Real Estate Trends

Amazon has acquired the leases for two Fairway Market stores in New Jersey, half the number of stores the company originally hoped to buy. According to Supermarket News, the online retailer will acquire Fairway's Paramus and Woodland Park, N.J. store leases for $1.5 million. It's unclear why Amazon's offer for stores in Red Hook and Westchester fell through. The auction comes just a few months after the beloved New York City grocery store filed for bankruptcy.
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Real Estate Trends

Eataly looks to buy or lease part of shuttered Barneys flagship

Photo by Jim.henderson on Wikimedia

March 24, 2020

Eataly looks to buy or lease part of shuttered Barneys flagship

A month after Barneys New York closed all of its stores, a food hall is reportedly in talks to occupy part of the luxury retailer's former flagship. As first reported by the New York Post, Italian market Eataly is looking at leasing or buying some space at the now-shuttered store at 660 Madison Avenue on the Upper East Side.
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Real Estate Trends

How the coronavirus is affecting New York City real estate

Image courtesy of 6sqft.

March 16, 2020

How the coronavirus is affecting New York City real estate

FaceTime video tours, virtual open houses, and plunging interest rates; the real estate business in New York City in the time of COVID-19 isn’t business as usual. But as impactful and uncertain as the global pandemic is, it may not be bad for business. An important and unique attribute of this particular crisis, though, is uncertainty. There are new developments each day, and new answers–for public health and welfare, of course, but also for businesses affected by the virus.
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Photo courtesy of CityRealty

March 9, 2020

With court decision delayed, broker fees live on (for now)

Real estate agents can continue to charge New York renters broker fees until at least June, Crain's reported. Last month, the state department updated a set of guidelines for last year's rent reform laws to prevent brokers who are hired by landlords from charging tenants a fee as part of the application process. Industry groups, including the Real Estate Board of New York (REBNY) and a number of brokerages, filed a petition last month to stop the new rule, which resulted in a temporary restraining order. The office of State Attorney General Letitia James on Friday asked for a three-month extension to respond to the lawsuit, pushing the court date from this week to June 12.
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Well-known author sells Upper East Side carriage house with an artist’s studio for $11M

Photos by Devin Groody/Rise Media courtesy of Compass

March 6, 2020

Well-known author sells Upper East Side carriage house with an artist’s studio for $11M

By Dana Schulz

Fans of "The Sisterhood of the Traveling Pants" series will love getting a look inside author Ann Brashares's gorgeous Upper East Side carriage house, which she just sold for $11 million, reports the Post. Brashare and her husband, painter Jacob Collins, bought the 7,200-square-foot home at 167 East 69th Street in 2001 for $3.65 million from the Sculpture Center. They first listed it in 2018 for $18.95 million, with a price chop to $15 million this past July. Not only does the home have beautiful interior architecture, but it boasts a huge artist's studio and a garage with a curb cut.
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Real Estate Trends

Four permanent artworks will transform LaGuardia Airport

Rendering of Terminal B courtesy of the Governor’s Office

March 6, 2020

Four permanent artworks will transform LaGuardia Airport

The ongoing $8 billion transformation of LaGuardia Airport has focused on bringing the airport's functionality into the 21st century, but a series of major art commissions will also enhance how travelers experience the overhauled spaces. On Thursday Governor Cuomo announced a partnership with the nonprofit Public Art Fund that will bring site-specific works by four renowned artists —Jeppe Hein, Sabine Hornig, Laura Owens, and Sarah Sze—to the new Arrivals and Departures Hall opening later this year at Terminal B.
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The Lower East Side’s ‘vertical village’ at One Manhattan Square unveils interior amenities

Image courtesy of Extell/One Manhattan Square

March 6, 2020

The Lower East Side’s ‘vertical village’ at One Manhattan Square unveils interior amenities

Extell Development Company's largest-ever luxury residential property, One Manhattan Square, has introduced a standout collection of indoor amenities twice the size of the White House, including four pools, a full-sized basketball court, a bowling alley and a cinema, Located on Manhattan's Lower East Side on the East River waterfront, the 847-foot-tall, 815-unit condominium tower–it was 6sqft's 2017 Building of the Year–boasts unobstructed panoramic water and skyline views, but its amenities package is the real standout. Extell has called the residence "a true vertical village," with 100,000 square feet of indoor and outdoor amenities–more than anywhere else, the company claims, in New York City.
Have a look at some of those fab amenities

After four months, Norah Jones sells historic Cobble Hill townhouse

Photo by Christian Harder for Nest Seekers International

March 5, 2020

After four months, Norah Jones sells historic Cobble Hill townhouse

By Dana Schulz

In early November, Grammy Award-winner Norah Jones listed her Greek Revival Cobble Hill townhouse for $8 million. She had purchased it for $4.9 million in 2009. Located at 166 Amity Street, the four-story, five-bedroom brick home boasts beautiful interiors with preserved 1800s details like wooden ceiling beams, marble mantles, and classical moldings, as well as a disappearing heated pool and hot tub in the lovely backyard. The sale, which was first reported by the Post, has not hit public records yet, so the exact sales price is unknown.
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Renderings released for massive Sunnyside Yard project that will bring 12,000 affordable apartments

