Real Estate Trends

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

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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

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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

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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

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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

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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

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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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Ariana Grande’s former condo at Zaha Hadid’s High Line building sells for $12M

Photo by Tim Fisher, Courtesy of Related Companies

July 20, 2021

Ariana Grande’s former condo at Zaha Hadid’s High Line building sells for $12M

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The apartment where pop star Ariana Grande and ex-fiance Pete Davidson once lived has sold for roughly $12,000,000. Located at 520 West 28th Street, the condo building on the High Line designed by the late architect Zaha Hadid, the residence measures an impressive 4,000 square feet, with five bedrooms and four and a half baths. As 6sqft previously reported, the apartment was listed for $16,000,000 in 2018 when the Grammy Award winner moved in.
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Billionaire Joe Tsai revealed as buyer of $157.5M condos at 220 Central Park South

220 Central Park South as seen in May 2020. Photo by Jim.henderson (cropped) via Wikimedia Commons.

July 20, 2021

Billionaire Joe Tsai revealed as buyer of $157.5M condos at 220 Central Park South

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As was first reported by the Wall Street Journal in June, a buyer shelled out $157,500,000 for two units at 220 Central Park South. Property records showed the $82.5 million purchase of the 60th-floor unit and the $75 million purchase of the 61st-floor unit, both made using an LLC. But CNBC has now revealed that the buyer is billionaire Joe Tsai, Alibaba co-founder and owner of the Brooklyn Nets. The sale is the second biggest in New York City history and the third-largest ever in the U.S. The number-one spot occurred at the same Billionaires' Row tower, with billionaire Ken Griffin's $238 million purchase in early 2019. 
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Construction set to begin on five-building Alloy Block development in Downtown Brooklyn

Renderings courtesy of Alloy

July 19, 2021

Construction set to begin on five-building Alloy Block development in Downtown Brooklyn

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After securing $240 million in financing, Alloy Development announced construction will kick off this month on its huge mixed-use, multi-building project in Downtown Brooklyn. Formerly known as 80 Flatbush, Alloy Block includes five buildings with 850 apartments, 200,000 square feet of office space, 40,000 square feet of retail, and two public schools designed to meet Passive House standards. Since first announcing the project roughly four years ago, developers have cut the height of the residential towers, swapped out planned office space for additional residences, and pushed back the expected completion date.
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Rhonda Sassoon sells Soho’s famous ‘Dean & Deluca loft’ for $5.2M

Listing images courtesy of Douglas Elliman

July 19, 2021

Rhonda Sassoon sells Soho’s famous ‘Dean & Deluca loft’ for $5.2M

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This past December, Rhonda Sassoon, fourth wife and widow of famed hairdresser Vidal Sassoon, listed her stunning Soho loft. The home at 133 Wooster Street has come to be known as the "Dean & Deluca loft," as Sassoon bought it from the grocer's co-founder Jack Ceglic, who created his cookbook in the kitchen. Sassoon had hoped to break even on the sale--she purchased it for $5.8 million in 2014, the same price she recently listed it for--but property records show that the 3,600-square-foot apartment closed last month for $5.2 million.
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Everything you need to know about affordable housing: applying, getting in, and staying put

Photo by mari small on Unsplash

July 15, 2021

Everything you need to know about affordable housing: applying, getting in, and staying put

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Affordable housing has long been a topic at the forefront of NYC politics, but it gained even more attention with Mayor de Blasio's plan to preserve or build 300,000 affordable units by 2026, which has resulted in a slew of new lotteries, a new more user-friendly web portal, and an update to ease the process for immigrants and low-income New Yorkers. But the topic is not without its issues, especially with the city reeling in the wake of the pandemic. Many still wonder if the city is doing enough for affordability and if some of the available units are really affordable. Ahead, we break down the different types of affordable housing programs, how you can qualify and apply, and what happens if and when you get in.
Everything you need to know about affordable housing
Clinton Hill’s famous Pfizer mansion sells for $9.05M, setting neighborhood record

Listing images courtesy of Douglas Elliman

July 13, 2021

Clinton Hill’s famous Pfizer mansion sells for $9.05M, setting neighborhood record

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After three years on the market, the grand Queen Anne townhouse at 280 Washington Avenue in Clinton Hill has closed for $9,050,000, setting a sales record for the neighborhood. The previous record-holder was 315 Vanderbilt Avenue, which sold for $7,200,000 in 2015. The 10,000-square-foot mansion is known as the Pfizer mansion as it was built in 1887 for Charles Erhart, co-founder of the Pfizer pharmaceutical company and brother-in-law to Charles Pfizer. The opulent home features historic details like an original Otis elevator, moldings and woodwork galore, eight fireplaces, and stained glass. There's also a sunken "speakeasy" party room, seven bedrooms, a wine cellar, and a beautifully landscaped backyard.
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On its way to becoming Brooklyn’s first supertall, 9 DeKalb is now the tallest tower in the borough

