Real Estate Trends

June 11, 2020

Ahead of city’s phase two of reopening, REBNY releases safety guidelines for real estate brokers

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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With 8,000 units, Jersey City project will be the Tri-State’s largest mixed-income housing development

Rendering of Cove Pointe, community green. Rendering by Minno and Wasko

June 10, 2020

With 8,000 units, Jersey City project will be the Tri-State’s largest mixed-income housing development

By Dana Schulz

After receiving approval from the city, last week, developer BRP Companies revealed renderings for their Bayfront Redevelopment Project in Jersey City along the Hackensack River. Located on a former brownfield site, the 100-acre project will be built in phases, eventually resulting in 8,000 units of mixed-income housing (35 percent of which will be affordable), said to be the largest such project in the region. This fall, construction will kick off on the 16-acre first phase, known as Cove Pointe, which will bring 1,092 units of housing, with 382 set aside as affordable and workforce housing.
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One Manhattan Square offers COVID-19 discount up to 20 percent on luxury units

Courtesy of Extell Marketing Group/One Manhattan Square

June 9, 2020

One Manhattan Square offers COVID-19 discount up to 20 percent on luxury units

By Devin Gannon

Not only is One Manhattan Square one of the last residential buildings in New York City able to entice buyers with a 421-a tax abatement, but the Lower East Side high-rise is also currently offering major discounts on its luxury apartments. In response to the coronavirus pandemic, Extell Development announced last month discounts of up to 20 percent on all remaining units at the 800-foot-tall condominium.
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Navigating rental leases in NYC during COVID: Negotiating, re-signing, moving

Photo by Brandon Jacoby on Unsplash

June 3, 2020

Navigating rental leases in NYC during COVID: Negotiating, re-signing, moving

By Dana Schulz

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.
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Real Estate Trends

May 28, 2020

Hilary Swank’s stunning former townhouse in the West Village sells for $9.8M

By Devin Gannon

The four-story West Village townhouse once owned by actress Hilary Swank has sold for $9.794 million. The historic home at 33 Charles Street has been renovated with modern elements while original details--including restored woodwork and built-ins--still shine. The current owner, former president of Macy's Harry A. Lawton III, put the property on the market earlier this year for just under $11 million.
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What will the summer real estate market look like in NYC this year?

Photo by Hiroshige Fukuhara on Unsplash

May 21, 2020

What will the summer real estate market look like in NYC this year?

By Dana Schulz

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.
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Waldorf Astoria reveals new looks and virtual tours

All renderings by Noë & Associates / The Boundary

May 19, 2020

Waldorf Astoria reveals new looks and virtual tours

By Dana Schulz

After launching condo sales in March, the Waldorf Astoria is making the most of the current times by releasing new renderings and 3-D tours that let you walk through the sales gallery and model residence virtually. In addition to getting a look inside the luxury condos, there are new views of the outdoor terrace that extend off the uber-glamorous residents-only pool.
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Connecticut’s biggest sale of the year is a $17.1M waterfront estate with a golf practice green

Photo credit is Halstead Connecticut LLC

May 14, 2020

Connecticut’s biggest sale of the year is a $17.1M waterfront estate with a golf practice green

By Dana Schulz

Halstead Real Estate reports that their Greenwich, Connecticut-based agent Christopher Finlay just represented the state's highest-priced sale of this year. The incredible waterfront estate was originally listed for $21 million and closed this week for $17.1 million. Located within the prestigious Belle Haven neighborhood, the impeccably renovated 1915 Georgian Colonial sits on nearly four acres that come complete with rolling lawns overlooking the Long Island Sound, a large swimming pool, a gorgeous flower garden, and a contoured golf practice green with bunkers.
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Real Estate Trends

Cuomo extends New York eviction freeze through August 20, bans late fees

Photo by Anthony Fomin on Unsplash

May 7, 2020

Cuomo extends New York eviction freeze through August 20, bans late fees

By Devin Gannon

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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Listing photos courtesy of Douglas Elliman

May 7, 2020

After three years, developer Joseph Chetrit unloads UES townhouse with an indoor pool for $25M

By Dana Schulz

The townhouse might've sold for $14 million under its asking price, but it's still one of the biggest sales to come through since the coronavirus crisis hit NYC. Owner and big-time real estate developer Joseph Chetrit first listed the double-wide home at 118 East 76th back in 2017 for $39 million. The Wall Street Journal, who learned of the sale from a source close to the deal, notes that the Upper East Side home went into contract "for a significantly larger amount" but "was renegotiated due to the market tumult caused by the pandemic." The lavish home boasts a top-floor indoor pool with a glass-enclosed gym that overlooks it, an elevator that stops at all six floors, a cigar bar, and a patio with an outdoor kitchen and living area.
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Real Estate Trends

