Real Estate Trends

Eliot Spitzer’s planned Fifth Avenue condo tower gets height boost

All renderings courtesy of Spitzer Enterprises

November 19, 2025

Eliot Spitzer’s planned Fifth Avenue condo tower gets height boost

Former New York Gov. Eliot Spitzer's proposed Upper East Side condo project, which would replace a 1970s-era rental building with 26 luxury residences, just got a slight height boost. On Tuesday, the Landmarks Preservation Commission approved Spitzer's proposal to raise his planned development at 985 Fifth Avenue from 19 to 20 stories using City of Yes zoning reforms, replacing a 25-story rental building approved for demolition in 2023. Other approved changes include a textured limestone facade, a rear yard extension, and the removal of an adjacent public plaza.
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November 17, 2025

Extell to buy $36M in air rights from Midtown’s St. Thomas church

By Aaron Ginsburg

Extell Development has bought $36 million in air rights from a historic Midtown church as it continues to assemble large development sites across the neighborhood. According to Crain's, the developer has entered into a contract to acquire 123,000 square feet of air rights from the landmarked St. Thomas Church at 678 Fifth Avenue. It’s unclear which project Extell plans to use the rights for, but the firm is working on several nearby projects, including the former Wellington Hotel site and 655 Madison Avenue.
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Real Estate Trends

November 7, 2025

230-unit housing project coming to site of abandoned Astoria megaproject

By Aaron Ginsburg

A site in Astoria once slated for a 3,200-unit development will now be home to a handful of residential buildings with just over 230 apartments. As first reported by Crain's, the Hakimian Organization and CW Realty have filed plans for a 16-story building at 35-17 42nd Street and a 13-story building at 42-08 35th Avenue, on the former site of the $2 billion Innovation QNS megaproject. The ambitious housing project was scrapped in September amid financing challenges following the expiration of the 421-a tax break and uncertainty surrounding its replacement, the 485x program.
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October 28, 2025

Barbara Corcoran buys Carnegie Hill penthouse for $16M

By Aaron Ginsburg

October has been an eventful month in real estate for Barbara Corcoran, founder of the Corcoran Group and star of "Shark Tank," as the mogul adds a penthouse to her portfolio. As first reported by The Real Deal, and confirmed by property records, Corcoran purchased a penthouse at 1016 Fifth Avenue in Carnegie Hill for $16 million in an off-market deal. Just three weeks earlier, she sold her home at 1158 Fifth Avenue for $1.5 million over ask after just one day on the market.
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Extell proposes 71-story mixed-use tower with 130 apartments at Wellington Hotel site

Hotel Wellington. Photo by Jazz Guy via WikiCommons

October 24, 2025

Extell proposes 71-story mixed-use tower with 130 apartments at Wellington Hotel site

By Aaron Ginsburg

Extell Development wants to nearly triple the height of its proposed tower at the site of Midtown's former Wellington Hotel and make it residential. As first spotted by Crain's, Gary Barnett's firm filed plans with the Department of City Planning this month seeking to expand its project at 871 7th Avenue from a 27-story hotel to a 71-story mixed-use tower with 130 residential units, likely condos, and 156 hotel rooms. Extell is pitching upgrades to the nearby 50th Street subway station in exchange for a zoning bonus to allow for the 1,050-foot-tall tower.
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Prada plans Fifth Avenue skyscraper with ultra-luxury apartments

Streetview of 720-725 Fifth Avenue © Google 2025

October 17, 2025

Prada plans Fifth Avenue skyscraper with ultra-luxury apartments

By Devin Gannon

Prada is teaming up with Related to build a mixed-use skyscraper at 720-724 Fifth Avenue, with a store on the ground level and office space and luxury apartments above, as first reported by Commercial Observer. The building may be attached to the Aman New York, a 26-story hotel-condo next door, and share the gilded tower's flashy amenities.
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Path to profit: Why Jersey City condos are competing with Brooklyn brownstones

99 Hudson Street is the tallest building in New Jersey. There are over 780 condos across 79 floors; current availabilities start at $778,000. Photo courtesy of COA 99 Hudson, LLC

