Real Estate Trends

January 19, 2015

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

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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January 19, 2015

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

By Diane Pham

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 […]

Real Estate Trends

January 19, 2015

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

By Alyssa Alimurung

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 […]

January 16, 2015

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

By Diane Pham

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 […]

Real Estate Trends

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

By Dana Schulz

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

January 16, 2015

Patrick Stewart Wants a “Stroller Lane” in Park Slope; Harlem’s Renaissance Ballroom is Unsalvageable

By Diane Pham

Patrick Stewart wants a “stroller lane” in Park Slope and is willing to back a bill to make it happen. [NYO] It’s curtains for Harlem’s renaissance ballroom. To many’s dismay, the building’s owners have deemed it “unsalvageable”. [NYDN] A massive 40-story mixed-use building is coming to Coney Island. [TRD] It might have great views from the […]

Real Estate Trends

January 16, 2015

Sportscaster Marv Albert’s Lincoln Square Penthouse Sells for $13M, $2M Less Than Initial Reports

By Annie Doge

Though it was originally reported that famed sportscaster Marv Albert sold his sprawling penthouse at 150 Columbus Avenue for $15 million, city records released today show that the 3,553-square-foot pad actually sold for $13 million after being listed in May. Marv and his wife, former ESPN producer Heather Albert, originally purchased the home in 1996 for $2.39 million, turning a pretty impressive profit in time for their move downtown to Tribeca.
Take a look inside here

January 16, 2015

Last Low-Rise Buildings Along Delancey Street Will Likely Be Razed for Condos

By Diane Pham

It looks like the home of Get Set, Happy Wok, Taj Gold, and Sneaktip will soon be no more. Bowery Boogie reports that Ashkenazy Investments, the owner of the commercial stretch, has just listed their site at 156-164 Delancey Street for $7.5 million. Ashkenazy purchased the property two years ago simply leasing the units out, but as one would expect, they've just been waiting for the right moment to make a flip. With this week's reveal of the SHoP/Handel Architects/Beyer Blinder Belle/Dattner Architects-designed mega-development Essex Crossing just across the street, the timing couldn't be better.
Find out more here

January 15, 2015

111 West 57th Street: The World’s Skinniest Tower Will Rise to 1,421 Feet

By Dana Schulz

That's a lot of accolades for one building, but the SHoP Architects-designed tower at 111 West 57th Street is looking to sweep the supertall competition. Originally planned to rise 1,397 feet, the tower will now soar to 1,421 feet, surpassing 432 Park Avenue (the current tallest residential building in the Western Hemisphere) by 24 feet, according to city records uncovered by Crain's. It will also retain its title as the world’s slenderest tower.
More details ahead

January 15, 2015

Real Estate Wire: 432 Park Slapped with a Stop Work Order; Inside Hillary Duff’s Brooklyn Home

By Diane Pham

Construction on 432 Park Avenue has come to a halt after an eight-foot-long pipe fell from the 81st floor and crashed in the street down below. No injuries have been reported. [Curbed] Did you know Hillary Duff lives in Brooklyn? Take a peek inside her home, which looks like it might be in Park Slope. [Elle] Adrian Grenier was spotted […]

Real Estate Trends

First Four Essex Crossing Buildings Revealed

By Dana Schulz

After 45 years of sitting vacant on the Lower East Side, the failed SPURA (Seward Park Urban Renewal Area) project site is being transformed to a $1.1 billion, 1.65 million-square-foot, mixed-use mega-development anchored by 1,000 residential units and a mix of cultural, community, and retail facilities. We've gotten snippets here and there on what the Essex Crossing project will look like–such as the Andy Warhol Museum and a 14-screen movie theater–but now Curbed has revealed renderings of the development's first four buildings. Construction on phase one of the project, which will occupy sites one, two, five and six (there are nine sites in total), is expected to commence this spring, and the notable architects who will spearhead the charge are SHoP, Handel Architects, Beyer Blinder Belle and Dattner Architects.
See what these architects have planned for Essex Crossing

January 14, 2015

Real Estate Wire: Historic Home up for Sale for the First Time in 40 Years; Richard Meier Beauty Asks $10.5M

By Diane Pham

A once-in-a-lifetime opportunity has emerged: A two-floor home in the former Lodging House/Children’s Aid Society in the East Village is for sale. The home hasn’t been available for sale in nearly 40 years. [EV Grieve] A lofty full-floor apartment in Richard Meier’s 165 Charles Street hits the market for $10.5 M. [Curbed] Work has resumed on the B2 […]

