Real Estate Trends

Renters in New York will no longer have to pay a broker fee when they lease an apartment, the state ordered Tuesday. In an updated set of guidelines for last year's rent reform laws, the state department said real estate brokers hired by landlords "cannot be compensated by the prospective tenant." While brokers can still charge a fee, landlords are now responsible for paying it, according to the revised rules. However, if a renter hires a broker to find apartments on their behalf, a fee can be collected.
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A closer look inside Waterline Square’s starchitect-designed rentals, from $3,938/month

Living area inside an apartment at One Waterline Square; photo by Evan Joseph

February 4, 2020

A closer look inside Waterline Square’s starchitect-designed rentals, from $3,938/month

When rental units at the Waterline Square development on the Upper West Side hit the market last fall it was clear that the price tags reflected the starchitect lineup involved with its design: The trio of glassy towers was designed by Richard Meier & Partners (One Waterline Square), Kohn Pedersen Fox (Two Waterline Square), and Rafael Viñoly (Three Waterline Square), with Hill West Architects serving as executive architect for the master plan. Located on Riverside Boulevard between 59th and 61st Streets, the complex holds 868 rental units (in addition to 263 condos), which start at $3,938/month for a studio and go up to $15,000/month for a four-bedroom. If you’re curious about what those pricey rentals look like inside, here’s a look at three model homes in each of the towers.
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Proposed property tax overhaul could lessen burden for low-income homeowners in NYC

Photo of Park Slope brownstones by Josh Wilburne on Unsplash

January 31, 2020

Proposed property tax overhaul could lessen burden for low-income homeowners in NYC

Owners of multi-million dollar co-ops and condos in New York City would have to pay property tax at full market value under a recently released proposal to overhaul the current system. The city's Advisory Commission on Property Tax Reform on Thursday unveiled its long-awaited report detailing reforms of the complex system that would tax properties of similar values at equitable rates. Currently, homebuyers pay property tax based on assessed value, rather than the market rate, which puts a bigger tax burden on low- and middle-income homeowners.
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For $6.5K/month, this Chelsea brownstone apartment offers charm and flexibility

Listing images by RISE Media; courtesy of The Corcoran Group

January 29, 2020

For $6.5K/month, this Chelsea brownstone apartment offers charm and flexibility

Perfect for remote workers, this Chelsea rental at 331 West 19th Street comes with a flexible floor plan that can be adapted to suit your working needs. In addition to a sunny master bedroom, the 1,400-square-foot unit has a dedicated (windowless) home office and two smaller rooms that could be used as an additional office, den, guest room, or even for extra storage (as you'll see below). The practical pad is a floor-through unit on the first floor of a charming brownstone. It's now available to rent for $6,500 a month.
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Sales launch from $1.4M at Thomas Heatherwick’s Lantern House, amenity spaces revealed

Courtesy of Related Companies

January 28, 2020

Sales launch from $1.4M at Thomas Heatherwick’s Lantern House, amenity spaces revealed

Sales have officially launched at Thomas Heatherwick's condo project on the High Line, developer Related Companies announced Tuesday. Located at 515 West 18th Street, Lantern House consists of two bubbled towers that straddle the elevated park, one at 10 stories and 22 stories. Pricing for the residences, which include one- to four-bedroom units, start at roughly $1.395 million and go up to about $17 million. And more details on the building's amenity spaces were released, with renderings now available of the Equinox-curated health club with a swimming pool, outdoor terrace, roof deck, and private dining space.
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January 28, 2020

Michelle Williams and Tommy Kail just bought a Brooklyn Heights townhouse for $10.8M

By Michelle Cohen

Actress Michelle Williams and her fiancé, theater and film director Tommy Kail (he directed the Broadway hit "Hamilton"), have just purchased a townhouse in historic Brooklyn Heights, the Wall Street Journal reports. The $10.8 million the pair reportedly paid for the 3,000-square-foot house, built in the 1820s, makes it one of the neighborhood's most expensive sales.
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January 27, 2020

The Chelsea Flea will return to its longtime lot under new lease with Brooklyn Flea founders

A beloved flea market and antique fair in Chelsea that closed last month will reopen this spring. The Chelsea Flea Market, which first opened in 1976 and attracted antique-lovers and artists like Andy Warhol, is set to return to its original location on West 25th Street in April, but under new management, as Gothamist first reported. Co-founders of Brooklyn Flea, which also runs the market Smorgasburg, Eric Demby and Jonathan Butler, have reached a lease agreement for the parking lot at 29 West 25th Street.
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Real Estate Trends

New details and looks for Essex Crossing’s second condo building

Credit: VMI Studio

January 24, 2020

New details and looks for Essex Crossing’s second condo building

Sales will launch at Essex Crossing's second condo building this spring, developers announced. Dubbed One Essex Crossing, 202 Broome Street is the seventh of nine buildings currently under construction or completed at the Lower East Side site. A teaser website and new rendering were released this week for the 83-unit tower, as first reported by Curbed NY, as well as additional details about the impending sales launch.
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Meryl Streep’s waterfront Tribeca penthouse finds a buyer for $15.8M