October 16, 2025

Path to profit: Why Jersey City condos are competing with Brooklyn brownstones

By Dana Schulz

I lived in New York City for 15 years and swore I’d never leave. But when my then-fiance and I found ourselves crammed into an Upper West Side studio (along with two rambunctious cats) when the pandemic hit, we knew we had to make a move. And when we came across a $2,600/month one-bedroom apartment in a brand-new luxury building in Jersey City—complete with floor-to-ceiling windows overlooking the lower Manhattan skyline, two outdoor pools, barbecue grills, and a gym—we simply couldn’t resist.
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Barbara Corcoran sells UES penthouse $1.5M over ask

Photography by Melanie Greene, Greenehouse NYC for The Corcoran Group

October 10, 2025

Barbara Corcoran sells UES penthouse $1.5M over ask

By Devin Gannon

Barbara Corcoran has sold her Upper East Side penthouse for $1.5 million over the asking price. The real estate pro and "Shark Tank" star first listed the home for $12 million in May. After reportedly finding a buyer in one day, the Central Park-facing co-op at 1158 Fifth Avenue closed this week for $13.5 million, as Realtor.com first reported.
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From TikTok to townhouse: How social media is driving NYC’s real estate trends

Photo by Nicolas Solerieu on Unsplash

October 9, 2025

From TikTok to townhouse: How social media is driving NYC’s real estate trends

By Dana Schulz

As much as I hate to admit it, TikTok and Instagram know me well. My feeds get flooded with new-to-market apartment listings and swoon-worthy townhouse tours—and I love every second of it. But this got me thinking: How is social media affecting the real estate market in New York City? After all, a lot of people scrolling aren’t real estate journalists like me. Many are actually in the market for a new home. And after speaking with some of the city’s top agents, it's clear those videos and reels are making a huge impact on the market.
do likes turn into sales?

Real Estate Trends

Pacific Park gets new developers and $12M for affordable housing

Barclays Center & Pacific Park in 2020. Photo by CityLimitsJunction via WikiCommons

October 9, 2025

Pacific Park gets new developers and $12M for affordable housing

By Aaron Ginsburg

Pacific Park, Brooklyn’s years-long stalled megadevelopment, could finally move forward after securing new funding and a fresh development team. This week, Cirrus Real Estate and LCOR acquired the development rights to six Brooklyn rail yard sites at a foreclosure auction, after Greenland USA, the project’s former developer, defaulted on nearly $350 million in loans, as first reported by The Real Deal. The new developers have also contributed $12 million to an affordable housing fund, compensating for penalties that were not enforced against Greenland USA for failing to complete 876 affordable apartments by May 2025. The move represents a significant step forward for the project, which was launched more than two decades ago.
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Midtown office tower to become 107 studio apartments, first major conversion under rezoning

By Devin Gannon

An underutilized Midtown office building is set to become over 100 studio apartments in its next life. Infinite Global Real Estate and Buttonwood Development, in partnership with 400 Capital Management, have acquired 29 West 35th Street, with plans to turn the 12-story tower into a rental building. The project marks the first major office-to-residential conversion in the neighborhood following the Midtown South rezoning, approved by the City Council this summer.
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Latest Midtown office conversion to bring nearly 450 apartments near Bryant Park

Photo by Jim.henderson on Wikimedia

October 7, 2025

Latest Midtown office conversion to bring nearly 450 apartments near Bryant Park

By Devin Gannon

Midtown's office-to-residential conversion boom continues. Developer Vanbarton Group announced last week it had acquired the building at 6 East 43rd Street after securing a $300 million loan from Brookfield. Vanbarton plans to convert the 27-story tower, known as the Emigrant Savings Bank building, into 441 apartments, including 111 affordable units.
details this way

1,600-foot-tall office tower 350 Park Avenue gets unanimous City Council approval

350 Park Avenue © DBOX for Foster + Partners

October 2, 2025

1,600-foot-tall office tower 350 Park Avenue gets unanimous City Council approval

By Aaron Ginsburg

Billionaire Ken Griffin’s proposed 1,600-foot office tower at 350 Park Avenue will be built after the City Council unanimously approved the building last week. The Council voted 48-0 to approve the 62-story supertall building developed by Vornado Realty Trust, Citadel, and Rudin Management and designed by Norman Foster's Foster + Partners. The tower will deliver 1.8 million square feet of office space anchored by Griffin’s Citadel and Citadel Securities, plus a new public concourse. The huge building will rise 200 feet taller than JPMorgan Chase’s headquarters at 270 Park Avenue, also designed by Foster + Partners.
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Photo courtesy of Ingka Investments

