Real Estate Trends

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

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

Visits to Governors Island may be up, but few businesses are interested in setting up shop there. [WSJ] A beautiful Beaux Arts bank on Gates in Bed-Stuy will be turned into apartments. [Curbed] With Manhattan prices climbing sky high, investors are turning to Northern New Jersey for new opportunities. [TRD] The City Council has approved a […]

Real Estate Trends

August 19, 2014

Real Estate Wire: East NY Residents Weigh In On the City’s Revitalization Plans; A Father and Son’s Land-Use Legacy

Residents of East New York react to the city’s revitalization plan for their neighborhood. [WSJ] A developer’s best friends: The father and son law team who have worked for decades to secure changes to properties’ permitted use or size. [WSJ] Renzo Piano’s design for the new Whitney Museum along the High Line is almost complete. [Curbed] A […]

Real Estate Trends

August 19, 2014

Soho Loft with Taxidermy Tendencies Sells for $4.7M

We were quite astounded when, earlier this summer, we came across a taxidermy-filled apartment on Central Park West (there's a first time for everything!). And now, in an even more surprising twist, we've stumbled upon another "stuffed animal" loving pad. Though not filled to the brims like our first find, this apartment at 465 West Broadway will still make you look twice. The three-bedroom unit has been picked up by jewelry designer and artist Lisa Pevaroff for $4.7 million. Likely selling points include 15 windows, four exposures, and an easily convertible floor plan.
Check out the rest of this funky home

August 18, 2014

Real Estate Wire: Are Open Plans Falling Out of Favor?; The Sultan of Brunei Is Hotel Shopping in NYC

A developer is demanding volunteers pay $1M if they want to keep their community garden. [NYP] The Sultan of Brunei is hotel shopping in NYC and London and is reported to have has his eyes set on The Plaza. [WSJ] A campaign to build a light rail system on Staten Island has been relaunched—nearly 10 […]

Real Estate Trends

August 15, 2014

Real Estate Wire: Sales Launch at the Soori High Line Condos; Crown Heights Rents See a Spike

Sales have launched at the Soori High Line condos. Three of the building’s 27 units are currently listed, and two of them have heated pools. The cheapest, pool-less unit is asking $3.7M; and the steepest, which comes with a 24-foot-long pool, is asking $10.995M. [Curbed] Rents in Crown Heights have jumped 17.5% in a year. [Brownstoner] […]

Real Estate Trends

August 15, 2014

Jed Johnson-Designed Prewar Stunner Sells for $10.3 Million to Hedge Funder David Steinhardt

Dune Realty CEO Daniel Neidich has just sold his gorgeous six-bedroom, five-and-a-half-bath Yorkville apartment for $10.25 million to David Steinhardt, the son of "Wall Street's greatest trader", Michael Steinhardt, according to city records filed yesterday. This Austere apartment is certainly a sight to behold with its spectacular finishes and expansive views. Designed by such notable names as Jed Johnson, along with Alan Wanzenberg and Thad Hayes, its no wonder this home is the perfect blend of formal entertaining and luxurious living.
Trust us. You want to take a look inside this home...

The Architecture of Cesar Pelli: How a Sense of Place Left a Lasting Mark on the NYC Skyline

Growing up just west of the Andes Mountains in the small town of Tucumán in northwest Argentina, Cesar Pelli wasn't exposed to the vibrant cityscapes that he today helps to shape. He got his start designing low-cost, affordable housing for the Argentine government, which helped him develop an appreciation for each project's unique sense of place. Breaking from the traditional mold of many world-famous architects, he designed buildings as a response to their neighborhoods, not as a preconceived signature aesthetic. Now, with a long list of acclaimed international projects to his name, Pelli is lauded for creating structures that honor a city's history and enrich the local landscape. And here in New York City, home to some of his most celebrated works, the Pelli mark has making an indelible impression on the architecture and real estate fields.
We dive deeper into Cesar Pelli's past, present, and future

August 14, 2014

Real Estate Wire: A Record Breaking Sale at the San Remo; NYC Gets Its First Enclosed Mall in Over 40 Years

A combo 6,000 square-foot luxury pad at the San Remo just sold for a record-breaking $26.4 million. [NYO] A 33-story tower designed by Woods Bagot is coming to Downtown Brooklyn. The new building will include a hotel and 381 apartments. [Curbed] More buyers are heading to Harlem in search of seeking cheaper luxury apartments. [Crain’s] The Mall at […]

