Real Estate Trends

Don’t Forget, One World Trade Was Supposed to Be the Greenest Building in America
December 9, 2014

Don’t Forget, One World Trade Was Supposed to Be the Greenest Building in America

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Since the opening of One World Trade Center just a few weeks ago, the world has been in an uproar over the design and the incredible cost of making New York's tallest tower a reality. But one feature that we all seemed to have forgotten was the promise that the tower would be the greenest building in America. A recent City Lab article looks at what went wrong, and why, in a race to meet contractual obligations to its anchor tenant, Condé Nast, the development dumped a major part of its plans to go green, currently leaving the building in a state of noncompliance.
Find out more here
Rosie O’Donnell Sells Chic Greenwich Village Penthouse for $9M
December 9, 2014

Rosie O’Donnell Sells Chic Greenwich Village Penthouse for $9M

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After initially listing her Greenwich Village penthouse for $11 million in July 2013, Rosie O'Donnell has finally sold the chic four-bedroom home for the substantially lesser amount of $9 million, according to the Daily News. O'Donnell bought the duplex apartment at 130 West 12th Street, part of the former St. Vincent’s Hospital complex, for $8.09 million in the summer of 2012. She then redecorated it with a combination of artsy, modern, and elegant furnishings. In addition to benefitting from Rosie's design sense, the new owner will also get to take advantage of a 435-square-foot private terrace and views of both the Empire State Building and One World Trade Center.
Take a look around the penthouse here
REVEALED: New Renderings for Christian de Portzamparc’s Riverside Center

L to R: Building 1, Building 2 (21 West End Avenue), Building 3, Building 4, Building 5 (1 West End Avenue)

December 5, 2014

REVEALED: New Renderings for Christian de Portzamparc’s Riverside Center

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The final appearance of Christian de Portzamparc’s Riverside Center master plan is coming into full view. A bevy of images depicting three never-before-seen crystalline towers have been released by Goldstein Hill & West Architects, giving us a more complete look at what the two-block site will ultimately look like circa 2018. The city-approved plan will ultimately hold three acres of open space and five mixed-use buildings containing approximately 2,500 condo and rental units, a public school, a hotel, a movie theater and an auto showroom.
More details ahead
Real Estate Wire: Taxi King’s Apartment Going for $27M; Flashback to ‘Home Alone 2’ Brownstone
December 5, 2014

Real Estate Wire: Taxi King’s Apartment Going for $27M; Flashback to ‘Home Alone 2’ Brownstone

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New York’s taxi king lists his apartment at 101 Warren Street for $27M. [TRD] Reel Estate: A look at the brownstone-turned-battleground in Home Alone 2. [Brick Underground] Condos in starchitect Tao Ando’s first NYC building will start at $5.9M. [TRD] The massive 1929 Rothschild mansion on the Upper East Side is selling for $40M. [Curbed] […]

Former Padres Owner’s Ex-Wife Buys $55M Unit at One57, Second-Highest Condo Sale of the Year
December 5, 2014

Former Padres Owner’s Ex-Wife Buys $55M Unit at One57, Second-Highest Condo Sale of the Year

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Just yesterday, Bloomberg released a grim report that sales had come to a halt at One57, as only one condo unit was sold in the third quarter. But it looks like the fourth quarter might prove a bit more optimistic for the city's most expensive building. According to city records released today, Rebecca Moores, ex-wife of John Jay Moores, entrepreneur, philanthropist, and former owner of the San Diego Padres, dropped $55.5 million on unit 81 at the building, making it the second-highest condo sale of the year, according to CityRealty. The number one spot also goes to One57 for Bill Ackman's $90 million flip-happy purchase. The former couple also made real estate headlines in 2013 when they listed their Del Mar, California home for $23 million, making it one of the most expensive in the San Diego area and probably the only one with its own moat. Let's take a look, though, at Rebecca's latest property venture at One57.
Check out the floor plan
Long Island City Tower Will Be Tallest Residential Skyscraper in NYC Outside of Manhattan
December 5, 2014

Long Island City Tower Will Be Tallest Residential Skyscraper in NYC Outside of Manhattan

