Real Estate Trends

The number of evictions in New York City has increased every month from January to June, according to new city data. The state's eviction moratorium expired on January 15 after officials extended it several times after it first took effect in March 2020, at the start of the pandemic. The data comes as more bad news for renters, who are facing record-high rents after prices fell early on in the pandemic.
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Apply for 160 affordable units at Bedford Union Armory complex in Crown Heights, from $465/month

Image courtesy of the NYC Department of Housing Preservation and Development

July 21, 2022

Apply for 160 affordable units at Bedford Union Armory complex in Crown Heights, from $465/month

Applications are now being accepted for 160 affordable units at a new rental in the Bedford Union Armory redevelopment in Brooklyn. Located at 1101 President Street in Crown Heights, the building offers residents brand new units and a prime location near Prospect Park. New Yorkers earning 30, 40, 50, and 60 percent of the area median income, or between $18,515 for a single person and $99,300 for a household of seven, are eligible to apply for the apartments, which range from $465/month studios to $1,841/month three bedrooms.
Find out if you qualify

Average Manhattan rent tops $5,000 for the first time ever

Photo by Dimitry Anikin on Unsplash

July 14, 2022

Average Manhattan rent tops $5,000 for the first time ever

According to a June market report, the average rental tab in Manhattan has surpassed $5,000 for the first time in the city's history, the New York Post reports. The recent numbers, compiled by Douglas Elliman and Miller Samuel, show that the average Manhattan rent was $5,058 per month in June, a 1.7 percent uptick from the $4,975 May average–and a head-spinning 29 percent year-over-year spike from the $3,922 June 2021 average.
Brooklyn, Queens rents are up, too

Real Estate Trends

$74.34M penthouse at Aman New York is NYC’s biggest sale of the year

All renderings courtesy of Aman New York

July 8, 2022

$74.34M penthouse at Aman New York is NYC’s biggest sale of the year

A penthouse on New York City's Billionaires' Row has sold for $74.34 million, the highest closed sale of 2022 so far. Taking up the entirety of the 20th floor of the Aman New York, a new hotel and residential project at the iconic Crown Building on Fifth Avenue, the home measures over 6,700 square feet and features a private saltwater swimming pool, cabana, and two terraces. The apartment--dubbed the "Jala Penthouse"--was originally listed for $83.53 million.
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Amy Schumer buys Brooklyn Heights townhouse from ‘Moonstruck,’ last listed for $11M

All photos by Evan Joseph courtesy of The Corcoran Group

July 6, 2022

Amy Schumer buys Brooklyn Heights townhouse from ‘Moonstruck,’ last listed for $11M

Amy Schumer is in contract to buy the Brooklyn Heights townhouse featured in the 1987 movie Moonstruck. As first reported by the New York Post, the actress-comedian has toured multiple homes in the historic neighborhood and put an offer on the corner property at 19 Cranberry Street, which was most recently listed for $11,000,000 after first hitting the market last summer for $12,850,000.
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Photo courtesy of Brown Harris Stevens

June 30, 2022

For $7.5M, a two-condo combo means house-sized space and twice the high-floor views

Near the top of the sleek glass tower at 10 West End Avenue, this 3,383-square-foot condominium residence shares the floor with only one other apartment. The two-unit combination means there are two distinct wings–and two full kitchens–within its sprawling footprint, with a four-bedroom (with room for more) configuration that's perfect for entertaining while maintaining private living quarters. Glass-wrapped rooms with three exposures mean panoramic views of the Hudson River, the George Washington Bridge, and the Empire State Building through floor-to-ceiling windows.
See more of this sprawling glass-clad pad

Photo courtesy of Brown Harris Stevens

June 29, 2022

Spend the summer entertaining outdoors on the terrace at this $9.2M Upper West Side condo

Pre-war apartments with their high ceilings and gracious proportions rarely come in condo form, so this 3,200-square-foot condominium residence in The Olcott at 27 West 72nd Street is something of a find to start with. In addition to three-convertible-to-four bedrooms, the Upper West Side home, asking $9,200,000, has plenty of indoor entertaining space. But the best thing about it might be the sprawling terrace that's the size of a townhouse garden–all in a full-service building on a Central Park block.
Private outdoor living, this way

Empty Financial District offices at 55 Broad will be converted to 571 apartments

Streetview of 55 Broad. © Google 2022

June 24, 2022

Empty Financial District offices at 55 Broad will be converted to 571 apartments

As many of New York City's workers remain remote and office vacancy shows no signs of reversing, many have suggested the city's empty offices be used for living. In one of the largest office-to-residential conversions to be launched during the pandemic, two local developers have purchased the one-third vacant 55 Broad Street with the intention of creating 571 market-rate apartments, the Wall Street Journal reports.
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Real Estate Trends

