Real Estate Trends

As part of a five-year, $210 million plan to significantly upgrade Grand Central's subway station, developer SL Green hopes to install new staircases to the train platforms, two new street-level entrances and a refurbished mezzanine level, and a 4,000-square-foot ground-level commuter waiting area. The improvements were conceived in conjunction with the MTA and the de Blasio administration earlier this year as the first component of the Midtown East Rezoning project. The transit upgrades must all be completed before tenants can occupy One Vanderbilt (planned for completion in January 2020), SL Green's new 65-story office tower planned for the entire block west of Grand Central and north of East 42nd Street. Designed by Kohn Pederson Fox, the tower will be the second-tallest building in the city when completed.
More on the upgrades ahead

September 8, 2014

Real Estate Wire: David Sanborn Sells Finally Sells His Townhouse; Philip House Penthouses for Sale

Inside the Park Slope condos giving away a Tesla with every purchase. [Curbed] Forest City Ratner slaps Skanska USA with a second lawsuit over the B2 modular tower. [TRD] The Philip House, located at 141 East 88th Street, has added ten new residences for sale, including four penthouses. [Philip House Residences] After several years of […]

Real Estate Trends

September 8, 2014

REVEALED: New Skyline Renderings for Nordstrom Tower at 217 West 57th Street

Back in July, we learned that Extell's Nordstrom Tower will rise 1,775 feet–just one foot shorter than One World Trade Center, making it the tallest residential building in the world. Now, New York YIMBY has released renderings of how the 92-story supertall will look against the rest of the skyline. Though official images from Extell haven't been released, these preliminary sneak peeks are pretty impressive.
More on the new development here

September 5, 2014

Real Estate Wire: $190M for America’s Dirtiest Hotel; How High Tech Investors Live

An image of what could go up at the long-stalled Kedem winery site in south Williamsburg. [Brownstoner] They’re just like us? The super-rich buy super-expensive apartments and fill them with super-expensive furniture but never actually occupy them. [NYDN] The priciest properties belonging to tech investors, entrepreneurs and CEOs. [TRD/Business Insider] Joseph Chetrit has agreed to pay $190 […]

Real Estate Trends

September 5, 2014

Jimmy Fallon Buys a Fifth Apartment in His Gramercy Park Building

The Fallon family's collection of 34 Gramercy Park East apartments continues to grow. According to the Wall Street Journal, Tonight Show host Jimmy Fallon just purchased a cozy, top-floor studio in the famed residence for $725,000. The small space neighbors his four-bedroom apartment, which he also recently bought for $1.35 million back in April. No word on whether the units will be combined, but either way, the petite pad is pretty nice as is.
Take a look inside here

September 4, 2014

Katz’s Deli Co-Owner Jake Dell Nabs $1.9 Million Greenwich Village Pad

The Lower East Side's iconic Katz's Deli was the talk of the town recently when it came to light that the neighborhood institution had sold its air rights. It's speculated that a parcel of adjacent buildings will be demolished to make way for a new cantilevered building. Jake Dell, the third-generation co-owner of the 126-year-old pastrami mainstay, has been quoted as saying that the sale will not affect the deli in any way, though he didn't cite specifics of the deal. But regardless of the details, it looks like Dell made out pretty well for himself, as he's just scooped up a $1,899,000 apartment at 808 Broadway in the heart of Greenwich Village. Just a short walk from Katz's, his new pad is described as a "Park Avenue-inspired home."
Take a look inside the pastrami king's new digs

September 4, 2014

Real Estate Wire: Inside The Shops at Hudson Yards; Park Avenue Pad Sells for Record-Breaking $71.3M

A 740 Park Avenue pad just traded hands for $71.3M, making it the most expensive NYC co-op ever sold. The apartment was originally listed for $48M. [Curbed] Forest City Ratner wants to take over producing the modular units for the stalled B2 tower at Pacific Park next to the Barclays Center. The developer is currently embroiled in a […]

Real Estate Trends

September 4, 2014

Archdiocese of New York Sells off St. Patrick’s School in Little Italy for $32M, Makes Way for Condos