Photos by Michael Young

July 1, 2021

On its way to becoming Brooklyn’s first supertall, 9 DeKalb is now the tallest tower in the borough

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Brooklyn's first supertall hit a major milestone this week. In Downtown Brooklyn, the skyscraper under construction at 9 DeKalb Avenue reached 721 feet, developer JDS Development Group announced on Wednesday. Designed by SHoP Architects, 9 DeKalb is now more than halfway to its pinnacle of 1,066 feet, officially snatching the title of the borough's tallest tower from Extell Development's 720-foot-tall Brooklyn Point. A building is labeled as a supertall if it reaches over 300 meters, or 984 feet.
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Top-floor penthouse at 432 Park lists for $169M, double the previous sale price

Photo by Sebastiandoe5 via Wikimedia Commons

June 29, 2021

Top-floor penthouse at 432 Park lists for $169M, double the previous sale price

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An $88 million profit? That's what the current owner of the 96th-floor penthouse at supertall tower 432 Park Avenue is hoping to achieve. As the New York Times first reported, billionaire Saudi real estate developer Fawaz Alhokair has listed his apartment at the 1,400-foot-tall condo for $169 million, double what he paid for it in 2016. If it fetches the asking price, it would become the second most expensive home ever sold in New York City and would set a record with its $20,500 per square foot price tag.
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Lantern House reveals its private garden, a woodsy oasis tucked beneath the High Line

All photos by Colin Miller

June 28, 2021

Lantern House reveals its private garden, a woodsy oasis tucked beneath the High Line

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As construction wraps up on Thomas Heatherwick's condo project on the High Line, new images were released of the building's "secret" garden. Located at 515 West 18th Street, Lantern House consists of two towers that straddle either side of the elevated park. The recently completed garden, envisioned by Hollander Design to resemble a woodland oasis, sits directly under the High Line and next to the freestanding lobby that links the towers.
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First two rentals open at huge South Bronx housing complex La Central

Photo © Julienne Schaer

June 18, 2021

First two rentals open at huge South Bronx housing complex La Central

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The first two rentals at the five-building South Bronx complex La Central officially opened on Wednesday. The mixed-use towers, located at 556 and 600 Bergen Street in the borough's Melrose neighborhood, contain 500 units of housing, a new YMCA, studio space for BronxNet, and a rooftop farm operated by GrowNYC.
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Public art and cultural events planned for elevated terraces at revamped Grand Hyatt

Arts programming on 175 Park Avenue’s Graybar Terrace. Image credit: James Corner Field Operations. The artwork shown for illustrative purposes is “The Roses” by Will Ryman

June 2, 2021

Public art and cultural events planned for elevated terraces at revamped Grand Hyatt

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The developers behind the huge tower that will replace the existing Grand Hyatt New York announced last week plans to open up its elevated terraces to the public for events. The Public Art Fund and Lord Cultural Resources will develop a cultural program that will bring art installations, community events, and other programs to 175 Park Avenue, the 83-story mixed-use building proposed by TF Cornerstone and RXR Realty.
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New renderings revealed for the 1,646-foot tower that may rise next to Grand Central

175 Park Avenue, looking northeast. Rendering by Ekoomedia, Inc. / Courtesy of Skidmore, Owings & Merrill

May 18, 2021

New renderings revealed for the 1,646-foot tower that may rise next to Grand Central

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In February, we got our first look at the 1,646-foot tower proposed for the Grand Hyatt site next to Grand Central. Designed by Skidmore, Owings & Merrill (SOM), the sustainable mixed-use building would rise 83 stories and become the second-tallest tower in NYC behind One World Trade Center. Though 175 Park Avenue takes advantage of the Midtown East Rezoning, developers RXR Realty and TF Cornerstone are still seeking several special zoning permits, including those for hotel use and added height in exchange for transit and infrastructure improvements. To obtain these variances, the project has now entered the city's Uniform Land Use Review Process (ULURP), and with it, has revealed several new renderings.
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60 Wall Street revamp swaps out postmodern atrium for a skylight and massive 100-foot green wall

New atrium proposed for 60 Wall Street; Conceptual renderings courtesy of Paramount Group