Photo courtesy of Douglas Elliman Realty

June 23, 2022

For $13.5M, live among the stars, oligarchs, and moguls at 15 Central Park West

When an apartment at the iconic Robert A.M. Stern-designed 15 Central Park West hits the market, a certain kind of discerning buyer takes notice. There's a mansion-sized 8,000-square-foot combo unit available in the coveted building for $58,000,000, so this available half-floor two-bedroom residence seems like a downright steal at $13,450,000. With interiors designed by Axel Vervoordt, the 26th-floor unit spans 2,367 square feet, with the building's signature high ceilings and, best of all, views that sweep out over Central Park, the Hudson River, and beyond.
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See inside Central Park Tower’s newly-unveiled 100th floor amenities club

Central Park Tower, the world's tallest residential building, has officially unveiled New York City's most elevated (literally) private club on the condominium tower's 100th floor. Perched more than 1,000 feet above Billionaires’ Row, the high-flying portion of the building's Central Park Club offers residents of the building's 179 condominiums a suite of private dining and entertaining spaces with incomparable views. Extell Development Company's 1,500-plus-foot-tall tower is also home to the Nordstrom flagship retail store located at its base.
Gaze at the city from the 100th floor

Real Estate Trends

Leasing launches at waterfront rental Astoria West, with apartments priced from $2,920/month

Rendering: Binyan Studio

June 21, 2022

Leasing launches at waterfront rental Astoria West, with apartments priced from $2,920/month

A new three-building development in Astoria with hundreds of apartments officially launched leasing on Tuesday. Developed by Cape Advisors, Astoria West, located at 30-77 Vernon Boulevard faces the tiny urban "beach" Hallet's Cove and contains 534 rentals and more than 40,000 square feet of amenities. Available units range from studios to two bedrooms, priced from $2,920/month.
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Work finally begins on Kushner’s One Journal Square project in Jersey City

All renderings courtesy of Kushner unless otherwise noted

June 17, 2022

Work finally begins on Kushner’s One Journal Square project in Jersey City

Construction is finally underway at Kushner's huge One Journal Square project in Jersey City. The nearly $1 billion mixed-use development consists of two 710-foot-tall towers with more than 1,700 rentals and 45,000 square feet of amenities and public space, including a new Target location as its anchor tenant. The developer was joined by Jersey City Mayor Steven Fulop during a groundbreaking ceremony at the Journal Square site on Thursday.
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All photos courtesy of Compass

June 15, 2022

Hall of Fame Yankees pitcher Mariano Rivera sells Westchester home at a loss

Mariano Rivera, a Hall of Fame pitcher not accustomed to losing, sold his Westchester home at a significant loss this month. The former New York Yankee bought the mansion for $5.7 million in 2006 and listed it for $3.995 million in 2020. As the Wall Street Journal reported, the nine-bedroom home in Rye closed last week for $3.783 million, a loss of roughly $1.9 million.
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600-foot-tall luxury rental breaks ground in Downtown Brooklyn and beats 421-a deadline

The construction site in June 2022 © Ondel Hylton

June 15, 2022

600-foot-tall luxury rental breaks ground in Downtown Brooklyn and beats 421-a deadline

Construction has officially begun on yet another new residential skyscraper in Downtown Brooklyn. Located at 589 Fulton Street, The Brook is a 600-foot-tall luxury rental with 591 apartments and 30,000 square feet of indoor and outdoor amenities. Developed by Witkoff and Apollo and designed by Beyer Blinder Belle, the building broke ground just days before the 421-a tax abatement program expired, allowing developers to still cash in on the 35-year tax break.
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Image courtesy of Douglas Elliman Realty

June 15, 2022

Keep the party going all summer atop this $6.5M Village penthouse with an outdoor kitchen

The two-bedroom condo at the top of 134 West 10th Street in the West Village is a perfect pad for the 21st-century bachelor/bachelorette. It's already in a prime spot, with the benefit of the kind of luxury finishes discerning penthouse buyers love. But the best part of this unique duplex may be its three private outdoor spaces, including a landscaped roof deck with an outdoor kitchen. Asking $6,500,000, the renovated sweet spot in the sky spans 3,500 square feet of indoor and outdoor living space.
Penthouse tour, this way

$4.8M Long Island City condo sets new sales record in Queens

All photos courtesy of Evan Joseph Photography

June 13, 2022

$4.8M Long Island City condo sets new sales record in Queens

A penthouse in Long Island City sold this month for $4.8 million, becoming the priciest condo in the borough of Queens. The three-bedroom home, which was listed for $4,995,000 in January, measures 5,400 square feet across two levels on the top floor of the Arris Lofts at 27-28 Thomson Avenue. As the Wall Street Journal first reported, the sale beats the borough’s former title holder, a penthouse also in the neighborhood at 46-30 Center Boulevard, which sold for $3,451,000 in June 2020.
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Real Estate Trends

