Real Estate Trends

The ongoing $8 billion transformation of LaGuardia Airport has focused on bringing the airport's functionality into the 21st century, but a series of major art commissions will also enhance how travelers experience the overhauled spaces. On Thursday Governor Cuomo announced a partnership with the nonprofit Public Art Fund that will bring site-specific works by four renowned artists —Jeppe Hein, Sabine Hornig, Laura Owens, and Sarah Sze—to the new Arrivals and Departures Hall opening later this year at Terminal B.
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The Lower East Side’s ‘vertical village’ at One Manhattan Square unveils interior amenities

Image courtesy of Extell/One Manhattan Square

March 6, 2020

The Lower East Side’s ‘vertical village’ at One Manhattan Square unveils interior amenities

Extell Development Company's largest-ever luxury residential property, One Manhattan Square, has introduced a standout collection of indoor amenities twice the size of the White House, including four pools, a full-sized basketball court, a bowling alley and a cinema, Located on Manhattan's Lower East Side on the East River waterfront, the 847-foot-tall, 815-unit condominium tower–it was 6sqft's 2017 Building of the Year–boasts unobstructed panoramic water and skyline views, but its amenities package is the real standout. Extell has called the residence "a true vertical village," with 100,000 square feet of indoor and outdoor amenities–more than anywhere else, the company claims, in New York City.
Have a look at some of those fab amenities

After four months, Norah Jones sells historic Cobble Hill townhouse

Photo by Christian Harder for Nest Seekers International

March 5, 2020

After four months, Norah Jones sells historic Cobble Hill townhouse

By Dana Schulz

In early November, Grammy Award-winner Norah Jones listed her Greek Revival Cobble Hill townhouse for $8 million. She had purchased it for $4.9 million in 2009. Located at 166 Amity Street, the four-story, five-bedroom brick home boasts beautiful interiors with preserved 1800s details like wooden ceiling beams, marble mantles, and classical moldings, as well as a disappearing heated pool and hot tub in the lovely backyard. The sale, which was first reported by the Post, has not hit public records yet, so the exact sales price is unknown.
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All renderings by the Practice for Architecture and Urbanism (PAU)

March 5, 2020

Renderings released for massive Sunnyside Yard project that will bring 12,000 affordable apartments

According to the master plan for the 180-acre Sunnyside Yard development in Queens, the former storage and maintenance hub for Amtrak’s Northeast Corridor, New Jersey Transit, and Long Island Rail Road will include 12,000 affordable apartments, making it the largest affordable housing development to be built in NYC since the middle-income Co-op City in the Bronx was completed in 1973 (h/t Wall Street Journal). The plan by the New York City Economic Development Corp. (EDC) outlines a $14.4 billion deck over the train yard on which the complex would be built. Half the housing in the development would be rental apartments for low-income families earning less than 50 percent of the area median income, with the other half set aside for affordable homeownership programs through Mitchell-Lama. The Practice for Architecture and Urbanism (PAU) was identified to lead the planning process, and they have just released renderings and maps of the massive development.
See them all here

Sales launch for Waldorf Astoria’s luxury condos, starting at $1.7M studios

Rendering by Noë & Associates/The Boundary

March 4, 2020

Sales launch for Waldorf Astoria’s luxury condos, starting at $1.7M studios

Residential condo sales have launched at the newly-imagined Waldorf Astoria, which has been closed for renovations since 2017. The launch, complete with a new website offering a sneak peek inside the iconic building, comes at a time when ultra-luxe apartments have become a tougher sell in a market loaded with competition and unsold units, as The Real Deal reports. The residential portion of the building sits above the renovated hotel, with 375 condos and 50,000 square feet of amenities including private bars, a 25-meter pool and a fitness center.
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Marc Jacobs slashed $4M off his West Village townhouse and found a buyer the next day

Listing images by Rich Caplan; courtesy of the Ryan Serhant Team at Nest Seekers International

March 2, 2020

Marc Jacobs slashed $4M off his West Village townhouse and found a buyer the next day

