Real Estate Trends

158-Year-Old Legally-Embattled Building on Leonard Street Finally Sells for $11.2 Million

Image via Tribeca Trib

January 7, 2015

158-Year-Old Legally-Embattled Building on Leonard Street Finally Sells for $11.2 Million

It's been a rough year for an even rougher 158-year-old structure located at 17 Leonard Street. Since 2013, there's been an ongoing dispute over damage in the building that caused an evacuation ordered by the Department of Buildings. Owner Christopher Rolf has been feuding with his next-door neighbor, Steven Schnall, who is constructing a seven-story condo building with a two-story penthouse next door at 15 Leonard. The dispute concerns the cause of several giant cracks that Rolf alleged appeared once Schnall started construction. Rolf claimed Schnall's project was the reason for the damage, while Schnall insisted that the old structure was already in shambles long before he even broke ground. The drama has dragged on for over a year, but a recent sale points to the end of the saga at 17 Leonard—at least for Rolf. According to public records, Rolf has finally parted ways with the property, striking a deal with an undisclosed buyer (listed simply as "17 Leonard Properties, LLC") for $11.165 million.
More details here

Real Estate Wire: Curious Wedge-Shaped Building Sprouts in South Williamsburg; The Upper East Side Redrawn

January 7, 2015

Real Estate Wire: Curious Wedge-Shaped Building Sprouts in South Williamsburg; The Upper East Side Redrawn

A funny wedge-shaped two-family building has popped up on a tiny triangle in South Williamsburg on Heyward Street. [Brownstoner] The borders of the Upper East Side redrawn so no block is excluded. [Curbed] The Bnai Zion Foundation is looking to sell its long-time U.S. headquarters in Murray Hill for $21M. [TRD] The buyer of Kiefer Sutherland’s […]

Real Estate Trends

Tyra Banks Lists Nolita Condo for $3.8M

January 7, 2015

Tyra Banks Lists Nolita Condo for $3.8M

Fashion-forward supermodel Tyra Banks has listed her surprisingly unfashionable Nolita condo for $3.8 million, according to the Daily News. She bought the two-bedroom pad back in 2005 for $2.1 million. The historic Cass Gilbert-designed Beaux Arts building known as the Spring is located at 225 Lafayette Street and has quite the celebrity following. Actress Dakota Fanning currently resides there, and John Mayer sold his unit there for close to $4 million in 2013. We're guessing it wasn't the limelight that persuaded Banks to list, though.
Take a look around the rather un-fierce apartment here

January 7, 2015

POLL: Will 2015 Manhattan Sale Prices Surpass Record-Breaking Average of 2014?

Yesterday we learned that the average Manhattan sale price reached an all-time high in 2014, climbing to $1,718,531 and surpassing the pre-recession record of 2008. We weren’t totally surprised, considering the past year’s slew of new, high-end developments. We predict that this trend will continue into 2015, with even more luxury listings hitting the market. But what […]

Real Estate Trends

Palatial Tribeca Triplex with Coveted Keith Haring Mural Finds a New Owner

January 7, 2015

Palatial Tribeca Triplex with Coveted Keith Haring Mural Finds a New Owner

An 8,000-square-foot Tribeca triplex with a 45-square-foot entertaining space, an original Keith Haring mural, cast iron columns, soaring arched windows and 26+ foot coffered ceilings is not such a hard sell. So we were not surprised to see that this palatial pad sold for the asking price of $10 million according to city records. Located in the historic American Thread Building at 260 West Broadway, this regal home combines the privacy of townhouse living with the security and services of a fully staffed building. When it hit the market back in May we were seriously swooning over its museum-like feel and impressive art collection. But that's not all...
Take a look around the rest of the home here

Real Estate Wire: 90-Year-Old LES Matzo Maker to Shutter; 45 Park Place Gets Its Demo Permits

January 6, 2015

Real Estate Wire: 90-Year-Old LES Matzo Maker to Shutter; 45 Park Place Gets Its Demo Permits

Streit’s Matzo Factory, the last family-owned matzo factory in the U.S., is in contract for purchase by an unnamed developer. The properties, located in the Lower East Side, were listed for $25M. [Bowery Boogie] Soho Properties has received demolition permits for 45 Park Place, the site where a 665-foot tower luxury tower and an Islamic museum will rise. [CO] The […]

