Rendering courtesy of Vornado Realty Trust
Facebook has signed a lease for 730,000 square feet at the former James A. Farley Post Office, a Midtown landmark currently being converted into a mixed-use building, Vornado Realty Trust announced Monday. Reports of the deal first surfaced last December, but the coronavirus pandemic put into question the need for massive office space with thousands of workers. But Gov. Andrew Cuomo said the deal shows New York’s resilience as the city recovers from the crisis. “Vornado’s and Facebook’s investment in New York and commitment to further putting down roots here – even in the midst of a global pandemic – is a signal to the world that our brightest days are still ahead and we are open for business,” Cuomo said in a statement. “This public-private partnership fortifies New York as an international center of innovation.”
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Photo by ajay_suresh via Flickr cc
Anyone who follows the NYC real estate market knows that there are deals to be had right now. But WHERE exactly can you get the most bang for your buck? CityRealty compared sale listings in January to those last week and found that the overall listing price among Manhattan condo, co-op, condop, and townhouse listings has fallen an average of 11 percent to $2,175,000 in the past seven months. And when it comes to specific neighborhoods, Lincoln Center, the Upper West Side neighborhood mainly centered around the 60s, saw prices fall the most at 32 percent. Murray Hill was next at 26 percent, followed by Beekman/Sutton Place at 22 percent.
Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons
As of July 1, 2020, the average price per square foot for a New York City condo came in at $1,110, according to CityRealty. But this duplex penthouse at 220 Central Park South sold for a whopping $12,164 per square foot. First spotted by The Real Deal and confirmed in city property records, PH 76 at the Billionaires’ Row tower just closed for $99,903,375, making it the third-most-expensive sale ever, behind billionaire Ken Griffith’s $238 million purchase also at 220 CPS in early 2019 and Michael Dell’s $100 million buy at One57 in 2015. The sale takes the number-three spot from a $92.7 million sale at 220 CPS, which sold in late 2019 to billionaire hedge-funder Daniel Och.
Photo courtesy of Francis Dzikowski for Related-Oxford
Neiman Marcus is closing its massive flagship store at Hudson Yards just weeks after filing for bankruptcy in May and a little over a year after first opening at the development. The retailer will also permanently close three other locations, two stores in Florida and one in Washington, according to the Dallas Morning News. Hudson Yards developers Related Companies and Oxford Properties have already started marketing the 190,000-square-foot space as office space.
Update 7/31/20: The deadline to apply for the rent relief program has been extended by one week to Thursday, August 6.
A new rent relief program launched Tuesday that provides subsidies to eligible low-income New Yorkers financially affected by the coronavirus pandemic. First signed into law by Gov. Andrew Cuomo last month, the assistance program helps low-income households experiencing increased rent burden due to a loss of income because of COVID-19 by sending a one-time subsidy directly to landlords. The payment covers the difference between a household’s rent burden on March 1 and the increase in rent burden for up to four months. Applicants must meet several eligibility requirements to qualify for the program.
Rendering of the Columbus Circle store planned courtesy of Target
Manhattan will get two new Target stores, adding to the retail giant’s growing New York City footprint. As first reported by PincusCo, the company has signed a 20-year lease for a store at Vornado Realty Trust’s 150 East 86th Street on the Upper East Side and a 15-year lease for space at 795 Columbus Avenue on the Upper West Side, overseen by the Chetrit Group. The two new locations, totaling nearly 80,000 square feet, will be small-format stores, which offer easy pick-up service and grab-and-go products.
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Photo by Daniel Lee on Unsplash
As New York City looks ahead to phase two of reopening, the city’s leading real estate trade group released this week safety recommendations for brokers to follow when conducting deals. Following public health protocols, the six guidelines created by the Real Estate Board of New York encourage face masks and social distancing, virtual preliminary meetings, appointment-only showings, and electronic contracts. Plus, REBNY created a COVID-19 screening questionnaire for all parties attending in-person showings to sign.
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Photo by Brandon Jacoby on Unsplash
The summer months are typically the busiest when it comes to real estate in New York City, especially the rental market. But with the city still not out of the woods of the coronavirus crisis, and with so many facing job and financial uncertainty, the idea of signing or renewing a lease becomes increasingly complicated. With this in mind, 6sqft spoke to real estate agents and building managers to get their thoughts on how to navigate this situation, from requesting your lease go month-to-month to setting up a payment plan. We also provide information on what to do if you’re struggling to pay rent.
Photo by Hiroshige Fukuhara on Unsplash
When the coronavirus first came barreling down on New York City in March, we asked some of the city’s top brokers and agents how they thought the crisis would affect the real estate market. At that time, the big factor was uncertainty, but we now know more about the virus and the trajectory that New York’s reopening is on. So what will the summer, typically the height of the market, look like this year? 6sqft spoke to real estate experts across the board to get their predictions on what’s ahead, from which price points will be most affected to what amenities buyers are looking for to trends in the surrounding suburbs.
Photo by Anthony Fomin on Unsplash
The moratorium on residential and commercial evictions will be extended statewide by 60 days until August 20, Gov. Andrew Cuomo announced on Thursday. Additional rent relief measures include a ban on fees for late-payments and allowing renters to use security deposits as payment. “I don’t want to see people and their children being evicted at this time, through no fault of their own,” the governor said during a press briefing.
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