Real Estate Trends

Neighborhood Revival: Brooklyn’s Columbia Street on a Comeback

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November 8, 2014

Neighborhood Revival: Brooklyn’s Columbia Street on a Comeback

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It’s not a shocker that some Brooklyn neighborhoods are outselling their Manhattan counterparts. What’s a bit of a surprise is that the Columbia Street Waterfront District, a quirky 22-block enclave wedged between Red Hook and the Brooklyn-Queens Expressway, is one of them. Until recently, Columbia Street was known as a far-flung and largely forgotten strip that fell victim to Robert Moses’s highway expansion project—the BQE—which, when built on a below-ground slice of Hicks Street in 1957, severed the area from the rest of Carroll Gardens and Cobble Hill, breaking up what was then “South Brooklyn” into distinct neighborhoods.
More on Columbia Street's Comeback
Debra Messing Buys $5.5M Upper East Side Apartment
November 7, 2014

Debra Messing Buys $5.5M Upper East Side Apartment

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Her famous Will & Grace character may have lived on the Upper West Side, but Debra Messing is crossing the park for a new home at 3 East 84th Street. According to city records filed today, the actress purchased a $5.45 million co-op at the building. The four-bedroom unit is just a half block from Central Park and boasts 10-foot ceilings, a wood-burning fireplace, Juliette balcony, and charming country kitchen.
Check out Messing's new digs here
Upcoming Condo-Hotel Overlooking Bryant Park Unveils New Dapper Look
November 7, 2014

Upcoming Condo-Hotel Overlooking Bryant Park Unveils New Dapper Look

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An updated rendering of a ground-up, mixed-use tower along the south side of Bryant Park has been revealed on HFZ Capital Group's website. The storied site at 20 West 40th Street was acquired by HFZ after Fortieth St. Partners defaulted on a $44 million loan back in 2010. According to HFZ's project page, the development will include a 5-star hotel, restaurant and bar, and residential condominiums. Construction permits filed last month specify that the hotel-design experts Stonehill & Taylor are the architects of record.
Additional details on the project
Award-Winning Playwright Bathsheba Doran Buys a Skylit Clinton Hill Loft for $1.3M
November 7, 2014

Award-Winning Playwright Bathsheba Doran Buys a Skylit Clinton Hill Loft for $1.3M

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It looks like British playwright Bathsheba Doran is firmly planting roots in Brooklyn with the purchase of a beautiful new loft in Clinton Hill. According to city records, the critically-acclaimed writer (who also penned season three of Boardwalk Empire) has just purchased a home at 334 Grand Avenue for $1.3 million. The lovely two-bedroom loft sits within a classic carriage house and could easily be the setting of one of Doran's riveting works. The home is naturally lit with numerous skylights punctuating almost every room, and for those peaceful moments spent contemplating life and work, this charming abode comes with its own private deck hugged by lush trees—led to, of course, by a spiral staircase. Could this loft get any cuter?
Tour this bright and beautiful apartment here
<b>New York City’s Residential Skyscraper Boom: Living in the Sky Part II</b>
November 6, 2014

New York City’s Residential Skyscraper Boom: Living in the Sky Part II

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You've probably realized that New York is in the midst of a skyscraper boom, but if the ubiquitous scaffolding and sidewalk detours haven't given it away, we bring you further proof — with part two of our series detailing the tallest residential towers set to rise high above the city, forever changing New York's skyline. Compared to the previous 26 projects — the tallest of the tall that included ultra-luxury and super-tall towers such as 432 Park Avenue and 125 Greenwich Street — this second batch is composed of smaller buildings ranging from 500 to 700 feet tall and features greater geographical diversity and lots more rentals. With developers scouring the city for less expensive areas to assemble properties, these often-controversial projects are slated to rise in some of our more human-scaled 'hoods such as East Harlem, South Street Seaport, and Williamsburg.
Will they all get built? Unlikely, but in any case here's our list
Real Estate Wire: Four Floors of a Brooklyn Office Building Up for $100M; Effort to Storm-Proof 70K NYC Buildings
November 6, 2014

Real Estate Wire: Four Floors of a Brooklyn Office Building Up for $100M; Effort to Storm-Proof 70K NYC Buildings

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The top four floors of a six-story Downtown Brooklyn building have hit the market for $100M. The property, located at 180 Livingston Street, comes with 165,000 square feet of fully leased office space and the potential to add another 140,000 square feet, possibly for residential use. [Crain’s] The Federal Emergency Management Agency will look into storm-proofing 70,000 NYC buildings. […]

Fulton Center Subway Station to Open This Monday with Its Impressive Oculus

Fulton Center via Grimshaw Architects

November 6, 2014

Fulton Center Subway Station to Open This Monday with Its Impressive Oculus

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It's a busy couple of weeks for the Financial District. On Monday, Condé Nast moved in to One World Trade Center, and this coming Monday, November 10th, at 5:00pm, the Fulton Center subway station will finally open. The new station, which connects ten subway lines, was first conceived in 2002 as part of downtown revitalization efforts following 9/11, but also because the station had needed improvements for decades. It was initially supposed to open in 2007, but funding hurdles and escalating costs delayed the progress. More recently, Hurricane Sandy and systems testing problems pushed back the opening further. But the $1.4 billion transit hub is now ready to welcome commuters and dazzle them with its giant 120-foot-tall oculus.
Take an advance look inside Fulton Center
Andrew Franz Transforms an Old Soap Factory into a Tranquil Tribeca Oasis
November 5, 2014

