Real Estate Trends

Fashion designer Marc Jacobs has purchased a Westchester home designed by Frank Lloyd Wright for $9.175 million, the Wall Street Journal reported Monday. Located in the wealthy Westchester County neighborhood of Rye, the home was built by Wright in 1955 for European car importer Max Hoffman. Located at the tip of North Manursing Island, the waterfront property will serve as a weekend retreat for Jacobs and his husband Char Defrancesco, who recently wed this month.
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1,200-unit Hunters Point development breaks ground and reveals new looks

New rendering by ODA Architects for TF Cornerstone

April 5, 2019

1,200-unit Hunters Point development breaks ground and reveals new looks

Developer TF Cornerstone officially broke ground Friday on its mixed-use, affordable housing development in Long Island City, a plan that began nearly six years prior. The project, which consists of 1,194 new apartments across two buildings on Center Boulevard, falls under the city's redevelopment of Hunter's Point South, a proposal with the goal of bringing 5,000 units of new housing to the area first backed by former Mayor Michael Bloomberg. In addition to the residences, the project includes construction of a community center, local retail, a new public park designed by Mathews Nielsen Landscape Architects, and a K-8 school. A pair of new renderings highlights the open space planned between the new towers.
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Lawsuit says 670-foot-tall Seaport condo tower has an ‘off-kilter’ foundation and a leaning problem

Rendering courtesy of Goldstein Hill & West / Fortis Property Group

April 3, 2019

Lawsuit says 670-foot-tall Seaport condo tower has an ‘off-kilter’ foundation and a leaning problem

The sleek 670-foot-tall, 58-story condominium tower at 161 Maiden Lane that broke ground in 2015 alongside one of Manhattan’s most iconic vistas is leaning three inches to the north, according to a lawsuit filed by the project's contractor, the Observer reports. The contractor, Pizzarotti, filed a suit in New York State Supreme Court that alleges that an off-kilter foundation affects the structural integrity, facade, waterproofing, and elevators at the 150,000-square-foot tower and that developer Fortis Property Group is responsible.
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50 Cent finally unloads 52-room Connecticut compound for $2.9M

Photo of 50 Cent via Wikimedia

April 2, 2019

50 Cent finally unloads 52-room Connecticut compound for $2.9M

By Annie Doge

Twelve years later, the massive Connecticut mansion owned by rapper-actor 50 Cent has finally sold. According to the Wall Street Journal, the musician's mansion in Farmington sold for $2.9 million, 84 percent less than the $18.5 million he first sought in 2007. Most recently, the 17-acre estate was listed for just under $5 million. The home stretches 50,000 square feet and is decked out with 19 bedrooms, 35 bathrooms, its own night club, basketball court, movie theater, and G Unit-themed decor throughout.
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Mr. Chow founder lists Dumbo penthouse with private courtyard and roof terrace for $6.5M

Listing images by Will Ellis of Donna Dotan Photography

April 1, 2019

Mr. Chow founder lists Dumbo penthouse with private courtyard and roof terrace for $6.5M

Michael Chow, founder of the Mr. Chow restaurant chain, has just put his Dumbo penthouse on the market for $6,495,000. It seems the restaurateur is moving to the West Coast, as earlier this month Chow and his wife bought two Los Angeles properties from pop star Katy Perry, as Mansion Global reported. Chow bought his three-bedroom duplex at 1 John Street in 2016 for $5,760,000. The modern abode spans across 2,600 square-feet and is one of four homes in the 42-unit building to have a private courtyard and a private roof terrace. You’ll be able to enjoy the views from inside as well since every room overlooks the river and Manhattan skyline.
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Doris Roberts’ former Central Park South duplex sells for $4M

Listing image courtesy of Compass; photo of Doris Roberts via Wiki Commons

April 1, 2019

Doris Roberts’ former Central Park South duplex sells for $4M

Back in 2017, 6sqft reported that the duplex co-op at 200 Central Park South owned by the late Emmy-winning actress Doris Roberts (you probably know her best as Marie Barone from “Everybody Loves Raymond”) had been listed for $3.3 million. Now the New York Post reports that the two-bedroom duplex has sold for $4 million. The sale included the two apartments owned by Roberts' estate, plus an adjacent one-bedroom. The buyer, a Broadway producer, plans to combine the apartments into one big duplex within walking distance to the theater district.
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April 1, 2019

Fashion designer Cynthia Rowley’s West Village showroom-townhouse sells for over $14M

Fashion designer Cynthia Rowley has found a buyer for her three-story townhouse in the West Village. The buyer paid more than $14 million for the property at 16 Morton Street and plans to use the 25-foot-wide home to house a luxury car collection, the Wall Street Journal reported. The townhouse was first listed last April for $17.5 million; Rowley lowered the price to just under $16 million last fall.
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Image credit: Hudson Co. by © Julienne Schaer

