Real Estate Trends

We have a feeling well-known architects David H. Sherman, of Abelow Sherman Architects, and his wife Benita Welch, a Principal at Gerner Kronick + Valcarcel Architects, will give the interior of their new home a fresh coat of paint before settling in...that is, unless they like the current bubble-gum-pink color scheme. It makes perfect sense that the couple picked up this Victorian house in Ditmas Park for themselves and their two children, as Benita specializes in restoring historic homes, and David is known for his expertise working with NYC townhouses. According to city records filed today, they purchased 28 Waldorf Court for $1.41 million. Located just off Rugby Road (often considered the heart of Victorian Flatbush) on a highly desirable cul-de-sac, the five-bedroom home has been in the same family for 30 years.
Tour the home before it gets what's sure to be a beautiful makeover

September 22, 2014

Goldilocks Blocks: (Far) East 7th Street in Alphabet City

By Michelle Cohen

Between hyper-developed hotspots, main drags in up-and-comers, big-ticket townhouse enclaves, and those genuinely avoidable areas, there can often be found a city's "just-right" zones. Free from corner menace, sticker shock and boom-time developer schlock, these special spots often span only a few blocks in each direction and are close enough to the center of their 'cool destination' nabes to legitimately bear their names. They aren't commonly known, and are best found by pounding the pavement, but these micro-neighborhoods often hide within them real estate gems coupled with perfectly offbeat vibes—you just have to be willing to do a little legwork. But when you do find them, don’t sleep on them... Winners like the Columbia Street Waterfront District were once Goldilocks blocks. Today we'll look at a unique 7th Street stretch hidden in Alphabet City.
Find out what makes this Alphabet City block so special.

September 22, 2014

Oscar-Winning Director Errol Morris Buys a Poetic Brooklyn Heights Home for $1.9M

Academy Award-winning documentary filmmaker Errol Morris, and his poet wife Julia Sheehan have just closed on a charming three-bedroom at 22 Pierrepont Street in Brooklyn Heights for $1.9 million. According to city records, the couple will be following in the footsteps of another celebrated creative, having purchased the home from the estate of late Russian poet, 1987 Nobel Prize in Literature laureate Joseph Brodsky.
Inside the book-filled home here

September 22, 2014

Real Estate Wire: 15 CPW Pad Sells for 3x’s Its Purchase Price; Atlantic Yards Modular Tower Could Leak

A tower unit at 15 Central Park West has sold for nearly $10M, about three times what the owner paid for it. [NYO] The Astoria Cove housing development is required to set aside 20% of its 1,700 units for lower-income residents, but the city may push for as many as 30%. [Crain’s] The Fiscal Policy Institute […]

Real Estate Trends

September 22, 2014

Bright and Sunny Carroll Gardens Townhouse Sells for $2M

Bright, beautiful, and boasting plenty of space, one lucky buyer just scooped up this stunning townhouse at 297 Hoyt Street in Carroll Gardens for $2,175,500, according to city records released today. The brownstone home is currently configured in a two-family setup, but can easily be converted to one, adding an additional 1,300 square feet to the already spacious footprint. And with a private garden, full basement, and lots of original details, it will likely be hard for this home's new owner not to keep the entire townhouse to themselves.
Take a look inside

September 21, 2014

Bernie Madoff’s Infamous Upper East Side Penthouse Sells for $14.5M

The duplex penthouse at 133 East 64th Street on the Upper East Side, where Bernie Madoff notoriously was arrested by the feds and lived under house arrest, has just sold to Lawrence Benenson of Benenson Capital Partners for $14.5 million. Madoff had lived in the home since 1984, but after the government seized it in 2008, it was picked up by toy mogul Alfred Kahn and his wife Patsy in 2010 for $8 million. Apparently, Mr. Kahn was superstitious of the "Madoff curse," but Patsy fell in love with the unit's terrace. They reportedly put the penthouse back on the market in August 2013 for $17.25 million, but reduced the price several times as well as filed for divorce.
Tour the infamous pad here

September 19, 2014

Kelly Ripa’s Soho Penthouse Sells at a $4.5 Million Discount

Kelly Ripa has officially unloaded her Soho penthouse, according to city records filed today. The five-bedroom beauty at 76 Crosby Street sold for $20 million, $4.5 million less than what she was asking when she first listed it in January last year. Though Ripa came up a little short, it's worth noting that her and hubby Mark Consuelos paid just $9.5 million for it in 2005. Today's sale is also the 6th highest ever recorded in Soho, according to CityRealty.
Photos here

