Real Estate Trends

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

September 3, 2014

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

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

It's not often a flip yields a $4,655,000 profit in just four years, but that's exactly what happened at the 10th-floor loft at 17 West 17th Street. The full-floor Flatiron apartment sold in 2010 for $3,095,000, but was a massive, raw studio at the time with only one bathroom and no formal kitchen. It's now a true four-bedroom space with three additional bathrooms and a clear definition of rooms. The intensive renovation paid off, netting previous owner Peter Vogelsang, a lawyer with the Alberleen Group, an impressive $7.6 million, according to recent city records.
Let's take a look at the profitable pad

August 25, 2014

Real Estate Wire: The Plaza Hotel is Still for Sale; How to Convert a Church Into a Rental

The sultan of Brunei’s interest in the Plaza was all fluff, but the landmark hotel is still up for sale. The hotel will likely fetch $2B, but any deal will be extremely complicated given the current ownership structure. [NYT] Post-gentrifiers are upset with the post-post-gentrifiers that have driven Williamsburg’s prices sky high. [NYT] The George Washington Bridge Terminal […]

Real Estate Trends

August 25, 2014

Actress Julia Stiles Sells Off Her Gramercy Apartment for $2.75M

Actress Julia Stiles may not make the news much these days, but she found her way into Variety over the weekend with the sale of her Gramercy duplex apartment. The three-bedroom pad, which sits in a six-unit brownstone building at 310 East 15th Street directly across from historic Stuyvesant Square, was placed on the market last summer for $3.5 million. While the apartment saw a price chop just a few months after being listed, Stiles still managed to finagle $2.7 million from a less than famous buyer—a pretty nice profit considering she originally paid $1.995 million for the unit 10 years ago.
Take a look inside Stiles' former digs

August 22, 2014

Real Estate Wire: More Woolworth Building Floor Plans; An Apple Store for Williamsburg

Yesterday we got a sneak peek at the penthouse floor plan of the Woolworth Building. Now floor plans for several other units have emerged. [TRD] New Yorkers are loving Long Island City. Rockrose’s 709-unit, 42-story rental in Court Square is now fully leased. [TRD] Sales at 325 Lexington Avenue will launch this fall. [Curbed] Arlene […]

Real Estate Trends

August 22, 2014

Stuyvesant Square: Not Gramercy Park Nor Stuyvesant Town

That's right--Stuyvesant Square is its own neighborhood. Haven't heard of it? That may be because you've been confusing it with neighboring Gramercy Park or Stuyvesant Town. But in fact, this charming little neighborhood is a highly desirable enclave in its own right. Situated around Stuyvesant Square Park, the area is bound roughly by 14th and 18th Streets and First and Third Avenues. It could be considered the southeastern corner of Gramercy Park or an extension of planned development Stuyvesant Town, but some real estate professionals like the exclusivity that the lesser-known moniker offers. Others have come up with creative alternatives like "Gramercy Park on Stuyvesant Square." But regardless of what you call it, Stuyvesant Square has a unique blend of limited space, historic landmarks, and mixed uses that makes for a bustling New York City neighborhood.
More on Stuyvesant Square here

Real Estate Trends

August 21, 2014

Real Estate Wire: Karim Rashid’s Colorful Harlem Design Gets a Thumbs-Down; Islamic Cultural Center Near Ground Zero Seeks Permits

Neighbors of Karim Rashid’s colorful complex planned for Pleasant Avenue in Harlem are in an uproar over the building’s pink and blue color scheme. [NYDN] Soho Properties is seeking permits for the construction of their proposed Islamic cultural center designed by Jean Nouvel. The controversial project, which will host a “museum and sanctuary space”, is located 49-51 Park Place near Ground Zero. […]

Real Estate Trends

August 21, 2014

Mastering the Master Plan: A Look at NYC’s Planned Neighborhoods

We often think of the street grid as New York's greatest "master plan." Officially known as the Commissioners' Plan of 1811, this put in place the original, gridded street pattern that we still know today. But there have been several other master plans that took shape on a smaller scale within the linear configuration of Manhattan. These planned communities were largely conceived to transform blighted or underutilized areas into suburban enclaves or peaceful oases within the big city. And just like the neighborhoods that grew organically among the street grid, these master-planned areas each have a unique character. They've also influenced a new crop of developments, currently under construction on the West Side and in Brooklyn.
We take a look at planned communities that historically changed the fabric of the city, as well as those on the horizon

August 21, 2014

Priciest Townhouse in Washington Heights Sells for $2.4 Million

By Aisha Carter

Acknowledged back in June as the most expensive townhouse in Washington Heights, this historic home at 431 West 162nd Street was met with skepticism from local bloggers. They cited its “colorful wall-to-wall carpeting” and the dearth of immediate amenities in the area. But according to city records, the townhouse has sold for $2.38 million, less than $200,000 under its $2.5 million asking price and still higher than any other townhouse in the area. Looks like Washington Heights gets the last laugh here.
Take a look inside the home that beat the odds

August 20, 2014

Real Estate Wire: Governors Island in Need of Tenants; A $10/Year Space for Artists in Ridgewood