Real Estate Trends

600-unit final tower of Journal Squared complex breaks ground in Jersey City

Rendering: KRE Group

October 7, 2021

600-unit final tower of Journal Squared complex breaks ground in Jersey City

By Devin Gannon

The final tower of a massive three-building luxury complex in Journal Square broke ground this week, which will eventually add hundreds of apartments to Jersey City's burgeoning residential neighborhood. Dubbed Journal Squared, the development at the intersection of Pavonia and Summit Avenues includes three high-rise rentals, two of which have already opened. This week local officials joined Kushner Real Estate (KRE) Group and National Real Estate Advisors to celebrate the completed leasing of the 704-unit second phase tower and break ground on the third and last tower, a 60-story structure with 600 residences.
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Real Estate Trends

Manhattan apartment sales hit a 32-year high

Photo by Jason Krieger on Unsplash

October 6, 2021

Manhattan apartment sales hit a 32-year high

By Devin Gannon

More apartments sold in Manhattan in the third quarter of 2021 than at any point during the last 30+ years of tracking, a new real estate market report says. According to a Douglas Elliman report published this week, there were 4,523 closed co-op and condos sales in the quarter, more than triple the same period last year and 76.5 percent higher than the same time in 2019. Even more indicative of the market turnaround following Covid-19, this quarter passed the previous sales record of 3,939 reported in the second quarter of 2007. And in its own market report, The Corcoran Group found sales volume in Manhattan topped $9.5 billion, the highest quarterly volume total ever recorded. This passes the previous record of $8.54 billion set in the second quarter of 2019.
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Real Estate Trends

$10.65M unit at Brooklyn Heights’ Quay Tower goes into contract, setting 2021 condo record

Photo by Jason Puma

October 6, 2021

$10.65M unit at Brooklyn Heights’ Quay Tower goes into contract, setting 2021 condo record

Assuming the condo at Brooklyn Heights' Quay Tower closes for its $10,650,000 asking price, it'll become Brooklyn's priciest condo sale of the year. This is not the first record-setter for the luxury waterfront tower. In April 2020, a penthouse closed for $20,301,000, making it the borough’s most expensive residential sale ever at the time. (It was outdone by a $25.5 million Brooklyn Heights townhouse sale in January of this year, but it's still the borough's biggest condo sale.) The latest sale is for a 4,544-square-foot, four-bedroom unit with amazing skyline and harbor views.
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Real Estate Trends

$6.95M Prospect Park-facing penthouse to become priciest condo ever sold in Park Slope

All photos courtesy of Douglas Elliman

October 4, 2021

$6.95M Prospect Park-facing penthouse to become priciest condo ever sold in Park Slope

By Devin Gannon

A Brooklyn penthouse overlooking Prospect Park went into contract last week for $6.95 million. As first reported by Mansion Global, the deal will become the priciest condo ever sold in Park Slope when it closes. The sprawling four-bedroom, four-bath residence is located at One Prospect Park West, a roughly 100-year-old building that originally served as a Knights of Columbus hotel and now has been converted into a luxury condominium with 64 homes.
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Real Estate Trends

Comedian Keegan-Michael Key sells his condo in NYC’s ‘Jenga’ tower for $5M

All photos: Arnaud Lecamus, Silvercup Lifestyle LLC

September 29, 2021

Comedian Keegan-Michael Key sells his condo in NYC’s ‘Jenga’ tower for $5M

By Devin Gannon

Actor-comedian Keegan-Michael Key has sold his Tribeca apartment for $5,000,000, less than the original asking price of $5,495,000. As the New York Post first reported, the two-bedroom, two-and-a-half-bath condo is located at 56 Leonard Street, better known as the "Jenga Building" because of each floor's unique layout.
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Mixed-use development Manhattan West officially opens today, revealing restaurants, open space, and more

Photo Credit: Jakob Dahlin

September 28, 2021

Mixed-use development Manhattan West officially opens today, revealing restaurants, open space, and more

Following more than 30 years of planning, Brookfield Properties' eight-acre mixed-use development Manhattan West officially opens today. Located on the blocks between 32nd and 33rd Streets and Ninth and Tenth Avenues, the $4.5 billion project serves as a much-needed link on the far west side, bordered by the new Moynihan Train Hall to the east, Hudson Yards to the West, and the High Line to the south. Manhattan West's master plan was designed by Skidmore, Owings & Merrill (SOM) and consists of six buildings--four office, one residential, and one boutique hotel. There's also a 2.5-acre public plaza designed by James Corner Field Operations, as well as a Whole Foods, immersive retail, and tons of restaurants including two from Danny Meyer.
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New looks for 7-tower Bankside complex, the priciest development in the Bronx