Real Estate Trends

January 14, 2015

Affordable Brooklyn Fading: Last Chance to Buy a Home Under $1M in Areas Like Bed-Stuy and Bushwick

By Diane Pham

If you've been looking to buy a home in Brooklyn, you'd better do it now–because townhouses under $1 million are going fast as investors and house hunters turn to the likes of Bushwick, Bed-Stuy, Prospect-Lefferts Gardens and Crown Heights for cheap buys after being priced out of other areas in the borough. The news, which comes via DNA Info, isn't all that surprising, as we reported just yesterday that $3 million-plus townhouses are becoming the norm in already-gentrified neighborhoods like Boerum Hill, Brooklyn Heights and Park Slope. But those mulling over whether or not to close on a home in an up-and-coming neighborhood had better make the move, because affordable townhouse listings are increasingly becoming few and far between.
Find out more here

Real Estate Trends

Is Jamaica, Queens NYC’s Hot New Tourist Spot?

Sutphin Avenue in Jamaica via Panoramio

January 14, 2015

Is Jamaica, Queens NYC’s Hot New Tourist Spot?

By Dana Schulz

Not yet, but that's just what the new head of the neighborhood's Business Improvement District (BID) is planning. To realize her goal of turning Jamaica into one of NYC's hot tourist spots, Rhonda Binda is organizing neighborhood tours and launching a series of pop-up installations that would focus on the community's history and culture, as well as local artists. In partnership with the Queens Tourism Council, she hopes these offerings will attract both locals and visitors alike, especially those who have layovers at JFK airport.
More details ahead

Real Estate Trends

January 14, 2015

To Ski or Not to Ski? That Is the Question in This Adorable Thorndale Condo

By Aisha Carter

We dare you to look at this home and not want to make a cup of hot cocoa, sit down in front of the gas-burning fireplace, wrap yourself up in a blanket and lose yourself in a good book. This 1,209-square-foot Thorndale pad charms with ski lodge appeal, making the cold winter months an experience–and it’s available for rent, asking $8,500 per month.
Hold on while we grab some cocoa, then let’s take a look inside

January 13, 2015

“Who’s Buying New York?” WNYC’s Week-Long Series Spotlighting the Wealthy Changing the City

By Diane Pham

As industry buffs release their year-end reports full of charts and stats, WNYC is taking a different approach, getting an insider's look with the actual people wheeling and dealing real estate across the city. Launched Monday, "Who's Buying New York?" is a week-long series that takes a look at the current real estate boom taking New York by storm. The podcast series investigates the financial muscle behind the supertalls changing our skyline, who's buying those units in those buildings, and what this all means for the rest of us. Reporters also chat with some high-earning Chinese investors buying apartments in New York they never plan on living in, and they take a look at all the extra moves property owners take to hide their identities.
Find out where to listen to the podcasts here

Real Estate Trends

January 13, 2015

Real Estate Wire: 2014 Was the Tallest Year for Skyscrapers; Karim Rashid Design Blasted Again

By Diane Pham

Karim Rashid just can’t seem to win. The city has—again—asked the architect to redesign his East Harlem building’s balconies due to building code violations. [DNA Info] 2014 was the tallest year for skyscrapers. [Archinect] Renderings of “The Ark”—a privately-owned animal handling cargo terminal–coming to JFK. [Curbed] Gloomy 380 Madison is getting a makeover with sky-high green space […]

Real Estate Trends

January 13, 2015

Paying $3 Million-Plus for a Brooklyn Townhouse Is Now the Norm

By Diane Pham

Brooklyn's real estate market is hot, but the market for historic townhouses is searing. Today, the NY Post cites Ideal Properties' latest report which reveals that $3 million-plus townhouse sales in Brownstone Brooklyn and North Brooklyn increased 579 percent in the last five years, and accounted for 9.5 percent of the 1,035 townhouses sold just last year. Record-breaking sales in the last quarter gave the segment its biggest boost, and rising inventory is expected to swell this number even further over the coming year.
Find out more here

Real Estate Trends

January 13, 2015

Chetrit Group Plans $1.8B Sellout for 96 Condos in the Sony Tower

By Dana Schulz

Back in June, we learned that the Chetrit Group was planning to partially convert the Philip Johnson-designed Sony Tower at 550 Madison Avenue to high-end condos. And it has now been revealed that the 96 condo units will amount to a jaw-dropping $1.8 billion sellout, according to plans the developer filed with the Attorney General's office. By comparison, the initial total sellout at One57 was $2 billion, and at 432 Park Avenue it was $2.4 billion.
More on the luxury conversion

