Real Estate Trends

Photographer/Pillsbury Heir Snaps Up Turnkey Clinton Hill Flip for $3.5 Million
February 9, 2015

Photographer/Pillsbury Heir Snaps Up Turnkey Clinton Hill Flip for $3.5 Million

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We’ve been a bit obsessed with the house at 102 Gates Avenue–a Brownstoner House of the Day not once but twice–since it hit the market as an estate sale back in 2013; lines stretched down the block and 350 people showed up on one Sunday to view the house, which was asking $1,295,000, a great price at a time when townhouse prices in the area were hitting their recent hot streak. The house, in estate condition but dripping with gorgeous original details, set off a bidding war and sold in a matter of weeks for $1,555,000, becoming a poster child of sorts for the frenzied brownstone Brooklyn townhouse market. After a high-end renovation that spared no detail, the house, a two-unit stunner with a sweet garden apartment and a beautifully restored triplex plus landscaped yard and deck, re-emerged less than one year later at the head-turning asking price of $3.35 million.
More on this brownstone Brooklyn Cinderella tale this way
Facebook Expands Its Midtown Office; Buy a Condo at the Oosten and Get a Free Trip to Amsterdam
February 6, 2015

Facebook Expands Its Midtown Office; Buy a Condo at the Oosten and Get a Free Trip to Amsterdam

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Facebook is expanding its offices. The social media giant will add 80,000 square feet—at $100 per square foot—at its 770 Broadway locale. [Crain’s] If you buy a condo at the Oosten in Williamsburg, you’ll get a free trip to Amsterdam. [Brick Underground] How many jobs are accessible from your neighborhood? [DNA Info] The East River Waterfront […]

As Developers Favor Large Apartments, Studio Prices Are on the Rise

Studio 505N at 540 West 49th Street, available for $815,000 via Halstead

February 6, 2015

As Developers Favor Large Apartments, Studio Prices Are on the Rise

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As anyone who lives in a studio apartment can tell you, it's often the best–if not the only–way to live without a roommate in New York. But with developers finding it much more profitable to build large apartments, studio apartments may be heading to extinction. And those existing one-room units are seeing steep price increases as demand is outpacing supply. As the Daily News reports, "Listings for new studios compose just 4% of the units in Manhattan — down from 15% in 2013... As of January, just 30 such apartments were on the market, compared with 161 in January 2012." The median price for a new Manhattan studio rose over the past year to $930,000, a whopping 60 percent increase. Comparatively, the median price for a new one-bedroom unit rose 30 percent and for a two-bedroom home it dropped by 11 percent.
More on the real estate trend here
Chinese Real Estate Investors Expanding Their Search to the Long Island Suburbs

Old Westbury Gardens, a Gold Coast mansion also known as “the Gatsby House”, © Old Westbury Gardens

February 6, 2015

Chinese Real Estate Investors Expanding Their Search to the Long Island Suburbs

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In recent years, the Manhattan real estate scene has had a major upswing in the amount of wealthy buyers from China, who feel that New York City condos and other properties are a safe place for their money. In fact, high-profile real estate firms are even tapping Chinese brokers to cater to this growing clientele. But now the trend is moving east, with Chinese buyers eyeing the stately mansions that make up the Gold Coast suburbs of Long Island. According to the Times, "Some Chinese buyers are parking money in what they see as a low-risk investment. Others are seeking a trophy home. Still others are intent on living in these places full time while their children attend the area’s high-performing schools."
More details ahead
Photographer Jay Maisel Officially Sells 190 Bowery for $55M
February 6, 2015

Photographer Jay Maisel Officially Sells 190 Bowery for $55M

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It's being considered one of the greatest returns on investment in New York City real estate history, reports the Daily News. Photographer Jay Maisel bought the now-famous graffiti-covered home at 190 Bowery back in 1966 when it was abandoned for only $102,000, and he's now officially sold the Gilded Age bank building to developer Aby Rosen of RFR Realty for $55 million. Developers have been urging Maisel to sell ever since the Bowery changed from a seedy row of drugs and flop houses to a trendy destination for foodie-favorite restaurants and high-end boutiques. Rosen finally convinced the artist, who lived in the six-story, 72-room mansion with his wife and daughter, to sell on the basis that it had no heat and was in disrepair.
More on the epic sale
Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights
February 5, 2015