September 19, 2014

Real Estate Wire: State Seizes Seven Properties for the Atlantic Yards; BAM Cultural District Gets $131M

The state has gotten approval to seize seven sites for Forest City Ratner’s Pacific Park Brooklyn project (previously named Atlantic Yards). Tenants now have 90 days to vacate their units. [DNA Info] The $1B three-tower expansion for Silvercup West is back on track. [Curbed] Most of the world’s billionaires call NYC home. [TRD] Winston Von […]

Real Estate Trends

September 19, 2014

REVEALED: Skyline Views of KPF’s One Vanderbilt Near Grand Central

We've been keeping a close eye on One Vanderbilt, 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 Pedersen Fox, it will be the second-tallest building in the city when completed. Now, Yimby has hot-off-the-press skyline views of One Vanderbilt from KPF, and the newest NYC supertall certainly stands out amongst the nearby Empire State Building and Chrysler Building.
READ MORE

Glass vs. Stone: An Epic Architecture Battle

Decisions, decisions...sometimes there's just far too many in New York City. Thai or Chinese takeout? Subway or bus? Central Park or the High Line? The list goes on. And one of the most grueling decisions we make as New Yorkers is where to live. From choosing a borough and neighborhood to deciding on a price point, it's quite the undertaking. But what about the most elementary component of the building in which we decide to live--it's material. To be more exact, glass or stone. Glass tower dwellers are often drawn to the floor-to-ceiling windows, panoramic views, and clean lines, whereas buyers of apartments in stone buildings prefer a more traditional feel, with pre-war-style layouts that provide great separation of spaces. And some of the city's most prominent architects have become synonymous with one style or the other. Think Richard Meier for glass and Robert A.M. Stern for stone. CityRealty decided to take a closer look at this epic battle and see how pairs of glass and stone developments fared across the city.
See how these buildings battle it out

September 18, 2014

Real Estate Wire: Sales Launch at 11 Beach; Another HAP Building On the Way

Three of the 27 apartments at 11 Beach in Tribeca have hit the market. The three-bedroom is going for $5.3M, the four-bedroom $6.65M, and the five-bedroom is priced at $7.75M. [CityRealty] Another HAP building is coming to 247 East 117th Street, but this time Karim Rashid isn’t on the docket to design. Instead, Daniel Goldner Architects will take […]

Real Estate Trends

September 18, 2014

Construction on Jean Nouvel’s MoMA Tower will Finally Move Forward!

Hot off the purchase of $85 million in air rights, and with a new construction loan of $860 million in tow, Hines is back on track to bring the Jean Nouvel-designed MoMA residential tower to fruition. According to TRD, Hines just closed on two deals to buy more than 240,000 square feet of development rights from MoMA and the St. Thomas Episcopal Church for $85.3 million.
more here

September 18, 2014

Will a New Waldorf School at Ben Shaoul’s Bloom 62 Attract Spendy Families?

Back in 2012, when Magnum Real Estate's Ben Shaoul announced plans to turn the Cabrini nursing home in the East Village into condos, more than a handful of "Sledgehammer Shaoul" flags went up in protest. Plans moved ahead despite public outcry, and now more than two years later, the former nursing home has transformed into a luxury residential building called Bloom 62. Although not much has been done to dress up the exterior, the 26-unit condo is no slouch and boasts a number of enviable luxuries, including a landscaped roof deck and gym. But Bloom 62's most valuable amenity may be what sits on its ground floor: a school.
More on the benefits to be reaped here

September 17, 2014

Real Estate Wire: Trump Soho Off to the Auction Block; Moynihan Station Project Gets $40M in Federal Funding

Unsellable condos at the Trump Soho have sent the building into foreclosure and off to the auction block. [WSJ] The Federal Transit Administration handed out $1.9B for Sandy-related upgrades, yesterday. $40M of the available funds will go towards the Moynihan Station and about $13 million will go to the planned $700 million second phase of the project that will turn the […]

