Real Estate Trends

January 20, 2021

How Joe Biden will affect NYC’s renters, real estate, and recovery

After Joe Biden is sworn in as the 46th president of the United States on Wednesday, his immediate focus will be getting the coronavirus pandemic under control and providing direct relief to Americans. In addition to immediate actions related to COVID-19, Biden's Day 1 housing priorities include extending the federal nationwide moratorium on residential evictions through the end of September and sending an additional $25 billion in rental assistance to states. Down the road, Biden has proposed fewer developer-friendly policies than his predecessor, including a repeal of the 1031 exchange and reform of the Opportunity Zone tax program. But overall, there is optimism among New York City real estate industry experts who see a Biden Administration as a way to restore stability and consumer confidence. With a pledge to defeat COVID-19 and send federal support to New York City, there's hope on the horizon for the city's recovery.
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Tommy Hilfiger sells lavish, chateau-style Connecticut estate for $45M

All listing photos by Samuel Rodriguez & Steve Rossi for Sotheby’s International Realty

January 19, 2021

Tommy Hilfiger sells lavish, chateau-style Connecticut estate for $45M

By Dana Schulz

Fashion mogul Tommy Hilfiger has unloaded the last of his Greenwich, Connecticut properties for $45 million, Sotheby's International Realty tells 6sqft. The 22-acre estate was built in 1939 and resembles a French chateau from the outside, with an eclectic, European flair inside. It's located on the summit of Round Hill, the highest point in Greenwich, providing views of the Long Island Sound and Manhattan skyline. Other lavish amenities include a baronial Elizabethan-style spiral staircase, six fireplaces, a pool house, tennis court, and parterre gardens. According to the Post, he and his wife Dee Ocleppo bought the home for $31.37 million in 2010, after which they spent millions more on renovations.
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Renderings and pricing revealed for VU, new Murray Hill condo with amazing views

All renderings by Unmarked Studio

January 14, 2021

Renderings and pricing revealed for VU, new Murray Hill condo with amazing views

By Dana Schulz

Murray Hill might not be the first neighborhood that comes to mind when thinking of luxury condos, but that just might be a good thing. VU, the new 100-unit project at 368 Third Avenue, is one of the tallest buildings in the neighborhood, which affords its 100 units incredible views of the East River, Midtown, and even down to the World Trade Center. We've now got our first look at the flashy new project, along with a pricing reveal.
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January 13, 2021

Brooklyn Heights townhouse sells for $25.5M, breaks borough record

By Dana Schulz

As was first reported by The Real Deal, billionaire Vince Viola has sold his Brooklyn Heights mansion at 8 Montague terrace for a record-setting $25.5 million, according to city property records. The sale beats out the $20.3 million penthouse in Brooklyn Heights’ Quay Tower, which sold virtually back in April. Viola, an Army veteran who founded Virtu Financial and owns the NHL Florida Panthers, bought the home with his wife Teresa in 2007 for $8 million. At the time it was a multi-family dwelling, but they converted it to a single-family home. The new buyer is not identified, and it appears to be an off-market deal.
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Real Estate Trends

All renderings by VMI Studio

January 12, 2021

New looks and prices for luxury condo building at Essex Crossing

By Dana Schulz

The second condo building at the Essex Crossing mega-development has revealed a slew of new renderings, along with the first pricing details. Located at 202 Broome Street, One Essex Crossing is the seventh of nine buildings at the Lower East Side project. The 83-unit building was designed by CetraRuddy and is distinguished by its elevated 9,000-square-foot amenity garden. Prices range from an $890,000 studio to a $6,689,000 duplex penthouse. Occupancy is expected later this year.
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2020 luxury home sales rose 270% in some upstate New York counties

Downtown Rhinebeck, NY. Photo by Juliancolton via Wikimedia Commons

January 8, 2021

2020 luxury home sales rose 270% in some upstate New York counties

By Dana Schulz

It's not news at this point that throughout 2020 the suburbs of New York City were flooded with new home buyers, pushing up prices and leading to unbelievable bidding wars. But what is news is just how much certain upstate areas saw a rise. According to Houlihan Lawrence's Q4 2020 Market Report, Putnam and Dutchess counties saw a 269-percent increase in home sales $1 million and over. And in Westchester county, sales $2M and higher grew by approximately 53 percent.
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Real Estate Trends