March 28, 2019

Brooklyn Heights library tower One Clinton tops out

The Hudson Companies Inc. has just announced the topping out of the 38-story One Clinton condominium building in Brooklyn Heights. The new building, with entrances at 280 Cadman Plaza West and 1 Clinton Street, was designed by Marvel Architects, who gave the 409-foot tower a Flatiron building-inspired shape.
Check out more construction photos, this way

Real Estate Trends

Renderings courtesy of Citi Habitats New Developments

March 28, 2019

Eliot Spitzer’s Williamsburg-waterfront development opens lottery for 121 low-income units

By Dana Schulz

Back in June, an affordable housing lottery launched for 65 apartments at one of Spitzer Enterprises’ trio of rental buildings along the South Williamsburg waterfront known as 420 Kent. These apartments were located in the northernmost of the ODA-designed glassy towers. Now, a second lottery has come online (20 percent of the development's 857 units are affordable) for 121 low-income apartments at the southern piece of the complex. These residences are reserved for households earning 60 percent of the area median income and range from $867/month studios to $1,123/month two-bedrooms.
Find out if you qualify

Jersey Shore’s first five-star hotel set to launch reservations this spring, starting at $295/night

After over a decade in the works, the Jersey Shore is getting its first five-star boutique hotel. The Asbury Ocean Club, a 17-story hotel-condo, will open this June in Asbury Park, a hip beach community with working-class roots known for its flourishing foodie and surf scene, as well as its Bruce Springsteen connection. Opening this summer, the 54-room beachfront hotel occupies the building's entire fourth floor and sits next to the pool deck, which offers water views. With its proximity to New York City, the Asbury Ocean Club Hotel hopes to attract New Yorkers looking for an oceanfront oasis. And the prices even mirror Manhattan, with rooms starting at $295 per night. Reservations officially launch May 1.
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Find out how much a pied-à-terre tax would affect the value of NYC’s most expensive homes

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

March 25, 2019

Find out how much a pied-à-terre tax would affect the value of NYC’s most expensive homes

Calls for a so-called pied-à-terre tax have increased since hedge fund manager Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million in January, for a residence that the billionaire will be using as “a place to stay when he’s in town.” And State Budget Director Robert Mujica stated recently that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs. Owners of some of the city's highest-priced real estate, however, could face a dramatic dip in their property values if the tax plan is enacted, the Wall Street Journal reports, after an analysis that showed how the heftiest tax would be levied on a small number of houses, co-ops, and condos with market values of $25 million or more. The new tax could potentially slash the value of this handful of pricy properties by almost half.
How much is half of too much?

A 19th-century warehouse on Governors Island will become a permanent arts center

Photo by Zachary Tyler Newton

March 25, 2019

A 19th-century warehouse on Governors Island will become a permanent arts center

Governors Island is gettings its first permanent home for artists this year as the effort to turn the 172-acre former military base into a year-round cultural hub continues. The Lower Manhattan Cultural Council (LMCC) announced on Monday plans to transform a 1870s warehouse into a 40,000-square-foot center for arts and educational programming. In 2009, LMCC became one of the first tenants on Governors Island, which opened to the public in 2005 after serving as a base for the Army and then the Coast Guard for more than two centuries.
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Trump sells a $2.9M Central Park South condo to an undisclosed buyer

Via Wikimedia

March 20, 2019

Trump sells a $2.9M Central Park South condo to an undisclosed buyer

President Donald Trump this month sold a $2.9 million condo at his Central Park South building to an unknown buyer, Forbes reported Tuesday. According to public documents, the deal between the Trump Organization and an entity called Koctagon LLC occurred on March 8 for an apartment at Trump Parc East, an 79-unit building next to the south end of Central Park. A limited liability company, or LLC, is typically used to protect the identity of the buyer.
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Real Estate Trends

A hotel in Long Island City will be converted into a ‘short stay’ co-living spot

Via The Collective

March 20, 2019

A hotel in Long Island City will be converted into a ‘short stay’ co-living spot

London-based communal living company The Collective has purchased a hotel in Long Island City with plans to convert the building into a space for co-living. The Paper Factory Hotel, located at 37-06 36th Street near the Astoria border, will be transformed into a space for "short-stay" co-living, which the company says will give members more flexibility in the length of their stay. The first phase of the conversion adds cultural and educational space to the building's ground floor; the second phase adds 100 more bedrooms to the hotel's existing 125 rooms.
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Real Estate Trends

Rendering of 200 Amsterdam Avenue via SJP Properties/ Elkus Manfredi

March 15, 2019

Court rules against the 668-foot tower already rising at 200 Amsterdam Avenue

A state Supreme Court ruling on Thursday overruled the city’s decision to allow a permit for 200 Amsterdam Avenue, the controversial Upper West Side condo project that has been challenged by community groups and elected officials because of its oddly-shaped, gerrymandered lot. As Crain’s reports, the Board of Standards and Appeals, which approved the project last year, has been ordered to go back to the drawing board and re-evaluate the permit for the project led by developers SJP Properties and Mitsui Fudosan, who have already started construction at the 69th Street site.
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Taylor Swift’s former West Village carriage house rental finds a buyer

