real estate trends

condos, Midtown West, real estate trends, Starchitecture

jean nouvel nyc 53w53

Rendering by Hayes Davidson

The partners behind the Jean Nouvel-designed tower at 53 West 53rd Street (also known as the MoMA Tower) will be serving even more price chops to the ultra-luxury project in the midst of lackluster sales, though they disagree on how much that should be. As Crain’s reported, Hines, Goldman Sachs, and Singapore’s Pontiac Land Group recently underwent an arbitration process to settle the matter, with Hines seeking aggressive discounts. The 1,050-foot condo building has already received $167 million in price cuts since hitting the market almost four years ago with a projection of $2.14 billion in sales. About 15 percent of the 145 units at 53W53 are under contract currently, with closings set to begin in the spring, a spokeswoman for the project said.

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Policy, real estate trends

220 Central Park SOuth, Vornado, Robert A.M., Stern

Via Vornado Realty Trust and Robert A.M. Stern Architects

Last month, billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as “a place to stay when he’s in town.” The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and apply to non-primary residences, as reported by the New York Times.

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Featured Story

Features, Long Island City, Policy, real estate trends

Learning from Seattle: How Amazon could shape NYC real estate

By Cait Etherington, Mon, February 11, 2019

Via CityRealty

Since Amazon announced it had selected Long Island City for its new headquarters last fall, a lot of people have wondered what will happen to the neighborhood and its surrounding communities. While LIC has already undergone a series of radical changes of the past two decades—first there was an influx of artists seeking larger live-work spaces and later a wave of condo developments—the arrival of Amazon promises to have an even deeper impact on LIC.

And the potential negative effect of the tech giant moving into town has not gone unnoticed by public officials and locals, who have led a strong opposition campaign. It was reported on Friday that Amazon was reconsidering its plan to move to the neighborhood after facing an intense backlash from those who fear increased rents and even more congestion. But with no plan to officially abandon Queens, it’s important to understand what could happen if Amazon does put down roots in LIC by first looking at how the company has already changed Seattle, where it first set up shop back in 1994.

More on the effect

hudson yards, real estate trends

55 Hudson Yards, KPF, Manhattan Offices, Related, Oxford

55 Hudson Yards; Via Related Companies, Oxford Properties, Mitsui Fudosan

Apple is looking to move to a Hudson Yards office tower, the New York Post reported Monday. The company is in advanced talks to secure 60,000 square feet at 55 Hudson Yards, a 51-story building opening soon, as well as possible retail space at the mega-development site. Designed by Kohn Pedersen Fox and Kevin Roche, the 779-foot-tower features light-filled offices with modest-sized floor plans.

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Midtown, real estate trends

one times square, 1 times square, jamestown

Via Flickr

The most looked-at building in the world is getting a makeover. According to Crain’s, Jamestown will redevelop One Times Square, the 23-story building that garners the attention of millions for its famed ball drop every New Year’s Eve. The owner plans on installing 32,00 square feet of new signage, including a 350-foot-tall digital sign. To cash even further on its prime location, Jamestown may construct an observatory for NYE revelers to be at the heart of ball-drop festivities.

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East Village, real estate trends

The Wing will move its headquarters to 137 Second Avenue (on the right); via Wikimedia

Co-working network The Wing is moving its corporate headquarters to the former Stuyvesant Polyclinic building in the East Village, the Real Deal reported Monday. The space on Second Avenue is connected to the Ottendorfer Public Library, the first free public library in New York City. The adjoining buildings are both designated city landmarks, built as a pair in 1883 by German-born architect William Schickel. The Wing will lease all of the 22,000-square-foot building at 137 Second Avenue, which spans four floors.

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condos, Midtown, New Developments, real estate trends

Rendering courtesy of Wordsearch

“Some people wonder if Mr. Barnett will become a victim of the condo explosion he helped create,” wrote the Wall Street Journal today in a rare expose of Extell’s Gary Barnett, referring to the success he had with One57, considered the catalyst for the supertall, ultra-luxury condo boom, and the more challenging climate he’s facing with the Central Park Tower. The latter, which will be the world’s tallest residential building at 1,550 feet, launched sales in October, but in a soft luxury market, it’s not a sure bet that the mega-developer will be able to achieve his projected $4 billion sellout and the title of the nation’s most expensive condominium ever. In a likely noncoincidental move timed with the Journal story, Extell today launched the tower’s new website (h/t Curbed), and it gives us mere mortals some of the first views inside the billionaire bunker.

See inside and hear from Barnett himself

Midtown, real estate trends

Amazon could be the Chrysler Building’s new tenant

By Devin Gannon, Mon, January 14, 2019

Via Creative Commons

Amazon is close to reaching a deal to lease 10,000 square feet at the Chrysler Building, the New York Post reported on Sunday. News of the impending lease comes less than a week after it was reported that the Art Deco landmark is up for sale. Amazon announced in November plans to open a massive office complex in Long Island City to serve as their “HQ2.” The company will start moving to the neighborhood this year, temporarily leasing space at One Court Square, a 50-story building with incredible views of the Manhattan skyline. More here

Midtown East, real estate trends

The Chrysler Building is for sale

By Devin Gannon, Wed, January 9, 2019

Via Creative Commons

New York City’s iconic Chrysler Building is on the market. The owners of the 1930 Art Deco landmark, Tishman Speyer Properties and the Abu Dhabi Investment Council, have hired real estate firm CBRE Group to sell the property, the Wall Street Journal reported Wednesday. The Abu Dhabi government purchased its majority stake in the Chrysler for $800 million in 2008, but real estate experts told the WSJ it would be difficult to recover.

Details here

condos, hudson yards, New Developments, real estate trends

550 west 29th Street, SoHY, ryan serhant, new developments

Image courtesy of New Development Group.

Our first reaction at reading New Development Group’s (Ryant Serhant and team) introduction of the newly-minted SoHY condo at 550 West 29th Street as “Manhattan’s newest neighborhood and building” was to think the Nest Seekers-agent-to-the-stars must be SoHY if he thinks anyone will fall for another silly neighborhood acronym (Hello, NoLo!). But in this case, the multi-hyphenate wunderkind might actually be on to something. When you think about it, SoHY–for South of Hudson Yards–is definitely better than: “um, you know that area all the way over by 11th Avenue where all those new buildings are…that aren’t Hudson Yards ones…”

More SoHY jinks, this way

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