220 Central Park South is the best-selling NYC condo by a long shot

220 Central Park South as seen in May. Photo by Jim.henderson (cropped) via Wikimedia Commons

January 7, 2021

220 Central Park South is the best-selling NYC condo by a long shot

By Dana Schulz

In a year where the number of real estate sales dropped significantly in New York City, it was a few top-tier new developments that kept things afloat. According to the CityRealty 100 report—an index comprised of the top 100 condominium buildings in Manhattan—this includes closings in 15 Hudson Yards, The Park Loggia, and Waterline Square. It also includes 220 Central Park South, which accounted for the top 22 sales during the 12 month period of this report and had a total of $1.52 billion in cumulative sales in 46 units.
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Construction set to begin at huge South Bronx complex with Universal Hip Hop Museum

Rendering courtesy of S9 Architecture

January 6, 2021

Construction set to begin at huge South Bronx complex with Universal Hip Hop Museum

By Devin Gannon

Construction of the South Bronx mixed-use project that will have over 1,000 units of housing, a waterfront esplanade, and a permanent home for the Universal Hip Hop Museum is set to begin in the coming weeks. Developed by L+M Development Partners, Type A Projects, BronxWorks, and the city of New York in a public-private partnership, the project, known as Bronx Point, secured $349 million in financing last week. S9 Architecture is leading the design of the 22-story development, with the publicly-accessible open space along the Harlem River designed by Marvel Architects and Abel Bainnson Butz.
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See new renderings of controversial South Street Seaport towers and museum expansion

All renderings courtesy of Skidmore, Owings & Merrill / Howard Hughes Corporation

January 5, 2021

See new renderings of controversial South Street Seaport towers and museum expansion

By Devin Gannon

Plans to construct two 470-foot towers and expand a museum in the historic South Street Seaport neighborhood were met with mixed feedback during a public Landmarks Preservation Commission hearing on Tuesday. The Howard Hughes Corporation presented a proposal for a $1.4 billion mixed-use project consisting of rentals, condos, and office space at 250 Water Street, as well as a new building for the South Street Seaport Museum at 89 South Street. While those in favor of the project say it will bring much-needed affordable housing to a neighborhood that has almost none and help the museum stay open, opponents claim the project is out of scale with the rest of the district. New renderings of the proposed expanded museum show plans for a copper-clad exterior, flexible gallery space, an outdoor terrace, and a connection to the historic structure.
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January 5, 2021

Tom Brady and Gisele Bündchen unload Tribeca condo for $37M

By Dana Schulz

Tom Brady and Gisele Bündchen have long maintained a home in New York City, but now that the NFL quarterback has taken up with the Tampa Bay Buccaneers, they're consolidating a bit. As the Post first spotted, the couple has sold their Tribeca apartment for $36,800,000 million, according to property records. Brady and supermodel Bündchen bought the five-bedroom, 12th-floor pad in Robert A.M. Stern's 70 Vestry Street in 2018 for $25.5 million pad. Just last month, though, they bought a smaller unit on the same floor for $3.5 million, which will presumably now serve as their NYC pied-à-terre.
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After 20 years, Sarah Jessica Parker sells West Village townhouse for $15M

By Dana Schulz

As was first spotted by the Wall Street Journal, Sarah Jessica Parker and Matthew Broderick have sold one of their West Village townhouses for $15 million, according to property records. The couple bought the home on Charles Street in 2000 for just $2,995,000. This time last year, the rumor mill said that they'd been trying to sell the property off-market, as they were living in this home while construction took place combining two adjacent townhouses on West 11th Street that Parker and Broderick bought for $34.5 million in 2016.
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Over 1,000 NYC chain stores have closed this past year, the biggest drop in a decade

Photo by Peter Burka on Flickr

December 23, 2020

Over 1,000 NYC chain stores have closed this past year, the biggest drop in a decade

By Devin Gannon

More than 1,000 chain stores in New York City have closed over the past year, the largest year-over-year decline in over a decade. According to the Center for an Urban Future's annual "State of the Chains" report, nearly one out of every seven chain retailers open at this time last year is now closed, due to the coronavirus pandemic coupled with the continued growth of e-commerce. Even Dunkin', the city's largest retailer, closed 18 locations in 2020, the first time the coffee chain experienced a decline since CUF began tracking chains 13 years ago.
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In a win for the Brooklyn Botanic Garden, de Blasio says he opposes Crown Heights high-rise towers