Marc Jacobs' West Village townhouse had been on the market for almost a year when he relisted the property at 68 Bethune Street with a new agency and a price chop last week. The New York Post reports the property went into contract the very next day, proving that sometimes a price cut makes all the difference. The fashion designer first listed the four-story, nearly 4,800-square-foot home last April for $15.9 million after having purchased it for $10.5 million in 2009. The new listing hit the market at $12 million but the final sale price is still unknown.
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See the Waldorf Astoria’s glamorous, residents-only pool

Image credit: Noe & Associates/The Boundary

March 2, 2020

See the Waldorf Astoria’s glamorous, residents-only pool

The Waldorf Astoria is still closed for a major renovation, but it appears on track to becoming more luxurious than ever. The latest rendering to be released (which we spotted over on The Post) shows the skylit pool that will be available to residents of the recently branded Towers of the Waldorf Astoria, where 375 condos will be sold for the first time in the history of the storied property.
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Live the Soho life in a former photographer’s live/work loft for $6.5K a month

Photo credit: Rise Media courtesy of The Corcoran Group

February 26, 2020

Live the Soho life in a former photographer’s live/work loft for $6.5K a month

This former photographer's studio and residence at 49 Howard Street is the kind of classic Soho loft that we don't see too often these days. Comprised of 1,800 square feet of open space, the loft checks all the boxes: 11-foot tin ceilings, hardwood floors, oversized windows , exposed brick and industrial pipe shelving frame the third floor walk-up condominium unit, available to rent for $6,500 a month. You don't have to be an artist to live here, but your art will look right at home if you happen to be one. And unique interior features–like a bronze soaking tub and stone infinity sink–keep things interesting.
Eyeful of industrial loft goodness, this way

Bethenny Frankel sells Hamptons home after taking a loss on her Soho condo

2623 Montauk Highway. Photo credit: Chris Foster, courtesy of Compass

February 25, 2020

Bethenny Frankel sells Hamptons home after taking a loss on her Soho condo

It's been a busy 2020 so far for Real Housewives of New York alum Bethenny Frankel, who's finally unloaded two properties: her Soho condo and one of her Hamptons retreats. The Post reported last week that Frankel sold her seven-bedroom residence in Bridgehampton for $2.28 million after listing it for $2.99 million. It's a good thing she made a slight profit there because her Soho condo ended up selling for a significant loss. After almost three years on the market, Frankel sold her two-bedroom apartment at 22 Mercer Street for $3.65 million, the Observer reported last month. That's a $550,000 loss compared to the $4.2 million she paid for the pad in 2014—and more if you factor in what she spent on an extensive renovation.
Check out both residences

Apple signs lease for four floors at 11 Penn Plaza

After the Post first reported speculations of the deal in January, they now report that Apple will lease four floors of space at 11 Penn Plaza. Sources told the Post that the tech giant became interested in the 1.15-million-square-foot building that stretches along Seventh Avenue between West 31st and 32nd streets across from Madison Square Garden after losing out to Facebook on a spot in the Farley Building. However, those with knowledge of the deal say that Apple has only signed a five-year deal, which may suggest that they are still keen on finding a larger, more permanent home in NYC.
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Real Estate Trends

Image by Scott Frances for Related-Oxford

February 19, 2020

See the views from NYC’s highest outdoor residential space at 15 Hudson Yards

Adding to Hudson Yards' height superlatives, the city's highest outdoor residential amenity space has opened at 15 Hudson Yards. Rising 900 feet in the air, "Skytop" features 6,000 square feet of curvy indoor-outdoor space, which follows the shape of the building's crown. Designed by Diller Scofidio + Renfro with interiors by Rockwell Group, the amenity space offers unobstructed views of the Hudson River and beyond.
See the sky-high views