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The tallest residential building in the outer boroughs is underway, and no, it's not going to be in boomtown Brooklyn, but rather along the rapidly evolving corridor of Queens Plaza in Long Island City. 42-12 28th Street will soar 57 stories from an 18,000-square-foot lot and will contain 447 luxury rental units. At its 635-foot projected height, it will be just 20 feet shy of the current outer borough tallest, One Court Square (the "Citi" building). Recently posted images on Goldstein Hill & West's revamped website reveal some new aspects of the project, including its ground-level street frontage and an "extensive" amenity package to include a swimming pool directly linked to an outdoor roof deck.
More details on the record-setting project
Walk This Way: How Observant Jews Shop for Real Estate with the Torah in Mind
December 4, 2014

Walk This Way: How Observant Jews Shop for Real Estate with the Torah in Mind

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Certain neighborhoods are becoming increasingly sought after by observant Jews—but in keeping with what is written in the Torah, apartment hunting can be a formidable undertaking. Observant Jews not only have to deal with New York City’s low vacancy rate but they need to find a home that, most importantly, is within walking distance to shul (synagogue) from sundown on Friday to sundown on Saturday and some Jewish holidays—owing to the fact that Sabbath obligations, of which there are a lot, do not allow one to drive a car. It goes against what’s written in the Torah to start or extinguish fires during the Sabbath, and, well, cars burn fuel. And by the way, this also means cooking only one, single, solitary item.
Find out more here
Julia Louis-Dreyfus’s Billionaire Businessman Father Sells Central Park West Pad for $7M
December 4, 2014

Julia Louis-Dreyfus’s Billionaire Businessman Father Sells Central Park West Pad for $7M

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You likely know plenty about Emmy- and Golden Globe-winning actress Julia Louis-Dreyfus, but did you know her father is a very prominent, very wealthy businessman? William Louis-Dreyfus is the chairman of Louis Dreyfus Energy Services and the great grandson of Léopold Louis-Dreyfus, founder of the Louis Dreyfus Group. He has an estimated net worth of $3.4 billion, and just made an impressive $7.1 million on the sale of his Upper West Side co-op, according to city records released today. Unit 9C at 262 Central Park West is a three-bedroom apartment with ten large picture windows and panoramic views of Central Park. And the sleek interior must have been pretty impressive in person, as the selling price is well over the $6.75 million asking price.
Take a look around the Louis-Dreyfus home
Real Estate Wire: Brooklyn Is the Least Affordable in the US; Bed-Stuy Townhouse Sale Breaks Record
December 4, 2014

Real Estate Wire: Brooklyn Is the Least Affordable in the US; Bed-Stuy Townhouse Sale Breaks Record

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Brooklyn has the least affordable housing in the US. [Bloomberg] A Bed-Stuy townhouse sells for a record-breaking $3M. [Brownstoner] 100% Sold Out: All of the homes at The Townhouses of Cobble Hill have been scooped up after less than a year. [6sqft inbox] Related breaks ground on the first residential tower at Hudson Yards. [NYDN] Images: […]

December 4, 2014

NYC Sees a 24 Percent Increase in Construction Loans, Especially in Brownstone Brooklyn

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It's that time again when everyone starts looking back on the year as it comes to a close, but it's also the time to look ahead to the new year. We already know 2015 will bring a slew of new developments to the New York City skyline, and right on trend with that forecast, Bloomberg has reported that construction loans are up 24 percent in the city. On-the-rise neighborhoods like Bed-Stuy and Harlem are being aided by the construction loan boom, especially for the renovation of multi-family buildings. The loans, often well over $1 million, are appealing for gentrifying areas because they usually require borrowers to only begin making interest payments once the renovation is complete. For example, a Clinton Hill resident secured a $800,000 construction loan to renovate a century-old multi-family brownstone and estimates that the value of the home will more than double to at least $2.2 million after the renovation.
More information here
Hudson Yards Observation Deck Will Offer a Death-Defying Way to Experience City Views
December 3, 2014

Hudson Yards Observation Deck Will Offer a Death-Defying Way to Experience City Views

