Real Estate Trends

Actress Gina Gershon Sells Chelsea Duplex in Celeb-Favorite 200 11th Avenue for $8.2M
January 29, 2015

Actress Gina Gershon Sells Chelsea Duplex in Celeb-Favorite 200 11th Avenue for $8.2M

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Just after Robert Pattinson checked out a $20 million penthouse with a private, drive-in elevator at 200 Eleventh Avenue, actress Gina Gershon sold her duplex unit in the building for $8.2 million, reports the Post. She and her partner Bobby Dekeyser, founder of outdoor furniture brand DEDON and subject of the biography Not for Sale!, purchased the $2,391-square-foot Chelsea pad in 2012 for $6.6 million, and after listing in June for $9.5 million, they've made the sale for a little more than a million under the asking price.
See inside here
Bunny Mellon’s Mansion Sells for $37M; East New York Focuses on Affordable Development to Stop Gentrification
January 28, 2015

Bunny Mellon’s Mansion Sells for $37M; East New York Focuses on Affordable Development to Stop Gentrification

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Netscape co-founder James Clark has scooped up Bunny Mellon’s incredible Upper East Side mansion for $37 million. [TRD] As a way to “cushion against gentrification” in East New York, the city is vying to reserve the area for up to 7,000 affordable housing units. [DNA Info] Trump Soho may turn its condo component into hotel […]

As Younger Renters Move to the UES, Trendy Commercial Tenants Follow

Say goodbye to afternoon tea and hello to happy hour, via roboppy via photopin cc

January 27, 2015

As Younger Renters Move to the UES, Trendy Commercial Tenants Follow

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You don't have to tell us twice that the Upper East Side is trading its reputation as a stodgy, ladies-who-lunch spot for a younger, more hip vibe. Not only do we think it's a hidden hot spot for artists, but we recently profiled the unofficial "new" Upper East Side, the high 80s and 90s, clustered between Park and 1st Avenues. And let's not forget how the Second Avenue subway is already shaking things up. But with a new generation of Upper East Siders gobbling up the surprisingly affordable real estate offerings, it's no surprise that trendy commercial spots are also getting in on the action. Small, local shops and restaurants create little communities that you might expect to find in brownstone Brooklyn, and larger, big-name businesses like Warby Parker and Whole Foods promise to make it a neighborhood to rival Union Square or Chelsea.
More on the real estate trend ahead
Park Here: Eyeing the Real Estate Surrounding Two of NYC’s Most Splendid State Parks

Riverbank State Park. Image via Dattner Architects

January 27, 2015

Park Here: Eyeing the Real Estate Surrounding Two of NYC’s Most Splendid State Parks

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In a city that moves so fast that the Sunday edition of the New York Times comes out on Saturday, it is not surprising that New Yorkers might overlook some interesting factoids. For instance, New York City is home seven state parks! So, instead of enjoying a day inside other state parks filled with the ubiquitous lush greenery and a plethora of activities that might surely mean a couple of hours of driving—cityside state parks are but a subway ride away or possibly a short walk to the likes of the East River State Park on Kent Avenue in Williamsburg, the Clay Pit Ponds State Park in Staten Island and the Roberto Clemente State Park in the Bronx. One of the most popular, with its grassy stretches of pastoral idyll against a spectacular backdrop, is the 28-acre Riverbank State Park near 143rd Street (seen in the two images above). A multi-level facility set 69 feet above the Hudson River on Riverside Drive, it opened in 1993. What’s more, this park is the only one of its kind in the Western Hemisphere. Inspired by Japan’s urban rooftop designs, it was created on top of a now-odorless sewage treatment facility on the Hudson.
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‘Rent Is Too Damn High’ Patriot Receives Eviction Notice; Live in an Incredible Brooklyn Church Conversion
January 27, 2015

‘Rent Is Too Damn High’ Patriot Receives Eviction Notice; Live in an Incredible Brooklyn Church Conversion

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Jimmy Mcmillan, a.k.a. founder of the ‘Rent Is Too Damn High’ movement, receives an eviction notice. [NYDN] Leasing starts tomorrow at the incredible Cartlon Mews church conversion development. [Brownstoner] The HPD is selling a coveted piece of land in Fort Greene near BAM to Jonathan Rose Companies for $1. In return the company must build a […]