According to the master plan for the 180-acre Sunnyside Yard development in Queens, the former storage and maintenance hub for Amtrak’s Northeast Corridor, New Jersey Transit, and Long Island Rail Road will include 12,000 affordable apartments, making it the largest affordable housing development to be built in NYC since the middle-income Co-op City in the Bronx was completed in 1973 (h/t Wall Street Journal). The plan by the New York City Economic Development Corp. (EDC) outlines a $14.4 billion deck over the train yard on which the complex would be built. Half the housing in the development would be rental apartments for low-income families earning less than 50 percent of the area median income, with the other half set aside for affordable homeownership programs through Mitchell-Lama. The Practice for Architecture and Urbanism (PAU) was identified to lead the planning process, and they have just released renderings and maps of the massive development.
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Sales launch for Waldorf Astoria’s luxury condos, starting at $1.7M studios

Rendering by Noë & Associates/The Boundary

March 4, 2020

Sales launch for Waldorf Astoria’s luxury condos, starting at $1.7M studios

Residential condo sales have launched at the newly-imagined Waldorf Astoria, which has been closed for renovations since 2017. The launch, complete with a new website offering a sneak peek inside the iconic building, comes at a time when ultra-luxe apartments have become a tougher sell in a market loaded with competition and unsold units, as The Real Deal reports. The residential portion of the building sits above the renovated hotel, with 375 condos and 50,000 square feet of amenities including private bars, a 25-meter pool and a fitness center.
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Marc Jacobs slashed $4M off his West Village townhouse and found a buyer the next day

Listing images by Rich Caplan; courtesy of the Ryan Serhant Team at Nest Seekers International

March 2, 2020

Marc Jacobs slashed $4M off his West Village townhouse and found a buyer the next day

Marc Jacobs' West Village townhouse had been on the market for almost a year when he relisted the property at 68 Bethune Street with a new agency and a price chop last week. The New York Post reports the property went into contract the very next day, proving that sometimes a price cut makes all the difference. The fashion designer first listed the four-story, nearly 4,800-square-foot home last April for $15.9 million after having purchased it for $10.5 million in 2009. The new listing hit the market at $12 million but the final sale price is still unknown.
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See the Waldorf Astoria’s glamorous, residents-only pool

Image credit: Noe & Associates/The Boundary

March 2, 2020

See the Waldorf Astoria’s glamorous, residents-only pool

The Waldorf Astoria is still closed for a major renovation, but it appears on track to becoming more luxurious than ever. The latest rendering to be released (which we spotted over on The Post) shows the skylit pool that will be available to residents of the recently branded Towers of the Waldorf Astoria, where 375 condos will be sold for the first time in the history of the storied property.
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Live the Soho life in a former photographer’s live/work loft for $6.5K a month

Photo credit: Rise Media courtesy of The Corcoran Group

February 26, 2020

Live the Soho life in a former photographer’s live/work loft for $6.5K a month

This former photographer's studio and residence at 49 Howard Street is the kind of classic Soho loft that we don't see too often these days. Comprised of 1,800 square feet of open space, the loft checks all the boxes: 11-foot tin ceilings, hardwood floors, oversized windows , exposed brick and industrial pipe shelving frame the third floor walk-up condominium unit, available to rent for $6,500 a month. You don't have to be an artist to live here, but your art will look right at home if you happen to be one. And unique interior features–like a bronze soaking tub and stone infinity sink–keep things interesting.
Eyeful of industrial loft goodness, this way

Bethenny Frankel sells Hamptons home after taking a loss on her Soho condo

2623 Montauk Highway. Photo credit: Chris Foster, courtesy of Compass

February 25, 2020

Bethenny Frankel sells Hamptons home after taking a loss on her Soho condo

It's been a busy 2020 so far for Real Housewives of New York alum Bethenny Frankel, who's finally unloaded two properties: her Soho condo and one of her Hamptons retreats. The Post reported last week that Frankel sold her seven-bedroom residence in Bridgehampton for $2.28 million after listing it for $2.99 million. It's a good thing she made a slight profit there because her Soho condo ended up selling for a significant loss. After almost three years on the market, Frankel sold her two-bedroom apartment at 22 Mercer Street for $3.65 million, the Observer reported last month. That's a $550,000 loss compared to the $4.2 million she paid for the pad in 2014—and more if you factor in what she spent on an extensive renovation.
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February 25, 2020

