Real Estate Trends

A historic Fifth Avenue department store is now a modern office building. Amazon this week debuted its new digs at the former Lord & Taylor store in Midtown, which was built in 1914 and served as its flagship location for more than a century. After purchasing the building in March 2020 for nearly $1 billion, Amazon hired WRNS Studio to design the landmark as a 21st-century workplace that embraces its fashionable roots. Three years later, in the midst of Midtown's recovery from the pandemic, the renovated building is now home to 2,000 employees.
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Real Estate Trends

$92M condo at 432 Park enters contract, priciest deal of 2023 so far

Photo by Miikka A. on Unsplash

August 30, 2023

$92M condo at 432 Park enters contract, priciest deal of 2023 so far

A $92 million condo at 432 Park Avenue in Midtown Manhattan has entered contract, the biggest deal of the year in New York City so far. The five-bedroom apartment on the skyscraper's 79th floor first hit the market in September 2021 for $135 million but underwent a significant price cut this spring, according to CityRealty.
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NYC’s Gramercy Park Hotel to reopen with rooftop bar and Danny Meyer restaurant

Image via WikiCommons

August 28, 2023

NYC’s Gramercy Park Hotel to reopen with rooftop bar and Danny Meyer restaurant

After closing during the pandemic, Manhattan's famed Gramercy Park Hotel will reopen under new ownership, the Wall Street Journal reported. MCR Hotels, the nation's third-largest hotel owner and operator, has purchased a 99-year lease to the hotel, located directly across from the exclusive Gramercy Park, for roughly $50 million and expects to reopen the property as one of the city's most luxurious hotels in 2025 following renovations. Plans include upgrades to the lobby, the 197 guest rooms, the first-floor restaurant (Danny Meyer's Maialino), and the 7,000-square-foot rooftop bar.
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$80M penthouse sale at 220 Central Park South is one of year’s biggest deals

Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons

August 21, 2023

$80M penthouse sale at 220 Central Park South is one of year’s biggest deals

One of New York City's best-selling condo buildings locked in one of the biggest deals of the year so far. An 8,000-square-foot duplex penthouse at 220 Central Park South on Billionaires' Row is selling for roughly $80 million, the Wall Street Journal first reported. The seller is linked to investment firm Nima Capital, which paid around $65.6 million for the property in October 2020.
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Real Estate Trends

The Four Seasons in Midtown set to reopen next fall

Photo by Acediscovery on Wikimedia

August 8, 2023

The Four Seasons in Midtown set to reopen next fall

The Four Seasons hotel in Midtown will reopen next year after being closed since 2020. Following a dispute, hotel owner Ty Warner and Four Seasons management on Thursday announced an agreement was reached to reopen the hotel in the fall of 2024. Located at 57 East 57th Street, the 52-story building designed by I.M. Pei closed in March 2020 during the height of the Covid-19 pandemic and is one of the last high-end hotels to reopen. Early on during the pandemic, the hotel was used as an emergency location for doctors caring for Covid-19 patients coming from the Upper East Side.
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Photo credit: Chris Coe, Optimist Consulting

August 7, 2023

Once listed for $110M, Woolworth Building penthouse sells for $30M

Six years and an $80 million price cut later, one of New York City's most iconic penthouse properties has found a buyer. The Woolworth Building's seven-story penthouse has sold for $30 million, not even a third of the original $110 million asking price. According to the Wall Street Journal, Scott Lynn, chief executive of Masterworks, an online art-investment service, is the buyer. After hitting the market for the jaw-dropping price in 2017, the penthouse, known as the Pinnacle, saw several price chops in recent years and was last publicly listed for $59 million, according to CityRealty.
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Trevor Noah finds buyer for Hell’s Kitchen penthouse with plunge pool, last asking $11M

Photos courtesy of Shannon Dupre’

August 1, 2023

Trevor Noah finds buyer for Hell’s Kitchen penthouse with plunge pool, last asking $11M

Trevor Noah's penthouse in Hell's Kitchen entered contract this week for $10,995,000, after hitting the market last fall, CityRealty reports. The comedian and former host of "The Daily Show" first listed the sprawling duplex at the Art Deco Stella Tower at 425 West 50th Street last October for $12,950,000, soon after announcing his departure from the Comedy Central show. The three-bedroom duplex condo, which Noah bought for $10 million in 2017, offers expansive views of Manhattan and a 1,000-square-foot landscaped terrace with a heated plunge pool with built-in speakers and a wet bar.
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See plan to convert FiDi office tower 55 Broad into 571 market-rate apartments

Image courtesy of Joe Woolhead

August 1, 2023

See plan to convert FiDi office tower 55 Broad into 571 market-rate apartments

The plan to convert the Financial District office tower at 55 Broad Street into apartments is finally moving forward, with a closed deal and the release of new renderings this week. Silverstein Properties and Metro Loft Management on Monday announced they bought the tower for $172.5 million with plans to turn the 30-story office tower into a residential building with 571 market-rate apartments; upon completion, it will be one of New York City's largest office-to-residential conversions ever. Construction is expected to start in August and take roughly two years.
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Upper East Side rental to be razed and replaced with high-end condo from Eliot Spitzer

