real estate trends

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Features, real estate trends, Technology

Image via Pixabay

In a refreshingly non-“Black Mirror” way, many NYC residential developments are taking advantage of new technologies, like keyless door entry systems and digital concierges, not to replace humans but rather enhance them. These building technologies are making residents’ lives easier while prioritizing the importance of face-to-face interaction.

According to a joint cnet/Coldwell Banker survey, “81 percent of current smart-home device owners say they would be more willing to buy a home with connected tech in place.” Clearly, developers got that message. Many new buildings in NYC are incorporating technology into their developments to enhance service as well as increase residents’ personal security and privacy.

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Features, New Developments, Nomad, real estate trends, Restaurants

A nomad is defined as “a member of a community of people who live in different locations, moving from one place to another in search of grasslands for their animals.” But it would be hard to imagine any Nomad resident ever straying for grasslands beyond Madison Square Park. After a series of incarnations over the years, Nomad is now a super hip, bustling neighborhood from morning through night with residents, technology businesses (it’s now being referred to as “Silicon Alley”), loads of retail (leaning heavily toward design), great architecture, hot hotels, and tons and tons of food.

Named for its location north of Madison Square Park, Nomad’s borders are a bit fuzzy but generally, they run east-west from Lexington Avenue to Sixth Avenue and north-south from 23rd to 33rd Streets. Douglas Elliman’s Bruce Ehrmann says, “Nomad is the great link between Madison Square Park, Midtown South, Murray Hill and 5th Avenue.”

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maps, real estate trends, Transportation

Photo via Jeffrey Zeldman’s Flickr

While amenities like on-site laundry and air conditioning are big selling points in New York City rentals, the building’s proximity to the subway remains one of the most important factors when looking for new digs. And like other amenities, there is an added cost to live near the subway. New data from RentHop breaks down how much renters can save by living further from the subway in Manhattan, Brooklyn and Queens. According to their report, as Curbed NY reported, apartments closest to the subway cost 6 to 8 percent more than the borough median, with the furthest costing 8 to 10 percent less.

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Featured Story

Features, New Jersey, real estate trends

Bayonne, located on the southern peninsula of New Jersey’s Gold Coast, is ripe for a construction boom. That being said, it has been awaiting this boom for over 18 years – since the light rail system was installed. As Newport and Jersey City’s markets are on fire, Bayonne hopes that development momentum is headed their way. But with its Hudson River location, city views, access to Manhattan via light rail and the PATH (it is about 30 minutes to take the light rail to the PATH to the World Trade Center), Bayonne has taken its future into its own hands and massively revised its master plan for the first time since 2000.

Bayonne considers its proximity to New York City and lower prices its greatest assets. The average home sales are around $400,000 versus $800,000 in Jersey City. The new master plan aims to transform Bayonne into a walkable, bikeable, mixed-use community with densely settled areas (which they call “transit villages”) around the light rail stations. The town’s 22nd Street Light Rail stop connects residents to the rest of the Gold Coast and PATH trains running to Manhattan. Bayonne City Planner Suzanne Mack is quoted as saying, “Our assets are our charm and home life…We’ve moved from being an industrial giant, an oil tank farm basically, into more of a bedroom community with a lot of community resources.”

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Midtown East, real estate trends

Photo via Wikimedia

The landlords of New York City’s most iconic skyscraper are looking to fill 50,000 square feet of retail space by 2020, even as brick-and-mortar businesses in Manhattan have struggled to stay open. According to Bloomberg, owners of the Empire State Building are marketing the tower’s ground-floor, concourse and second-floor real estate, as the building undergoes a retail renovation for the first time since opening in 1931. Plus, the tower’s observatory entrance will be moved from Fifth Avenue to 34th Street.

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Features, New Jersey, real estate trends

Rendering of Newport’s new Park and Shore development

The mention of Newport conjures up images of yacht-filled harbors, gorgeous mansions, and beautiful beaches. But there is another Newport much closer to downtown Manhattan than Rhode Island and, amazingly, it also has yacht-filled harbors, beautiful residences, a beach, and unparalleled waterfront views.

A 600-acre, master-planned community that began almost 35 years ago by the LeFrak family, Newport, Jersey City is now hitting its stride. With sleek architecture, 15,000 residents, 20,000 professionals, a growing mix of retail and commercial options, and a location minutes from midtown and downtown Manhattan, Newport offers some appealing alternatives to those priced out of New York City or others looking for a slightly quieter option. The area boasts its diversity, but with a single family in charge of development and a skyline that looks more like Manhattan than Jersey City, is Newport just Manhattan-lite or does it truly have diversity with offerings for everyone?

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real estate trends, Red Hook

Red Hook waterfront; photo courtesy of Sunghwan Yoon’s Flickr

Like many waterfront communities in New York City, Red Hook is posed for a major redevelopment, with officials itching to bring new housing, commercial space and even mass transit to the industry-heavy Brooklyn neighborhood. In Gov. Andrew Cuomo’s State of the State address this month, he said the neighborhood is “full of untapped potential” and called on the Port Authority to “accelerate consideration of relocating its Red Hook maritime activities to free up this waterfront for more productive community use.” While almost all of the area is zoned for manufacturing purposes, there’s been a significant reduction of industrial space in Red Hook, concerning its long-time residents as retail space has started displacing manufacturing, according to Crain’s.

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Featured Story

Design, Features, Furniture, real estate trends

505 West 19th Street via Thomas Juul Hansen

Scandinavian design is on the rise in luxury residences. At first, that might seem like an oxymoron since Scandinavian design was founded on the principles of utility, affordability, and simplicity – and high-end residents are not. But luxe and Scandinavian design have found much common ground.

From its early 20th century roots, based on Germany’s Bauhaus school and developed in the Nordic region, to the mass-produced appeal of Ikea, the trend has certainly remained at the forefront of the design world. And perhaps now it’s seeing its biggest moment, serving as a major selling point for hot new NYC condo projects such as Carroll Gardens’ 145 President and being reimagined by of-the-moment firms like Morris Adjmi and Denmark’s own Thomas Juul-Hansen.

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Features, real estate trends, Red Hook, Transportation

Photo of Fairway on the Red Hook waterfront, via CityRealty

The story of Red Hook is ripe for a movie-rights bidding war. In the past, there were mobsters and maritime ports, hurricanes and housing developments. Now there are politicians and developers fighting to rebuild and locals fighting back. In the end, what will happen to Red Hook is unknown but none of the massive proposals will happen in the near future. It is a small community in a big city that is tackling the issue many neighborhoods have dealt with in the past – how to grow.

After the massive Hurricane Sandy rebuilding effort, there is a very solid and passionate local population and a growing cluster of cool restaurants, retailers, and artists attracted to the area. That coupled with the recent political attention by Governor Andrew Cuomo and Mayor Bill de Blasio and the developers drooling over the possibilities of the 130 acres of land ripe for redevelopment (that’s six times the size of the $25 billion Hudson Yards development) make Red Hook very newsworthy.

Transportation, development, and more

Bronx, New Developments, real estate trends

Union Crossing, 825 East 141st Street, Bronx, office space, woods bagot, new developments

We’ve been hearing so much about neighborhoods like Bushwick, Sunset Park, the Brooklyn Navy Yard and Long Island City ushering in a new era of creative industry. But the city’s next creative office hub is blossoming in the South Bronx neighborhoods of Mott Haven, Port Morris, and Hunts Point. CityRealty offers an update on newest addition to the area, to arrive by mid-2018: Union Crossing at 825 East 141st Street will bring more than 275,000 square feet of office and studio space with retail on the ground floor.

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