Real Estate Trends

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

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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Photo by Aleksandr Rogozin on Unsplash

April 1, 2020

Health and high-rise living: Is higher healthier?

By Cait Etherington

In 2019, NYC saw the completion of more than 15 new buildings over 500 feet, and in the coming couple of years, even more tall buildings are slated for completion, including Central Park Tower, the world's tallest residential building at 1,500 feet. None of this is a surprise. By building up, New York is able to maximize available space and even diversify certain neighborhoods by creating mixed-income housing communities. At their best, high-rise developments can drive economic and social change, but are these buildings also good for our health? Ahead, we look at the risks and benefits of high-rise living, many of which have taken on a new meaning during a time when New Yorkers are mainly confined to their homes.
more on high-rise living and health this way

Real Estate Trends

April 1, 2020

John Legend and Chrissy Teigen drop $7.7M on another penthouse in their Nolita building

John Legend and Chrissy Teigen have picked up a second penthouse apartment at their Nolita building. As the Real Deal first reported, the power couple paid $7.7 million for a three-bedroom at the landmarked Brewster Carriage House at 374 Broome Street, joining the $9 million pad bought by the duo in 2018. They seem to really like the building; Legend and Teigen also lived in a one-bedroom unit at the building until they sold it in 2016 for $4 million.
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Jersey City rental next to Liberty State Park opens, units from $1,910/month

Image of 295J courtesy of Ironstate Development Company and BKSK Architects

March 30, 2020

Jersey City rental next to Liberty State Park opens, units from $1,910/month

A new luxury rental building has opened in the bustling Bergen-Lafayette section of Jersey City, with apartments starting at $1,910/month. Located just steps from Liberty State Park, 295 Johnston Avenue, called 295J, contains 309 units, with a mix of studios, one-, two-, and three-bedroom apartments. In addition to being next to the 1,212-acre waterfront park, the rental boasts an impressive landscaped courtyard with a pool, fire pits, barbecue grills, and ping pong tables.
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Can you move in NYC during the coronavirus outbreak?

Photo © Daxiao Productions – Fotolio

March 27, 2020

Can you move in NYC during the coronavirus outbreak?

While most of life seems to be put on hold at the moment, there are a few tasks that can't be avoided. This includes moving apartments, typically a dreadful experience for New Yorkers with or without an ongoing pandemic. But moving companies are considered an essential service, according to New York City and State officials. Ahead, find out what you need to know about moving in NYC during the coronavirus outbreak, from the extra protocols movers are taking to your rights as a tenant.
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NYC removed 80 basketball hoops from parks

Rimless basketball hoops at Riverside Park and 74th Street on Friday, March 27. Photo © Dana Schulz for 6sqft.

March 27, 2020

NYC removed 80 basketball hoops from parks

By Dana Schulz

In the recent weeks, Mayor de Blasio and Governor Cuomo have taken different approaches when it comes to social distancing measures in public spaces, but one thing they've agreed on is that basketball games need to stop. In his press conference on Wednesday, the Mayor spoke about the specific problem related to basketball courts and announced that he'd received reports from the Parks Department and the NYPD that 80 courts around the city, out of a total of 1,700, were an ongoing issue. He went on to say that the basketball hoops at these locations would be removed, which they were yesterday.
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Amazon snags two Fairway Market stores in NJ

Photo by Dougie WII on Wikimedia

March 26, 2020

Amazon snags two Fairway Market stores in NJ

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

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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All renderings by the Practice for Architecture and Urbanism (PAU)

March 5, 2020

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.
See them all here

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.
Check out both residences

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.
See the sky-high views

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