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The idea of creating a glass observation deck is nothing new, but the Hudson Yards development wants to push the limits with a seemingly perilous glass-enclosed capsule 1,000 feet up in the sky. According to the NYP, the "thrill device" is modeled after the glass module located 350 feet above Royal Caribbean cruise ship Quantum of the Seas, but amped up with a tilting glass walkway. A detailed design of what will be the tallest observation deck in the city has yet to be revealed, but when Related Hudson Yards President Jay Cross spoke about it at the Young Men's/Women's Real Estate luncheon back in November, he said, “You can choose to pay for it separately and crap your pants.”
Find out more
Real Estate Wire: Why One WTC’s Transportation Hub Costs $4B; Walker Tower Combo Up for $44.5M
December 3, 2014

Real Estate Wire: Why One WTC’s Transportation Hub Costs $4B; Walker Tower Combo Up for $44.5M

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Why the Santiago Calatrava-designed transportation hub at One World Trade Center has gone so far over budget. [NYT] A Walker Tower combo is looking for a $44.5M sale. [WSJ] 551W21, the Norman Foster-designed luxury condo, gets its windows. [Field Condition] New York will receive $72M to put towards protecting bridges from floods. [Crain’s] A Park Slope […]

How the Cost of One World Trade Center Compares to the World’s Most Expensive Skyscrapers
December 3, 2014

How the Cost of One World Trade Center Compares to the World’s Most Expensive Skyscrapers

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Don’t share this with Michael Kimmelman. The New York Times architecture critic who this past Sunday blasted the design of One World Trade for its excess will only find more fuel for his fire with this infographic visualizing the world’s most expensive buildings. The recently opened One WTC is not only the world’s priciest construction, but it outdoes its runners-up, Las Vegas’s Palazzo […]

Real Estate Wire: A Scathing Review of One WTC by the Times; Nearly 100 Sites to Be Removed from Landmarks Consideration
December 1, 2014

Real Estate Wire: A Scathing Review of One WTC by the Times; Nearly 100 Sites to Be Removed from Landmarks Consideration

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New York Times architecture critic Michael Kimmelman reviews the design of One World Trade Center. Kimmelman does not mince words. [NYT] 95 historic city sites will be removed from Landmarks consideration without any public consideration or input. [GVSHP] Construction on 56 Leonard is well underway and the building already looks as crazy as the rendering. [Field Condition] Sales begin at Tribeca’s […]

10 Sullivan Street Leads Western Soho Residential Development
December 1, 2014

10 Sullivan Street Leads Western Soho Residential Development

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Back in June, units at 10 Sullivan Street in Soho hit the market. The 16-story, Cary Tamarkin-designed building is shaped like a mini Flatiron Building, and due to its height and scale, many consider it grossly out of place. But regardless of one's opinion, the scheduled completion of the triangular condo in late 2015 will cement western Soho's turn from primarily commercial to residential, a trend shared with adjacent neighborhood Hudson Square.
More on 10 Sullivan Street and western Soho's transformation
On Sale Now: An Unofficial Black Friday Bargain Hunt!

135 West 70th Street Penthouse BC; Listing photo Douglas Elliman.

November 28, 2014

On Sale Now: An Unofficial Black Friday Bargain Hunt!

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Late November can be an anxious time for both buyers and sellers; unpleasant weather, family events and just plain seasonal shutdown mode can reduce the traffic at open houses to a trickle and get properties pulled off the market until after New Year’s Day or even springtime. Sellers may panic and prices get cut in the hopes of getting the deal done before year’s end; it’s a good time for intrepid buyers to stay in the game, though, because the competition factor is at a minimum. After reading about Leo DiCaprio who, like Macy’s, Wal-Mart and Kohl’s, jumped the gun on the traditional discount day by price-chopping his haute-holistic Delos Living penthouse, we rounded up some stellar dwellings that received significant markdowns just in time for the popular post-Thanksgiving Day shop-a-thon. So if you’re on the hunt–or you’ve got a two-bed-two-bath-with-killer-views-sized stocking to fill–check out our list of sale merch of the real estate persuasion that–we hope–won't require you to queue up at the crack of dawn.
10 more discounted deals that are better than lords a-leaping
Real Estate Wire: Is Jersey City the Next Cultural Hub?; Landmarks Denies Glass Topper for Tammany Hall
November 26, 2014

Real Estate Wire: Is Jersey City the Next Cultural Hub?; Landmarks Denies Glass Topper for Tammany Hall