Apple signs lease for four floors at 11 Penn Plaza

After the Post first reported speculations of the deal in January, they now report that Apple will lease four floors of space at 11 Penn Plaza. Sources told the Post that the tech giant became interested in the 1.15-million-square-foot building that stretches along Seventh Avenue between West 31st and 32nd streets across from Madison Square Garden after losing out to Facebook on a spot in the Farley Building. However, those with knowledge of the deal say that Apple has only signed a five-year deal, which may suggest that they are still keen on finding a larger, more permanent home in NYC.
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Real Estate Trends

Image by Scott Frances for Related-Oxford

February 19, 2020

See the views from NYC’s highest outdoor residential space at 15 Hudson Yards

Adding to Hudson Yards' height superlatives, the city's highest outdoor residential amenity space has opened at 15 Hudson Yards. Rising 900 feet in the air, "Skytop" features 6,000 square feet of curvy indoor-outdoor space, which follows the shape of the building's crown. Designed by Diller Scofidio + Renfro with interiors by Rockwell Group, the amenity space offers unobstructed views of the Hudson River and beyond.
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Leasing launches for Greenpoint Landing’s 40-story second tower

Image by QuallsBenson

February 18, 2020

Leasing launches for Greenpoint Landing’s 40-story second tower

The second tower at Greenpoint Landing, the master plan transforming 22 acres of the north Brooklyn neighborhood, has officially opened. Designed by Handel Architects, Two Blue Slip rises 40 stories and contains 421 rental units, with 30 percent of them income-restricted. While pricing has not been released yet, the neighboring building One Blue Slip, which opened in August 2018, most recently listed a three-bedroom unit for $7,892/month, according to CityRealty.
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See more of the historic residences inside 111 West 57th Street’s landmarked Steinway Building

Listing images courtesy of 111 West 57th Street

February 18, 2020

See more of the historic residences inside 111 West 57th Street’s landmarked Steinway Building

Two more listings inside Midtown’s historic Steinway Hall have just hit the market: a two-bedroom with a private terrace for $8,750,000 and a four-bedroom duplex seeking $17,995,000. The landmarked building at 111 West 57th Street was designed by renowned firm Warren & Wetmore and finished in 1925. The longtime home of the Steinway & Sons piano company was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. The Beaux-Arts structure serves as the project’s grand entryway and will hold the amenity spaces and a small handful of residences designed by Studio Sofield. We previously got a look inside the striking duplex penthouse that hit the market for $21 million last November—a price it still holds.
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All Barneys New York stores to close by end of the month

Photo by Jim.henderson on Wikimedia

February 14, 2020

All Barneys New York stores to close by end of the month

It's the end of an era. Once an icon in the luxury fashion world, Barneys New York is officially closing its doors this month. All stores will shutter on Feb. 23, the New York Post reported on Thursday, with 719 employees losing their jobs at the retailer's flagship location at 660 Madison Avenue, its store in Chelsea at 101 Seventh Avenue, an outlet in Central Valley, and its corporate offices at 575 Fifth Avenue. Barneys California stores in Beverly Hills and San Francisco will also close Feb. 23.
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Real Estate Trends

February 13, 2020

CNN anchor Don Lemon is selling his stylish Harlem condo for $1.75M

CNN journalist Don Lemon has listed his condo in a luxury Harlem apartment building for $1.75 million, according to the New York Post. Located at 2280 Frederick Douglass Boulevard, the tower, known as 2280 FDB, is a few short blocks from Morningside Park and all that Central Harlem has to offer. The TV news anchor first bought the three-bedroom home for $1.48 million in 2013, followed by a neighboring one-bedroom unit for roughly $867,780 the next year. He sold the smaller unit in 2017 for $969,000.
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Image courtesy of Douglas Elliman.

February 12, 2020

$839K South Bronx condo offers loft living in Mott Haven

In the bustling and buzzy South Bronx community of Mott Haven, this bonafide loft at 305 East 140th Street is also a 2008 condominium conversion known as Bronx Bricks. Constructed in 1904, the classic loft building features a ground-floor art gallery and adjacent theater performance space, both of which highlight the neighborhood's vibrant arts community. The 1,290-square-foot unit is asking $839,000.
Just don't call it SoBro

Temporary restraining order rolls back broker fee ban

Photo by Rachel Martin on Unsplash

February 11, 2020

Temporary restraining order rolls back broker fee ban

In an update made last week to the state's recent rent reform laws, the Department of State said real estate brokers hired by landlords could no longer charge tenants a fee. The ruling sparked a widespread backlash from the real estate industry, particularly rental brokers. In response, a group of industry representatives filed an Article 78 petition in Albany, which resulted in a temporary restraining order on Monday, The Real Deal reported. The Real Estate Board of New York (REBNY) and a number of high-profile brokerages have filed a lawsuit claiming the new guidance was an “unlawful, erroneous, and arbitrary” interpretation of the rent reform law passed in June and wreaked “havoc and confusion” on the industry. The restraining order means agents acting on behalf of landlords can collect a commission from tenants until further notice without fear of discipline by the DOS.
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February 10, 2020

Renters insurance in NYC: Why you should get it right now