Rendering: LCP360

September 23, 2021

New looks for 7-tower Bankside complex, the priciest development in the Bronx

By Devin Gannon

As the first phase nears completion, a fresh set of renderings has been released of one of the most expensive private development in Bronx history. Developed by Brookfield Properties, Bankside is a $950 million seven-tower complex that stretches across two Harlem River-facing parcels in Mott Haven. New images of the massive development show off the project's 450-unit rental set to open this year, as well as the new public waterfront park and esplanade.
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First look at Robert A.M. Stern and Olson Kundig’s new Chelsea condo tower on the Hudson

All renderings courtesy of Related Companies

September 21, 2021

First look at Robert A.M. Stern and Olson Kundig’s new Chelsea condo tower on the Hudson

By Devin Gannon

The renowned teams of Robert A.M. Stern Architects (RAMSA) and Olson Kundig have teamed up for a new condo project in Chelsea and ahead of its official launch later this fall, we're getting a first look inside. Located across the street from Hudson River Park at 555 West 22nd Street, The Cortland is a 25-story building with 144 total units. RAMSA designed the exterior of the condo and Olson Kundig handled the interiors, combining their distinguished architecture styles in one impressive waterfront development.
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Google will buy St. John’s Terminal building in Hudson Square for $2.1B

Renderings courtesy of COOKFOX Architects

September 21, 2021

Google will buy St. John’s Terminal building in Hudson Square for $2.1B

By Devin Gannon

Google will buy the Manhattan office building it currently leases for $2.1 billion next year. The tech giant announced on Tuesday plans to purchase St. John's Terminal at 550 Washington Street in Hudson Square during the first quarter of 2022. Google already leases the former freight terminal, which is currently undergoing a major renovation and addition as part of the company's new 1.7 million-square-foot campus in the neighborhood. As the Wall Street Journal first reported, the deal marks the priciest sale of a single office building in the United States since the start of the pandemic, as well as one of the most expensive ever recorded.
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Real Estate Trends

Leasing launches at The Willoughby, a new 476-unit rental in Downtown Brooklyn

All renderings courtesy of RXR Realty

September 20, 2021

Leasing launches at The Willoughby, a new 476-unit rental in Downtown Brooklyn

By Devin Gannon

Ahead of its opening this fall, a sleek new rental building in Brooklyn has launched leasing. Located where Fort Greene and Downtown Brooklyn converge, The Willoughby rises 34 stories and houses 476 rental units. Developed by RXR Realty and designed by Perkins Eastman, the 435-foot-tall building sits within the Long Island University campus and overlooks a new athletic field funded by the project. Starting rents are $2,870/month for studios, $3,840/month for one-bedrooms, and $5,660/month for two-bedrooms.
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Popular Articles

Futuristic hotel/condo tower designed by a Zaha Hadid alum will rise near LaGuardia Airport

Renderings courtesy of SASI Studio

September 17, 2021

Futuristic hotel/condo tower designed by a Zaha Hadid alum will rise near LaGuardia Airport

By Devin Gannon

A high-rise hotel and condo building designed by a former senior architect at Zaha Hadid's firm is coming to Queens. Located at 112-51 Northern Boulevard in Corona, the 25-story mixed-use development, dubbed Eastern Emerald, will have roughly 250 hotel rooms, 191 apartments, and a conference and performing arts center. The 370+ foot project, which will break ground this month, features a futuristic, environmentally-friendly design that will reduce carbon emissions and use clean energy for heating and cooling systems.
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See the 1,100-unit Gotham Point towers coming to the Long Island City waterfront

All renderings courtesy of VUW Studio

September 14, 2021

See the 1,100-unit Gotham Point towers coming to the Long Island City waterfront

By Devin Gannon

A massive development with over 1,000 units of housing is coming to Long Island City's Hunter's Point South neighborhood. Developed by the Gotham Organization and RiseBoro Community Partnership, Gotham Point includes two towers and a total of 1,132 residences, 75 percent of which are affordable. The project is part of a broader plan first announced in 2013 by former Mayor Michael Bloomberg to redevelop nine parcels of land in Hunter's Point South and bring 5,000 new apartments to the neighborhood. As the first tower nears completion, 6sqft got an exclusive look at Gotham Point, the latest residential project to rise on the Queens waterfront.
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With Norman Foster back as the architect, 2 WTC construction could begin soon

