Real Estate Trends

February 5, 2015

Rents in Harlem Shoot Up, Brooklyn Studios Expensive as Ever

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
February 4, 2015

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

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.
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February 3, 2015

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

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
February 3, 2015

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

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
February 3, 2015

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

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 […]

February 3, 2015

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

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
February 3, 2015

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

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
February 2, 2015

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

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?
February 2, 2015

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

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 […]

February 2, 2015

Brooklyn Paramount Theatre Will Reopen as a Gilded Public Performance Venue

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
January 30, 2015

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

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
January 29, 2015

Modern Smart Home in Cobble Hill Sells for $6M

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
January 29, 2015

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

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
January 28, 2015

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

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 […]

January 27, 2015

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

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
January 27, 2015

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

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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January 27, 2015

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

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 […]

January 26, 2015

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

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, […]

January 26, 2015

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

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
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

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 […]