real estate trends

real estate trends

Apple expands its search for new Manhattan office space

By Alexandra Alexa, Thu, August 15, 2019

hudson yards, nyc, west side

Photo of Hudson Yards via Flickr

Several of the world’s biggest tech companies have been ramping up their Manhattan real estate search in recent months. The latest news comes from Apple, who is reportedly seeking up to 750,000 square feet of new office space, according to The Real Deal. In February, 6sqft reported that the California-based company was close to securing space at 55 Hudson Yards, but those plans have changed. Sources told The Real Deal that Apple is now considering leases at neighboring 50 Hudson Yards, the Farley Post Office, and One Madison Avenue, with brokers Martin “Mack” Horner and Peter Riguardi of JLL leading the search.

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City Living, infographic, real estate trends

storefront vacancy, DCP, storefront vacancy study

Image: Steven Pisano via Flickr.

Amid discussions of gentrification and astronomical rents, it’s impossible not to notice the alarming appearance of vacant storefronts in what seems like every neighborhood in New York City. A new report from the Department of City Planning (DCP) has attempted to get a closer look at the data behind this phenomenon to get a better understanding of how the city’s retail and storefront uses may be changing. The report, titled “Assessing Storefront Vacancy in NYC,” looks at 24 neighborhoods as case studies. The very detailed study found that, overall, storefront vacancy may not be a one-answer citywide problem. Vacancies were found to be concentrated in certain neighborhoods, and the reasons appear to be as many and varied as the neighborhoods themselves.

More fascinating findings, this way

Featured Story

Architecture, Features, Interviews, New Jersey, real estate trends

Asbury Park, Convention Hall

Photo of Asbury Park’s Convention Hall and boardwalk, via Flickr cc

If you lived along the Jersey Shore in the ’80s and ’90s, Asbury Park was not a place you went. After getting its start in the late 1800s as a summer escape for wealthy residents of NYC and Philly, the 1.6-square-mile town boomed again in the ’50s and ’60s as a grungey, artsy hangout. But after the race riots in the 1970s, the town fell into disrepair and was forgotten by local stakeholders. Fast forward to today, and Asbury is booming–we once aptly described it as “Williamsburg meets Bruce Springsteen-land meets Venice Beach.”

Like many gentrifying/revitalized areas, the change can be attributed to a developer with foresight. In this case, the team at iStar realized the opportunity nine years ago. They now own 35 acres of land in Asbury, including 70 percent of the waterfront, and are investing more than $1 billion in the town. Their projects include the luxury condo Monroe, the renovated Asbury Lanes bowling alley/performance venue, The Asbury Hotel, and, most recently, the Asbury Ocean Club, a hotel-condo hybrid that made headlines for its $1,050/night suite. Unsurprisingly, iStar has received its share of criticism, but that hasn’t stopped New Yorkers from flooding the seaside city in the summertime. Ahead, we delve into the social and cultural landscape of Asbury and talk with iStar’s Brian Cheripka about the lesser-known politics behind their plans, why they decided to invest in Asbury Park, and what we can expect to see in the future.

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Cool Listings, Long Island City, Queens, real estate trends

Queens’ priciest condo ups asking price to $3.9M

By Devin Gannon, Wed, July 17, 2019

46-30 Center Boulevard, Long Island City, Most Expensive

Photo courtesy of Compass

The most expensive condo in Queens just raised its asking price. The penthouse at 46-30 Center Boulevard in Long Island City made news last year when its price actually dropped from $4.25 million to $3.65 million during the so-called Amazon effect, a time when condo prices soared in the neighborhood as the tech giant prepared to move there. Sticking with its outlier trend, the penthouse is now listed for $3.988 million, despite Amazon pulling out of its planned headquarters in LIC earlier this year.

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Cobble Hill, hudson yards, little italy, real estate trends, Recent Sales, Tribeca

Hudson Yards, Vessel

Photo: Ajay Suresh via Flickr.

According to Property Shark’s just-released ranking of New York City’s most expensive neighborhoods, Tribeca once again takes the top spot in residential sales with a median price of $4.34 million. The bigger news is Hudson Yards, on the list for the first time as the city’s second-costliest neighborhood in Q2 of 2019 at $3.86 million. Also notable was Little Italy, the city’s third most expensive neighborhood, which saw median home prices increase by 153 percent over last year’s numbers.

More of the list, this way

Featured Story

Features, ideas from abroad, real estate trends

Photo via Pixabay

In June, New York State rolled out a slate of proposals to protect renters. Among other changes, the new legislation closes several loopholes that have permitted owners to legally spike rents following renovations—a tactic that has been successfully used to deregulate more than 150,000 units over the past two decades. In essence, under the new legislation, owners will no longer be able to deregulate rent-regulated apartments at all. While the new legislation is certainly good news for many renters, for the tens of thousands of New Yorkers who now already live in unregulated apartments, the current legislation doesn’t fix their current woes. But could a five-year rent freeze help? It may sound impossible, but this is precisely what Berlin—once an oasis of inexpensive rents—has just approved as a way to put the brakes on rising rental prices.

Could this work in NYC?

Chelsea, real estate trends

The building at 450 West 15th Street is connected to Chelsea Market via a bridge; photo via Wikimedia

Google on Wednesday picked up a 325,000-square-foot building in Chelsea, adding to its ever-growing footprint in the Manhattan neighborhood. According to the Financial Times, the company bought the building at 450 West 15th Street from Jamestown Properties for $600 million. In addition to its headquarters at 111 Eighth Avenue, Google owns the apartment buildings across the street and the Chelsea Market building, which it bought last year for $2.5 billion. And the company will serve as the primary tenant at Pier 57, a mixed-use development on the Hudson River.

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Featured Story

apartment living 101, City Living, Features, NYC Guides, real estate trends

Image via WikiCommons

6sqft’s ongoing series Apartment Living 101 is aimed at helping New Yorkers navigate the challenges of creating a happy home in the big city. This week, we cover everything you need to consider when raising chickens in the city.

In a city where simply finding a balcony large enough for a pot of basil can be a challenge, one may be surprised to discover that chicken coops can be found across all five boroughs. Chickens were once primarily kept by older city residents, including many who come from places in the world where a backyard supply of fresh eggs is taken for granted. More recently, everyone from Park Slope housewives to Bushwick hipsters appears to be embracing the backyard chicken craze.

More on Raising City Chickens

hudson yards, real estate trends

Hudson Yards, Vessel

Photo via Flickr cc

In addition to supplying members with Kiehl’s products and trendy classes, Equinox fitness clubs will now offer co-working spaces. As reported by the Wall Street Journal, Equinox is partnering with co-working company Industrious to open furnished office spaces near their gym locations. Equinox is owned by Related, the mega-developer behind Hudson Yards, and therefore the first outpost will open later this year at 35 Hudson Yards. The luxury fitness chain is also opening at the 72-story tower its first hotel (where rooms start at a whopping $700/night) and its largest fitness center in the world, complete with a rooftop pool overlooking the Vessel.

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Hotels, Midtown, real estate trends

75 Rockefeller Plaza via Google Street View

Ten floors of an office tower in Rockefeller Center will be converted into short-term rentals, the Wall Street Journal reported on Sunday. RXR Realty, which has leased the tower at 75 Rockefeller Plaza since 2012, has partnered with Airbnb to transform a portion of the 87-year-old building into roughly 200 units of high-end lodging. In a press release, RXR CEO Scott Rechler described the new venture as a “travel experience that immerses guests in a dynamic, thriving community in the heart of Rockefeller Center that’s vastly different than anything else in the market today.”

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