Leasing launches for Greenpoint Landing’s 40-story second tower

Image by QuallsBenson

February 18, 2020

Leasing launches for Greenpoint Landing’s 40-story second tower

The second tower at Greenpoint Landing, the master plan transforming 22 acres of the north Brooklyn neighborhood, has officially opened. Designed by Handel Architects, Two Blue Slip rises 40 stories and contains 421 rental units, with 30 percent of them income-restricted. While pricing has not been released yet, the neighboring building One Blue Slip, which opened in August 2018, most recently listed a three-bedroom unit for $7,892/month, according to CityRealty.
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See more of the historic residences inside 111 West 57th Street’s landmarked Steinway Building

Listing images courtesy of 111 West 57th Street

February 18, 2020

See more of the historic residences inside 111 West 57th Street’s landmarked Steinway Building

Two more listings inside Midtown’s historic Steinway Hall have just hit the market: a two-bedroom with a private terrace for $8,750,000 and a four-bedroom duplex seeking $17,995,000. The landmarked building at 111 West 57th Street was designed by renowned firm Warren & Wetmore and finished in 1925. The longtime home of the Steinway & Sons piano company was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. The Beaux-Arts structure serves as the project’s grand entryway and will hold the amenity spaces and a small handful of residences designed by Studio Sofield. We previously got a look inside the striking duplex penthouse that hit the market for $21 million last November—a price it still holds.
Get a look around

All Barneys New York stores to close by end of the month

Photo by Jim.henderson on Wikimedia

February 14, 2020

All Barneys New York stores to close by end of the month

It's the end of an era. Once an icon in the luxury fashion world, Barneys New York is officially closing its doors this month. All stores will shutter on Feb. 23, the New York Post reported on Thursday, with 719 employees losing their jobs at the retailer's flagship location at 660 Madison Avenue, its store in Chelsea at 101 Seventh Avenue, an outlet in Central Valley, and its corporate offices at 575 Fifth Avenue. Barneys California stores in Beverly Hills and San Francisco will also close Feb. 23.
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Real Estate Trends

February 13, 2020

CNN anchor Don Lemon is selling his stylish Harlem condo for $1.75M

CNN journalist Don Lemon has listed his condo in a luxury Harlem apartment building for $1.75 million, according to the New York Post. Located at 2280 Frederick Douglass Boulevard, the tower, known as 2280 FDB, is a few short blocks from Morningside Park and all that Central Harlem has to offer. The TV news anchor first bought the three-bedroom home for $1.48 million in 2013, followed by a neighboring one-bedroom unit for roughly $867,780 the next year. He sold the smaller unit in 2017 for $969,000.
Take the tour

Image courtesy of Douglas Elliman.

February 12, 2020

$839K South Bronx condo offers loft living in Mott Haven

In the bustling and buzzy South Bronx community of Mott Haven, this bonafide loft at 305 East 140th Street is also a 2008 condominium conversion known as Bronx Bricks. Constructed in 1904, the classic loft building features a ground-floor art gallery and adjacent theater performance space, both of which highlight the neighborhood's vibrant arts community. The 1,290-square-foot unit is asking $839,000.
Just don't call it SoBro

Temporary restraining order rolls back broker fee ban

Photo by Rachel Martin on Unsplash

February 11, 2020

Temporary restraining order rolls back broker fee ban

In an update made last week to the state's recent rent reform laws, the Department of State said real estate brokers hired by landlords could no longer charge tenants a fee. The ruling sparked a widespread backlash from the real estate industry, particularly rental brokers. In response, a group of industry representatives filed an Article 78 petition in Albany, which resulted in a temporary restraining order on Monday, The Real Deal reported. The Real Estate Board of New York (REBNY) and a number of high-profile brokerages have filed a lawsuit claiming the new guidance was an “unlawful, erroneous, and arbitrary” interpretation of the rent reform law passed in June and wreaked “havoc and confusion” on the industry. The restraining order means agents acting on behalf of landlords can collect a commission from tenants until further notice without fear of discipline by the DOS.
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February 10, 2020

Renters insurance in NYC: Why you should get it right now

Renters insurance is one of those things that you know is a good idea–and like so many New York City renters, you’ve been meaning to do it, but you may not have gotten around to it–until you wish you had. And though we hope we’ll never need it, it's one of the few things in city life that's simple, inexpensive, and worth every penny. Below, we explain why it's an important investment to make, how to navigate the process of getting a quote and getting covered, and which provider might be best for you.
All about renters insurance, this way