Grand Central Owner Enlists Harvard Professor to Stop 1 Vanderbilt and ‘Unconstitutional’ Seizing of His Rights

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Discord around the construction of One Vanderbilt continues to grow, and the latest contender to enter the ring is Harvard Law professor, "liberal constitutional scholar" and President Barack Obama's former educator, Laurence H. Tribe. Grand Central owner Andrew Penson has tapped the big-time lawyer to battle the city in his fight against the 1,514-foot supertall, according to The New York Times. Yesterday, with Tribe in tow, Penson went head-to-head—yet again—with the tower's developer SL Green at the City Planning Commission hearing. The meeting got as heated as one would expect, and "unconstitutional" and "ridiculous" were just a couple of the words thrown around.
Find out more here
Listings Launch at Fort Greene Church Conversion 232 Adelphi Street
February 5, 2015

Listings Launch at Fort Greene Church Conversion 232 Adelphi Street

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When we first got a look inside the church conversion at 232 Adelphi Street we were blown away by the amount of original architecture retained from the structure's holy days, including stained glass windows, vaulted ceilings with exposed steel beams, arched doorways, reclaimed hardwood floors, and plenty of exposed brick. And now that listings have launched at the Fort Greene rental building, we have even more to ogle at. Formerly the Carlton Mews Church, the landmarked 1888 Gothic Revival Church was completely restored by RSVP Studio to feature 12 distinct apartments, including studios, one- and two-bedroom duplexes, and three-bedroom triplexes.
Take a look at the offerings here
First Penthouse at the Oosten Hits the Market for $6.4M; ‘Bargain’ Condos Coming to the Market
February 5, 2015

First Penthouse at the Oosten Hits the Market for $6.4M; ‘Bargain’ Condos Coming to the Market

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One of four penthouses in the Piet Boon-designed Oosten is up for grabs at $6.4 million. [6sqft inbox] “Bargain” condos are coming to the market. Expect these to be priced $3 million and under. [Bloomberg] Guoqing Chen, the founder of China’s largest private airline company, has bought a full-floor condo at One57 for $47.4 million. [TRD] […]

Rents in Harlem Shoot Up, Brooklyn Studios Expensive as Ever
February 5, 2015

Rents in Harlem Shoot Up, Brooklyn Studios Expensive as Ever

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MNS has just released their 2014 report pointing to rental performance in the Manhattan and Brooklyn markets over past year. And as you've probably already guessed there are no surprises here—rents were up. Leading the charge in growth were Harlem where new luxury listings gave the area a major boost, and of course Brooklyn which continued see growth at remarkable rates, particularly with studio units which were up more than 20 percent in some nabes.
Find out more here
If You Can’t Beat ‘Em Join ‘Em: Hotels Attempt to Emulate Airbnb Amidst Competition
February 4, 2015

If You Can’t Beat ‘Em Join ‘Em: Hotels Attempt to Emulate Airbnb Amidst Competition

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As the city's war against Airbnb rages on, hotels and bed and breakfasts across the city continue to see their guest numbers drop. But the decrease isn't necessarily due to the lower costs of Airbnb rentals (although we certainly wouldn't discount it) but the fact that visitors to our fair city are looking for an authentic New York experience. DNA Info reports that new hotels across the city are looking to recreate the "real experience" of staying in New York by channelling a "more urban" atmosphere with cool perks—bars amongst them—that lure local residents within their towering walls to hang with their guests.
READ MORE
HIGHLIGHTS: De Blasio Announces Plans for More Affordable Housing and a New City-Wide Ferry Service
February 3, 2015

HIGHLIGHTS: De Blasio Announces Plans for More Affordable Housing and a New City-Wide Ferry Service