Photo by Phil Dolby on Flickr

September 9, 2021

With Norman Foster back as the architect, 2 WTC construction could begin soon

By Devin Gannon

Twenty years after the terrorist attacks of September 11, the redevelopment of Lower Manhattan's World Trade Center complex is nearly complete. But one tower still hasn't got off the ground. After architecture firm changes and financing problems, developer Silverstein Properties said construction is set to begin in the coming months on 2 World Trade Center with a new design from Norman Foster's Foster + Partners. As first reported by Commercial Observer, the developer is close to securing an anchor tenant, which would lead to a construction loan and the start of work within "the next six to 12 months."
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I.M. Pei’s Sutton Place townhouse sells for $8.6M

Photos courtesy of Christie’s International Real Estate

September 9, 2021

I.M. Pei’s Sutton Place townhouse sells for $8.6M

By Devin Gannon

The New York City home where the late renowned architect I.M. Pei lived for 45 years has found a buyer. As first reported by the Wall Street Journal and confirmed by property records, the four-story home at 11 Sutton Place sold for $8,600,000, an increase from the initial 2019 asking price of $8,000,000. Pei, the mastermind behind the Louvre's glass pyramid and countless other projects, bought the home in the early 1970s with his wife, Eileen, for just $215,000, according to the newspaper.
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Gloria Vanderbilt’s Beekman Place apartment finds a buyer in just a month

All photos courtesy of Anastassios Mentis/Brown Harris Stevens

September 8, 2021

Gloria Vanderbilt’s Beekman Place apartment finds a buyer in just a month

By Devin Gannon

Listed a little over a month ago, Gloria Vanderbilt's former Midtown East apartment is now in contract. As reported by the New York Post, the two-bedroom home at 30 Beekman Place was asking $1,125,000, with monthly maintenance fees of $4,311. CNN anchor Anderson Cooper, the son of the late heiress/businesswoman/artist, put his mom's apartment on the market in early August.
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Joshua Kushner and Karlie Kloss buy Puck Building penthouse last listed for $42.5M

Photo by Eden, Janine and Jim on Flickr

September 2, 2021

Joshua Kushner and Karlie Kloss buy Puck Building penthouse last listed for $42.5M

By Devin Gannon

Joshua Kushner and Karlie Kloss are in contract to buy the largest penthouse at the historic Puck Building, a condo project in Nolita developed by the venture capitalist's family's real estate company. As first reported by the Wall Street Journal, Penthouse 1 measures an incredible 7,241 square feet and contains five bedrooms, seven and a half baths, and sprawling outdoor space. The final sales price hasn't been released, but the home was last listed for $42.5 million.
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Jean Nouvel’s condo tower 53W53 reveals lavish wellness amenities

All photos by Evan Joseph

August 31, 2021

Jean Nouvel’s condo tower 53W53 reveals lavish wellness amenities

By Devin Gannon

The private club and wellness center at Jean Nouvel's residential tower in Midtown West is a work of art. New images of the lavish full-floor space at 53 West 53, which rises adjacent to the Museum of Modern Art, were released this week, unveiling for the first time the club's elegant gym, squash court, golf simulator, saunas, and 65-foot lap pool that is surrounded by a green wall made up of 3,500 plants.
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Jeff Bezos buys fifth apartment at Flatiron building for $23M

Rendering of 212 Fifth Avenue by Visualhouse; Photo of Jeff Bezos via Wiki Commons

August 18, 2021

Jeff Bezos buys fifth apartment at Flatiron building for $23M

By Devin Gannon

Shortly after returning to Earth following a quick journey into space last month, billionaire Jeff Bezos bought another apartment at a Flatiron building for an otherworldly $23 million. As first reported by the New York Post, Bezos has picked up a four-bedroom unit at 212 Fifth Avenue, where he already owns a three-story penthouse and three residences below it. With this latest addition to his real estate portfolio, the Amazon founder now owns $119 million worth of apartments in this condo building.
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600 affordable homes and new Afro-Latin Music and Arts Center coming to East Harlem

Rendering of Timbale Terrace courtesy of Lantern Organization, Mega Development, Urban Architectural Initiatives, HPD

August 16, 2021

600 affordable homes and new Afro-Latin Music and Arts Center coming to East Harlem

