The sale of a $9.45 million penthouse in Harlem closed last week, setting a new record for the most expensive uptown condo sale, the Wall Street Journal reported on Saturday. The 11th-floor apartment at Circa Central Park, which hugs the northern end of Central Park on the corner of West 110th Street, features five bedrooms and a private terrace measuring over 1,200 square feet. The sale is the most expensive condo sale above 96th Street on the West Side of Manhattan, and 102nd Street on the East.
real estate trends
McNally Jackson bookstore on Spring Street. Image by Carl Mikoy via Flickr.
As one of New York City’s finest all-around independent bookstores, McNally Jackson booksellers on Prince Street is a literary standby for the latest bestsellers as well as thought-provoking political non-fiction, art books, cards, magazines, readings and more. Though the shop occupies a spot on one of the city’s most highly-trafficked “High Streets,” it has endured for 15 years, long enough to be taken for granted. But that would, of course, be a mistake in the city’s current environment of empty storefronts in high rent neighborhoods because only Amazon can afford the rent. And right about the time Amazon has opened a storefront in Soho, the beloved bookseller is moving out after the rent was raised to $850,000–a 136% increase. Fear not, the owner is opening again in a new location, but unlike other, less gutsy mom-and-pop proprietors, she has no fear of being very vocal about the issue, Fox5 NY reports.
The Collective Old Oak in West London.
6sqft has checked in periodically to track the progress of co-living brands like Common and a foray into what some call “adult dorms” by co-working giant WeWork. Now, lifestyle and housing brand The Collective, the London-based creator of the world’s biggest co-living community, has announced plans for a New York City flagship in Brooklyn at the border between Williamsburg and Bushwick at 555 Broadway.
Toby’s Estate cafe and roastery on North 6th Street. Photo by James and Karla Murray exclusively for 6sqft.
It started with Bedford Avenue. Whether you called it Williamsburg 3.0 or the New Brooklyn or any number of monikers signifying the North Brooklyn neighborhood’s ascent to the international hall of coolest–and priciest–neighborhood fame, that avenue was its anchor. A Whole Foods and an Apple store soon followed. And, inevitably, as businesses flocked to the surrounding streets, the clear hegemony of Bedford began to become less evident even if its tourist population continued to grow. Now, the New York Post hails North Sixth Street, longtime home of anchor condo The Edge and more recently a growing host of retail chain shops, as the top contender.
According to Douglas Elliman’s latest market report, home prices in Brooklyn are higher than ever. The median and average sales prices for the borough both broke records, crossing the $800,000 and $1 million thresholds for the first time in the third quarter of this year. “As the Brooklyn market continues to reinvent itself over the past five years,” says the report, “There is no standard of comparison with historical trends.” It means Brooklyn, and also Queens, boast some of the fastest residential price growth in the country, with new developments cropping up and demand skyrocketing as buyers stream into outer boroughs.
Via Moso Studio
A combination penthouse at Quay Tower, a brand new luxury condo building on the Brooklyn Heights waterfront, went into contract this week for over $20 million. If closed, the deal would become the most expensive residential sale in Brooklyn history, breaking the previous record of $16.645 million for a penthouse picked up by actor Matt Damon last year. And before that, a $15.5 million brick carriage house in Cobble Hill held the record for most expensive single residence sale in Brooklyn, which was purchased by photographer Jay Maisel in 2015.
Williamsburg, where the L train shutdown will soon take effect, via Wiki Commons
In a city with fewer car owners than nearly any other location in North America, it should come as no surprise that subway access is a key factor for most New Yorkers when they go on the housing market. In fact, many New Yorkers won’t even consider renting or buying if the address is more than a 10-minute walk from the nearest subway. This explains why some neighborhoods, including Greenpoint, which has a subway but not one that leads to Manhattan, and Alphabet City, which doesn’t have a subway at all, have long reported lower real estate values and rental prices that their nearest neighbors. However, there are growing signs that subway access may no longer matter as much as it once did.
While subway access remains important, it is increasingly no longer a deal breaker for developers or prospective tenants. In today’s real estate market, a growing number of developers are pouring money into developments located off the subway line, and many tenants don’t seem to mind. This may also explain why not all developers with projects located along the L line are worried about the pending shutdown, which is now slated to begin in April 2019.
102-116 Eighth Avenue; via Brodsky Organization
Real estate investors Dalan Management Associates and Elion Partners announced a joint venture on Tuesday to acquire eight adjacent buildings in Chelsea for $83 million. The buildings, which run along Eighth Avenue from West 15th to West 16th Streets, contain 102 multi-family units and 10 ground-floor retail spaces known as the Chelsea Collection. Because the property sits directly across from Google headquarters, developers hope to attract workers from the tech giant, Crain’s reported.
Despite recently ranking as the most expensive zip code for renters in the United States, Battery Park City experienced the greatest influx of millennial residents in New York City over a period of five years. The Lower Manhattan neighborhood, with the zip code 10282, saw a population increase of over 54 percent, according to report released this month by RentCafe. Out of the top 20 zip codes with the highest increase in millennials, Battery Park City, with 2,300 Generation Y residents, ranks third in the country, falling slightly behind two downtown Los Angeles neighborhoods (h/t amNY).
To make Central Park your front yard, you’ll have to fork over $277,000 more than the median sale price of every bordering neighborhood. A new report by Property Shark looks at just how much more New Yorkers are willing to spend to be near the 843-acre oasis, a real estate trend which the group calls the “Central Park effect.” According to the analysis, the median sale price of units along the first row of blocks across the park was 25 percent more expensive than that of every nearby area. And in the priciest section, the Upper East Side’s Lenox Hill, that rose to a 93 percent difference.