See the immersive art museum proposed for a landmarked Lower Manhattan bank hall

By Devin Gannon

An art center with immersive art exhibitions has been proposed for a landmarked former banking hall in Lower Manhattan. Culturespaces, a French museum operator, presented its plan to adapt the Emigrant Industrial Savings Bank into a center of digital art to the city's Landmarks Preservation Commission on Tuesday. The design proposal from Woods Bagot Architects includes alterations to the landmarked interior to accommodate a ticketing area and necessary audiovisual equipment for the art center, as well as modifications to the exterior of the building.
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Photo by Daniel Lee on Unsplash

May 4, 2020

Petition calls for NYC landlords to withhold property tax

By Devin Gannon

An online petition launched last week that calls on New York City landlords to withhold property tax payment, in response to a statewide rent strike organized this month. As the Real Deal first reported, the Change.org appeal, "Property Tax relief or Tax strike," has collected nearly 1,500 signatures as of Monday.
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What you need to know about the May 1 rent strike

Photo by Avi Werde on Unsplash

April 30, 2020

What you need to know about the May 1 rent strike

By Devin Gannon

With more than a million New Yorkers out of work as a result of the coronavirus pandemic, many tenants will struggle to pay rent on Friday. Hoping to pressure Gov. Andrew Cuomo to cancel rent for the duration of the health crisis, a coalition of housing advocates is leading a statewide rent strike on May 1, with thousands of renters already pledging to skip payments. But landlords, who argue rental income pays for the growing costs of building maintenance, are fighting for relief themselves.
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LPC approves design for condo conversion at 120-year-old Hotel Wales

Rendering of the proposed cornice at Hotel Wales by Form4Design Studio and Higgins Quasebarth & Partners, LLC; via LPC

April 22, 2020

LPC approves design for condo conversion at 120-year-old Hotel Wales

By Devin Gannon

The Landmarks Preservation Commission on Tuesday approved plans to retrofit Carnegie Hill's historic Hotel Wales, which is set to be converted into luxury condominiums. The proposal from Form4 Design Studio and Higgins Quasebarth & Partners retains the hotel's Beaux-Arts facade, terra cotta elements, and scroll-bracketed balconies, as CityRealty reported. But the biggest alteration planned for the Carnegie Hill Historic District building is the new cornice and rooftop addition, the design of which the LPC on Tuesday said needs to be modified.
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This week’s NYC sing along goes national with ‘Lean on Me’

Photo by Norbert Kundrak on Unsplash

April 21, 2020

This week’s NYC sing along goes national with ‘Lean on Me’

By Dana Schulz

Photo by Norbert Kundrak on Unsplash On April 3, three-time Grammy Award winner Bill Withers passed away at the age of 81. Among his top hits were "Ain't No Sunshine," "Lovely Day," and "Lean on Me," which will be the song New Yorkers will sing to out their windows this Thursday evening. Volunteer community choir Peace of Heart Choir kicked off the city-wide sing along last week with Frank Sinatra’s “New York, New York.” This week, the event is planned to reach the entire nation.
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New York tenant groups call for mass rent strike

Photo by Emiliano Bar on Unsplash

April 17, 2020

New York tenant groups call for mass rent strike

By Devin Gannon

A coalition of housing and tenant advocacy groups is calling for a statewide rent strike on May 1 with the goal of pressuring Gov. Andrew Cuomo to cancel rent for the duration of the coronavirus pandemic. Led by the Upstate Downstate Housing Alliance, the coordinated protest is seeking cancellation of rents for at least four months, a freeze on rent for every tenant, and a plan to house homeless New Yorkers.
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Jeff Bezos now owns $96M worth of apartments in Flatiron condo

Rendering of 212 Fifth Avenue by Visualhouse; Photo of Jeff Bezos via Wiki Commons

April 17, 2020

Jeff Bezos now owns $96M worth of apartments in Flatiron condo

By Dana Schulz

Amazon behemoth and richest person in the world Jeff Bezos has been making headlines in recent weeks for his $100 million donation to U.S. food banks. He's also become $24 billion richer since the coronavirus crisis sent Amazon's stocks surging. And it looks like he's taking a very small percentage of that fortune and expanding his real estate investment in NYC. The Post reports that Bezos just dropped $16 million on an apartment in the Flatiron condo 212 Fifth Avenue. Last June, he bought three units in the building totaling $80 million, making it the largest deal to ever close in New York south of 42nd Street. Now he can create a mega-mansion in the sky.
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Family drops $27M on eight Waterline Square apartments as ‘safe’ investment during coronavirus

Rendering courtesy of Noe & Associates with The Boundary. L to R: Two Waterline Square by KPF, Three Waterline Square by Rafael Vinoly, One Waterline Square by Richard Meier

April 15, 2020

Family drops $27M on eight Waterline Square apartments as ‘safe’ investment during coronavirus