Real Estate Trends

September 17, 2014

Gamer Zach Gage Nabs Penthouse with Futuristic Rooftop Watchtower for $3.9M

Forbes' 30 under 30 in video games, Zach Gage, is cashing in on his success. The gamer and conceptual artist just picked up this sweet Chinatown penthouse at 18 Orchard Street for $3.9 million, according to city records filed today. The 28-year old, who has developed games such as SpellTower, Ridiculous Fishing, and Lose/Lose, and been exhibited at venues like the Venice Biennale, the MoMA, and in Apple stores worldwide, seems to not have strayed far from his edgy sensibilities. His new three-bedroom duplex features a rooftop catwalk, some killer lights, and a futuristic watchtower with "a transcendent view of the sunset and cityscape".
Tour the home here

September 17, 2014

POLL: Is the East River Skyway the future of NYC transportation?

Yesterday, Dan Levy, the president and CEO of CityRealty, presented his proposal for the ‘East River Skyway,’ an aerial gondola system that would run along the Brooklyn waterfront and into Manhattan, bringing commuters over the river in just 3.5 minutes. Now, we want to know what you think about the idea. Images: East River Skyway, courtesy of CityRealty […]

September 17, 2014

ANNOUNCED: Hudson Companies Will Buy Brooklyn Heights Library for $52M, Add Luxury Rental Complex

Just yesterday, the Brooklyn Heights branch of the Brooklyn Public Library announced that they will sell their building to the Hudson Companies for $52 million, along with the promise of 114 affordable housing units to be built at a different location in the neighborhood. The developer, who won the bid over 14 others, will convert the city-owned building at 280 Cadman Plaza West into a 20-story luxury rental complex with a new 21,000-square-foot library on the ground floor.
More details here

September 17, 2014

Highlights: What Real Estate Big Wigs Have to Say About Brooklyn and Its Future

By Carter B. Horsley

Brooklyn real estate is hot, very hot, and there’s no cooling off in sight, according to most speakers at yesterday's sold-out Brooklyn Real Estate Summit, sponsored by Massey Knakal and held at the Brooklyn Museum. From Billy Macklowe to David Shorenstein and Jonathan Rose, get the run-down of what the industry's leading pundits have to say about BK real estate.
What they're saying about Brooklyn here

September 16, 2014

Real Estate Wire: Inside 1110 Park Avenue; Oosten Condos Hit the Market

Renderings of what 1110 Park Avenue will look like inside. [Buzz Buzz Home] Condos at Ian Schrager’s upcoming Public hotel on the Lower East Side are poised to break a sales record for the neighborhood. Prices are said to start at $7M. [TRD] Condos at the Oosten have hit the market. The building offers up […]

Real Estate Trends

September 15, 2014

Real Estate Wire: Rent Vouchers Instead of ‘Poor Doors’; Inside the $1.4B MTA Fulton Center

A peek inside the new $1.4B MTA Fulton Center under construction. [NYDN] The ‘poor door‘ fix: Leonard Grunstein pens an op-ed saying that rather than requiring developers to produce more affordable units, they should give rent vouchers for low-income tenants for use at other apartments in the city. [Crain’s] Blame Anna Wintour. A slew of new luxury […]

Real Estate Trends

September 15, 2014

Ben Shahn Murals and a Market? YoungWoo & Associates Tries Again at the Bronx General Post Office

By Stephanie Hoina

The firm that once hoped to bring a Bronx market to the Kingsbridge Armory site may get their chance with another historic building in the borough. Last week it was announced that developer YoungWoo & Associates purchased the landmarked Bronx General Post Office building on the Grand Concourse and East 149th Street for an undisclosed sum.
What's in store for the building and its treasures?

September 15, 2014

Penthouse Sales Launch at Brooklyn’s Tallest Skyscraper, 388 Bridge

Downtown Brooklyn's most talked about new development—and tallest tower—has just announced the launch of its 'Penthouse Collection'. Located at 388 Bridge, 40 penthouses ranging from 1,144 square feet to 2,371 square feet on floors 45 through 53, have been priced at $1.742 million and up. The units offer up 360-degree views looking out to Manhattan, Brooklyn and Queens, and several residences have been set up as duplexes with outdoor terraces.
Find out more here including pricing

September 12, 2014

Real Estate Wire: A Portfolio of Parking Lots Worth $250M; Upgrades Planned for Grand Central Get Flack