Billionaire’s DIY Mansion Likely to Hit a Roadblock with the LPC; Summing Up the ‘Save the View’ Debate
January 26, 2015

Billionaire’s DIY Mansion Likely to Hit a Roadblock with the LPC; Summing Up the ‘Save the View’ Debate

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Billionaire Roman Abramovich will likely butt heads with the Landmarks Preservation Commission over the creation of his makeshift mansion. [Observer] All the layers of the ‘Save the View’ controversy happening by the Brooklyn Bridge in Brooklyn Heights. [Curbed] More than 32 contracts for homes priced at $4 million or more were signed last week. [TRD] City Tower, […]

New Residential Building in East Williamsburg by James Cleary Architecture Will Have a Double-Height Solar Shade
January 26, 2015

New Residential Building in East Williamsburg by James Cleary Architecture Will Have a Double-Height Solar Shade

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A new residential building is going up on an East Williamsburg street that's already an eclectic mix of modern buildings, single-family homes with vinyl siding, and classic tenement apartment buildings. Designed by James Cleary Architecture, 237 Devoe Street will add some creative environmental design to the mix, thanks to its signature element--a double-height solar shade, clad with reclaimed barn wood, that opens onto the street.
More details on the project
Bed-Stuy Locals Talk About Their Nabe with the ‘Times;’ Historic Park Slope Building Gets a New Lease on Life as Condos
January 23, 2015

Bed-Stuy Locals Talk About Their Nabe with the ‘Times;’ Historic Park Slope Building Gets a New Lease on Life as Condos

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The New York Times visits Bed-Stuy, the first neighborhood featured in their new “Block by Block” series. [NYT] An historic building at 187 Seventh Avenue in Park Slope will be turned into condos. [NYT] A “Joie de Vivre” hotel is on the rise at 50 Bowery. [Bowery Boogie] A landmarked Brooklyn bathhouse, the Brooklyn Lyceum, will […]

Politician Peter Kostmayer Buys $2M Clinton Hill Brownstone
January 23, 2015

Politician Peter Kostmayer Buys $2M Clinton Hill Brownstone

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Democratic politician Peter H. Kostmayer, best known for his seven terms in the U.S. House of Representatives and for his infamous 1992 divorce during which his ex wife publicly endorsed his Republican opponent, bought a lovely Clinton Hill townhouse for $2,144,000, according to city records. Located at 14 Saint James Place, the four-story Italianate brownstone recently underwent a gut renovation that combines historic details like crown moldings and mantles in every room with modern conveniences like a perfect-for-entertaining backyard and high-end appliances.
Check out the rest of Kostmayer's new home here
East Village’s Historic Meseritz Synagogue Gets Ready for Restoration and Condo Conversion

Mezritch Synagogue © LuciaM via Panoramio

January 22, 2015

East Village’s Historic Meseritz Synagogue Gets Ready for Restoration and Condo Conversion

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At the turn of the century, the Lower East Side/East Village was home to 75 percent of the 2.5 million Ashkenazi Jews that immigrated to the U.S. They quickly established synagogues, many of which were "tenement synagogues," aptly named because they were built on the narrow lots between tenements and served the mostly-impoverished people who lived in the surrounding, overcrowded buildings. Only one of these tenement synagogues is still in operation–the Congregation Meseritz Synagogue (or Anshei Meseritz) at 515 East 6th Street. Narrowly saved from the wrecking ball in 2012, Meseritz is now undergoing a total overhaul. Real estate developer East River Partners is adding three luxury apartments, including an 11-foot-tall penthouse, to the top of the structure. Though the plan was initially contested by some neighbors and local community and preservation groups, the developer is undertaking a multimillion-dollar gut renovation of the ground floor, creating a new home out of which the congregation can worship.
More details ahead
Billionaire Roman Abramovich’s DIY Mansion Getting Bigger; A Gramercy Park Building Wants $200M
January 22, 2015

Billionaire Roman Abramovich’s DIY Mansion Getting Bigger; A Gramercy Park Building Wants $200M

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After holding a 199-unit apartment building in Gramercy Park for nearly 70 years, the owner has put it on the market for $200 million. [Crain’s] Russian billionaire Roman Abramovich’s makeshift mansion could be even bigger than initially reported. Word is he’s purchased yet another building on East 75th Street. [NYP] Designer Michael Kors is purchasing a posh penthouse at […]