Listing photos by Chris Riccio, courtesy of the Corcoran Group

March 14, 2019

Taylor Swift’s former West Village carriage house rental finds a buyer

The carriage house at 23 Cornelia Street in the West Village that Taylor Swift called home while her sprawling Franklin Street property was being renovated has sold for $11.5 million after several years on the market and a price chop of half its original ask of $24.5M, the New York Post reports. The pop star's hefty $39,500 monthly rent sounds a little more understandable when you've seen the private pool, garage and rooftop terrace with city views.
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Chrysler Building sells for a discounted $150M, may become a hotel

Via Creative Commons

March 14, 2019

Chrysler Building sells for a discounted $150M, may become a hotel

Update 3/14/19: A few days after Aby Rosen bought the Chrysler Building for the bargain price of $150 million, the real estate mogul told Bloomberg this week that he would consider converting the tower into a hotel. Real estate mogul Aby Rosen has picked up another New York City landmark. Rosen's RFR Holding LLC, which controls the Seagram Building and Lever House, bought the Chrysler Building for $151 million, according to the Wall Street Journal. The sale represents a major loss for majority owner Abu Dhabi Investment Council, who paid $800 million in 2008 for a 90 percent stake in the 77-story Art Deco tower.
Details here

Real Estate Trends

March 13, 2019

For under $900K, this Clinton Hill one bedroom is cozy, yet contemporary

On a tree-lined block in the heart of Clinton Hill, this floor-through 1.5 bedroom at 315 Greene Avenue offers a flexible layout and even a little bit of outdoor space for the asking price of $875,000. The cozy unit comes with custom storage options and modern amenities, including a washer and dryer. A colorful collection of art and happy houseplants show how this condo is the perfect blank canvas to make your own.
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Hudson Yards developers say protection against natural disasters and terrorism is part of its design

Rendering of the observation deck at 30 Hudson Yards, via Related Companies

March 13, 2019

Hudson Yards developers say protection against natural disasters and terrorism is part of its design

The soon-to-open Hudson Yards, the 28-acre development that's being called the largest private development in the U.S, is not only situated on the Hudson River, but what could pass for a small city could easily be seen as a target for terrorists with its million-square-foot retail center and dining district, the 1,296-foot-tall 30 Hudson Yards, the city's most expensive office building (50 Hudson Yards) and thousands of pricey apartments. The Wall Street Journal reports that the $25 billion project from Related Companies and Oxford Properties Group claims to be fortress-like in its protection against the wrath of both nature and humankind.
What's the plan, then?

See inside Hudson Yards’ seven-story dining and shopping center ahead of Friday’s opening

View of Shops & Restaurants from the Vessel; Photo courtesy of Francis Dzikowski for Related-Oxford

March 12, 2019

See inside Hudson Yards’ seven-story dining and shopping center ahead of Friday’s opening

The one-million-square-foot retail center at Hudson Yards officially opens on Friday as part of the mega development's grand opening. The Shops & Restaurants at Hudson Yards includes a 190,000-square-foot Neiman Marcus with three restaurants and more than 100 stores and dining spots spread across the seven-story building. Ahead of the opening, Hudson Yards developers Related Companies and Oxford Properties Group released on Tuesday photos of the retail center, providing a sneak peek of this massive new shopping and dining district coming to the west side of Manhattan.
Get excited

Gearing up for summer, Jersey Shore homeowners are fighting Airbnb tax on short-term rentals

Asbury Park, NJ; via Wikimedia

March 12, 2019

Gearing up for summer, Jersey Shore homeowners are fighting Airbnb tax on short-term rentals

A surcharge on short-term rentals took effect last October in New Jersey, making it one of the first big states to implement such a tax. An 11.6 percent tax, dubbed the "Airbnb tax," applies to properties rented for fewer than 90 days made on home-sharing sites or directly between a renter and homeowner, excluding deals arranged through a broker. But as homeowners gear up for the summer season in the coming months, owners of Jersey Shore rental homes say the tax has made it harder to fully book their properties ahead of beach season, the New York Times reported.
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Hudson Yards got bigger tax breaks than the ones promised to Amazon

Rendering courtesy of Related/Oxford.

March 11, 2019

Hudson Yards got bigger tax breaks than the ones promised to Amazon

The $20 billion, 28-acre Hudson Yards megaproject has been in the news recently as its official March 15 grand opening approaches. The New York Times reports that the nation's largest residential development has gotten more than a little financial help from the city government to get there. In fact, public records–and a recent study by the New School–reveal that the development has received nearly $6 billion in the form of tax breaks and additional government assistance, twice the controversial $3 billion in incentives held out to Amazon to entice the retail tech giant to bring its second headquarters to Queens.
That's a pretty big break

Bjarke Ingels’ two twisting towers top out in Chelsea

Photo by Evan Joseph

March 8, 2019

Bjarke Ingels’ two twisting towers top out in Chelsea