On Christmas Eve 2013, the cash-strapped Archdiocese of New York put St. Patrick’s Old Cathedral School on the market for $29 million. Now it looks like Time Equities has purchased the Little Italy property, throwing down $32 million, according to city records filed today (233 Mott and 32 Prince). Plans to turn the school into condos have been in the works since October 2013, when it was reported that the building was in the process of being sold off to Hamlin Ventures, with re-vamps provided by Marvel Architects. Though records show Time as the buyer, the two developers are joining forces to turn the sprawling 14,925-square-foot former orphanage/convent/school into two single-family homes and eight luxury condos.
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September 4, 2014

Penthouse Perfection: Peeking into Manhattan’s Top Sky-High Listings

The penthouse craze began in the early 20th century thanks to media tycoon William Randolph Hearst. He took up residence in a three-floor apartment at the Clarendon at 137 Riverside Drive and, when his landlord refused to let him expand further, Hearst bought the entire building, adding two new floors to the top of his mansion, crowned by a new copper mansard roof. Now, 100 years later, the rich and famous are still making headlines with their pricey penthouse purchases. Fellow media mogul Rupert Murdoch recently purchased a $57.25 million triplex penthouse, along with an additional full-floor unit (because why stop at just three?) at One Madison. His bachelor pad totals more than 10,000 square feet of interior space, wrapped in floor-to-ceiling glass. Is this the new standard for penthouse living? We're taking a look at some of the top sky-high listings in Manhattan to find out.
Don't miss these incredible penthouse stunners

Real Estate Wire: The Helmsley Building Could Hit the Market for $1.5B; Carnegie Park Going Co-Op

The Commercial Observer interviews Gary Barnett of Extell. The developer discusses everything from his aggressive development stance to the “poor door” controversy that’s gotten everyone all riled up. [CO] An epic tale of murder at 31 Bond Street—the site of new condos coming to the NoHo market. [NYT] The “Gossip Girl Penthouse” at 1136 Fifth Avenue sold […]

September 3, 2014

Fashion Wunderkind Kira Plastinina Buys $2.5 Million Chelsea Apartment

You may remember Kira Plastinina making headlines back in 2008, when she, all at the age of 16, launched her namesake fashion line, opened a dozen US stores, and later that same year closed them all and filed for bankruptcy. Originally from Moscow, Kira has now launched a new high-end fashion line called Lublu in Dallas, Texas, but it looks like she might also be planning to make some moves in the Big Apple. According to city records, she purchased apartment 3A at the Slate Condominium at 163 West 18th Street for $2.45 million.
Take a look inside here

September 2, 2014

Real Estate Wire: SHoP’s B2 Modular Tower Runs Into More Problems; It’s Cheaper to Buy Than Rent

It’s cheaper to buy than rent in a number of US cities. [Business Insider] Forest City is suing Skanska over the Pacific Park (formerly the Atlantic Yards) B2 modular tower. Skanska issued a Stop Work Order last week over cost overruns, and Forest City is now countering with a lawsuit saying Skanska agreed to a […]

Real Estate Trends

September 2, 2014

REVEALED: 125 Greenwich Street Will Rival One WTC and Become Downtown’s Tallest Residential Tower

The latest in the world of New York City supertalls comes to us from New York YIMBY, who has revealed renderings for the Rafael Viñoly-designed 125 Greenwich Street. At 1,356 feet, it will become Downtown's tallest residential tower, the first to rival the 57th Street skyscrapers like Extell's planned Nordstrom Tower, which will rise 1,479 feet. It will also be just 12 feet shy of One World Trade Center's roof, making it the second tallest skyscraper in the Financial District.
More details and renderings here

August 29, 2014

Real Estate Wire: Katz’s Is Selling Its Air Rights; 9/11 Memorial Will Open to the Public for a Night

The World Trade Center Memorial Plaza will open to the public on September 11th from 6 p.m. until midnight, allowing visitors to admire “the Tribute in Light” twin beams up close. [Crain’s] Here’s a video featuring a luxury 2-bedroom apartment set up for 22 people. [NYP] New Yorkers are heading to Jackson Heights. All units at the Roosevelt, located […]

Real Estate Trends

August 29, 2014

Study Finds That Most People Who Live in Glass Buildings Keep the Shades Drawn

When we talk about apartments in glassy towers we always emphasize the stunning views, ample natural light, and cross ventilation. But according to a study from the Urban Green Council, most residents in these all-glass buildings are not taking advantage of those attributes. The "Seduced by the View" study surveyed 55 glassy buildings around New York City and found that on average, 59% of the window area was covered by blinds or shades. And over 75% of buildings had more than half of their window area covered. Results were similar regardless of time of day, direction the window faced, and whether the building was commercial or residential."
More on the study here