Stylish $2.25M West Village loft comes with a fresh renovation and celebrity neighbors

Listing images by Matt Vacca for Doug Kampsen; courtesy of Compass

February 10, 2020

Stylish $2.25M West Village loft comes with a fresh renovation and celebrity neighbors

Fresh off a stylish renovation, this move-in ready loft is a prime example of downtown living on the border of the West Village and Meatpacking District. Now listed for $2.25 million, the 1,200 square foot unit is located in The Gansevoort at 321 West 13th Street, a boutique condominium known for its Neo-Classical facade, unique layouts, and intimate scale. You’ll be able to count at least one celebrity as a neighbor—Ralph Fiennes has lived in the building since 2008.
Take a look around

Photo credit: Allyson Lubow courtesy of The Corcoran Group.

February 7, 2020

Loft living comes to Bay Ridge in this $939K two-bedroom

The facade of the new-construction condo building at 9907 Third Avenue in Bay Ridge, Brooklyn, with its red brick and arched factory windows, could just as easily be in Dumbo. The loft aesthetic (minus the double-height ceilings and actual factory pedigree) carries through to the interior of this $939,000 third-floor home just a block from Shore Road and Parkway and New York Harbor. The 12-unit building was designed by Elizabeth McDonald, who, according to the listing, is known for her modern aesthetic and high-end interiors in Tribeca. The two-bedroom unit has an elevator landing that opens right into the open-plan living space, a designer kitchen, Siberian oak floors, and nine-foot ceilings.
Bay Ridge condo/loft tour, this way

New York renters no longer have to pay broker fees

Photo by Rachel Martin on Unsplash

February 6, 2020

New York renters no longer have to pay broker fees

Renters in New York will no longer have to pay a broker fee when they lease an apartment, the state ordered Tuesday. In an updated set of guidelines for last year's rent reform laws, the state department said real estate brokers hired by landlords "cannot be compensated by the prospective tenant." While brokers can still charge a fee, landlords are now responsible for paying it, according to the revised rules. However, if a renter hires a broker to find apartments on their behalf, a fee can be collected.
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A closer look inside Waterline Square’s starchitect-designed rentals, from $3,938/month

Living area inside an apartment at One Waterline Square; photo by Evan Joseph

February 4, 2020

A closer look inside Waterline Square’s starchitect-designed rentals, from $3,938/month

When rental units at the Waterline Square development on the Upper West Side hit the market last fall it was clear that the price tags reflected the starchitect lineup involved with its design: The trio of glassy towers was designed by Richard Meier & Partners (One Waterline Square), Kohn Pedersen Fox (Two Waterline Square), and Rafael Viñoly (Three Waterline Square), with Hill West Architects serving as executive architect for the master plan. Located on Riverside Boulevard between 59th and 61st Streets, the complex holds 868 rental units (in addition to 263 condos), which start at $3,938/month for a studio and go up to $15,000/month for a four-bedroom. If you’re curious about what those pricey rentals look like inside, here’s a look at three model homes in each of the towers.
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Proposed property tax overhaul could lessen burden for low-income homeowners in NYC

Photo of Park Slope brownstones by Josh Wilburne on Unsplash

January 31, 2020

Proposed property tax overhaul could lessen burden for low-income homeowners in NYC

Owners of multi-million dollar co-ops and condos in New York City would have to pay property tax at full market value under a recently released proposal to overhaul the current system. The city's Advisory Commission on Property Tax Reform on Thursday unveiled its long-awaited report detailing reforms of the complex system that would tax properties of similar values at equitable rates. Currently, homebuyers pay property tax based on assessed value, rather than the market rate, which puts a bigger tax burden on low- and middle-income homeowners.
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For $6.5K/month, this Chelsea brownstone apartment offers charm and flexibility

Listing images by RISE Media; courtesy of The Corcoran Group

January 29, 2020

For $6.5K/month, this Chelsea brownstone apartment offers charm and flexibility