By Devin Gannon

A family from Peru has paid nearly $27 million for eight units at the new three-tower luxury complex Waterline Square on the Upper West Side, the Wall Street Journal reported on Wednesday. The buyers went into contract and closed on the all-cash deal on the same day, Douglas Elliman agent Maria Velazquez told the newspaper. Velazquez said the family who bought the condo units see it as an investment, opting to put their money into real estate instead of a bank during the coronavirus pandemic. "They felt their money was safer in an apartment in New York than in a bank," she said.
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Real Estate Trends

$20.3M penthouse on the Brooklyn Heights waterfront is borough’s most expensive sale ever

Image courtesy of MOSO Studio

April 15, 2020

$20.3M penthouse on the Brooklyn Heights waterfront is borough’s most expensive sale ever

By Dana Schulz

Back in October of 2018, a $20 million penthouse in Brooklyn Heights' Quay Tower went into contract. It's now closed (virtually!) for $20,301,000, making it the borough's most expensive residential sale ever. It takes the crown from the $16.7 million penthouse Matt Damon bought in late 2018 at The Standish, also in Brooklyn Heights. Andrew Anderson of Douglas Elliman, who facilitated the sale, said: "Closing on the most expensive residential sale in Brooklyn history at this period in time is a testament to the beautiful, serene homes created at Quay Tower and the desirability of waterfront living in Brooklyn Heights."
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Real Estate Trends

April 14, 2020

$45M oceanfront estate is the priciest sale in the Hamptons since 2016

By Dana Schulz

Mansion Global reports that the sprawling oceanfront estate at 26 and 32 Windmill Lane in East Hampton has closed for $45 million, as per sources close to the deal. Though they can't confirm the final sale price, Douglas Elliman does tell us that it's the most expensive sale in the Hamptons since 2016. The 6.7-acre property, which was listed for $60 million in July and most recently for $55 million, was built in 1989 for former Union Pacific president and chairman James Evans. There's a massive main house with beautiful beachy interiors and tons of outdoor space including a 50-foot pool, as well as a separate guest house.
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Real Estate Trends

NYC will move more homeless New Yorkers to empty hotel rooms to curb COVID-19 spread

Photo by Filip Mishevski on Flickr

April 13, 2020

NYC will move more homeless New Yorkers to empty hotel rooms to curb COVID-19 spread

By Devin Gannon

Starting this week, about 2,500 individuals experiencing homelessness in New York City will be transferred from shelters to hotels, Mayor Bill de Blasio announced on Saturday. The single adults who will be prioritized for the hotel rooms will include seniors and those who tested positive for the coronavirus or have symptoms of the disease. The move comes as 340 homeless New Yorkers have tested positive for COVID-19 and 20 have died, according to the city's Department of Social Services.
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A third of U.S. renters didn’t pay rent on time, report says

Photo by Anthony Formin on Unsplash

April 9, 2020

A third of U.S. renters didn’t pay rent on time, report says

By Devin Gannon

Just 69 percent of apartment renters in the United States paid rent during the first week of April, according to a new report released this week by the National Multifamily Housing Council (NMHC). This a decrease of 12 percentage points compared to the percentage of households that paid rent last month. The data is one of the first looks at the impact of the coronavirus pandemic--which has put millions of Americans out of work-- on the housing market.
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Some NYC landlords are waiving rent payments amid the coronavirus pandemic

Photo by Josh Wilburne on Unsplash

April 6, 2020

Some NYC landlords are waiving rent payments amid the coronavirus pandemic

By Devin Gannon

Some New York City landlords are providing their tenants financial respite during the coronavirus pandemic by waiving or discounting rent. The sudden closure of much of the economy has resulted in the loss of income for millions of New Yorkers, a burden felt especially by the city's five million renters. One landlord who owns 18 buildings in Brooklyn suspended rent for the month of April for all of his tenants. Another is giving a Manhattan pizzeria owner three months of free rent as he continues to feed hospital workers at no charge.
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Real estate work is essential, but showings must be virtual

Photo by Jonathan Riley on Unsplash

April 3, 2020

Real estate work is essential, but showings must be virtual

By Devin Gannon

Certain real estate work is still considered essential by New York, but showings cannot take place in-person, the state clarified on Thursday. In a notice to the New York State Association of Realtors, the Empire State Development earlier this week said home inspections, residential appraisals, back-office real estate work, and residential and commercial showings can continue during the coronavirus outbreak. But despite being newly categorized as essential, agents still cannot host traditional showings, as was previously reported.
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State says real estate industry is an essential business during shutdown

Photo © 6sqft

April 2, 2020

State says real estate industry is an essential business during shutdown

By Devin Gannon

Some real estate industry work is considered essential and can continue during the coronavirus outbreak, New York State announced on Wednesday. The reversal in policy, first spotted by the Real Deal, means real estate agents can now host in-person residential and commercial showings, as long as social distancing measures are taken (open houses are still prohibited). However, the Real Estate Board of New York quickly reached out to brokers and advised them against in-person showings.
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Real Estate Trends

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