October 1, 2025

IKEA to open small-format store in Soho

By Aaron Ginsburg

Soho is getting an IKEA. The Scandinavian furniture retailer purchased a six-story commercial building at 529 Broadway from billionaire Jeff Sutton’s firm, Wharton Properties, for $213 million, according to property records. Ingka Group, which owns most IKEA stores worldwide, plans to open a 25,000-square-foot store on the building’s first and second floors, as The Real Deal first reported, continuing its push for smaller-format locations.
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Real Estate Trends

Sabrina Carpenter buys Tribeca penthouse for $9.95M

All photos courtesy of Melanie Greene

September 23, 2025

Sabrina Carpenter buys Tribeca penthouse for $9.95M

By Aaron Ginsburg

Pop star Sabrina Carpenter is the latest celebrity to scoop up a home in a Tribeca landmark. The singer-songwriter paid $9,950,000 for a duplex penthouse at 108 Leonard Street, as first reported by The Real Deal. Designed in the 1890s by McKim, Mead & White, the Beaux-Arts building served as the headquarters of the New York Life Insurance Company and has been recently restored by Jeffrey Beers International and converted into luxury condos. Carpenter, who is currently touring behind her new album "Man's Best Friend," bought the home from Cassandra Grey, founder of beauty brand Violet Grey.
details here

Construction to turn vacant Forest Hills hospital into 145 affordable apartments begins

Photo by Peter Wilk/Wilk Marketing Communications

September 17, 2025

Construction to turn vacant Forest Hills hospital into 145 affordable apartments begins

By Aaron Ginsburg

Construction has begun on an intergenerational affordable housing development at the site of a long-vacant hospital in Forest Hills. Foxy Development and Selfhelp Realty Group on Wednesday announced work has begun on The Perennial, a mixed-use project that converts the existing Parkway Hospital building, inactive since 2008, into 145 affordable apartments for seniors and families. Developers describe the $150 million project as one of New York's most complex public-private development projects in recent history and the neighborhood’s first deeply affordable senior housing project.
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Park Slope townhouse sells for $13.9M, a new neighborhood record

All photos courtesy of Kevin Scott/ Brown Harris Stevens

September 16, 2025

Park Slope townhouse sells for $13.9M, a new neighborhood record

By Aaron Ginsburg

A Park Slope townhouse has sold for $13.9 million, marking the neighborhood’s priciest sale ever. As first reported by the Wall Street Journal, the five-story property at 535 1st Street, designed by architecture and design firm Leroy Street Studio, hit the market for $18 million in May 2024, as 6sqft previously reported.
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Red brick and terra cotta-clad condo in Greenwich Village launches sales, from $1.4M

Renderings courtesy of MARCH. Model unit photos courtesy of Evan Joseph

September 16, 2025

Red brick and terra cotta-clad condo in Greenwich Village launches sales, from $1.4M

By Aaron Ginsburg

A new boutique residential building has launched sales this week, bringing luxury living to the crossroads of Greenwich Village and Chelsea. Designed by BKSK Architects, The Village West, at 525 Sixth Avenue, rises 14 stories and pays homage to the neighborhood’s architectural heritage with a red-brick facade, terracotta details, oversized windows, and terraces and balconies woven into its design. Prices range from $1.4 million for a one-bedroom to $6.5 million for a four-bedroom.
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Trump Organization loses bid for Central Park’s Wollman Rink

Credit: Yomex Owo on Unsplash

September 11, 2025

Trump Organization loses bid for Central Park’s Wollman Rink

By Aaron Ginsburg

The Trump Organization's bid to reclaim control of Central Park's iconic Wollman Rink has failed. As first reported by The City, the Department of Parks and Recreation submitted a limited liability corporation that Related created to submit a proposal for the rink to the Department of Investigation for a background check. The president's company operated the rink for many years before former Mayor Bill de Blasio canceled the contract in 2021 following the January 6 riot at the Capitol. According to The City, the proposed agreement will still need to go through a review committee.
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Rent the guesthouse at Derek Jeter’s former Hudson Valley ‘castle’ for $1,300/night