Rendering courtesy of the Landmarks Preservation Commission

July 25, 2023

Upper East Side rental to be razed and replaced with high-end condo from Eliot Spitzer

An Upper East Side rental will be demolished and replaced with a new luxury condominium developed by former New York Gov. Eliot Spitzer's firm. The Landmarks Preservation Commission on Tuesday approved plans from Spitzer Enterprises to raze the 25-story, 46-unit building at 985 Fifth Avenue and build a completely new tower with just 26 apartments. The commission concluded the existing building does not contribute to the cohesion of the Metropolitan Museum Historic District, allowing demolition to proceed. Designed by Studio Sofield and SLCE, the new condo building would rise 19 stories and feature a limestone facade with setbacks, according to The Real Deal.
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Industrial chic and Soho street life meet in this $4.4M loft condo

If you've often strolled the streets of Soho admiring the iconic former warehouses and tall-windowed lofts within, this concrete and steel-filled condominium at 487 Greenwich Street could be your dream come true. Asking $4,400,000, the sprawling 4,000-square-foot-plus renovated duplex in the former Tetley Tea Company warehouse offers open-plan living on a grand scale with impossibly high ceilings, concrete columns, and beams–and a sauna in the basement.
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With Deco details and dazzling interiors on the Upper East Side, The Harper launches sales

Images courtesy of The Harper

June 29, 2023

With Deco details and dazzling interiors on the Upper East Side, The Harper launches sales

The Upper East Side residence The Harper at 310 East 86th Street has begun sales of its 63 two-, three-, and four-bedroom homes. The new condominium project was designed by the renowned architectural practice ODA, known internationally for innovative and skyline-changing designs. For the latest addition to the iconic Manhattan neighborhood, the firm used large format windows with stepped framing, creating a stunning Art Deco vibe inspired by classic New York City architecture. With occupancy expected this year–a furnished model is available now–the new building features interiors also designed by ODA and an impressive suite of state-of-the-art amenities.
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$52M penthouse at One High Line in Chelsea among downtown’s most expensive sales

All photos courtesy of Nicole Franzen

June 26, 2023

$52M penthouse at One High Line in Chelsea among downtown’s most expensive sales

A penthouse at a new luxury condominium in Chelsea has gone into contract for $52 million, joining an exclusive list of downtown Manhattan's priciest homes. Designed by Bjarke Ingels, One High Line consists of two twisting towers with views of the Hudson River, the High Line, and beyond. As first reported by the Wall Street Journal, the full-floor penthouse measures roughly 7,000 square feet, in addition to a nearly 5,000-square-foot private terrace.
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NYC’s latest casino bid calls for two 46-story skyscrapers across from the Javits Center

Renderings courtesy of Silverstein Properties

June 23, 2023

NYC’s latest casino bid calls for two 46-story skyscrapers across from the Javits Center

Larry Silverstein of Silverstein Properties has joined the cast of prominent developers competing for one of three downstate casino licenses. Silverstein Properties on Friday announced plans for "The Avenir," a hotel, casino, entertainment, and residential development on a vacant plot of land on the border of Hudson Yards and Hell's Kitchen. Located at 41st Street and 11th Avenue, just north of the Javits Center, the proposed 1.8 million square foot project includes two 46-story towers with a luxury hotel, a top-floor performance hall, affordable housing, and an eight-story casino run by Greenwood Gaming and Entertainment at the base.
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Three modern penthouses added to Upper West Side’s historic Astor building

Rendering courtesy of Binyan Studios

June 22, 2023

Three modern penthouses added to Upper West Side’s historic Astor building

Three new modern penthouses are being added atop The Astor, a landmarked residential building on the Upper West Side built over 100 years ago. The brand-new apartments top one of New York City's most iconic condominiums, which consists of three interconnected towers on Broadway between West 75th and West 76th Streets. All three penthouses come with private outdoor areas, gas fireplaces, and interiors designed by Pembrooke & Ives. Before being listed publicly, one of the penthouses already found a buyer, who purchased a 3,400 square foot four-bedroom, four-and-a-half bathroom, and a three-bedroom unit below it, in a combo deal last listed for $15.495 million.
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Celebrity hairstylist Frédéric Fekkai finally sells Fifth Avenue apartment for $4.5M

Photos courtesy of DDReps

June 12, 2023

Celebrity hairstylist Frédéric Fekkai finally sells Fifth Avenue apartment for $4.5M

Eight years and several price cuts later, celebrity hairstylist Frédéric Fekkai has sold his Upper East Side apartment. Fekkai first purchased the four-bedroom duplex at 953 Fifth Avenue for $7.4 million in 2006 and later listed it in 2015 for $12 million, following a revamp by interior designer Robert Couturier. After coming on and off the market many times since then, the co-op finally sold this month for $4.5 million, according to city records.
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See the 17-story mixed-use rental coming to Atlantic Avenue in Bed-Stuy

