Real Estate Trends

January 23, 2015

Politician Peter Kostmayer Buys $2M Clinton Hill Brownstone

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

By Dana Schulz

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

January 22, 2015

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

By Diane Pham

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 […]

Real Estate Trends

January 22, 2015

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

By Diane Pham

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

January 22, 2015

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

By Dana Schulz

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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Real Estate Trends

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

By Lauren Price

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

January 21, 2015

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

By Diane Pham

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 […]

January 21, 2015

Live in a Regal Apartment with Jackie O Cachet; Architect Helmut Jahn Chats About 50 West

By Diane Pham

Live in the luxurious co-op carved from Jackie O’s father’s home at 115 East 36th Street. [Curbed] Architect Helmut Jahn talks about his design of 50 West. [NYT] Permit applications filed with the Department of Buildings doubled in 2014. [TRD] The Bronx Post Office moves closer to its rebirth as a shopping and dining mecca. […]

Real Estate Trends

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?

By Dana Schulz

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

Real Estate Trends

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

By Michelle Cohen

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

Airbnb in the Hot Seat Today; Lower East Side Ranks Low in Noise Complaints

By Diane Pham

Airbnb was the subject of a City Council hearing today as supporters on both sides debated the company’s presence in the city. [Brooklyn Magazine] Here’s your head-scratcher for the day: The Lower East Side ranks only 37th when it comes to noise complaints. [The Lo-Down and I Quant NY] Only one unit remains at 150 East 72nd Street. […]

Real Estate Trends

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

By Dana Schulz

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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Real Estate Trends

January 19, 2015

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

By Diane Pham

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

Rendering via SHoP Architects

January 15, 2015

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

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