real estate trends

real estate trends, Sunset Park

industry city, sunset park, IC

Courtyard at Industry City, photo courtesy of Industry City

A 20,000 square foot Japanese food market will open in the Sunset Park neighborhood of Brooklyn next year, adding to New York City’s growing infatuation with food halls. The market, called Japan Village, will set up shop in Industry City, a sprawling 16-building, 6.5 million-square-foot complex of creative office space. In addition to the food hall serving up authentic dining options, Japan Village will include an izakaya restaurant, a sake store and a specialty grocery store.

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Flatiron, real estate trends, Recent Sales, Red Hook, Top Stories, Tribeca

The 50 most expensive neighborhoods in New York City

By Devin Gannon, Thu, October 19, 2017

The Flatiron District, photo via Pixbay

Taking the top spot from Tribeca for the first time in a long time, the Flatiron District now ranks as the most expensive neighborhood in New York City, according to data compiled by Property Shark. In its latest report looking at the residential market during the third quarter of 2017, the group lists the 50 priciest neighborhoods in the city, with the usual upscale ‘hoods like TriBeCa, Central Park South and Hudson Square rounding out the top tier (h/t Time Out NY). In another plot twist, Red Hook has become Brooklyn’s most expensive neighborhood this quarter–overthrowing DUMBO–with a median sale price of $1.92 million in Q3.

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Design, Long Island City, Queens, real estate trends

newtown creek, amazon, long island city

Rendering of the Hunters Point South project, courtesy of NYCEDC

An eight-acre, 1.6 million-square-foot residential site next to Hunters Point South is for sale, a piece of land owned by a family for generations. According to the New York Post, the site could potentially bring in $480 million if targeted to market-rate condominiums since land in Long Island City sells for roughly $300 per square foot. The triangle-shaped plot of land found at 55-01 Second Street and bounded by 54th Avenue and Vernon Boulevard, sits on Newtown Creek, an estuary that forms part of the border between Brooklyn and Queens. The site might make the perfect spot for Amazon’s second headquarters as the tech giant seeks 500,000 square feet for their HQ2 by 2019.

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New Jersey, Policy, real estate trends

Photo courtesy of Robert Scoble on Flickr

Amazon’s nationwide competition to find a home for its second headquarters draws to a close this week, with pitches from stakeholders due Thursday. While New York City meets most of the requirements the tech giant listed for its HQ2– a population of at least 1 million people, proximity to an international airport, mass transit access and talented workforce–business costs in the city would be sky-high. However, as Crain’s reported, even if Amazon does not set up shop in NYC, politicians and developers have been preparing for a comparably-sized company to move in for over a decade. The failure of the city to win the 2012 Olympics bid back in 2005 actually turned into a success, allowing apartments to rise in Brooklyn where sports stadiums never did.

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Architecture, infographic, maps, Policy, real estate trends, Top Stories, Urban Design

6sqft has reported previously on the increasing alarm caused by New York City’s future skyline and its growing army of skyscrapers-to-be, with community groups expressing deep concern about the shadows cast across the city’s parks by the tall towers. The Municipal Art Society (MAS) has been leading the pack when it comes to thorough analysis of the issue, which they see as having its roots not only in the sheer height of the new buildings but in a lack of regulation of how and where they rise in the larger context of the city. This “accidental skyline” effect reflects the fact that New York City currently has no restrictions on the shadows a tower may cast–the city doesn’t limit height, it only regulates FAR (floor area ratio). At this week’s MAS Summit for New York City, the organization released its third Accidental Skyline report, calling for immediate reform in light of an unprecedented boom in as-of-right–and seemingly out-of-scale–development. MAS president Elizabeth Goldstein said, “New York doesn’t have to settle for an ‘accidental skyline.’”

See more future NYC skyscrapers, mapped

Midtown East, New Developments, real estate trends, Transportation

grand central terminal, grand central, midtown east

Grand Central Terminal, photo via NYC & Company

At Grand Central Terminal, it’s in with the new, out with the old. The Metropolitan Transportation Authority said it will replace stores that have served the busy terminal’s commuters for over two decades–Junior’s, Two Boots Pizza, Grand Harvest Wines–with more upscale shops. As the New York Post reported, new stores include Art Bird & Whiskey Bar, run by Oprah Winfrey’s former personal chef, Art Smith, and Tartinery, an open-face sandwich vendor. The restaurant refashioning process is expected to run through 2018.

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real estate trends, Technology

Anyone trawling through apartment listings may have noticed the upsurge of virtually staged apartment photos. The technique has proven to be a cost-effective and speedy alternative to traditional methods of staging vacant units. For those of you not fully warmed-up to the computer-aided technique, your reservations are understandable. Photos are the most important element to viewing listings online and we’ve all seen unappealing virtually-staged photos with disproportionate furnishings and unrealistic treatments. However, over the years, the realism produced by virtual staging companies has vastly improved—to the point many of the images are indecipherable from real photographs.

In New York City, Hasten is one of the companies leading the way in producing life-like listings furnished remotely through renderers and computer programs. We had a quick chat with Hasten’s CEO, Aleksandr Lanin, to get the scoop on virtual staging and its price and time advantages over traditional methods.

READ THE INTERVIEW AT CITYREALTY…

Celebrities, real estate trends, Upper East Side

No one wants to rent Ivanka Trump’s Park Avenue apartment

By Devin Gannon, Wed, September 27, 2017

After months of being on the market, the Manhattan pad of President Donald Trump’s daughter and advisor Ivanka Trump just won’t rent, despite three substantial price chops. The first daughter first purchased the two-bedroom, two bathroom condo at 502 Park Avenue in 2004 for $1.5 million. Upon her father’s election, Ivanka listed the apartment at Trump Park Avenue in November for $15,000 per month. In February, the price dropped to $13,000 per month. On Tuesday, the asking price was $10,450 per month, a 30 percent price cut since the presidential election, according to Bloomberg.

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affordable housing, Policy, real estate trends

NYC affordable housing

Photo via Wiki Commons

Despite making affordable housing a policy priority, Mayor Bill de Blasio’s plan falls short for the poorest New Yorkers, a new study says. The report, released by the Real Affordability for All (RAFA) coalition last week, says low- and moderate-income households across the city face a worsening affordability crisis (h/t DNAinfo). Although the city’s lowest earners experience the largest gap between incomes and housing costs, de Blasio’s affordable housing plan, which aims to develop or preserve 200,000 affordable units over 10 years, sets aside more units for middle-income households than low-income ones.

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Celebrities, Midtown, Policy, real estate trends

trump tower, nypd, trump tower security

Photo of Trump Tower courtesy of Krystal T’s Flickr

While this week marks just the third time President Donald Trump has visited New York City since his January inauguration, property taxes he filed after the election designate Trump Tower as his primary residence. As the Real Deal reported, Trump will save $45,000 by calling his penthouse his main home, utilizing a tax credit known as the “coop condo abatement.” The credit can be used by owner-occupied co-ops and condos and takes off 28.1 percent of property taxes for the unit. Because of the tax abatement, the president has saved a little under $200,000 on his taxes over the last five years.

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