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Taking a look at the cultural rise of Jersey City. [NYT] Why are Brooklyn neighborhoods getting so hard to tell apart? [NYO] Landmarks Preservation Commission denies BKSK Architect’s glass topper proposal for Tammany Hall. [Curbed] Manhattan’s getting 14 million square feet of office space by 2019. [WSJ] Images: Jersey City via Singing With Light via photopin […]

World Trade Center Transportation Hub Gets Its Final Steel Rafter

Ironworkers attach the “Old Glory” flag to the final Oculus rafter piece before installation

November 26, 2014

World Trade Center Transportation Hub Gets Its Final Steel Rafter

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Just weeks after One World Trade Center and the Fulton Center Subway Station opened their doors for business, the last of the 114 steel rafters was installed on Santiago Calatrava's long-overdue, majorly over-budget flying bird-looking transportation hub. This is just one of many steel components in the project; it’s made up of 618 steel pieces which weigh more than 12,000 tons. The rafters were supposed to be completed by August, but though they were three months behind schedule, the hub is still expected to open in late 2015.
Read more here
NYC Dumpster Transforms into an Inflatable Urban Education Classroom
November 26, 2014

NYC Dumpster Transforms into an Inflatable Urban Education Classroom

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Well, this gives a whole new meaning to the term "dumpster diving." In Morningside Heights, at 109th Street and Amsterdam Avenue, the New York-based architect John Locke, of the Department of Urban Betterment, has created "inflato dumpster," a blow-up urban education classroom inside of a typical city dumpster. The design team was inspired by the "contemporary fascination with transforming existing street structures into utilitarian spaces for habitation," which led to their combining the seemingly invisible lightness of the inflatable material with the hard, gritty, steel dumpster.
More details on the inflatable dumpster
Real Estate Wire: Debate Continues over Brooklyn Bridge Park’s Pier 6; Looking at Coney Island Boardwalk’s Surrounding Neighborhoods
November 25, 2014

Real Estate Wire: Debate Continues over Brooklyn Bridge Park’s Pier 6; Looking at Coney Island Boardwalk’s Surrounding Neighborhoods

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Brooklyn Bridge Park Corp. defends Pier 6 development with need for potential revenue. [Crain’s] Actor Mark Ruffalo joins the fight against the NYU expansion plan. [NY Post] Coney Island’s boardwalk is experiencing a renaissance, but what about the surrounding neighborhoods? [WSJ] City Council approves the controversial Astoria Cove project. [NYO] Upper East Side residents who […]

Michael Douglas and Catherine Zeta-Jones Sell Their Charming Bedford Farmhouse for $7.5M
November 24, 2014

Michael Douglas and Catherine Zeta-Jones Sell Their Charming Bedford Farmhouse for $7.5M

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It looks like Michael Douglas and Catherine Zeta-Jones are bidding adieu to their "tiny" six-bedroom, six-bath brick Colonial up in Bedford. According to the LA Times, the couple have just sold the home for $7.5 million—a bit under their $8.1M August asking price, but well above the $5.1 million they originally paid for it. Bedford residents, however, shouldn't say their goodbyes just yet; Michael and Catherine will still be staying in the area. In October, after ending their separation, the pair snagged a $11.25 million, 15,458-square-foot stunner boasting eight bedrooms, 13.5 baths and 13 acres (Talk about a fresh start!). While the recently-sold home is quite demure when compared to their new estate, the updated 1930s farmhouse has plenty of charm and comes complete with 5.7 bucolic acres of its own, surrounded by a horse farm on three sides.
More inside here
Real Estate Wire: Renée Zellweger Sells Hamptons Home with a Tidy Profit; The Rockefellers Are Moving from 30 Rock
November 24, 2014

Real Estate Wire: Renée Zellweger Sells Hamptons Home with a Tidy Profit; The Rockefellers Are Moving from 30 Rock

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Renée Zellweger has found a buyer for her Hamptons home. After a bidding war, the actress banked an extra quarter-million dollars on the deal. [NYP] Since 1933, the Rockefellers have been taking up space in their namesake building, but they’ve just announced they’re moving to a space across 49th Street. They “got a deal,” they say. [NYT] […]

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