Real Estate Trends

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

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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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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

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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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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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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