Real Estate Trends

It’s Expected That Tourism Will Bring in 25% of One World Trade Center’s Revenue
October 27, 2014

It’s Expected That Tourism Will Bring in 25% of One World Trade Center’s Revenue

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On Friday, news broke that anchor tenant Condé Nast will begin its big move in to One World Trade Center on November 3rd. And now we've learned that the Port Authority of New York and New Jersey, along with the Durst Organization, is predicting that one quarter, roughly $53 million, of the tower's annual revenue will be generated from tourism by 2019. The three-floor observation deck of the tower, known as One World Observatory, is expected to be visited by about 3.5 million people per year. Legends Hospitality LLC, the developer of the observatory, has not yet revealed what it will cost to visit the site, but it's expected to be on par with the Empire State Building, which received $101 million in 2013 from visits to its observatory (it costs $29 per person), 40% of its annual revenue.
Learn more about this prediction and the state-of-the-art observation deck here
Real Estate Wire: Brooklyn Lyceum Sells at Auction; Kiefer Sutherland’s Former Village Townhouse Lists Again for $20M
October 24, 2014

Real Estate Wire: Brooklyn Lyceum Sells at Auction; Kiefer Sutherland’s Former Village Townhouse Lists Again for $20M

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A new type of post-recession real estate fraud is wreaking havoc on Brooklyn neighborhoods like Canarsie, East New York, and Cypress Hills. [Brooklyn Brief] Landmarked Brooklyn Lyceum sells at auction for $7.6 million. [Brownstoner] Appraiser Jonathan Miller looks at what would happen if we eliminated rent regulation. [Bloomberg] Kiefer Sutherland’s former Steven Gambrel-designed Greenwich Village […]

Billionaire Real Estate Developer Leonard Stern Sells Soho Penthouse for $15M
October 24, 2014

Billionaire Real Estate Developer Leonard Stern Sells Soho Penthouse for $15M

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Leonard Stern, billionaire businessman and real estate developer and namesake of NYU's Stern School of Business, has sold his "ultimate Soho penthouse" for $14,650,000 according to city records released today. In April 2014, a year after Stern originally listed the apartment, New York Magazine released a video tour of the 4,315-square-foot, four-bedroom duplex, revealing everything from a zen solarium to a restaurant-caliber kitchen. Stern bought the penthouse of 459 West Broadway in 2010 for $14,250,000, but the small profit likely won't affect him too much since his net worth is estimated at $3.8 billion.
Check out the billionaire digs and watch the video tour
Real Estate Wire: Luxury Tower Rising Along the AirTrain; No Picket Fences for This Generation
October 23, 2014

Real Estate Wire: Luxury Tower Rising Along the AirTrain; No Picket Fences for This Generation

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Someone is building a luxury residential building next to the AirTrain station. The Crossing, as it’s called, will host 580 units with roof terraces and a 24-hour doorman among other amenities. [DNA Info] “No Picket Fence”. New Yorkers in their 20s and 30s are increasingly looking for appealing rentals as opposed to buying, and developers are […]

<b>Goldilocks Blocks: Hope Street in Williamsburg</b>

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 Hope Street in Williamsburg, Brooklyn.

October 22, 2014

Goldilocks Blocks: Hope Street in Williamsburg

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It’s hard to imagine any corner of Williamsburg that doesn’t embody some form of the neighborhood’s upscale hipster paradise. With the opening of The Gorbals restaurant–to excellent reviews–atop the 6th Street Urban Outfitters on the North Side and the South Side sprouting condos and charter schools, the term “prime Williamsburg” has become meaningless. But in every district there are places that retain that charming, slightly unruly je ne sais quoi. The four blocks that comprise Hope Street fit this description.
What makes Hope Street so 'just right?'
Real Estate Wire: Joan Rivers Leaves UES Penthouse to Daughter; Glasslands Out, Vice In
October 22, 2014

Real Estate Wire: Joan Rivers Leaves UES Penthouse to Daughter; Glasslands Out, Vice In

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Melissa Rivers will inherit mom Joan Rivers’ penthouse apartment at 1 East 62nd Street. [NYP] Vice’s expansion has taken another victim: Williamsburg’s beloved music venue Glasslands. [Gawker] A plan to build luxury condos on a toxin-laden Greenpoint site of a former plastics factory could kick up pollutants and poison kids attending a planned school nearby. [Brooklyn Paper] […]

