Real Estate Trends

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

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

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

By Aisha Carter

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...

August 14, 2014

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

By Aisha Carter

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