Median rent in Manhattan hits $4,000/month for the first time

Photo by Dimitry Anikin on Unsplash

June 10, 2022

Median rent in Manhattan hits $4,000/month for the first time

According to the May 2022 Elliman Report for Manhattan, prepared by appraiser Miller Samuel Inc. for brokerage Douglas Elliman, median rent arrived at the $4,000/month mark for the first time ever, with average rent hitting just under $5,000/month. May 2021 median and average monthly rents were $3,195 and $4,078, a 25.2 percent and 22 percent jump, respectively.
Rising rents, shrinking inventory, this way

Real Estate Trends

New Brooklyn Heights library opens at base of One Clinton luxury condo

Image credit: Gregg Richards courtesy of BPL

June 9, 2022

New Brooklyn Heights library opens at base of One Clinton luxury condo

The Brooklyn Public Library on Wednesday opened a new branch at 286 Cadman Plaza West in Brooklyn Heights–the second-largest library in the system (Central Library is the largest). The 26,000-square-foot space will include a children's area, a teen library, a multipurpose room with a capacity of 225, public meeting rooms, and lots of spaces to enjoy a book or some quiet thoughts. Located within the base of a new luxury residential tower, the library is the result of an unusual redevelopment plan that also included $40 million in repairs throughout the library system and 100 new affordable apartments elsewhere in Brooklyn.
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First permanent museum dedicated to hip hop tops off on the South Bronx waterfront

Rendering: S9 Architecture

May 31, 2022

First permanent museum dedicated to hip hop tops off on the South Bronx waterfront

The country's first permanent museum dedicated to hip hop hit a major construction milestone last week. The Universal Hip Hop Museum (UHHM) topped out in the South Bronx last week as part of the huge mixed-use project Bronx Point. The museum, located at Exterior Street and East 150th Street, aims to serve as a "living document" that will chronicle the history of the music genre in the borough where it was invented 50 years ago.
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Neil Patrick Harris and David Burtka sell Harlem townhouse listed for $7.3M

All photos courtesy of Will Ellis / DDreps

May 25, 2022

Neil Patrick Harris and David Burtka sell Harlem townhouse listed for $7.3M

Neil Patrick Harris and David Burtka found a buyer this month for their five-story Harlem townhouse, which first hit the market last August for $7,325,000. As first reported by the New York Post, the home at 2036 Fifth Avenue is in contract for more than $7,100,000, likely setting a new record for a townhouse sale in the Upper Manhattan neighborhood. The home, constructed in 1908 as a bed-and-breakfast, measures 8,000 square feet and 20 feet wide.
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Amy Schumer lists her Upper West Side ‘secret garden’ penthouse for $15M

Photo credit: Edward Menashy for Evan Joseph Studio

May 20, 2022

Amy Schumer lists her Upper West Side ‘secret garden’ penthouse for $15M

Actress and comedian Amy Schumer is selling her Upper West Side penthouse at 190 Riverside Drive, the Wall Street Journal reports. Asking $15,000,000, Schumer purchased what she calls her "Manhattan dream apartment" for $12,150,000 in 2016. Surrounded on every side and on the roof above by 3,000 square feet of verdant planted terraces, and centered around a glass-wrapped solarium living room, the five-bedroom, 4,500-square-foot condominium is indeed a New York City dream home–even if it's no longer a secret. Schumer told the Journal she and her husband, chef Chris Fischer, are moving–likely to Brooklyn–to be closer to their son's school.
Step inside Amy Schumer's dreamy sky garden

Century 21 to reopen flagship store in the Financial District

Photo by ajay_suresh on Wikimedia

May 19, 2022

Century 21 to reopen flagship store in the Financial District

A favorite shopping destination of New Yorkers is coming back home. After undergoing a major renovation, and filing for bankruptcy in 2020, the famed department store Century 21 will return to its flagship location at 22 Cortlandt Street in the Financial District next spring. The new store will encompass four main floors, offering men's, women's, and children's apparel, including footwear, outerwear, handbags, accessories, and fragrances, according to a press release. And to emphasize its connection to the city, Century 21 is adding "NYC" to its logo.
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Real Estate Trends

May 18, 2022

Architect Bjarke Ingels buys Brooklyn Heights penthouse for $2.16M

One of the world's most famous architects has closed on a Brooklyn penthouse he's eyed for years. Denmark-born architect Bjarke Ingels has purchased a penthouse in the St. George Tower in Brooklyn Heights for $2,163,525, as reported by the New York Post and confirmed by property records. The apartment, located on the 29th and 30th floors at 111 Hicks Street, has been on the market since 2010 when it was listed for $2,490,000.
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The inside of this $3.6M Park Slope duplex condo is as stunning as its historic facade

Photo credit: Hayley Ellen Day with DDreps

May 10, 2022

The inside of this $3.6M Park Slope duplex condo is as stunning as its historic facade