Back in 2012, Chinese company Xinyuan Real Estate Co. purchased a $54.2 million, 92,000-square-foot, Kent Ave. site in Williamsburg for its first development in the U.S. — which they said, of course, would be slated for a luxury condo building. Now it looks like their dev team is ready to kick it into high gear and Xinyuan has enlisted the help of Fortress Investment Group in the form of a $165 million loan. An interestingly enough, the project is the beautiful Oosten condo development designed by Dutch architect Piet Boon.
Chinese Property Company Taps Fortress Investment Group for $165M for the Oosten Williamsburg Condos, Wed, June 11, 2014
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.
The Philip Johnson-designed Sony Tower at 550 Madison Avenue, one of the most notable postmodern office towers in New York City, is set to be partially converted to high-end condos, as states planes filed by developer Chetrit Group. It’s not known which of the building’s 37 floors the residential units will occupy, but Chetrit, led by Joseph Chetrit, has said in the past that it will convert the upper floors and either keep the lower floors as offices or turn them into a luxury hotel.
Construction likely won’t begin for at least one to two years since Sony still leases office space. When the developer purchased the building from Sony in 2013 for $1.1 billion at auction, Sony committed to remaining in the offices for around three years until moving to a new space near Madison Square. Chetrit outbid 21 rivals and paid $685 million more for the building than Sony did in 2002.
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.
Here’s a first look at the Naftali Group’s upcoming 60-unit condominium building sited along 265 West 25th Street in Chelsea. The building will rise 12 stories along a charming tree-lined stretch between Seventh and Eighth Avenues. Residences will range from one to three bedrooms.
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.
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.
A new rendering of the 777-foot high supertall tower being developed by Ian Bruce Eichner has just been released by the project’s architect, Kohn Pedersen Fox Associates. The image, first spotted by Curbed, offers us a street view of the 83-unit condo (previous reports noted 80 units) at dusk.
Eichner’s new project will sit at 45 East 22nd Street rising nearly 60 stories above a five-story, 50-foot wide stone base. There’s no denying that this project is tall, and Eichner’s project in fact accumulates air rights from neighboring properties to augment its size — including air rights from eight adjacent lots to the west and north and the assemblage of One Madison. Eichner reportedly spent more than $100 million to assemble the site.
This new rendering certainly lends a hand in convincing the public that this massive tower will blend seamlessly with its environment (seen in the building’s apparent ability to reflect its surroundings to a T). In reality, when completed, the tower will not only dwarf its neighbors to a near microscopic scale but trump One Madison by 157 feet.
We last reported that demolition began at the end of April. Sales are anticipated to launch this fall, and tenants will be able to move in by 2016.
According to Bloomberg News, the penthouse at the Woolworth building will ask for a jaw-dropping $110 million when units hit the market this Fall. This is the highest-ever ask for an apartment in downtown Manhattan, and one sure to send the market into a frenzy.
Jonathan Miller, president of appraiser Miller Samuel Inc., told Bloomberg that the price is indicative of the prestige and unique history of the landmarked building, rather than the location or its status as a luxury apartment. “We’ve seen rapid absorption downtown,” he told Bloomberg, “but this project is unlike anything that’s come online.”
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 42nd and 43rd 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.