J.Lo Buys $22M NoMad Penthouse with Celeb Neighbors
October 22, 2014

J.Lo Buys $22M NoMad Penthouse with Celeb Neighbors

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Though she was recently spotted eying a $14 million Tribeca loft, it's rumored that J.Lo has inked a deal on a $22 million duplex penthouse in NoMad's Whitman Building at 21 East 26th Street. She may have decided to up her budget thanks to a two-year, $26.3 million residency deal in Las Vegas. Or perhaps it was the Whitman's A-list roster of residents that swayed her; her neighbors will include Chelsea Clinton and NASCAR's Jeff Gordon. Lopez's new digs feature four bedrooms, six bathrooms, and 3,000-square-feet of outdoor space spread over four terraces with views of Madison Square Park.
Take a look inside Jenny from the Block's new home
Real Estate Wire: Real-Life Owners of Sex and the City House Are Ticked; Richard Meier Penthouse Now $40M
October 21, 2014

Real Estate Wire: Real-Life Owners of Sex and the City House Are Ticked; Richard Meier Penthouse Now $40M

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Extell’s Gary Barnet shares how he scored the F.M. Ring’s prized Midtown South portfolio. Highlights include how he outmaneuvered the hostile sellers and competing offers. [TRD] The price tag on this Richard Meier penthouse has been upped to $40M from $35M. [Curbed] Sarah Jessica Parker has riled the owners of Carrie Bradshaw’s West Village townhouse […]

Churches Across Brooklyn Are Hot to Sell Their Holy Land for Millions
October 20, 2014

Churches Across Brooklyn Are Hot to Sell Their Holy Land for Millions

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In the face of financial pressures, dozens of churches across Brooklyn are looking sell of their holy land in hopes of banking on the conversion trend that's taken the city by storm. According to DNA Info, more than 50 Brooklyn clergy members are looking to develop their land and air rights to offer more affordable housing and other community services. Hundreds of religious leaders attended a recent meeting hosted by Borough President Eric Adams detailing how they could raise money as their shrinking congregations give way to fundraising and budgetary constraints. “You are land-rich but cash-poor. The largest amount of housing potential in Brooklyn lies with you,” Reverend Gilford Monrose, director of the Borough President’s faith-based initiatives, said at the event.
Find out more
Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified
October 20, 2014

Real Estate Wire: Forest City Selling Their Stake in Barclays Center; Re-zoning for One Vanderbilt Certified

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Forest City Enterprises is putting its 55% stake in Barclays up for sale. [Brooklyn Eagle] The Department of City Planning certified a five-block rezoning application today for a stretch of Vanderbilt Avenue near Grand Central Terminal that includes SL Green’s One Vanderbilt tower. [CO] Mayor Bill de Blasio has rejected JPMorgan Chase’s request for $1B in […]

Real Estate Wire: NYC is Filled with Illegal Greenhouses; Elle Macpherson UES Apartment
October 17, 2014

Real Estate Wire: NYC is Filled with Illegal Greenhouses; Elle Macpherson UES Apartment

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Is your apartment greenhouse illegal? Some New Yorkers are turning their greenhouses into extended indoor living spaces. [NYT] Elle Macpherson sells her pied-à-terre at East 68th Street for $2.4 million. [WSJ] More developments are coming to Renwick Street in northern Tribeca and people are loving it. [WSJ] Durst Organization is officially the new builder of Hallets […]

Mayor De Blasio Finds a Tenant for His Park Slope Home
October 17, 2014

Mayor De Blasio Finds a Tenant for His Park Slope Home

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All the buzz surrounding Mayor De Blasio's home has yielded some great results for NYC's First Family. Bill and his wife Chirlane McCray have rented their house to the first folks who came to check out the property located at 442 11th Street. De Blasio listed the Park Slope home less than two weeks ago through Brooklyn Properties for $4,975 a month. Let's take a look inside...
Find out more
New Proposal Could Pave the Way for a Harlem High Line Park
October 16, 2014

New Proposal Could Pave the Way for a Harlem High Line Park

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The success of the High Line Park continues to inspire all corners of the world—including Queens—and now the latest neighborhood to jump on the elevated park bandwagon is Harlem. DNA Info reports a nonprofit called the Housing Partnership has proposed a plan to bring 2,000 affordable housing units and $170 million dedicated to public projects in Hamilton Heights. The new park encompassed within the nonprofit's 'Harlem Promenade' plan would run alongside the West Side Highway atop a portion of Amtrak rail lines.
More on the proposed harlem high line project here
Real Estate Wire: 99-Year Lease Inked for Ice-Rink in the Bronx Armory; Campbell’s Soup Heiress Buys a New Pad
October 16, 2014

Real Estate Wire: 99-Year Lease Inked for Ice-Rink in the Bronx Armory; Campbell’s Soup Heiress Buys a New Pad

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80-year-old Campbell’s soup heiress Hope van Beuren bought a $5M home at 1 East 66th Street. [NYDN] The city has signed a 99-year lease for the Bronx’ Kingsbridge National Ice Center, the highly anticipated ice-rink planned for the Bronx Armory. [CO] American Idol creator Rich Fuller sells two of his Plaza apartments for $38M. [NYP] Neiman Marcus CEO Karen […]