Most Millennials Would Rather Live in the Suburbs Than in a City Condo
January 22, 2015

Most Millennials Would Rather Live in the Suburbs Than in a City Condo

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Has the pendulum swung back to favoring life in the 'burbs? A new poll conducted by the National Association of Home Builders (NAHB) reveals that millennials would rather buy a home in the suburbs than squeeze into a cramped condo in the city. The survey showed that 66 percent would prefer to live in the suburbs, 24 percent want to live in rural areas, and just 10 percent want to live in a city center. The NAHB used a sample of 1,506 people born since 1977 to come to their conclusions.
More from the study here
Nearly Half of Luxury Condos Set to Hit the Market This Year Are Already in Contract
January 22, 2015

Nearly Half of Luxury Condos Set to Hit the Market This Year Are Already in Contract

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We know very well that 2015 will see a huge influx of new super-luxury condo units, but what we didn't know until now was that nearly half of these high-end homes set to hit the market are already in contract, making this year's forecast widely overblown. According to Crain's, a new report from Halstead Property Development Marketing suggests that of the 6,500 new condo listings that have been projected for 2015, only about 3,500 will actually be available for sale in the next 11 months, as 3,000 of them are already taken.
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Get ‘Em While They’re Cheap: A Look at Crown Heights Real Estate Past and Present

Image via the Historic Districts Council

January 21, 2015

Get ‘Em While They’re Cheap: A Look at Crown Heights Real Estate Past and Present

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What once seemed unheard-of in terms of where to rent or buy in tertiary neighborhoods is now a thing of the past—be it Harlem, Williamsburg, Hell’s Kitchen, Long Island City, or the Lower East Side. But one of the best examples of rapid transformation is Brooklyn. Certainly there are many coveted communities such as Brooklyn Heights, Prospect Heights, and Park Slope, but there is another neighborhood making what looks like a very successful run at gentrification: Crown Heights.
More on the Crown Heights renaissance here
One57 Records Another Blockbuster Sale, 85th-Floor Pad Sells for $55.6 Million
January 21, 2015

One57 Records Another Blockbuster Sale, 85th-Floor Pad Sells for $55.6 Million

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There’s no slowing One57. Yet another blockbuster sale hit city records this morning, bringing the brash blue supertall its third most expensive sale to date—and the city its ninth most expensive condo sale in history. The ultra-luxe pad is the 6,240-square-foot 85th-floor unit, which boasts four bedrooms, four baths, and the lofty, breathtaking views that have have made One57 one […]

Can Developers Still Make a Profit as Land Prices Reach Record Sums?

What Manhattan will look like in 2018, via CityRealty

January 21, 2015

Can Developers Still Make a Profit as Land Prices Reach Record Sums?

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Most landowners, especially those who have been in the development business for a long time, aren't easily persuaded to sell their holdings, but with sales reaching record sums, that's all starting to change. As Crain's recounts, back in November Jerry Gottesman, who has a property empire worth over $3 billion, sold a parking lot he owned between 17th and 18th Streets near the High Line for $800 million. He bought the site in the early '80s for $2.4 million. Influenced by the sale, other landowners are also looking to get in on the action; just last week three large residential development sites hit the market asking $1,000 or more per buildable square foot–a 50 percent increase in the price of Manhattan land from last year. And if the parcels fetch these sums, it will be the first time values per buildable square foot reach four figures. With these record sale sums, Manhattan condo builders would have to sell units at sky-high prices to make a profit. For example, a 1,000-square-foot apartment would need to sell for $3 million or more just to break even.
More on the trend here
Goldilocks Blocks: Lowry Triangle in Prospect Heights, Where the Gritty Meets the Gentrified

Between hyper-developed hotspots, main drags in up-and-comers, and those genuinely avoidable areas, there can often be found a city’s “just-right” zones. They aren’t commonly known, but these micro-neighborhoods often hide within them real estate gems coupled with perfectly offbeat vibes. Continuing our Goldilocks Blocks series, this week we look at Lowry Triangle in Prospect Heights, Brooklyn.