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Mayor Bill de Blasio just wrapped up his State of the City address, and in addition to focusing in like a laser beam on affordable housing, the mayor also unveiled a number of additional improvements that certainly had us sitting up straight in our seats. In his address, De Blasio emphasized that his plan would look to creating denser, economically diverse affordable residential communities for not only low-income New Yorkers, but also for chronically homeless vets, seniors and artists. “While the state of our city is strong, we face a profound challenge,” de Blasio said during his speech. "If we fail to be a city for everyone, we risk losing what makes New York, New York…Nothing more clearly expresses the inequality gap—the opportunity gap—than the soaring cost of housing." The mayor also spoke about the administration's plan to raise minimum wage and expand public transit, which would include adding more Bus Rapid Transit lines to the outer boroughs, and, most notably, a brand new city-wide ferry system that would serve areas such as the Lower East Side, the Rockaways and Red Hook for the same cost as a subway ride. Keep reading for more highlights.
Highlights from de Blasio's speech here
7,279 NYC Homes Are Valued at More Than $5 Million

The Upper East Side, where the most $5 million + homes are located, via CityRealty

February 3, 2015

7,279 NYC Homes Are Valued at More Than $5 Million

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If you think that statistic is jaw-dropping, consider this, too–those 7,279 homes valued at more than $5 million amount to a total fair market value of $65.2 billion, according to data from the city’s Independent Budget Office. The Wall Street Journal requested the data to take a closer look at the proposal to impose higher property taxes on pied-à-terre owners, and the findings show that "the city’s most expensive homes would generate less money from a higher tax surcharge than what its advocates have suggested."
More details here
Queens to Get Its First Apple Store; Details Revealed for St. Patrick’s Old Cathedral School Condo Conversion
February 3, 2015

Queens to Get Its First Apple Store; Details Revealed for St. Patrick’s Old Cathedral School Condo Conversion

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The first Apple store in Queens will open later this year in the Queens Center Mall. [9to5Mac] The conversion of the St. Patrick’s Old Cathedral School in Nolita will include seven luxury condos with a total sellout of $70.7 million, a church-related community facility, and two townhouses. [TRD] Williamsberry is a new condo, not a fruit snack, set to rise […]

Bruce Willis Is Back at It, Buys $17M Duplex at 271 Central Park West
February 3, 2015

Bruce Willis Is Back at It, Buys $17M Duplex at 271 Central Park West

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Maybe we haven't seen Bruce Willis in a new movie in a couple of years because he's been too busy unloading and buying real estate in New York. First there was the $12 million, 22-acre buy in Bedford, then the $13 million sale of his El Dorado co-op, and now he's purchased a $17 million six-bedroom duplex at 271 Central Park West, just a few blocks away from the El Dorado digs and not too far from the unit he owned before that at Trump Place on Riverside Drive. Clearly Willis likes the Upper West Side, and it looks to us like he's having some fun climbing up the luxury-listing ladder.
Check out Willis's new pad here
Luxe Penthouse at the Carlton House Sells at a Discounted $52 Million
February 3, 2015

Luxe Penthouse at the Carlton House Sells at a Discounted $52 Million

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It's been a couple weeks since we've seen a sale break the $50 million mark, but lo and behold, the penthouse at Extell Development's Carlton House has just sold for $52 million. According to city records filed today, the top unit sold at a markdown, originally listed for $65 million back when it first hit the market in October 2013. The price cut, however, shouldn't discount what's inside. The six-bedroom, six-plus-bathroom, 8,988-square-foot Upper East Side duplex features a private outdoor roof space (there's 5,261 square feet of outdoor space in total), en-suite bathrooms in all the bedrooms and wrap-around terraces. The building itself also boasts quite an interesting backstory. It was originally designed in 1940 by Kenneth B. Norton, but not completed until 1950 as construction was halted during World War II. After purchasing the building in 2010, Extell hired Beyer Blinder Belle to convert the structure into condos. The job cost a reported $350 million and Extell's President Gary Barnett told The New York Times that the decision to preserve the building was “actually more expensive than if we tore the damn building down and built it again.”
Check out the floor plan here
Developers Rush to Break Ground and Add Affordable Housing Before Tax Incentives End