REVEALED: Renderings for Santiago Calatrava’s Ground Zero Church
October 16, 2014

REVEALED: Renderings for Santiago Calatrava’s Ground Zero Church

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Ahead of the groundbreaking this weekend, a new video and renderings have been revealed for Santiago Calatrava's church near Ground Zero, which will overlook the 9/11 Memorial. The new St. Nicholas Greek Orthodox Church will be constructed of white Vermont marble, inspired by a mosaic of the Madonna and Child Enthroned at the Hagia Sophia in Istanbul.
More on the design here
Bed-Stuy: From Harlem and Hip-Hop to Hipsters, Hassids and High Rents

Photo by brandon king cc

October 15, 2014

Bed-Stuy: From Harlem and Hip-Hop to Hipsters, Hassids and High Rents

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Brooklyn is changing fast and at the forefront of this is Bedford-Stuyvesant—or as it's more commonly known, Bed-Stuy. Like most New York neighborhoods, Bed-Stuy has had its ups and downs, its most notable down being the 80s and 90s when crime and drugs were at a record high. But as hard as the times may have gotten, the neighborhood has maintained itself as one of the city's most culturally significant. Bed-Stuy has long been home to one of the largest concentrations of African-Americans in New York, it boasts beautiful well-preserved architecture spanning countless styles and centuries, and of course, there is the neighborhood's central role in the hip-hop movement.
More on the history and future of Bed-Stuy
75% of Grand Central’s $210M Renovation Money Will Go to the 4, 5, 6 Trains
October 15, 2014

75% of Grand Central’s $210M Renovation Money Will Go to the 4, 5, 6 Trains

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New York City's most taxed line is about to get a sizable cash infusion. Of the $210 million that developer SL Green Realty has budgeted for improving Grand Central's subway station for the green light to construct a 65-story office tower next door, more than 75% will go toward the Lexington Avenue line, Crain's reports. Yesterday, a 63-page study was delivered to Manhattan's Community Board 5 and to transportation advocates who have called for Midtown East's rezoning to include improvements to transportation infrastructure to meet current demand as well as the influx of nearly 16,000 workers as new lines are drawn. So where exactly will the money go?
Where will the money will go?
CNN’s Don Lemon Buys Harlem Condo in 2280FDB
October 15, 2014

CNN’s Don Lemon Buys Harlem Condo in 2280FDB

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According to city records released today, Emmy Award-winning CNN news anchor Don Lemon has purchased a condo in Harlem's 2280FDB (2280 Frederick Douglas Blvd.) for $867,780. He already owns the neighboring unit, so this may be an expansion opportunity for the journalist. The newly acquired 859-square-foot, one-bedroom, contemporary unit comes complete with a spacious terrace, boasting impressive city views.
Take a look inside
NYU Gets Green Light for Village Expansion; Locals Vow to Appeal the Decision

A rendering of the NYU expansion plan

October 15, 2014

NYU Gets Green Light for Village Expansion; Locals Vow to Appeal the Decision

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The battle between New York University and local residents and community preservation groups just got a little fiercer, as just yesterday the appellate court overturned a previous decision by the New York Supreme Court that prohibited the university's $6 billion, 1.9 million-square-foot expansion plan. NYU now has the green light to move forward with their colossal project, which includes taking over "implied park land" that has been used by the public for years. Local community groups vow to appeal the decision. The Greenwich Village Society for Historic Preservation, Assemblywoman Deborah Glick, NYU Faculty Against the Sexton Plan, Community Board 2, and local residents, filed the lawsuit against the school in 2012.
More on the latest ruling and what it means for NYU and the Village
It’s Official: 432 Park Avenue is NYC’s Tallest Residential Building
October 14, 2014

It’s Official: 432 Park Avenue is NYC’s Tallest Residential Building

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NYC supertalls all over town are weeping: 432 Park Avenue is officially the tallest residential building in the city as of today, topping out at 1,396 feet, and the second-tallest tower after One World Trade Center. Concrete on the highest floor of the Rafael Viñoly-designed building is being poured, probably as we speak, cementing (no pun […]

Willem Dafoe Sells His Lovely Perry Street Pad for $2.9 Million
October 14, 2014

Willem Dafoe Sells His Lovely Perry Street Pad for $2.9 Million

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After making a move on up to the penthouse this past spring, actor Willem Dafoe has shed his full-through third floor pad for $2.875 million, according to city records filed today. Dafoe originally purchased the two-bedroom co-op located at 67 Perry Street for $1.6 million back in 2005—meaning the actor made a tidy $1.28 million profit with the recent sale. The cozy home comes with exposed brick walls, a wood-burning fireplace, separate study nook with built-in bookshelves, and tranquil tree-top views from oversized bay windows.
Ihside the home here
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