Real Estate Trends

August 14, 2014

When Looking at Manhattan’s Condo Sales the Downtown Market Reigns Supreme

Though everything seems to slow to a glacial pace during the summertime months, a sluggish market wasn't the case for condo sales the week of July 14th. Buyers steadily scooped up prime properties with the city so far recording 249 condo and co-op sales. Manhattan's biggest buys came via the usual suspects—Flatiron's One Madison, and uptown faves Carnegie Hill and the Arpthorp—with deals ranging from $10.1 million up to $14.5 million. According to CityRealty's Market Insight report, although the city's top exchanges registered above 23rd Street, when eyeing contracts closed over the last 90 days, it looks like Downtown Manhattan reigned supreme when it came to the highest number of units sold (337), and the top prices garnered per square foot ($2,077 and $2,047 in the West Village and Soho, respectively). Overall, the area recorded an impressive $1 billion in total sales over the last three months.
All the details in graph form here

Real Estate Trends

August 14, 2014

A Garden in the East Village? This $1.9 Million Condo Has Two

A lucky new owner just nabbed a charming little oasis in the heart of the East Village for $1.9 million, according to city records. And while you might be thinking an “East Village oasis” is a blatant oxymoron, this quiet little condo begs to differ. The property is almost like a secret garden in the city; hidden in a bustling neighborhood as opposed to being among the grounds of a vast manor. In fact, take a look inside this cozy unit, and you might forget all about the throngs of college students frequenting the bars right around the corner. Now that’s pretty impressive.
Find out more of this condo's secrets, here

August 13, 2014

Curb Appeal: The Psychology of Moving Buyers from Cab to Curb to Contract

By Lauren Price

Great neighborhood? Check. Great apartment? Check. Curb appeal? Killer first impressions can be long lasting — and whether it’s a newly advertised flavor of Ben & Jerry’s, an ad for Tory Burch’s latest shoe collection —or finding new digs, “love at first sight” spot-on marketing moments play a sizeable role in how we make our decisions. Industry experts note that a large percentage of a house hunter's decision to explore a property further than the curb is based the project’s “wow” factor. Truth is, it sets the “perception” stage of what’s to come beyond a grand entrance or swanky lobby that was designed to provide a sense of arrival and belonging. Obviously, at the end of the day, a building’s outside will only persuade potential buyers to see more, and first impressions can vary from one individual to the next, but the “I was meant to live here” moment is fairly universal.
How a building's design tugs at your desire to 'be someone'

August 13, 2014

Real Estate Wire: What Lies Behind the Pepsi Sign; NYC Construction Spending Jumps 50%

Tour the new Long Island City residential building that sits behind the Pepsi sign. [Curbed] Extell is bringing a 52-story, 710,907-square-foot residential building to 41st Street and 5th Avenue. The company spent $16.46M on the development and to acquire the air rights from nearby St. Raphael’s Church. [CO] Spending on NYC residential construction has jumped […]

Real Estate Trends

August 13, 2014

Spanx Founder Sara Blakely Makes $18 Million Profit on 15 Central Park West Apartment Sale

By Annie Doge

That's right, $18 million. According to city records, Spanx founder and self-made billionaire Sara Blakely sold her apartment at 15 Central Park West for $30 million, almost triple the $12.11 million she paid for it in 2008. The sale comes on the heels of CityRealty releasing its CityRealty 100 list of most expensive homes in the city, on which 15 Central Park West is listed first. The prestigious, Robert A.M. Stern-designed building has an average price per square foot of $6,288 (the Time Warner Center, which came in second has an average of $4,689) and it also holds the priciest condo sale through the second quarter of 2014 at $48 million.
More about Blakely's highly profitable sale

August 13, 2014

454 Rugby Road Joins the Million-Dollar-Sale Club in Victorian Flatbush

We tend to feature a lot of historic townhouses, and while we love these brownstone beauties, it's always a treat when we come across the less-common Victorian home. Not surprisingly, this charming, free-standing house is located in Ditmas Park West, part of what is known as Victorian Flatbush. Built in 1905, the home at 454 Rugby Road recently sold for $1,975,000 million according to city records, almost $100,000 above the asking price and not far behind another recent Rugby Road sale that was one of the most expensive in the neighborhood to date.
See why this painted lady is a deserving member of Victorian Flatbush's Million-Dollar Club

August 13, 2014

Michael Douglas Gets a New Neighbor with the Sale of This $8.6 Million Kenilworth Co-Op

Andrea Stern, daughter of real estate developer Leonard Stern, has just sold her ‘70s chic apartment in the Kenilworth for $8.575 million, according to city records. The new residents will not only be able to enjoy living in a home that looks like a pared down set for Behind the Candelabra; they’ll actually be able to call the made-for-TV movie’s star Michael Douglas, and his wife Catherine Zeta Jones, neighbors. But, as impressive as that sounds, we’re pretty sure the eight-room, corner apartment on the Gold Coast of Central Park West speaks for itself.
Take a look inside this throwback chic pad...