Rendering: NYC Department of City Planning

December 22, 2020

In a win for the Brooklyn Botanic Garden, de Blasio says he opposes Crown Heights high-rise towers

By Devin Gannon

Mayor Bill de Blasio on Monday announced his opposition to two controversial high-rise towers proposed for a Crown Heights lot across from the Brooklyn Botanic Garden. As first reported by Gothamist, the mayor said the project would "harm the research and educational work carried out by one of this city’s prized cultural institutions."
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Real Estate Trends

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

Photo by Peter Murdock

December 9, 2020

$57M penthouse at 111 West 57th Street joins list of NYC’s priciest pandemic sales

By Devin Gannon

A penthouse apartment at the supertall 111 West 57th Street has sold for over $50 million, making it one of the priciest real estate deals in the city since the coronavirus pandemic struck this spring. Duplex Penthouse 75 sold "for around the list price" of $57 million, according to a spokesperson for the Billionaires' Row development. The two-level apartment has four bedrooms, five and a half baths, and boasts 14-foot ceilings and incredible views of Central Park.
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Real Estate Trends

Proposed Coney Island complex has 461 units and outdoor pool with ocean views

Renderings courtesy of LCOR

December 8, 2020

Proposed Coney Island complex has 461 units and outdoor pool with ocean views

By Devin Gannon

Real estate developer LCOR last week filed plans with the city to bring a 461-unit residential project to Coney Island. Located about a block from the beach and boardwalk at 1515 Surf Avenue, the proposed 16-story development will rise on the parking lot of Gargiulo's Restaurant, a 100-year-old neighborhood staple. Gargiulo's owner Louis Russo agreed to a 99-year ground lease for the lot late last year.
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All 950 units at city’s Gowanus housing development will be affordable

Rendering courtesy of Marvel Architects/SCAPE Landscape Architects

November 23, 2020

All 950 units at city’s Gowanus housing development will be affordable

By Devin Gannon

The city's proposed six-building residential development in Gowanus will be 100 percent affordable, officials announced last week. The Gowanus Green project, part of Mayor Bill de Blasio's administration's plan to rezone the Brooklyn neighborhood, will contain 950 units of affordable housing, with at least 50 percent designated to extremely low and very low-income households. Previously, the plan called for roughly 74 percent of units to fall below the market rate.
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See inside New Jersey’s tallest residential tower, 99 Hudson

All photos courtesy of COA 99 Hudson, LLC

November 20, 2020

See inside New Jersey’s tallest residential tower, 99 Hudson

By Devin Gannon

As residents continue to move in at 99 Hudson Street, new photos of the residential tower were released this month, showing off the exterior and interior of New Jersey's tallest building. Located on the Jersey City waterfront, 99 Hudson rises 79 stories directly across from One World Trade Center. Designed by Perkins Eastman, the building contains a range of studio to two-bedroom residences, along with a handful of penthouses, with units priced between $548,000 and over $4 million.
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David Adjaye and Aston Martin collaborate on residences and luxury car at 130 William in FiDi

All residence images courtesy of Aston Martin

November 12, 2020

David Adjaye and Aston Martin collaborate on residences and luxury car at 130 William in FiDi

By Devin Gannon

Five apartments for sale at Sir David Adjaye's first New York City tower have been custom-designed by luxury carmaker Aston Martin. Located on the 59th and 60th floors of 130 William, a 66-story condo in the Financial District, the exclusive units come with a special edition Aston Martin DBX, an SUV designed in collaboration with Adjaye. The five condos include two penthouses, one priced at $11.5 million and the second at $10.5 million, and three loggia residences, priced at $3.985 million, $5.985 million, and $10 million.
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See inside Bjarke Ingels’ new Harlem rental The Smile, with apartments from $2,056/month

Photo courtesy of NOISE

November 10, 2020

See inside Bjarke Ingels’ new Harlem rental The Smile, with apartments from $2,056/month

By Devin Gannon

Living in a starchitect-designed apartment building is now slightly more attainable. The Smile, a new rental tower in East Harlem designed by BIG-Bjarke Ingels Group, has officially opened. The 11-story tower at 158 East 126th Street, named for its grin-like shape, contains 233 apartments, 70 of which are affordable. Leasing kicked off in September, with pricing for the market-rate rentals starting at roughly $2,056/month. New photos released this week take us inside the minimalist model residences and the impressive amenity package that is tailored to those working from home, including a co-working studio and a rooftop with a plunge pool, three whirlpools, and an outdoor movie theater.
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The Rockefeller Center ice skating rink will only be open for two months this year