Roughly a year and a half after it was first listed, Meryl Streep has sold her Tribeca penthouse for $15.8 million, the Wall Street Journal reports. Located in the waterfront River Lofts condominium, the 4,000-square-foot residence has four bedrooms and a landscaped terrace that wraps around three sides of the penthouse. The revered Oscar winner bought the home with her husband, Donald Gummer, for $10.13 million in 2006. It was initially listed for $24.6 million in the summer of 2018. Following a broker switch, the price was slashed to $18.25 million, and it was relisted last August. Listing agent Juliette Janssens of Sotheby's International Realty—who held the most recent listing with Allison Koffman—told the Journal that despite selling for 36 percent less than the original asking price, the final sale still reflects a "very strong number" for today's market.
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Beloved Upper West Side shop Book Culture closes for good

Book Culture on Columbus on Thursday 1/9/20, taken by 6sqft

January 21, 2020

Beloved Upper West Side shop Book Culture closes for good

Drawing comparisons to "The Shop Around the Corner" in the movie "You've Got Mail" (which is also set on the Upper West Side), Book Culture became a beloved neighborhood shop for its whimsical atmosphere, great selection of books, and cozy children's reading room. But this past year, the store's owner penned a letter to city officials asking for a $500,000 loan to stay afloat amid unpaid vendor debts and loans. Earlier this month, a city marshal seized the store for "eviction action" due to unpaid rent, West Side Rag reported. Though the store was hopeful it could find a solution to remain open (even starting a Post-it Note campaign where customers left their support on the storefront), they announced today in an email that their doors are shut forever.
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Real Estate Trends

Image courtesy of Gammahaus

January 17, 2020

New looks revealed for 3 Hudson Boulevard, the next office tower to rise at Hudson Yards

By Michelle Cohen

A new design–the third so far–has been revealed for 3 Hudson Boulevard, the next office tower to rise at Hudson Yards. Located at the northwest corner of West 34th Street and Hudson Boulevard, the tower, which has long been in planning stages, will have 1.85 million square feet of office space. The latest designs reveal a height of just under 1,000 feet with 56 stories, the New York Post reports. Some floors will have ceilings of almost 30 feet with terraces at the end.
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Developer scraps Bjarke Ingels-designed 2 WTC for revamped Norman Foster tower

Previous rendering of 2 World Center via DBOX, courtesy of Bjarke Ingels Group

January 16, 2020

Developer scraps Bjarke Ingels-designed 2 WTC for revamped Norman Foster tower

It looks like Norman Foster's design for 2 World Trade Center might rise after all. First unveiled in 2006, the original Foster + Partners proposal was scrapped in 2015 for Bjarke Ingels' stacked tower, which was deemed more suitable to prospective media tenants. After leases with Fox and News Corp. fell through in 2016, the future of the tenant-less tower has remained uncertain. Absent any takers, developer Larry Silverstein is now pivoting back to the Foster vision, the New York Post reports. The old design is being "significantly modified to be more reflective of contemporary needs and taste," Silverstein said.
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Group of Coney Island boardwalk businesses could see up to 400 percent increase in rent

Photo by Shinya Suzuki on Flickr

January 15, 2020

Group of Coney Island boardwalk businesses could see up to 400 percent increase in rent

Owners of six small businesses in Coney Island, Lola Star Boutique, Nathan's Famous, Ruby's Bar & Grill, Paul's Daughter, Tom's Restaurant, and the Coney Island Beach Shop, are currently negotiating new 10-year lease agreements with amusement park operator Zamperla. The New York Times reported on Wednesday that the boardwalk businesses are facing rent increases of between 50 and 400 percent each. "We care about Coney Island and its future, and we are dedicated to making it as strong a community as possible," Alessandro Zamperla, the president of the company, told the Times. "This is why we've been working with our tenants to ensure their success and preserve the character of Coney Island." Mayor Bill de Blasio's administration has not come forward with a plan to mediate; according to the newspaper, the rent increases do not violate the agreement between Zamperla and the city.
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Real Estate Trends

Lantern House, Thomas Heatherwick’s quirky High Line condo, rises and reveals residences

Photo of Lantern House on 1/3/20 by CityRealty

January 10, 2020

Lantern House, Thomas Heatherwick’s quirky High Line condo, rises and reveals residences

Related Companies has released new renderings of the residential interiors in Thomas Heatherwick’s Lantern House condo development on the High Line. The quirky towers—one is ten stories tall and the other rises to 22 stories—flank the High Line at 18th Street and stand out with their billowing glass walls that reinterpret “the modern bay window.”
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‘Grey’s Anatomy’ star Ellen Pompeo sells Sag Harbor farmhouse for $3M