Andrew Franz Transforms an Old Soap Factory into a Tranquil Tribeca Oasis

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Architect Andrew Franz is known for his nature-inspired designs, and he has successfully infused his signature aesthetic into the tranquil interior of this Tribeca home. Franz transformed a 19th century Manhattan soap factory into what is now a gorgeous example of adaptive reuse. The designer's goal for this project was to create the feeling of being outdoors when inside the walls of the Romanesque Revival building, while also maintaining as much of the original structure as possible. By combining modern clean lines and open spaces with rustic wooden columns and raw brick walls, Franz creates a visual narrative celebrating the preservation of something old in the creation of something new and beautiful.
READ MORE
November 5, 2014

POLL: Can One World Trade Center Get to 100% Occupancy?

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On Monday, anchor tenant Condé Nast moved into One World Trade Center. It was, of course, a significant day for many reasons, but it left a lot of people wondering if they would feel comfortable working in the 104-story tower. And since the building is currently only 58% leased, we want to know if you think One WTC […]

Real Estate Wire: Pearl Paint Building on Canal Sells to Vornado; Tips for Cohabiting Couples
November 4, 2014

Real Estate Wire: Pearl Paint Building on Canal Sells to Vornado; Tips for Cohabiting Couples

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Vornado has purchased the Pearl Paint building on Canal Street for $16.4M. [TRD] Tips for couples cohabiting for the first time. [Brick Underground] The Brooklyn Public Library is pondering knocking down its one-story Sunset Park branch library and replacing it with an eight-story building boasting a bigger library topped with affordable rental apartments. [DNA Info] Checking in on the […]

Midtown Site of the Iconic Lutèce Restaurant Sells for $17M – Will It Be Demolished?
November 4, 2014

Midtown Site of the Iconic Lutèce Restaurant Sells for $17M – Will It Be Demolished?

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These three townhouses may not look like much to you, but they've for decades been making appearances in pop culture, from the penned to motion pictures, including The Prince of Tides, Wall Street, Crossing Delancey, and most recently, Mad Men. Located at 249-253 East 50th Street, this site once housed the world-renowned Lutèce restaurant. Though today the structures can be described as dilapidated at best, that hasn't stopped a group of Chinatown investors from scooping up the properties for $17 million from East 50th Development LLC. Now in new hands, what's up next for this famed locale?
More details here
Staten Island’s Abandoned 45-Acre Farm Colony Will Be Revitalized to Include a Massive Public Park
November 3, 2014

Staten Island’s Abandoned 45-Acre Farm Colony Will Be Revitalized to Include a Massive Public Park

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Staten Island's renaissance continues to move full steam ahead as the Landmarks Preservation Commission has unanimously approved the rehab of the long-abandoned poorhouse and farm located on the oft forgotten borough. Curbed reports that the New York City Farm Colony will be redeveloped into 350 units of senior housing with some retail space in a new eco-minded project called 'Landmark Colony'. The plan, which is being spearheaded by NFC Associates in cooperation with the New York City Economic Development Corporation and Vengoechea + Boyland Architecture was lauded for its site-sensitive design and ample green space.
find out more here
Real Estate Wire: 15 of NYC’s One-Block Streets; Great Ground-Floor Apartments
November 3, 2014

Real Estate Wire: 15 of NYC’s One-Block Streets; Great Ground-Floor Apartments

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More Goldilocks Blocks; here are 15 one-block streets in NYC. [Untapped Cities] Great ground-floor apartments that aren’t dark and grim—like this one located in a former seminary. [Curbed] The case for the pied-a-terre tax: All apartments take advantage of major city services—be it police, fire, courts, or sanitation. It’s these city services that make New York City […]

Today’s the Day: Condé Nast Moves into One World Trade Center
November 3, 2014

Today’s the Day: Condé Nast Moves into One World Trade Center

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More than nine years after ground broke at One World Trade Center, the tower's first and largest tenant, Condé Nast, is moving in. Though the media company will not complete its move until January, the relocation actually began last weekend when 2,800 orange crates full of files, photos, and books were carted downtown from the media company's Times Square office. Today, 175 employees will start their days at One WTC, the first wave of the 3,400 employees at 18 magazines. And as the New York Times notes, the scene they're encountering is much different than when construction began nearly a decade ago. As the number of financial institutions has declined, tech firms, advertising agencies, and media companies have made the Financial District their new home, along with a residential population of 61,000.
More on the big move here
Grave Concerns: Do Cemeteries Affect Real Estate Prices in New York?

Photo via Plowboylifestyle/CC

October 31, 2014

Grave Concerns: Do Cemeteries Affect Real Estate Prices in New York?