Real Estate Trends

Average Manhattan Sale Price Reaches All-Time High in 2014

January 6, 2015

Average Manhattan Sale Price Reaches All-Time High in 2014

According to Douglas Elliman’s fourth-quarter sales report, 2014's average sale price climbed to a new record high of $1,718,531, surpassing the pre-recession record of 2008. Plus, the fourth quarter had the second-highest sales volume in 25 years with 2,718 closed sales (the highest was in 2013, with 3,297 closed sales). What's to thank (or blame, depending on your feelings)? Jonathan Miller, author of the report and president of real estate appraisal firm Miller Samuel, told Curbed "Prices are up for two key reasons. New development contracts from the past few years are beginning to close, and new development is skewed towards high end. Plus, inventory is up 20 percent from last year's 15-year record low but most of that increase is from new development."
More findings from the report here

Real Estate Trends

Real Estate Wire: Flip or Hold in 2015?; Patrick Stewart Loves Park Slope

January 5, 2015

Real Estate Wire: Flip or Hold in 2015?; Patrick Stewart Loves Park Slope

Should you flip or hold in 2015? [AOL Real Estate] “Ooh, I like this place.” Patrick Stewart muses about living in Park Slope. [NYDN] Super-luxury condos are struggling to attract buyers. [Crain’s] 7 reasons a brokers won’t sell your apartment. [Brick Underground] Citizens band to ‘Save the View Now’ at Brooklyn Bridge Park. [Brooklyn Eagle] […]

Real Estate Trends

Daphne Oz, Co-Host of ‘The Chew,’ Buys $1.6M Midtown East Apartment

January 2, 2015

Daphne Oz, Co-Host of ‘The Chew,’ Buys $1.6M Midtown East Apartment

Daphne Oz, daughter of the well-known Dr. Oz and co-host of the talk show "The Chew," has bought a $1,625,000 Midtown East apartment along with her husband John Jovanovic, according to city records. The three-bedroom unit at 140 East 40th Street offers plenty of space for the growing family, as the couple welcomed their first child last February. It's also much closer than the couple's previous New Jersey residence to the ABC Studio in Lincoln Center where "The Chew" is filmed.
Take a look around the Oz pad here

Real Estate Wire: 6,500 New Condo Units Coming in 2015; Delving into the Boutique Housing Trend

January 2, 2015

Real Estate Wire: 6,500 New Condo Units Coming in 2015; Delving into the Boutique Housing Trend

Twice as many condo units as 2014 (6,500 to be exact) are expected to hit the market in 2015. [NYT] Two 14-story rental towers are coming very close to the Cathedral of St. John the Divine. [FC] Are boutique condos replacing major developments like One57 as the sexiest place to live in NYC? [NYP] Queens affordable […]

Real Estate Trends

Popular Articles

Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

January 1, 2015

Looking Back and Forecasting What’s to Come in the 2015 NYC Real Estate Market

It's that time of year when we take a look back at the biggest stories of the year and look ahead at what's to come. And if 2014 was the year of the ultra-luxury listing, 2015 shows no sign of cooling down. This past year saw major increases from 2013, with $16.8 billion in residential sales, over 17 percent of which was accounted for by purchases over $10 million. Plus, the top 25 sales of the year all closed for over $25 million. News of big sales at One57 will likely continue, with 520 Park Avenue vying for the title of most-talked-about building. We'll also start hearing more from 30 Park Place, 432 Park Avenue, and the Woolworth Residences. To help you visualize all of these high-rolling record setters and predictions, the folks at CityRealty have put together some handy charts and infographics.
Check out the year in review and 2015 predictions here

Real Estate Trends

Real Estate Wire: Hedge Fund Manager Likely the Buyer of $53M One57 Pad; Queens Historic Sites May Become National Parks

December 31, 2014

Real Estate Wire: Hedge Fund Manager Likely the Buyer of $53M One57 Pad; Queens Historic Sites May Become National Parks

Hedge fund manager Mark Brodsky, founder of Aurelius Capital Management, is probably the buyer of a $53 million pad at One57. [NYO] Hoboken might not be as frat-tastic as you think. [NYT] 17-property Williamsburg site will likely sell for $80 million. [TRD] Two Queens historic sites, the John Bowne House and the Old Quaker Meeting House in […]

Real Estate Trends

Vanity Addresses Like 432 Park Avenue Might Be the Reason You’re Getting Lost

Lost in NYC via Ed Yourdon via photopin cc

December 30, 2014

Vanity Addresses Like 432 Park Avenue Might Be the Reason You’re Getting Lost

When we get into heated debates about NYC being the greatest city on Earth, we like to cite the fact that our sophisticated, methodical street grid makes it impossible to get lost. But what happens when the entrance to 432 Park Avenue is not actually on Park Avenue? Our egos get a little bruised. Known as "vanity addresses," these luxury buildings choose to go by swanky street names like Park or Madison Avenues, but in reality their entrance is on a lowly side street. The front door for 432 Park, for example, will likely be on 56th Street, 150 feet from the Avenue. But how do developers skirt the traditional numbering system to create something that's more of a brand than an address?
Find out here (hint-it doesn't come cheap)

