Real Estate Trends

July 10, 2024

Aman New York penthouse sells for $135M

A five-story penthouse at the Aman New York at 730 Fifth Avenue has sold for $135 million, marking New York City's most expensive sale of the year. As first reported by Bloomberg, the deal surpasses a $115 million penthouse at Central Park Tower that closed in June. The 12,500-square-foot sky mansion aptly sits in the actual crown of the 100-year-old Midtown Manhattan tower, known as the Crown Building for its gilded exterior. Opened in 2022, the Aman New York is an ultra-luxury hotel-condo with 83 hotel rooms and 22 residences. The Wall Street Journal on Thursday identified Vladislav Doronin, the billionaire and founder of OKO Group, the developer of the Aman, as the buyer of the record-breaking penthouse.
July 2, 2024

IKEA is coming to Fifth Avenue in Midtown

IKEA is returning to Manhattan. The home goods store will open a new store in Midtown within 570 Fifth Avenue, an office tower developed by Extell Development. Ingka Investments, the investment arm of Ingka Group which owns most IKEA stores worldwide, plans to open an 80,000-square-foot store across two cellar levels with a corner entrance on Fifth Avenue. The Swedish company opened a store on the Upper East Side in 2019 but closed about two years later.
July 2, 2024

Silverstein takes control over Brooklyn Tower in $672M deal

The real estate drama surrounding the Brooklyn Tower may be over. As first reported by Pincus Co, Silverstein Properties has taken over the tower's rental, retail, and unsold condo units from JDS Development in a $672 million deal. Silverstein had provided a $240 million loan for the tower, which JDS defaulted on in 2019, leading to a foreclosure auction scheduled for June 1. The auction was delayed and eventually avoided after Michael Stern of JDS transferred a preferred equity piece in the tower to Silverstein in order to restructure his debt, according to The Real Deal.
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June 26, 2024

Pfizer’s former Midtown HQ to become 1,500 apartments

The former Midtown headquarters of pharmaceutical company Pfizer is poised to become New York City's largest office-to-residential conversion. As Crain's New York first reported, the vacant two-building complex at 219 and 235 East 42nd Street will become a 1,500-unit rental property. Metro Loft Developers, the team behind other large residential conversions, including 55 Broad Street in the Financial District, is leading the conversion. The project will not contain any affordable housing units, according to the developer.
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June 17, 2024

Central Park Tower penthouse closes for $115M

A penthouse at Central Park Tower closed for $115 million, becoming New York City's fourth priciest apartment sale on record. Taking up the 107th and 108th floors of the tallest tower in the Western Hemisphere, the duplex condo on Billionaires' Row was first listed for $175 million last March and entered contract early this year.
June 12, 2024

What to know about the NYC broker fee bill

Broker fees are once again up for debate in the New York City Council. A seven-hour public hearing on Wednesday brought hundreds of tenant advocates and real estate professionals to City Hall over Intro 360, or the Fairness in Apartment Renal Expenses (FARE) Act. The legislation, sponsored by Council Member Chi A. Ossé, calls for shifting the payment of broker fees to the party who hired the broker, often the landlord or management company. Agents argue landlords would bake the fees into the monthly rent, threatening their livelihood and increasing the financial burden for renters.
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June 5, 2024

Derek Jeter finally finds a buyer for upstate New York ‘castle’

Former New York Yankee Derek Jeter has finally found a buyer for his unique compound in upstate New York. As first reported by Mansion Global, the 50,000-square-foot waterfront estate in Greenwood Lake, known as Tiedemann Castle, sold last week after several years on and off the market. Jeter purchased the property in 2003 and spent 15 years renovating the "castle" before listing it for $14.75 million in 2018. While the final price is not known since it hasn't closed yet, the home at 14 Lake Shore Road was most recently listed for $6.3 million.
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May 28, 2024

NYC’s Fotografiska museum to close and relocate, historic Park Ave South building to hit market

Swedish photography museum Fotografiska New York will close its New York City location with plans to relocate to a larger spot, the museum announced last week. Fotografiska opened at the historic Gramercy building at 281 Park Avenue South in 2019 and later was joined by the restaurant Verōnika and the Chapel Bar. The museum's last day in the current building will be September 29 and the restaurant and bar will close in June. As Crain's reported, 281 Park Avenue South owner, Aby Rosen's RFR Holding, will put the architecturally stunning building on the market this week for an undisclosed amount.
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May 22, 2024