Rendering courtesy of Douglaston Development

May 31, 2023

See the 17-story mixed-use rental coming to Atlantic Avenue in Bed-Stuy

Another high-rise residential tower is coming to Brooklyn's once-industrial Atlantic Avenue corridor. Douglaston Development on Wednesday announced it secured financing for a 17-story, 474,000-square-foot mixed-use development at 1057 Atlantic Avenue in Bed-Stuy that will include 456 rental apartments and new neighborhood amenities. The tower joins several new and proposed developments on this strip of Atlantic Avenue that will bring hundreds of new homes to the area.
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Rendering by COOKFOX

May 31, 2023

$1B office complex revamp of Chelsea’s historic Terminal Warehouse tops out

Terminal Warehouse, the newest reimagined workplace destination in the West Chelsea historic district, is nearing completion; a six-story addition atop the 130-year-old landmarked building recently topped out, as the New York Post first reported. The historic building, once home to the iconic 1980s and '90s nightclub Tunnel, is slated to become 1.3 million square feet of wellness-focused office and retail space, with an investment of over $1 billion. The project's developers, L&L Holding Company and Columbia Property Trust, along with architectural firm COOKFOX and New Line Structures, have made every effort to maintain the building's character as New York City's first major industrial facility with direct access to the Hudson River, streets, and rail lines.
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NYC’s first multi-family geothermal project tops out in Coney Island

Images courtesy of LCOR

May 25, 2023

NYC’s first multi-family geothermal project tops out in Coney Island

New York City's first multi-family geothermal project has topped out in Coney Island. The residential development at 1515 Surf Avenue will include 463 apartments, of which 139 will be designated as affordable. The building's geothermal system will use the Earth to heat and cool the property and power its water systems, eliminating the need for equipment that would run on fossil fuels.
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Flatiron Building sells for $161M at second auction in two months

Photo courtesy of d26b73 on Flickr

May 24, 2023

Flatiron Building sells for $161M at second auction in two months

After being put up for auction for the second time since March after the previous buyer failed to make the down payment, the Flatiron Building has sold for $161 million. During the auction hosted on the front steps of a Lower Manhattan courthouse Tuesday, a group led by Jeff Gural of GFP Real Estate, one of the landmarked building's previous owners, placed the winning bid over four other contenders. After winning, Gural said he plans to convert the upper part of the building into residential units, while keeping office space below, according to Crain's New York.
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Real Estate Trends

New renderings show off NYC’s first professional soccer stadium

All renderings courtesy of the New York City Football Club

May 16, 2023

New renderings show off NYC’s first professional soccer stadium

Renderings have been unveiled for New York City's first-ever professional soccer stadium. During a Queens Community Board 7 meeting last week, Related Companies, Sterling Equities, and the NYC Football Club (NYCFC) presented new renderings for the Willets Point Revitalization Plan, a massive mixed-use development planned for Queens that includes a 25,000-seat stadium, a 250-room hotel, a 650-seat public school, over 40,000 square feet of public open space, retail space, and 250,000 affordable housing units. The stadium is scheduled to open in time for the 2027 season.
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This $13.5M Tribeca condo designed by Thierry Despont is a 21st-century version of Don Draper’s pad

Photo credit: Eitan Gamliely for Sotheby’s International Realty

May 15, 2023

This $13.5M Tribeca condo designed by Thierry Despont is a 21st-century version of Don Draper’s pad

Peerless in form and function, this dazzling condominium residence at 111 Murray Street was designed by world-renowned French architect and designer Thierry Despont. Asking $13,500,000, the Tribeca trophy home, with its open city and water views and magazine-worthy renovation, is the perfect setting for an updated rendition of "Zou Bisou, Bisou" against the glittering Manhattan skyline.
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El Dorado childhood home of Beastie Boys’ Mike D finds a buyer after $4.5M price chop

Photos from the 2022 listing courtesy of Rise Media

May 10, 2023

El Dorado childhood home of Beastie Boys’ Mike D finds a buyer after $4.5M price chop

The childhood home of Beastie Boys rapper Mike D has found a buyer, after a year on the market and a $4.5 million price cut. The apartment at the Upper West Side's enviable El Dorado building belonged to the estate of Hester and Harold Diamond, owners of one of the world’s finest art collections and parents of Mike Diamond. The duplex co-op hit the market in May 2022 for $19,500,000 and relisted this past March for $14,995,000 before entering contract on Tuesday, as first reported by the New York Post.
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Real Estate Trends

Photo courtesy of Brown Harris Stevens

May 3, 2023

British Consulate’s Midtown East penthouse, asking $7M, hits the auction block starting at $2M

This 6,000-square-foot full-floor residence in the Beekman Regent condominium at 351 East 51st Street, currently asking $6,995,000 (down from $8,500,000 in 2021), may provide an opportunity for auction lovers: The penthouse with city views and five bedrooms is headed for online auction by the British government, with bids starting at $2,000,000. The penthouse has functioned as the British Consul General in New York's residence, so it's a given that its flexible floorplan and nearly 10-foot ceilings would add up to the perfect space for lavish parties and regal receptions.
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Photo credit: Kristina Crane with Evan Joseph Studios

April 27, 2023

NYPL president buys Parisian-like penthouse in Nomad for $2.45M