May 18, 2021

60 Wall Street revamp swaps out postmodern atrium for a skylight and massive 100-foot green wall

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The eccentric 1980s atrium at the Financial District office tower 60 Wall Street is getting a 21st-century makeover. As part of a major renovation, owner Paramount Group is ditching the indoor palm trees and man-made rock displays and creating a public space they feel is more attractive in a post-pandemic era. With designs from Kohn Pedersen Fox, the updated atrium of the 47-story tower will boast a new skylight and a 100-foot-tall, block-long interior green wall.
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Brooklyn’s tallest tower unveils highest infinity pool in the Western Hemisphere

Photo by Evan Joseph

May 17, 2021

Brooklyn’s tallest tower unveils highest infinity pool in the Western Hemisphere

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After several years of rendering-peeping, we finally have the full reveal of Brooklyn Point's rooftop infinity pool, situated 680 feet above the ground. This makes it the highest such pool in the Western Hemisphere, surpassing the famous Marina Bay Sands Hotel pool in Singapore. The condo tower from Extell also has the distinction of being the borough's tallest tower and offers other amazing amenities such as a stargazing observatory, 65-foot indoor saltwater swimming pool, a rock-climbing wall, and a squash/basketball court.
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Jersey City’s Harborside complex reveals waterfront outdoor space and perks like Smorgasburg

All images courtesy of Mack-Cali, unless otherwise noted

May 10, 2021

Jersey City’s Harborside complex reveals waterfront outdoor space and perks like Smorgasburg

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Jersey City's office complex Harborside hopes to appeal to tenants post-pandemic by offering a number of health and wellness amenities, part of a nearly complete renovation. Developer of the waterfront site Mack-Cali on Monday unveiled the latest phase of the Harborside campus makeover, highlighting new public spaces, upcoming cultural events, and the launch of Smorgasburg's first-ever New Jersey location.
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New condo 2505 Broadway adapts pre-war elegance for modern Upper West Side living

All renderings by MOSO Studio

May 10, 2021

New condo 2505 Broadway adapts pre-war elegance for modern Upper West Side living

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Long known as a family neighborhood rooted in its pre-war history, the Upper West Side has found a new life in recent years, attracting young professionals and a commercial boom that's brought countless downtown restaurants uptown. And, of course, along with this transition comes a reimaging of the residential market. Take for example the 44-unit condo at 2505 Broadway. It was designed by Eran Chen and the architects at ODA in their signature modular style, but it retains the classic sophistication the neighborhood is known for. The residences are refined yet modern, and there is an array of forward-looking amenities such as a state-of-the-art gym with adjacent flexible space used as a sports court or movie theater, a pet spa, and an outdoor terrace overlooking the Hudson River.
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In the heart of the Jersey City Heights, this luxury condo offers modern homes with NYC views
May 5, 2021

In the heart of the Jersey City Heights, this luxury condo offers modern homes with NYC views

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The Heights section of Jersey City is perhaps the best-kept secret among New Yorkers. Its real estate hasn't yet reached the prices of downtown, but it's full of beautiful blocks with skyline views, hip new restaurants, and tons of green space. The Beckford is a new condo in the neighborhood that offers all this and more. Located right on Central Avenue, it has sleek urban luxury condos, along with a backyard and a shared roof deck with a BBQ grill and those NYC views. Currently, there are three two-bed, two-bath units on the market for $495,000.
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Landmarks approves scaled-down South Street Seaport mixed-use project

The approved design. All renderings courtesy of Skidmore, Owings & Merrill / Howard Hughes Corporation

May 5, 2021

Landmarks approves scaled-down South Street Seaport mixed-use project

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The Landmarks Preservation Commission on Tuesday voted to approve plans for a debated mixed-use project and a new museum in the South Street Seaport. The Howard Hughes Corporation presented a revised proposal for 250 Water Street that includes one 324-foot tower to be built on a parking lot instead of the two 470-foot structures originally proposed in January. The project also involves constructing a new building for the South Street Seaport Museum at 89 South Street.
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Luxury Jersey City rental The Beach has tons of outdoor space overlooking the skyline
May 3, 2021

Luxury Jersey City rental The Beach has tons of outdoor space overlooking the skyline

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Developer LeFrak began work on Newport, the 600-acre planned community on the Jersey City waterfront, in 1986, and today they're launching leasing at a new luxury rental within the neighborhood. The Beach is a 336-unit project that not only offers residences with views of the entire Manhattan skyline, but has several outdoor spaces including a landscaped waterfront courtyard with grilling stations and fire pits, an outdoor pool and sun deck overlooking Hudson Yards, and a sixth-floor roof deck with multiple seating areas. In addition, The Beach is located right next to Newport Green, the neighborhood’s four-acre park and playground complete with a sandy beach.
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