400-unit rental at 250 Water Street in South Street Seaport can move forward

A 400-unit rental planned for a parking lot in the South Street Seaport historic district can officially move forward, ending a multi-year legal saga over the site. The New York Court of Appeals on Tuesday rejected a challenge from preservationists who opposed the Howard Hughes Corporation's $850 million project at 250 Water Street. With the ruling, and the extension of the 421-a tax break, the developer can proceed with constructing the 27-story mixed-use development.
May 7, 2024

The historic Bronx Post Office is for sale again

One of the most iconic buildings in the Bronx is for sale again. The Bronx General Post Office at 558 Grand Concourse is looking for a buyer five years after a deal to buy the landmark fell through. Developer Young Woo & Associates purchased the property from the United States Postal Service in 2014 with plans to revitalize the 90-year-old building and transform it into a mixed-use development with a food market. After a sale failed in 2019, the property has returned to the market, advertised as having the potential to become residential or a hotel with retail space.
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April 18, 2024

Stephen Sondheim’s Connecticut country home sells for $3.25M

The longtime Connecticut home of late Broadway legend Stephen Sondheim sold for the full asking price of $3,250,000. After hitting the market last November, the Roxbury property, which includes a main house, one-bedroom pool house, and a detached garage, found a buyer in just 12 days, according to Klemm Real Estate, the firm with the listing.
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April 1, 2024

Brooklyn Tower faces foreclosure

Despite setting a record for Brooklyn's most expensive studio last week, the Brooklyn Tower is facing foreclosure. JDS Development has defaulted on a $240 million mezzanine loan issued by Silverstein Capital Partners in 2019 for the 93-story development, as reported by The Real Deal. Silverstein has scheduled a foreclosure auction for June 10.
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March 27, 2024

$905K Brooklyn Tower studio sets new sales record for the borough

The tallest tower in Brooklyn just broke another record. A studio apartment in the Brooklyn Tower has sold for $905,000, marking the most expensive studio sale on a price-per-square-foot basis in the borough. Situated over 720 feet above ground, the 440-square-foot apartment boasts soaring, unobstructed views of the city and way beyond. According to city records, the property fetched a little over $2,000 per square foot.
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March 13, 2024

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

New York City’s most successful real estate agents make it their business to know the city’s highlights, hot spots, secrets, and specialties; many are NYC natives or longtime residents whose love for the city’s streets and avenues adds indisputable value to their career of choice. We’ve asked a few top agents to tell us about their favorite neighborhoods and share their views on what the city's future may hold. Read on for insights from Leslie Hirsch, an insider with an enviable view from Billionaires' Row.
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March 6, 2024

Kate Moss and Johnny Depp’s one-time Greenwich Village home sells for $12M

The nearly 200-year-old Greenwich Village townhouse that Kate Moss and Johnny Depp called home in the 1990s has found a buyer. After listing for $15,000,000 last May, the Federal-style property at 112 Waverly Place, which measures 6,300 square feet and includes a triplex carriage house, sold last week for $12,005,000.
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February 28, 2024

7 must-have luxury apartment perks in NYC, according to brokers

There’s a running joke among New Yorkers that having in-unit laundry means you’ve "made it." And, according to Corcoran broker Vicki Negron, at this point, in-unit washer-dryers are an "absolute must" for a New York City apartment to be considered part of the "luxury" market. "People are eager for any opportunity to avoid a trip to the laundromat. Even if it means sacrificing closet space to accommodate an in-unit washer and dryer, it's a trade-off that many are willing to make,” she added. So now that we’ve reached peak washer/dryer necessity, what are the next big things in NYC luxury apartment living? Real estate brokers dished on what’s hot on the market right now.
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February 21, 2024

Google opens new NYC office at historic St. John’s Terminal

Google on Wednesday officially opened its newest New York City office. What once was a freight terminal in an industrial section of lower Manhattan is now a high-performing modern workplace for thousands of employees. Anchoring Google's larger campus in Hudson Square, the historic St. John's Terminal building at 550 Washington Street has been reimagined by COOKFOX Architects with a nine-floor addition atop three existing floors, a sustainable and biophilic design, diverse work areas, and outdoor communal spaces with Hudson River views.
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February 20, 2024