Real Estate Wire: Luxury Development Hitting the West 90s; 70,000 People Apply for 38 Affordable Apartments in Williamsburg

December 30, 2014

Real Estate Wire: Luxury Development Hitting the West 90s; 70,000 People Apply for 38 Affordable Apartments in Williamsburg

The West 90s, long considered the more affordable part of the Upper West Side, is seeing an influx of luxury development. [NYT] 70,000 people applied for 38 affordable apartments in Williamsburg at 59 Frost Street. [DNAinfo] Not everyone agrees with the Times endorsement of the QueensWay. [2nd Ave. Sagas] Soap opera star Noelle Beck lists […]

Real Estate Trends

REVEALED: Mixed-Use Development One Flatbush Avenue to Rise from Prominent Brooklyn Corner

December 30, 2014

REVEALED: Mixed-Use Development One Flatbush Avenue to Rise from Prominent Brooklyn Corner

By Ondel Hylton

Here's our first look at 1 Flatbush Avenue, a 19-story, 160,000-square-foot mixed-use building planned for the very visible corner of Flatbush Avenue and Fulton Street in Downtown Brooklyn. Images on the website of Ryder Construction show a dignified building that blends with its streetscape. Slate Property Group is listed as the owner of the site and Goldstein Hill & West Architects (GHWA) as the architects.
More details ahead

Michelle Williams Sells Boerum Hill Townhouse for $8.8M

December 29, 2014

Michelle Williams Sells Boerum Hill Townhouse for $8.8M

Back in September, we revealed that actress Michelle Williams had listed her Boerum Hill townhouse for $7.5 million. Not surprisingly, the beautiful, ivy-covered home didn't last long on the market. According to city records released today, the "one and only" corner home has sold for $8.8 million.
More here

Real Estate Wire: The Times Supports the QueensWay; Port Authority May Sell One World Trade Center

December 29, 2014

Real Estate Wire: The Times Supports the QueensWay; Port Authority May Sell One World Trade Center

The QueensWay gets a major endorsement. [NYT] Trinity Church has filed demolition permits for 68-74 Trinity Place, where they plan to erect a 46-story residential building designed by Pelli Clarke Pelli. [CO] The Port Authority is considering selling off its real estate, including One World Trade Center, to fund the agency’s overhaul. [WSJ] Collegiate School, the […]

Real Estate Trends

REVEALED: New East Williamsburg Rental 66 Ainslie Street Aims for Ubiquitous Factory Look

Rendering of 66 Ainslie Street via Slate Property Group

December 29, 2014

REVEALED: New East Williamsburg Rental 66 Ainslie Street Aims for Ubiquitous Factory Look

By Ondel Hylton

Here's the first look at 66 Ainslie Street, a seven-story, 50-unit rental building set to rise from the East Williamsburg corner of Ainslie and Keap Streets. According to The Real Deal, the project is being developed by Slate Property Group, led by Martin Nussbaum and David Schwartz, and the site's previous sole owners, Tavolario and Meszaros Realty Corporation. Slate purchased the site for $15 million in an off-market deal in September. Construction permits filed this past November by Aufgang Architects indicate that the building will contain 42,500 square feet of residential and retail space, 23 parking spaces in an underground garage, and a roof deck and fitness center. The site is also around the corner from the Metropolitan-Lorimer G and L train stop. The filing of a "major alteration" application indicates that at least some part of the existing one-story factory building will remain.
More details ahead

Image © Thomas X. Casey, BronxNYC

December 29, 2014

The Bronx Is the Least Affordable County in the U.S. for Renters

Brooklyn may hold the title for most unaffordable place to buy a home in America, but when it comes to affordability for renters, the Bronx is the worst. According to the Daily News, a new report shows that tenants in the borough spend 68% of their earnings on rent, which roughly equates to $2,000 per month for a three-bedroom […]

As the Met Prepares to Move into the Whitney’s Old Building, A Madison Avenue Block Is Transformed

December 26, 2014

As the Met Prepares to Move into the Whitney’s Old Building, A Madison Avenue Block Is Transformed