Photo by Shinya Suzuki via Flickr cc

November 9, 2020

The Rockefeller Center ice skating rink will only be open for two months this year

By Dana Schulz

Photo by Shinya Suzuki via Flickr cc As was first reported by the New York Times, the famous ice skating rink at Rockefeller Center will be be open for the holidays this year, but it will be a much abbreviated season. The rink will open a month later to give more time to restaurants currently using the plaza for outdoor dining, and it will close several months early on January 17 to begin work on a major revamp that was approved by the Landmarks Preservation Commission in April.
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Real Estate Trends

Upper West Side condo tower that replaced century-old synagogue reveals new looks

Renderings courtesy of ODA for Landsea Homes and Leyton Properties

October 28, 2020

Upper West Side condo tower that replaced century-old synagogue reveals new looks

By Devin Gannon

New renderings of the Upper West Side condo tower that replaced one of New York City's oldest synagogues were revealed this week. In 2017, Congregation Shaare Zedek sold its synagogue at 212 West 93rd Street to developers Leyton Properties and Landsea Homes. Some local residents and preservation groups opposed the sale and pushed for the nearly 100-year-old building to be landmarked, but their efforts fell short. Now as the project nears completion, we're getting an updated preview of the 14-story mixed-use condo designed by Eran Chen's ODA New York and a peek inside its 20 luxury residences, 70 percent of which will have private outdoor space.
Details here

See inside the ‘bubble’ apartments at the High Line’s new Lantern House condo

All photos by Colin Miller unless otherwise noted

October 27, 2020

See inside the ‘bubble’ apartments at the High Line’s new Lantern House condo

By Devin Gannon

While we've been following the progression of Thomas Heatherwick's first residential project in the United States from its unique exterior, new photos are providing a first peek inside the bubbles. Located at 515 West 18th Street, Lantern House features two condo towers that straddle the High Line in Chelsea, one rising 10 stories and the other 22 stories, both with facades designed to resemble a lantern. Ahead, see the model home designed by staging experts ASH NYC, which was able to complement the building's unique architecture with a mix of bold, contemporary furniture and vintage details.
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$1.4B South Street Seaport proposal includes two mixed-use towers with affordable units

All renderings courtesy of The Howard Hughes Corporation/SOM

October 22, 2020

$1.4B South Street Seaport proposal includes two mixed-use towers with affordable units

By Devin Gannon

The Howard Hughes Corporation on Thursday unveiled its latest effort to redevelop the South Street Seaport neighborhood. The $1.4 billion proposal includes the construction of two 470-foot towers which would contain rentals, condos, and office space on a parking lot at 250 Water Street. Initial plans from the developer called for a single tower that would rise nearly 1,000 feet, but local residents and Community Board 1 opposed it. Designed by Skidmore, Owings & Merrill, the two towers would include 360 units, with at least 100 apartments set aside for families earning 40 percent of the area median income. It would be the first affordable housing built in the community under the city's Mandatory Inclusionary Housing program.
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Susan Sarandon sells her Chelsea duplex for $7.9M asking price

Photos: Eitan Gamliely for Sotheby’s International Realty

October 21, 2020

Susan Sarandon sells her Chelsea duplex for $7.9M asking price

By Dana Schulz

Just three months after listing her massive Chelsea duplex for $7.9 million, Academy Award-winning actress Susan Sarandon has sold her long-time home for its full asking price. Located at 147 West 15th Street, the 6,000-square-foot co-op is spread over two floors and has six bedrooms, four exposures including views of the World Trade Center and Empire State Building, and an outdoor terrace and balcony. Over the summer, Queens-native Sarandon told the Wall Street Journal that she isn't leaving the city just downsizing to a smaller apartment in the area. "I’ve always been a New Yorker and I’ll continue to be a New Yorker," she said.
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October 16, 2020

See inside the carefully-curated residences at Brooklyn’s tallest tower

By Devin Gannon

From its sky-high outdoor infinity pool to the chic interior finishes designed by Katherine Newman, no details were overlooked at Brooklyn Point, the 720-foot residential tower in Downtown Brooklyn. After topping out last spring, officially becoming the borough's tallest tower, and commencing closings and first move-ins this summer, new photos of the building's model unit were released in September, which show off the eclectic interiors by designer Charlie Ferrer.
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