Annie Leibovitz sells UWS home for $2M over asking price

Annie Leibovitz has sold her Upper West Side co-op for nearly 24 percent over the asking price. The duplex, located in the star-studded Brentmore building at 88 Central Park West, fetched $10,625,000, roughly $2,000,000 more than what it listed for in October. But the sale was still a loss for Leibovitz, who paid about $11,250,000 for the home in 2014. The Brentmore is known for its high-profile residents, including Robert DeNiro, Paul Simon, and Sting. Kim Cooper, a general counsel at Apple, and Gregg Zehr, the creator of the Kindle, are listed as buyers of the residence, as Curbed first reported.
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February 13, 2024

$19.5M Tribeca townhouse of late designer Thierry Despont sells after three years

The Tribeca townhouse of late French architect Thierry Despont, best known for renovating New York City landmarks like the Statue of Liberty and the Carlyle Hotel, has finally sold after three years on the market. The five-bedroom townhouse at 182 Franklin Street entered contract with an asking price of 19.5 million, according to CityRealty. Despont, who died in August at the age of 75, listed the property in 2021 for $25 million.
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February 12, 2024

Village Cigars in Greenwich Village closes amid rent dispute

Village Cigars, the iconic Greenwich Village smoke shop in front of Hess Triangle, New York City's smallest piece of private land, has closed after over a century in business. The shop, located at 110 Seventh Avenue and Christopher Street within a distinctive red triangle-shaped building, shut its doors amid an alleged rent dispute between owner Andy Singh and landlord Jon Posner, as reported by Curbed. Posner claims that he signed a separation agreement with Singh, which required him to vacate the store by February 7.
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February 8, 2024

NYC real estate developer arrested in $86M+ fraud scheme

The former executive of a luxury New York City development firm has been arrested for his connection to an $86 million fraud scheme. Nir Meir, the former managing director of HFZ Capital, was taken into custody on Monday along with other high-ranking industry officials, for stealing money from investors, subcontractors, and the city of New York, according to the indictment. Prosecutors claim Meir, who managed the firm's largest projects, specifically The XI (now One High Line), directed more than $253 million of the project's funding to LLCs controlled by HFZ despite being legally required to use the money for the development.
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February 6, 2024

Aman New York condo sells for $61.58M

An apartment on Fifth Avenue has sold for $61.58 million, according to city records. Terence Chan, chair of Hong Kong-based private equity firm Bay Area Capital Partners, closed on the four-bedroom apartment at Aman New York, an ultra-luxe hotel-condo with 83 hotel rooms and 22 residences inside the iconic Crown Building, Crain's reported.
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January 31, 2024

$72.5M Greenwich Village townhouse sale is priciest in downtown Manhattan

An unnamed buyer paid $72.5 million for a townhouse in Greenwich Village, setting a new record for the property type in downtown Manhattan. As first reported by the Wall Street Journal, the home at 138-140 West 11th Street is a combination of two four-story 19th-century homes. The seller was Dexter Goi, the former CEO of Altice USA, according to the Journal.
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January 29, 2024

Frank Lloyd Wright’s horseshoe-shaped home in Connecticut sells for $6M

A 1950s Connecticut home designed by Frank Lloyd Wright has sold for $6 million. Known as "Tirranna," an Australian Aboriginal word meaning "running waters," the home at 432 Frogtown Road in New Canaan measures over 7,000 square feet and sits on 14 acres, making it one of the largest private residences ever completed by the famous architect. The horseshoe-shaped home, which cantilevers over a pond and waterfall, has had only four owners in the last 70 years, according to Mansion Global. The property was listed in May by Coldwell Banker Realty's Marsha Charles and Albert Safdie for $8 million and closed last week.
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January 26, 2024

NYC brokerage to pay state $260K after allegedly charging excessive broker fees

A Manhattan real estate brokerage accused of scamming tenants with excessive broker fees has agreed to pay the state $260,000 in penalties. Gov. Kathy Hochul on Thursday announced a settlement with brokerage firm City Wide Apartments, Inc. after an investigation by the New York Department of State, which licenses real estate agents, found the firm charged exorbitant brokerage fees, in one case charging more than $20,000 in added fees to tenants searching for housing.
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