January 12, 2015

Real Estate Wire: A Trippy Checkered East Village Apartment; Top Year-End Condo Sales of 2014

By Diane Pham

Every room in this $440K East Village apartment has black and white checkered floors. [CityRealty] The biggest sales that rounded out 2014, plus other real estate highlights. [CityRealty (opens to a pdf)] Another reason to love winter: Rent concessions. Winter is a good time to sign a new lease since many landlords will throw in […]

Real Estate Trends

January 12, 2015

Construction Update: One Manhattan Square, Extell’s Mega-Rental Complex in Two Bridges

By Ondel Hylton

Groundwork continues on Extell Development's 847-foot-tall mega-rental complex at the foot of the Manhattan Bridge. Rumored to be called One Manhattan Square, the project at 250 South Street will bring a staggering 790 luxury rentals and 205 affordable units to a remote section of the Two Bridges/Chinatown neighborhood. The project rises on the former site of a cherished one-story Pathmark supermarket and its sprawling parking lot. While details of the design remain scarce, public documents reveal a two-towered development of 68 and 23 stories to rise atop a three-story podium that will contain 30,000 square feet of retail. Blogger Bowery Boogie uncovered the residential amenity package, which will include two swimming pools, a health club, basketball court, squash court, bowling alley, golf simulator, and 137 on-site parking spaces.
More details on One Manhattan Square

January 12, 2015

EVENT: Is the Vanderbilt Corridor the Future of East Midtown?

By Dana Schulz

The proposed East Midtown Rezoning has been a hotly debated issue over the past few years. First introduced by Mayor Bloomberg, and backed by Mayor de Blasio, the rezoning would allow developers to build larger and taller than the current Grand Central Terminal district zoning allows in exchange for financial contributions to the area's infrastructure needs. The Department of City Planning feels the rezoning would ensure that the area maintains its spot as a global business center, but others think it would forever ruin the historic nature of the neighborhood. One of the most major components of the project is One Vanderbilt, a 68-story, 1,514-foot zigzag tower that will stand adjacent to Grand Central. Along with the building comes a reconfiguration of the Vanderbilt Corridor, the streetscape around the Terminal. A panel discussion at the Museum of the City of New York on January 20th will examine both the tower and the corridor and what they mean for Midtown East.
More about the event here

January 12, 2015

Checking In on 56 Leonard: The Rising Star in the Downtown Skyline

By Ondel Hylton

Esteemed architect and historian Robert A.M. Stern once said that "New York is a constellation of magic moments. No city as complex as New York rebuilds itself so often, and often so well." Two stars are being born in that nebula of irregular streets we call Downtown. The taller of the two, 30 Park Place, is designed by the famed starchitect himself, and has recently surpassed its neighbor, the Woolworth Building, to soon take its place as the tallest residential perch in the district. The other star, 56 Leonard, may still shine brighter, however. While absent any height superlatives, 56 Leonard may very well end up being the most interesting skyscraper Downtown has produced in decades. Nicknamed the "Jenga-building" and the "tower of penthouses," 56 Leonard's design comes from the Swiss architectural firm of Herzog & de Meuron while working with the residential know-it-alls at Goldstein Hill & West. Currently, the concrete frame is approximately 700 feet tall with little more than 100 feet to rise before topping off. The floors progressively stagger at varying configurations creating cantilevered interior spaces as well as outdoor balconies for each of the residences.
More details ahead

January 9, 2015

Once Vibrant Graffitied Boyce Thompson Institute in Yonkers Will Get a New Lease on Life

By Stephanie Hoina

While not officially landmarked, the Federal-style masonry building that formerly housed the Boyce Thompson Plant Institute has been part of the Yonkers landscape for nearly a century. After the institute relocated to the Cornell University campus in the late '70s, the original location fell into disrepair, becoming an eyesore the city was anxious to remedy. Enter Simone Development, who welcomed the opportunity to purchase the property and conclude the city's decades-long quest to find the right owner.
Find out about the Institute's new life and the architects behind it

January 9, 2015

Real Estate Wire: Nearly a Quarter of NYC Apartments Aren’t Primary Residences; How Expensive Is Your Neighborhood?

By Diane Pham

Nearly one quarter of the apartments in New York City are not used as primary residences. Instead they serve as either as pieds-à-terre or investment properties that are rented out to tenants. [NYT] How pricey is your neighborhood? This map will give you an idea of how things stack up. [TRD] Jared Kushner’s Kushner Companies […]

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