Image via Pexels 

February 2, 2015

Developers Rush to Break Ground and Add Affordable Housing Before Tax Incentives End

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It would be nice to think that developers added affordable housing to their projects out of the goodness of their hearts, but it probably has more to do with the construction bonuses and tax incentives afforded for up to 25 years to developers when they reserve at least 20 percent of a building's units for poor and moderate-income tenants. But this real estate tax break, known as the 421a abatement, is set to expire on June 15, lighting a fire under developers to break ground on new projects. The concern, though, is that some development sites receive 421a benefits as of right (meaning solely for putting up a new building), while others are required to include affordable housing. The difference is based on geographic location. For example, Manhattan between 14th and 96th Streets and the waterfronts of Brooklyn and Queens must include affordable housing. According to Crain's, some housing advocates "want projects to get abatements only if they create affordable units—which are priced for renters who earn 60 percent or less of the area's median income."
What does this mean for the future of affordable housing?
Jaw-Dropping Photos of Williamsburg Covered in Ice; American Bible Society Sells HQs for $300M
February 2, 2015

Jaw-Dropping Photos of Williamsburg Covered in Ice; American Bible Society Sells HQs for $300M

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By now you’ve probably heard about the fire raging on in Williamsburg, but you probably haven’t seen these unbelievable images of the neighborhood frozen in ice. [NYDN] The American Bible Society has sold its Lincoln Square headquarters for $300 million. [WSJ] 10 of Frank Lloyd Wright’s buildings, including the Guggenheim Museum in NYC, have been […]

Brooklyn Paramount Theatre Will Reopen as a Gilded Public Performance Venue

© NYCAGO

February 2, 2015

Brooklyn Paramount Theatre Will Reopen as a Gilded Public Performance Venue

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Back in the summer we uncovered the history of the Brooklyn Paramount Theatre, which has been home to Long Island University's gymnasium since 1963. But now, the day before the Loew's Kings Theatre, a fellow historic movie house in Brooklyn, is set to reopen to the public, we've learned that the Paramount will follow suite. Brooklyn Daily reports that the Flushing Avenue theatre in Downtown Brooklyn will once again show live performances to the public, thanks to a deal between LIU and an affiliate of the Barclays Center, which will bring 1,500 seats back to the venue (down from the original 4,000) and showcase musical and comedy performances and boxing matches, all with an emphasis on emerging artists. The remainder of the space will still serve as a practice gym for LIU athletics.
More details ahead
Soho Pad with ‘Ghost’-ly Past Returns to the Market as a $32,500/Month Rental
January 30, 2015

Soho Pad with ‘Ghost’-ly Past Returns to the Market as a $32,500/Month Rental

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This pristine full-floor condo at 102 Prince Street has a lot to brag about. For starters, it's newly renovated and stunning, landing a spot in Interiors magazine’s "Best of 2011" issue. But its biggest claim to fame is that the apartment above is where Demi Moore and Patrick Swayze shot their iconic pottery scene in Ghost. The only thing more brag-worthy would be if Whoopi Goldberg dropped by occasionally to tell the future tenants, “You in danger, girl!” The unit sold for an impressive $13.8 million just this past March, netting the seller a $4.9 million profit (they had purchased it in March of 2013 for $8.9 million). The 2014 sale was the highest price anyone had paid for a non-penthouse unit in Soho. And now, after just six months, it's back on the market as a $32,500/month rental.
More pics inside
Modern Smart Home in Cobble Hill Sells for $6M
January 29, 2015

Modern Smart Home in Cobble Hill Sells for $6M

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The blogosphere was not impressed last year when they saw the contemporary brownstone conversion at 325 Degraw Street in Cobble Hill, calling the grey structure a "sad transformation." And while the nondescript façade may pale in comparison to its neighboring historic homes, what lies beyond is an impressive 5,800-square-foot smart home, complete with over 800 square feet of outdoor space, a landscaped roof deck, and a basement media room. Known as the Light House, the modern mansion designed by architect James Anzalone has now found an owner, a couple who paid a hefty $6 million, according to city records released today.
Check out the rest of the smart home
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