By Devin Gannon, Fri, May 6, 2022 All renderings courtesy of Jamestown
One of the most valuable advertising locations in the world will cash in on its prime location even further. One Times Square, home of the New Year’s Eve ball drop, will undergo a $500 million redevelopment to become a new visitor center with a viewing deck, museum, and 12 floors of interactive “branded” experiences, developer Jamestown announced on Friday. While the 26-story building, located at 42nd Street and 7th Avenue, has been vacant for years, its exterior is covered in giant billboards. As part of the half-a-billion-dollar project, advertisers will be able to reach more consumers through immersive “digital, virtual, and augmented reality integrations” inside One Times Square.
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By Michelle Cohen, Tue, March 1, 2022 Photo of NYC’s Billionaires’ Row in 2020: Wikimedia commons
State Sen. Brad Hoylman and Assembly Member Emily Gallagher on Tuesday introduced legislation that would help shine a light on the money behind Limited Liability Companies (LLCs) and anonymous shell companies. The new bill would help uncover assets of international oligarchs, trace tax evaders and help hold bad landlords accountable by requiring LLCs to disclose to the NYS Department of State the names and addresses of their beneficial owners.
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By Michelle Cohen, Mon, February 28, 2022 220 Central Park South as seen in May 2020. Photo by Jim.henderson (cropped) via Wikimedia Commons.
High-profile sales deals with wealthy Russian buyers have made headlines–Dmitry Rybolovlev’s $88 million condo buy at 15 Central Park West, for example–and Manhattan’s trophy condos have been seen as a safe investment for Russian oligarchs. But since Russia’s invasion of Ukraine, there have been calls to seize those properties, The Real Deal reports.
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By Michelle Cohen, Mon, February 14, 2022 Mayor Eric Adams announces his housing leadership team in the rotunda at City Hall on Sunday, January 30, 2022. Michael Appleton/Mayoral Photography Office via Flickr.
Shortly after taking office last month, New York City Mayor Eric Adams introduced the team that will take the lead on affordable housing strategy, headed by Jessica Katz as the city’s chief housing officer. The announcement came not a moment too soon; rents and home prices continue to rise beyond the reach of many, while homelessness and eviction threats are a growing concern. In a city where the topic of housing is never far from view every day, New Yorkers are looking to the new mayor to address the issues they feel must change. 6sqft asked individuals and organizations involved in the city’s housing and real estate sectors to offer an important “wish list” item they would like to see Adams address during his time in office.
A housing wish list from NYC to Mayor Adams, this way
By Aaron Ginsburg, Tue, February 8, 2022 Rendering courtesy of Brookfield Properties
Brookfield Properties today announced the rebranding of the MetroTech Center in Downtown Brooklyn to Brooklyn Commons. The $50 million redevelopment project aims to modernize the property through the renovation of several of the office buildings within the campus, upgrades to the central public park space, and a year-round arts and event program that will be free and open to the public.
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By Devin Gannon, Fri, January 14, 2022 220 Central Park South. Photo by Jim.henderson (cropped) via Wikimedia Commons.
Billionaire Daniel Och has sold his penthouse at 220 Central Park South for an astounding $190 million, nearly double the amount he paid for the home in 2019. As first reported by the Wall Street Journal, the sale marks one of the most expensive deals ever in New York. The buyer has not been disclosed.
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By Devin Gannon, Tue, January 4, 2022 Photo by Daniel Lee on Unsplash
New York City real estate made a major comeback to close out 2021, experts say. According to a new report from Compass, condo and co-op sales volume hit $7 billion in the last quarter of the year, the highest of any fourth quarter on record. More than 3,400 apartments were sold in this quarter, between October 1 and December 31, up 79 percent from the previous year and the highest total in a Q4 since 2013. After Covid crippled much of the market in 2020, 2021 saw an impressive turnaround in Manhattan, particularly with the sales of luxury properties, new development condos, and townhouses.
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By Michelle Cohen, Wed, November 17, 2021 Photo by Jason Krieger on Unsplash
New York City Comptroller Scott Stringer’s office released a report this week revealing the impact the Covid-19 pandemic had on the city’s population. The numbers show that net residential migration out of NYC tripled during 2020–and residents of the city’s wealthiest neighborhoods were the ones most likely to move out. But those numbers appear to be reversing to a pre-pandemic level: Since July 2021, the city has gained an estimated 6,332 residents, and outward-bound migration has actually been lower than it was in 2019.
Who left, and where did they go?
By Devin Gannon, Thu, October 28, 2021 Courtesy of 99 Hudson
The tallest residential building in the state of New Jersey has set another record. A penthouse at 99 Hudson Street has sold for $4,438,500, becoming the priciest condo closing in Jersey City. The deal surpasses the previous record of $3,900,000 set six months ago by…99 Hudson. The record-breaking apartment sits on the 76th floor of the 79-story waterfront tower and measures 2,500 square feet.
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By Devin Gannon, Wed, October 6, 2021 Photo by Jason Krieger on Unsplash
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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