Listing photos by Chris Foster, courtesy Douglas Elliman

January 3, 2020

‘Grey’s Anatomy’ star Ellen Pompeo sells Sag Harbor farmhouse for $3M

By Annie Doge

Two years after putting her Hamptons home on the market for $3.8 million, actress Ellen Pompeo has sold the property for $2,995,000. The "Grey's Anatomy" star bought the eight-acre site for $950,000 in 2011, and in 2013, had the current modern-farmhouse constructed, which she then designed herself. In addition to its gorgeous decor, the residence boasts beautifully manicured lawns and a heated, Gunite pool.
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Sales at Trump-branded condos continue to fall behind the rest of Manhattan

Photo by Krystal T via Flickr cc

January 2, 2020

Sales at Trump-branded condos continue to fall behind the rest of Manhattan

In November, 6sqft shared data that showed sales at Trump Tower were still in a post-2016 slump, but year-end figures show that the decline is a larger trend across Trump-branded buildings in NYC. According to CityRealty's annual Manhattan Year-End Report, "In the third full year of Donald Trump’s presidency, the average sales price for the 11 Trump-branded condos in Manhattan once again fell below the Manhattan condo average."
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Real Estate Trends

The Hell’s Kitchen Antiques Fair & Flea Market closed in 2018; Photo by S.J.I on Flickr

December 30, 2019

Famed flea market in Chelsea has closed

After nearly five decades in operation, a famed flea market in Chelsea officially closed on Sunday, the New York Times reported. Alan Boss, the owner of the Annex Antiques Fair and Flea Market, which first opened in 1976 on a corner lot on West 25th Street, said the landlords did not renew the market's lease. While Boss said he hoped to find a new location, there isn't much remaining in the expanding neighborhood. "The current location was the last available lot of any size," Boss told the Times.
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Real Estate Trends

Bruce Willis sells 22-acre Westchester estate at a $5M discount

Photo credit: Robert Lowell courtesy of Douglas Elliman

December 27, 2019

Bruce Willis sells 22-acre Westchester estate at a $5M discount

By Annie Doge

After nearly a year on the market, Bruce Willis has finally unloaded his 22-acre Westchester estate, reports the Wall Street Journal. The actor and his wife, Emma Heming Willis, first listed the property in January for $12.95 million but dropped the price to $9.4 million in August. The couple said they were selling since they planned to move back to the west coast, and they must have been quite eager, as they ultimately let it go for $7.66 million, a 41 percent discount and a big loss from the $12 million they bought it for in 2014.
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December 27, 2019

Ultra-high-end sales defined the 2019 real estate market

Throughout the year, there was much speculation that the real estate market was on a decline, but according to CityRealty's annual Manhattan Year-End Report, ultra-high-end sales continue to keep the market strong. On par with 2018's 228 sales, this year saw 221 sales at $10 million or more, totaling $4.6 billion, up from last year's $4.2 billion. As CityRealty tells us, this is "largely due to big-ticket purchases near the southern end of Central Park, most notably at 220 Central Park South," which accounts for one-third of that total, as well as a glut of new development condos coming online.
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Real Estate Trends

NYC Council members propose ‘gentrification tax’ for new homebuyers

Photo via Creative Commons

December 26, 2019

NYC Council members propose ‘gentrification tax’ for new homebuyers

New homebuyers in New York City could be charged property tax based on actual market prices, the New York Post reported on Wednesday. A group of city lawmakers is pressing Albany to change state laws to close a loophole that offers tax breaks to homebuyers in gentrifying neighborhoods. The "gentrification tax," as the Post called it, would have homebuyers pay market rate taxes, rather than the assessed value, as a way to make the system fairer.
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Dunkin’ and MetroPCS thrive in NYC despite overall drop in number of chain stores

Photo by Photo by Susan Sermoneta on Flickr

December 20, 2019

Dunkin’ and MetroPCS thrive in NYC despite overall drop in number of chain stores

The number of chain stores in New York City dropped for the second consecutive year, down 3.7 percent in 2019, according to a new report. Despite this decline in retailers, two stores continue to grow across the five boroughs: Dunkin' and Metro by T-Mobile. The Center for an Urban Future's annual "State of the Chains" report found that the coffee chain is the city's largest national retailer with 636 total stores, adding 12 locations since 2018, followed by the cell phone store, formerly called MetroPCS, which operates 468 stores citywide.
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Real Estate Trends

For $24 million, a penthouse in Rafael Viñoly’s latest Nomad tower features an impressive loggia

Images by Colin Miller

December 19, 2019

For $24 million, a penthouse in Rafael Viñoly’s latest Nomad tower features an impressive loggia

As we’ve watched Rafael Viñoly’s Nomad tower at 277 Fifth Avenue rise, its pared-down yet distinctive facade has drawn our attention to the building’s double-height, open-air loggias that appear to be carved out of the building’s uppermost corners. Now that the building is complete, new images of a recently listed penthouse offer a glimpse of what those spaces are like from the other side. Seeking $24 million, the residence is one of four penthouses atop the 720-foot tower, spanning roughly 4,520 square feet.
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NYC’s third-priciest apartment ever just sold at 220 Central Park South for $92.7M

Via Vornado Realty Trust and Robert A.M. Stern Architects

December 17, 2019

NYC’s third-priciest apartment ever just sold at 220 Central Park South for $92.7M