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Not so surprisingly, Manhattan has a slew of cemeteries, graveyards and built-over potter’s fields (for unclaimed bodies). Madison Square Park was originally used as a potter’s field, as was Bryant Park. And though these swaths of land served many purposes over the years, it took an eternity before they were lovely public parks. From the late 1600s, burial grounds were generally confined to what would now be just south of City Hall, but more began popping up further uptown during the 1800s as the city’s population grew in leaps and bounds. With Halloween upon us, tis’ the season for checking out if living near one might give a buyer a bit of a ghostly scare or whether it takes an eternity to sell when the living room window overlooks tombstones marking coffins buried six feet under. Hear what experts say, and then learn about the city's most notable graveyards.
Do homes near cemeteries sell at a discount in NYC?
Real Estate Wire: Bjarke Ingels’ 57th Street Apartment Tops Out; Landmarked Dudley Townhouse for Sale
October 31, 2014

Real Estate Wire: Bjarke Ingels’ 57th Street Apartment Tops Out; Landmarked Dudley Townhouse for Sale

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David Wolkoff, the developer of the residential building replacing 5Pointz, has sold his 791 Park Avenue home for $10M. [NYO] BIG’s 57th Street pyramid gets its topper. [Curbed] A Bowery development site sold for $45M. [TRD] The Port Authority has lost the $175M Hudson Yards tower deal. [Crain’s] Landmarked Dudley Memorial townhouse at 118 Amity Street in Cobble […]

October 30, 2014

POLL: Would You Live Next to a Cemetery?

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In the spirit of Halloween, yesterday we took a look at whether or not living near a cemetery affects real estate prices in New York. Apparently, on average, homes close to cemeteries were slightly smaller, but sold for more due to a higher cost per square foot. And though this is what the research suggests, […]

Bruce Willis Buys $12 Million, 22-Acre Site in Bedford, NY
October 30, 2014

Bruce Willis Buys $12 Million, 22-Acre Site in Bedford, NY

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Lots of Hollywood celebrities are making waves in Bedford, New York this week. Just after it was reported that Michael Douglas and Catherine Zeta-Jones sold their home in the woodsy Westchester town for $7.5 million, in turn closing on a nearby property for $11 million, it's now making headlines that Bruce Willis has dropped $12 million on two Bedford parcels totaling 22.32 acres. The actor has been very busy with real estate lately. He recently listed his Sun Valley ski house and Beverly Hills estate and bought a Central Park West apartment. Willis and his wife Emma Heming will now get to enjoy the 8,000-square-foot, shingle-style home, as well as the adjoining property's antique house and two renovated guest cottages.
Take a look at Bruce's Bedford digs here
Forget Showrooms, Developers Turn to Oculus Rift to Virtually Immerse Buyers in Pricey Properties
October 29, 2014

Forget Showrooms, Developers Turn to Oculus Rift to Virtually Immerse Buyers in Pricey Properties

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Though more and more house hunters are back to buying off of blueprint in this hot real estate market, that hasn't stopped developers from tricking out their sales offices with hopes of trumping the competition. Ultra-detailed scaled models line spaces, and the priciest of couches and countertops fill life-sized mockups blocks away from the actual address. More recently, buildings like 50 West have built out entire theaters wrapped with screens intent on showing buyers the panoramic city views their shelling out millions for. Clearly, cost is not a concern. But watch out, there's a new group on the scene ready to really shake things up. Architecture visualization firm ArX Solutions has turned to a piece of virtual reality tech that everyone seems to be talking about: Oculus Rift. With their specially designed virtual reality tours, clients can see exactly what its like to walk through a home with all their sensations engaged. Cool? Absolutely. But this tour doesn't come cheap. Like the lofty homes it features, a trip with Oculus Rift rings in at a jaw-dropping $95,000.
Find out more about taking an Oculus Rift real estate tour
It Will Cost $32 to Visit One World Trade Center’s Observatory
October 29, 2014

It Will Cost $32 to Visit One World Trade Center’s Observatory

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On Monday we learned that tourism is predicted to bring in one quarter, roughly $53 million, of the One World Trade Center's annual revenue by 2019. And now the much-talked-about ticket price to visit the three-floor observation deck of the tower, known as One World Observatory, has been revealed. It will cost $32 for an adult to visit the observatory when it opens in the spring of 2015.
More details and renderings of the observatory ahead
Will Bill Ackman Be Able to Pull off a $90M Condo Flip at One57?

One57 and the view from the $90 million penthouse

October 28, 2014

Will Bill Ackman Be Able to Pull off a $90M Condo Flip at One57?

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It's true that One57′s first flip saw a $3.5 million profit in just five months, but that unit sold for $34 million the second time around. A selling price of more than $90 million is a different story--and that's exactly what hedge fund manager William (Bill) Ackman is hoping to achieve. In a profile in the Times on Sunday, Ackman was revealed as the buyer of the $90 million penthouse at the luxury building, which is sure to see its share of flips. But he also shared that he has no intention of ever living in the apartment. He'll stay with his wife and daughters at their current home in the Beresford and use the penthouse as a "fun" investment opportunity for himself and some good friends, perhaps hosting a few parties there in the meantime.
More on the planned flip here
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