By Devin Gannon

Nearly 600 affordable homes and a new performing arts center are planned for two sites in East Harlem, the New York City Department of Housing and Preservation announced Friday. The projects include a 330-unit residential building with a new arts center for the Afro Latin Jazz Alliance and a 250-unit development that will have an expanded East Harlem Multi-Service Center. The projects are among the first major developments under the East Harlem rezoning, which was approved in 2017.
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Former WeWork CEO Adam Neumann sells Greenwich Village townhouse for $13.65M

Streetview of 41 West 11th Street; Map data © 2021 Google

August 12, 2021

Former WeWork CEO Adam Neumann sells Greenwich Village townhouse for $13.65M

By Devin Gannon

WeWork founder and former chief executive Adam Neumann has sold another property in his portfolio. The Greek Revival-style townhouse at 41 West 11th Street in Greenwich Village has sold for $13,650,000, according to property records. Neumann, who was ousted as the company's CEO in 2019, and his wife, Rebekah Paltrow Neumann, paid $10.5 million for the home in 2013. The sale was first reported by the Wall Street Journal.
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These new Jersey City micro-apartments are addressing affordability through design

All photos courtesy of Common

August 9, 2021

These new Jersey City micro-apartments are addressing affordability through design

Jersey City was recently ranked the 17th-best city in the nation for young professionals, which isn't surprising considering it's a 10-minute PATH ride to lower Manhattan and has seen a true artistic renaissance unfold over the last decade. But that doesn't mean it's an affordable place for young professionals to live, which is where the new 122-unit micro-apartment property Nest comes in. Located at 190 Academy Street in Journal Square, the property is overseen by innovative multifamily property manager Common and was developed by KSNY and Strategic Properties. The fully-furnished studio apartments start at just $1,277/month and, in the creative spirit of Jersey City, are showing that affordability doesn't mean you have to sacrifice good design. (And just wait 'til you see the amenities.)
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See the tall residential towers coming to Jersey City’s low-rise Journal Square

Rendering of 26-28 Van Reipen Avenue (left) and 26 Cottage Street (right) courtesy of C3D Architecture

July 30, 2021

See the tall residential towers coming to Jersey City’s low-rise Journal Square

By Devin Gannon

More dense housing developments are headed to transit-rich low-slung parts of Jersey City. In the city's Journal Square neighborhood, developer Namdar Group plans to add several high-rise residential towers in an area near the PATH train that is currently made up mostly of two- and three-story homes. In total, the Long Island-based developer is bringing six new towers designed by C3D Architecture to a few blocks of Journal Square.
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On the 66th floor of the world’s tallest residential building, a carefully curated condo for $22M

All photos by Evan Joseph

July 29, 2021

On the 66th floor of the world’s tallest residential building, a carefully curated condo for $22M

By Devin Gannon

As residents start to move into the world's tallest residential building, we're getting another look at one of the impressive residences there. The three-bedroom, three-bathroom on the 66th floor of the Central Park Tower, the 1,500-foot tall condo tower on Billionaires' Row, has interiors designed by Australian-based Blainey North & Associates and features bold and elegant, but welcoming, elements throughout. The 3,165-square-foot sky-high home with incredible city and Central Park views is asking $21,890,000.
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Conversion of Chelsea’s historic Terminal Warehouse into offices moves ahead with new looks

Rendering by Gensler/TMRW

July 26, 2021

Conversion of Chelsea’s historic Terminal Warehouse into offices moves ahead with new looks

By Devin Gannon

With construction financing secured and new renderings released, the conversion of the historic Terminal Warehouse in Chelsea into a holistic office complex is moving forward. L&L Holding Company and Columbia Property Trust announced last week they closed on a $1.25 billion construction loan for the project, which involves restoring and adapting the former freight distribution hub into modern office space that incorporates original design elements. New renderings show off the project's planned cascading terraces and interior courtyard, rooftop amenity, and ground-floor cafe.
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New looks for the performing arts space coming to the World Trade Center

The Perelman at night, facing south © Luxigon

July 20, 2021

New looks for the performing arts space coming to the World Trade Center

By Devin Gannon

About a month after the Ronald O. Perelman Performing Arts Center (PAC) topped out at the World Trade Center complex, new renderings of the unique project were released this week. As first spotted by Yimby, images showcase the flexible cube-shaped building and its glowing marble facade, the grand staircase, theaters, bar and restaurant, and terrace space. First envisioned nearly two decades prior, PAC is expected to open in 2023.
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