating the end of a busy year with the opening of its newest NYC location in Bryant Park at 25 West 39th Street. As we’ve come to expect from the women-only co-working and community space, the design is warm, inviting, and highly Instagrammable. It occupies roughly 7,000 square feet—the entire 11th floor of the building—with a range of workspaces, personal areas, a mother’s room, a full-service cafe, and more.
Take a look around
Rendering courtesy of Target
New York City is getting another Target. The retailer announced on Thursday plans to open a small-format store in Times Square, its 10th store in Manhattan. The 33,000-square-foot location will be located at a five-level retail complex on 42nd Street between 7th and 8th Avenues. The property, owned and managed by Tishman Realty, is currently undergoing a $60 million renovation. The 42nd Street shop is expected to open in 2022.
The Target takeover continues
Photo by Evan Joseph for Empire State Realty Trust
With the opening of the 80th-floor observatory last week, the $165 million, four-year redevelopment of the Empire State Building is now complete. In partnership with the city’s tourism agency, NYC & Company, Empire State Realty Trust created an interactive, visitor-focused experience, which includes personalized digital itineraries, the building’s classic viewfinders, film, original artwork, and more. The Trust unveiled the 102nd-floor observatory to the public in October, with the second-floor museum opening earlier in the summer.
See it here
Photo courtesy of Netflix, by Marion Curtis
In a press release yesterday, Netflix announced that it reached a lease agreement to preserve Midtown’s iconic Paris Theatre and keep it open for “special events, screenings, and theatrical releases of its films.” Last month, Netflix premiered its new movie “Marriage Story” in the Paris, and with talks of the 58th Street site potentially getting redeveloped, many hoped the company would find a longer-term residency in the 71-year-old theater, which was NYC’s last single-screen movie house.
Rendering of the new shop, courtesy of David Korins
Midtown’s 100-year-old Drama Book Shop has a new home and an opening date after being revived by Lin-Manuel Miranda and three “Hamilton” collaborators, the New York Times reports. Earlier this year, the garment district mainstay was forced to close due to rising rents. With investment help from the Mayor’s Office of Media and Entertainment, Miranda’s team bought the store from owner Rozanne Seelen and packed up the storefront at 250 West 40th Street, where it had been located since 2001. Since then, they’ve found a new location just one block south at 266 West 39th Street, which is expected to open in March.
Photo by Krystal T via Flickr
Living under the shadow of having President Trump as an occasional neighbor–and as a sign on the front of your building–doesn’t do much for condo property values in midtown Manhattan, if commercial leasing and residential sales at Trump Tower are any indication. CityRealty reports that vacancies persist in the commercial podium of 721 Fifth Avenue, and residential condo sales in the mixed-use tower have yet to recover from recent stagnation: Almost one half of the units up for sale have cut their initial asking prices, and all but two of the 11 condos whose sales closed this year have sold at an often-considerable–more than 10 percent–discount.
More on the Trump slump
Photo by Shinya Suzuki / Flickr
For years, residents and community leaders have called on the city to add pedestrian space near Rockefeller Center to make conditions safer for the hundreds of thousands of people who visit the area during the holiday season to see the tree and store windows. This week, the Department of Transportation privately issued a pilot plan to address the major crowds by increasing pedestrian space on Fifth Avenue between East 48th and East 51st Streets. But Mayor Bill de Blasio quashed the plan before it was officially released, claiming “it was not signed off on by City Hall.”
All renderings courtesy of Gensler
It’s been two years since developers unveiled their plans for a $300 million renovation of 550 Madison Avenue, helmed by architecture firm Snøhetta. Built in 1984 to the designs of Philip Johnson and John Burgee, the 647-foot building was the world’s first postmodern skyscraper. After several revisions, the renovation plans were approved by the LPC in February, and now, developer the Olayan Group has revealed the first renderings of the lobby. Most notably, the interior designs respect the 110-foot arched entryway and vaulted ceilings and add a window overlooking the proposed new public garden in the rear arcade.
More details ahead
Photo by Ajay Suresh on Flickr
In August, Midtown’s 71-year-old Paris Theatre closed its doors when its lease with developer Sheldon Solow ended. The 581-seat theater was NYC’s last single-screen movie house and was known for showing indie and foreign, especially French, films. But the iconic establishment on 58th Street will open its doors once more next month; Deadline reports that Netflix has worked out a deal with Solow to screen its upcoming movie “Marriage Story” in the Paris when it premiers on November 6th.