All eyes have been on the construction of Renzo Piano's new downtown home for the Whitney Museum, set to open in May. But let's not forget about what's happening to the Whitney's old Marcel Breuer-designed building on Madison Avenue and 75th Street. The Brutalist building opened in 1966 and has since dominated its Upper East Side surroundings. It's set to be taken over as a satellite location for the Metropolitan Museum of Art to showcase their contemporary and modern art collections when it reopens in March 2016. And though the Met will not alter the façade of the landmarked museum building, its surroundings will certainly look different than in the Whitney's days. The biggest changes are happening right next door, where the row of six 19th-century Italianate and Greek Revival brownstones on Madison Avenue and two townhouses on East 74th Street are being reimagined as condos and retail space by developer and healthcare entrepreneur Daniel Straus, who bought the properties from the Whitney in 2010 for $95 million and subsequently was granted approval by the Landmarks Preservation Commission for their new design by Beyer Blinder Belle. According to the Times, who profiled the development, the flurry of construction could be considered "the Met effect."
More on the development here

Real Estate Wire: Williamsburg Development Site Sells for Record-Setting $40M; Plaza Condo Drops Price by $15M

December 26, 2014

Real Estate Wire: Williamsburg Development Site Sells for Record-Setting $40M; Plaza Condo Drops Price by $15M

Sale of two Williamsburg buildings on Bedford Avenue for $40 million sets a new record. [Crain’s] Extell employs holograms to market its One Riverside Park condominium. [NYT] Google is expanding its footprint in Chelsea, creating a 3.5-million-square-foot urban tech campus. [WSJ] Art Deco Plaza condo drops asking price by $15 million. [Curbed] Images: Rendering of the new […]

Real Estate Trends

Steven Harris-Designed West Village Townhouse Sells for $15M

December 26, 2014

Steven Harris-Designed West Village Townhouse Sells for $15M

We're big fans of the work of Steven Harris Architects here at 6sqft, so it came as no surprise that this West Village townhouse that features the firm's lovely designs sold for $15 million. According to city records released today, the seller of the home located at 156 West 13th Street is Candida Smith, curator and daughter of the late celebrated artist and sculptor David Smith. The Greek Revival townhouse was built in 1846 for the estate of Peter Remsen, a member of a prominent Knickerbocker family. Steven Harris updated the home to include modern conveniences like an elevator and an industrial-sized kitchen, while retaining its historic charm and grandeur.
Take a look around here

NYC Saw a Spike in Chain Stores in 2014 with Queens Experiencing the Fastest Growth

Image via Flickr

December 23, 2014

NYC Saw a Spike in Chain Stores in 2014 with Queens Experiencing the Fastest Growth

Does it feel like there's either a Starbucks, Chase Bank, or Duane Reade on every corner? Well, that's actually quite a realistic feeling. According to the Center for an Urban Future's seventh annual State of the Chains report, national retailers in New York City experienced a 2.8 percent increase in 2014, the largest jump in four years and the sixth straight year to see a net increase. Queens is experiencing the fastest growth in new stores, and coffee king Dunkin Donuts maintains its top spot for the seventh year running with a total of 536 locations, 21 more than last year.
More on the findings here

Real Estate Trends

Real Estate Wire: Community Boards Not Happy with One Vanderbilt; Condos on the Rise in Long Island City

December 23, 2014

Real Estate Wire: Community Boards Not Happy with One Vanderbilt; Condos on the Rise in Long Island City

Manhattan Community Boards 5 and 6 want to redesign SL Green’s 67-story One Vanderbilt tower. [NYP] Fresh Direct breaks ground for its South Bronx headquarters, but locals protest that it will further damage the area’s air quality. [NYT] An opinion on why the proposed megatower on the pier would ruin the South Street Seaport. [NY Mag] Long Island […]

Real Estate Trends

170 Amsterdam Avenue: NYC’s First Concrete Diagrid Nears Completion

December 23, 2014

170 Amsterdam Avenue: NYC’s First Concrete Diagrid Nears Completion

By Ondel Hylton

Final touches are being added to the Upper West Side's exoskeletal rental building at 170 Amsterdam Avenue. The 20-story mid-rise between 67th and 68th Streets will be the first residential building in the city to feature a concrete "diagrid" structural system. Developed by Chicago-based Equity Residential, the tower will house 239 luxury rental units and is slated to begin leasing early next year. Rental pricing may be similar to the Aire next door, where available units range from $3,375 for a 25th floor studio to $15,000 for a three-bedroom penthouse. According to the New York Post, Equity signed a 99-year lease for the site from the American Properties Group for $76.5 million back in 2011.
More details here

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