August 12, 2014

Real Estate Wire: How Many Jeans Do You Need to Sell to Afford Williamsburg’s Retail Rents?

How many jeans will Diesel need to sell to make rent at 101 Bedford? Greenpoint’s Andy Smith does a quick and dirty calculation. [Tremr] New York has only the 6th highest rents in the country. Apparently we lag behind behind San Francisco, San Jose, San Diego, Washington DC and Boston. Surprised? [Brokelyn] The 10 biggest real estate projects filed in […]

Real Estate Trends

August 12, 2014

New Knicks President Phil Jackson Buys $5 Million Apartment at the Osborne

When he hasn't been busy revamping the New York Knicks, Phil Jackson has been scoping out NYC real estate. And according to city records, the Knicks President purchased an apartment at the Osborne, 205 West 57th Street, for $4.85 million. Considered one of the greatest NBA coaches in history, Jackson spent many years with both the Chicago Bulls and the Los Angeles Lakers, but now he's jumping back into the New York City scene head first, having gotten his start with the Knicks in 1967 as a player. His new home was meticulously renovated by Ferguson and Shamamian Architects to preserve the original details of the landmarked 1883 building. Hand-carved mahogany pocket doors, inlaid oak and cherry floors, and stained glass transom windows are just some of the historic accents that make this three-bedroom apartment a true masterpiece.
Tour the rest of this basketball legend's new digs

August 12, 2014

Billionaire Peter Brant Buys an Incredible Converted Con-Ed Substation for $27M

It's a common saying that money can't buy good taste, but Peter Brant proves that old adage doesn't apply to billionaires. According to city records, the American industrialist and businessman just closed on a former Con-Ed substation located at 421 East 6th Street for $27 million—$2 million above asking. Constructed in 1920 to serve the city's power needs, the building was altered in the 60s and again in the 80s to accommodate a live-work space for a famed sculptor Walter de Maria. Even with more than a century of history behind it, today the structure still keeps many of its original relics and the overall gritty aesthetic of its industrial past. As a lover of art himself, we're curious to know how Brant will go about redesigning the space—if he does. Brant, who also happens to be married to supermodel Stephanie Seymour, is the publisher of both Interview and Art in America magazines and has been previously been called a "Donald Trump with taste" by the New York Times.
learn more about the building here

August 11, 2014

Scoping Out Staten Island: New Developments in the Oft-Forgotten Borough

You won't find any Staten Island jokes or snarky references to secession here. No, we're celebrating the borough that so easily gets forgotten amid the shiny new towers of Manhattan and trendy culture waves of Brooklyn. But just because it might not make daily headlines, doesn't mean that Staten Island isn't in the middle of some pretty amazing developments. From the Staten Island Ferris Wheel to the borough becoming the next great tech hub, we've rounded up the cultural, economic, and architectural projects that are going to make you want to board the Staten Island Ferry in pursuit of your new home.
Check out our list and get ready to start packing

August 11, 2014

Light at the End of the Tunnel: The Second Avenue Subway Already Sending Real Estate Prices Soaring

By Lauren Price

Plans for a Second Avenue subway have been on the drawing boards since flapper dresses were all the rage. But not until now has this pipeline dream started to take shape. One of the hottest discussions among the locals is undoubtedly the new line, and according to the MTA, 65 percent of Phase I is now complete. When it debuts in December 2016, it is slated to carry 200,000 straphangers, which in turn will reduce overcrowding on the Lexington Avenue Line by as much as 13 percent (that’s 23,500 fewer passengers on an average weekday). Phase II will extend the line from 96th to 125th Street, and the MTA just announced that $1.5 billion (only a third of the total estimated cost) is now set aside with the hope that the federal government will chip in, too. But those who wonder when the 8.5-mile stretch of tracks (125th Street to Hanover Square), you’d better hold onto your hat—it's 2029! Though this is still 15 years away, that hasn't stopped the prices of properties flanking the SAS from riding high in anticipation.
Why buyers are looking at construction workers starry-eyed

August 11, 2014

Real Estate Wire: Puff Daddy Price Chops His Park Imperial Haven; More New Yorkers Installing Solar Panels