August 28, 2014

Real Estate Wire: Construction on NYC’s Tallest Modular Tower Stalled Again; Yankees’ Martin Prado Moving to the Atelier

NYC’s tallest modular tower located at Pacific Park (formerly Atlantic Yards), and designed by SHoP Architects, has been stalled again due to a dispute between the developer, Forest City Ratner, and the contractor, Skanska USA. [Crain’s] New condos will replace a Williamsburg parking lot located at Union Avenue and South 3rd. [Curbed] This week the New York […]

Real Estate Trends

August 28, 2014

More and More Brownstone Owners Are Turning Their Homes into Condos

For all of you who've stared down a four-story brownstone and wondered "What family needs all that space?", the answer appears to be not many. According to the folks over at Douglas Elliman, more and more owners of Brooklyn brownstones are carving their homes into multiple condos for resale. The piecemeal move they say not only manages to bring in more bucks than an individual sale, but also welcomes more housing without compromising the integrity of a neighborhood—i.e. they help keep tall, glass towers at bay.
More on the trend here

Real Estate Trends

August 27, 2014

Real Estate Wire: Penn Station Expansion Moves Forward; Price Chops Across the City

Plans to convert the James A. Farley Post Office on Eighth Avenue into an elegant annex for Penn Station are finally moving ahead. [NYT] The Sunshine Hotel, one of the last operational Bowery flophouses, is downsizing one-third to make way for commercial lofts. [Bowery Boogie] Why Manhattan and Brooklyn apartment sellers have been cutting prices […]

Real Estate Trends

August 27, 2014

Meg Ryan Snags Hank Azaria’s Spacious Soho Loft for $8M

End of summer celebrity moves abound, and this latest closing sees Meg Ryan scooping up a gorgeous Soho pad from Hank Azaria for $8 million. The full-floor, 4,000 square foot loft at celebrity (and misfit) favorite 84 Mercer Street has previously been featured in Elle Decor and boasts three spacious bedrooms, three bathrooms, a media room, a bright and airy 50-foot atrium hall, a key-lock elevator, and a private gym—amongst many other luxuries. Azaria himself gave up downtown living back in May when he moved his family into a more cozy and quiet $9.2 million Central Park West pad.
Check out Meg's new home here

August 26, 2014

Adam Levine’s New Wife Behati Prinsloo Sells Her Alphabet City Pad

Earlier this month, word got out that newlyweds Adam Levine and Behati Prinsloo might be buying a loft in Soho's 112 Greene Street. And now things are looking good for the power couple, as Ms. Prinsloo has sold her Alphabet City apartment for $1.65 million to fellow model Noot Seear, according to city records. Located at 643 East 11th Street, the two-bedroom condo first it the market in February for $2.1 million, but was reduced to $1.875 by April. Behati picked the pad up in 2008 for $1.4 million.
Take a look inside the Victoria's Secret Model's former home

August 26, 2014

Real Estate Wire: $1M Trailer Homes in Montauk; “Rat Castle” Condos Starting at $1.6M

Elliot Spitzer may be purchasing the 2.8 acre Kendem Winery site in Williamsburg. [TRD] Condos at the former “rat castle” in the Lower East Side on Ludlow will start at $1.6M. [TRD] Forget about a mansion, a trailer in the Hamptons will now cost you $1M. [NYT] Permits filed for a new residential tower in Downtown […]

Real Estate Trends

August 26, 2014

Saul Rubinek Sells Nolita Loft for $4.9 Million

Entertainment jack-of-all-trades Saul Rubinek has unloaded his Nolita loft at 285 Lafayette Street for $4,875,000, according to city records. The Canadian actor, producer, director, and playwright originally listed the three-bedroom unit in May as a $22,000/month rental. The price gradually dropped to $15,000/month by July, but now he's completely parted ways with the home, selling it for much higher than the $2.95 million he paid in 2011.
Take a look inside the award-winning apartment

August 26, 2014

Flatiron Loft Sells for $7.6 Million, More Than Double its 2010 Price Tag