Photos courtesy of Stephen Dolinsky

September 9, 2025

Rent the guesthouse at Derek Jeter’s former Hudson Valley ‘castle’ for $1,300/night

By Aaron Ginsburg

Here’s a chance to stay in the lakeside guesthouse of a castle-like Hudson Valley estate once owned by Yankees legend Derek Jeter. As first reported by the New York Post, the guesthouse at the historic Greenwood Lake property known as Tiedemann Castle was listed on Airbnb last month for just over $1,300 per night. After Jeter sold the sprawling home in 2024, its new owners converted the one-bedroom guesthouse into a rental, adding upscale concierge services while preserving the estate’s 19th-century character.
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Vornado reveals plans for apartment tower across from Madison Square Garden

Photo by Mobilus In Mobili via Wikimedia

September 8, 2025

Vornado reveals plans for apartment tower across from Madison Square Garden

By Aaron Ginsburg

Vornado Realty Trust has unveiled long-rumored plans for a new apartment building across from Madison Square Garden and Penn Station. As first reported by Crain's, Vornado President Michael Franco said during an investor conference last week that the firm will spend roughly $350 million to build a 475-unit rental at the northeast corner of West 34th Street and Eighth Avenue, across the street from the World's Most Famous Arena (and most infamous transit hub). The project is part of Vornado’s broader effort to redevelop the blocks around Penn Station, an effort slowed in recent years by market conditions.
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$2B Astoria project with 3,200 units scrapped, scaled-down tower planned

Rendering of the proposed Innovation QNS district; courtesy of VERO Digital

September 3, 2025

$2B Astoria project with 3,200 units scrapped, scaled-down tower planned

By Aaron Ginsburg

A huge development that would have brought more than 3,000 units to Astoria has been scrapped. Silverstein Properties has withdrawn from Innovation QNS—a proposed 3,200-unit, $2 billion complex spanning five blocks— citing financing challenges tied to the expiration of the 421-a tax break and its replacement, the 485x program, as reported by Crain’s. While the larger plan has collapsed, remaining partners BedRock Real Estate Partners and L+M Development filed plans last week for a 560-unit building on one of the original sites.
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Art dealer Barbara Gladstone’s Chelsea townhouse sells for $13.1M

All photos courtesy of Hayley Ellen Day

September 2, 2025

Art dealer Barbara Gladstone’s Chelsea townhouse sells for $13.1M

By Devin Gannon

The longtime Chelsea townhouse of late gallerist Barbara Gladstone has closed for $13.1 million after finding a buyer in a matter of days. The four-story Greek Revival row house at 344 West 22nd Street was listed for $11.995 million in June and entered contract 12 days later. The deal closed at the end of last month, with the sales price $1.105 million over the initial ask.
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Real Estate Trends

Rudy Giuliani sells Upper East Side penthouse for under $5M

45 East 66th Street. Photo by Epicgenius via Wikimedia Commons

August 14, 2025

Rudy Giuliani sells Upper East Side penthouse for under $5M

By Aaron Ginsburg

Rudy Giuliani has sold his Upper East Side penthouse for under $5 million, marking another price cut for the residence once slated to be turned over to two Georgia election officials as part of a lawsuit. As first reported by Crain's, the former New York City mayor and Trump attorney sold the three-bedroom unit at 45 East 66th Street for $4.95 million, after first listing it for $6.5 million in 2023 and later cutting the price by $1.4 million in March to $5.175 million. The penthouse was among the possessions Giuliani was ordered to surrender in October 2023 after losing the lawsuit. A settlement was reached in April 2024, allowing him to keep the home.
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August 11, 2025

$87.5M West Village penthouse enters contract, could be new downtown record

By Devin Gannon

A penthouse in the West Village listed for $87,500,000 has found a buyer, potentially becoming the most expensive apartment ever sold in downtown Manhattan. As first reported by The Real Deal, the duplex apartment at 140 Jane Street, a boutique condominium currently under construction, measures roughly 9,500 square feet and features six bedrooms and seven baths. If the home fetches the asking price, it would be the priciest residential property sold in the area, beating out Jeff Bezos’ $80 million condo buy in 2019.
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