Last month, Jason Silverstein and David Shorenstein of Silvershore Properties along with investor Norman P. Rappaport purchased a $7.8 million Sutton Place townhouse. And just like that, they’re flipping it with an asking price of… wait for it… $19.95 million.

We’re not sure what rabbit Brown Harris Stevens listing agent Paula Del Nunzio plans to pull out of the hat but achieving a flip that big would be nothing short of spectacular. However, according to her webpage, she already has a few record-breaking sales under her belt.

More photos of the townhouse here

Over the years, the Brooklyn Navy Yard has become a modern manufacturing pole, and it has grown to host spaces for everyone from furniture makers to photographers to even financial services companies. Demand for space has grown tremendously, and in response, the Navy Yard has announced plans to create another 1.8 million square feet of space for both future and current tenants looking to grow their businesses.

More of what’s in store this way

If you renovate, will they come? It’s been less than a year since Jamestown Properties, the developer behind the successful Chelsea Market, acquired a 50% stake in the mostly abandoned industrial warehouse complex in Brooklyn’s Sunset Park known as Industry City.

Along with investment partners Belvedere Capital and Angelo, Gordon & Company, Jamestown plans to translate the success of Chelsea Market on a scale six times the size – 16 buildings encompassing over 6 million square feet formerly known as Bush Terminal. But while Brooklyn is currently the darling of the five boroughs, Sunset Park doesn’t quite have the cache of Chelsea – yet, and the viability of such an enormous undertaking is ten years in the making.

Watch a video interview with the developers this way

Over a year after Hurricane Sandy tore through the metro New York area, destroying lives and homes, some areas are still in the process of rebuilding. In an effort to ensure New York City is never caught off guard from a natural disaster like we were in the fall of 2012, the Department of Housing and Urban Development launched Rebuild By Design, a contest to develop ways to rebuild the city’s most vulnerable areas in such a way that they’ll be better prepared for nature’s unpredictability. 140 proposals were submitted over a year ago, coming from 15 different countries. Last June, 10 finalists were chosen to refine their plans, developing protective strategies for all of the vulnerable areas that were struck, and will likely be struck again. After nearly a year, the Department of Housing and Development has just announced six winners that will receive a piece of the federal government’s $4 billion disaster-recovery fund.

Take a look at the winning designs here

It looks like the Chrysler Building is about to get a new neighbor. According to the New York Times, SL Green has reportedly proposed the development of a 1,200-foot, 65-story tower that would occupy the block between 42^nd and 43^rd Streets, and Vanderbilt and Madison Avenues. This proposal will have to undergo a review process as part of a new de Blasio administration plan to rezone an area of Vanderbilt Avenue for larger buildings.

De Blasio’s proposal is a 2.0 version of a failed bid by Michael Bloomberg that would rezone an area around Grand Central Terminal. Bloomberg’s proposal – which would affect a 73-block area around the terminal – concerned officials and preservationists, who were concerned that the plan would add to the congestion in the area. Fulfilling one of his campaign promises, de Blasio has devised a plan to mitigate those issues as well as keep the city competitive for decades to come, by creating more office space in the prime business location.

Learn more about the iconic tower’s new neighbor

New renderings of Fortis Property Group’s mixed-use development at 151 Maiden Lane have been revealed! As reported by New York YIMBY, permits were filed last week for the new tower which will sit upon a 281,000-square-foot waterfront development site that the company purchased back in August of last year.

Fortis’s new residential project will boast a 161,000-square-foot, 52-story luxury condominium with 74 high-end apartments each hosting “uninterrupted river views with the top floors having virtually 360-degree views,” according to Fortis’s website. The design, which holds Goldstein Hill & West as the architect of record, is another glassy high-rise that boasts a slender profile with balconies rising on the glass face in a helix-like gesture. In fact, the design looks quite a bit like an amalgamation of New York by Ghery and One Madison. (A good thing?)

Fortis also plans to build a 120,000-square-foot hotel at the western portion of the development site. The hotel will share luxury amenities with the residential section of the development. Construction will start this year.

[Via NY YIMBY]

Image via Fortis Property Group

Governor Andrew Cuomo has reached a tentative deal with developers that could save Pier 40, according to the New York Times. In the new deal, Governor Cuomo would transfer unused development rights to another site on West Side Highway in exchange for $100 million to repair Pier 40. Restoration would involve gradually demolishing St. John’s Terminal Building and replacing it with residential buildings and shops over a period of 10 years.

Learn more about Governor Cuomo’s deal to save Pier 40 here

Leeser Architects, designer of the Museum of the Moving Image expansion in Astoria, seems to be single-handedly upping the architecture ante in the outer-boroughs. Fresh off the heels of demolition commencing on the site of their multi-faceted 30-story Marriott Autograph Collection tower in the BAM Cultural District, Leeser may also be busy in the conversion of DUMBO’s five-building Jehovah Witness Watchtower complex into a high tech incubator and residential tower.

See the renderings we’ve uncovered after the jump

The City Council’s Committee on Land Use gave approval to Rockefeller University’s plan to construct two new buildings over the Franklin D. Roosevelt Drive on Manhattan’s east side. In exchange, the school, which controls air rights over the 4-block stretch starting at East 64^th, has agreed to invest $8 million to develop and maintain a portion of the East River Esplanade.

More on the development here