January 20, 2015

Goldilocks Blocks: Lowry Triangle in Prospect Heights, Where the Gritty Meets the Gentrified

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It’s...gritty. But it’s Prospect Heights. Anchoring an oddly magical Brooklyn crossroads where Prospect Heights, Crown Heights and Clinton Hill meet, bisected by noisy, gritty Atlantic Avenue, Lowry Triangle and its surrounding blocks form a literal mashup of three neighborhoods, all of which began hitting their gentrification strides at slightly different times. On a map it’s legitimately Prospect Heights, whose border is a block to the east at Grand Avenue. It’s a small but decidedly cool zone, open and semi-industrial, where old brick buildings share space with a growing number of sleek, modern boutique condos, compact cubes fronted by vast expanses of glass; a fascinating juxtaposition of old and new.
What you might not notice if you're just passing through
NYC Real Estate Firms Cater to Chinese Investors

The Oosten condos in Williamsburg, Brooklyn, overseen by Xin Development Group of China

January 20, 2015

NYC Real Estate Firms Cater to Chinese Investors

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It's no surprise that Chinese investors, who feel that New York City condos and other properties are a safe place for their money, are making major waves in the real estate market, so it makes perfect sense that high-profile real estate firms are tapping Chinese brokers to cater to this growing clientele. These international deals come with many complexities in addition to the traditions and language of the buyer, and having a broker who can easily navigate the process makes closing the deal that much more certain.
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Russian Billionaire Roman Abramovich Buys Up Three UES Townhouses to Build a Makeshift Mansion
January 19, 2015

Russian Billionaire Roman Abramovich Buys Up Three UES Townhouses to Build a Makeshift Mansion

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While some billionaires are busy eyeing the glass penthouses of the city's up-and-coming and ultra-luxe towers, others are taking a more DIY approach to realizing their dream home. The latest to join the building-your-own-mansion trend is billionaire Roman Abramovich, who according to the  NY Post has just "secretly" purchased a 9,495-square-foot townhouse at 11 East 75th Street for $29.7 million from developer Larry Gluck. The buy follows Abramovich's December purchase of another 7,286-square-foot townhouse two doors down for $18.3 million, and word on the street is that he's in contract for the townhouse wedged right in between.
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Construction Resumes at 432 Park; The Case Against Supertalls and Their Super-Long Shadows
January 19, 2015

Construction Resumes at 432 Park; The Case Against Supertalls and Their Super-Long Shadows

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Work has resumed on 432 Park. This follows last week’s stop work order issued after an eight-foot pole fell from tower and crashed into the street below. [Dezeen] Critics of supertalls blast NYC’s “as of right” development policy and what little has been done to protect the urbanscape from the shadows cast by these massive buildings. [The Guardian] A window washer […]

January 19, 2015

VIDEO: Santiago Calatrava Explains the Design of His Ground Zero Church

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Back in October, we revealed renderings for Santiago Calatrava’s Ground Zero Church, which will overlook the 9/11 Memorial. Now we have a BBC video that features Calatrava explaining his vision for Saint Nicholas Church. ArchDaily, who spotted the feature, writes that “the building, which broke ground last year, has been described by Calatrava as a ‘tiny jewel’ for lower […]

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever
January 16, 2015

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever

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Expect another blockbuster year for the super-luxury tower that launched a slew of other wannabe developments across the city. A palatial unit occupying the 89th and 90th floor of One57 has just sold for a record-breaking $100,471,452.77—the most expensive condo purchase ever recorded Manhattan. The buyer of the massive 10,923-square-foot penthouse apartment remains a mystery—city records simply show an […]

City Exceeds 2014 Affordable Housing Goals, but Few Apartments Are Below 96th Street

Photo via Pexels

January 16, 2015

City Exceeds 2014 Affordable Housing Goals, but Few Apartments Are Below 96th Street

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Photo via Pexels The Mayor announced yesterday that the city had exceeded its affordable housing goal for 2014 by 1,300 apartments, building or preserving 17,300 affordable units. This represents 8.6 percent of de Blasio's larger goal of 200,000 units over 10 years. But on the heels of the announcement, a report by New York University's Furman Center shows that only 6 percent of new subsidized affordable rental units have been built below 96th Street since 2000, compared with 16 percent in the '70s. The city says it's ramping up its building and preservation efforts to 20,000 affordable units per year, but this likely won't do much to sway the numbers above 96th Street.
More on the affordable housing news here
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