Real Estate Trends

Facebook this week has signed a lease for 1.5 million square feet of office space across three buildings at Hudson Yards. Starting next year, the tech company will expand to 30 Hudson Yards, 55 Hudson Yards, and 50 Hudson Yards, the latter which will not be open until 2022 and will consist of the bulk of the lease at 1.2 million square feet.
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Real Estate Trends

SOM reveals designs for new Disney HQ in Hudson Square

Renderings © SOM / bloomimages

November 14, 2019

SOM reveals designs for new Disney HQ in Hudson Square

Last July, Disney purchased the rights to develop the property at 4 Hudson Square from Trinity Church for $650 million under a 99-year agreement and earlier this year tapped Skidmore, Owings & Merrill to design a new HQ for the media giant. SOM and developer Silverstein Properties have just revealed the first renderings of the project, which will occupy an entire city block and span across 1.2 billion square feet—including retail on the ground floor—and house up to 5,000 employees.
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Prime Park Slope duplex with a lovely private garden asks $6,500/month

Listing images courtesy of The Corcoran Group

November 12, 2019

Prime Park Slope duplex with a lovely private garden asks $6,500/month

Right around the corner from Park Slope's bustling 5th Avenue, this two-bedroom duplex at 695 Degraw Street is convenient, cozy, and comes with a private, well-maintained garden. Located in a three-unit building dating back to 1899, the home still has some of its classic pre-war details alongside all of the modern conveniences that are on your list: central AC, a laundry room, and more. For the asking rent of $6,500 a month, the apartment can come partially furnished or vacant.
Look inside

Penthouse inside 111 West 57th Street’s landmarked Steinway Building hits the market for $21M

Renderings by Hayes Davidson and images by Peter Murdock; courtesy of Douglas Elliman

November 8, 2019

Penthouse inside 111 West 57th Street’s landmarked Steinway Building hits the market for $21M

Once home to the Steinway & Sons piano company, the landmarked building at 111 West 57th Street 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. Originally built in 1925, the Beaux-Arts building will house the lobby for the luxury tower and a small number of apartments, including this 5,200+ square-foot duplex penthouse that just listed for $21 million.
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See inside Domino Sugar Factory site’s first commercial building

Image by Two Trees Management

November 8, 2019

See inside Domino Sugar Factory site’s first commercial building

The first commercial building at the Domino Sugar Factory site in Williamsburg officially launched leasing this week. Ten Grand Street sits within the 45-story mixed-use tower One South First, which opened in September with 330 rental units. Designed by COOKFOX Architects and developed by Two Trees Management, the towers interlock, a sustainable component that allows extra heat from the office building to be preserved and reused at the residential property. Offering tenants between 5,000 and 6,000-square-foot floor plates and floor-to-ceiling windows, Ten Grand boasts sweeping views of Manhattan, faces the six-acre Domino Park, and will be home to several Brooklyn-based retailers, including Roberta's and Other Half Brewing.
Take the tour

Is Essex Crossing the ‘anti-Hudson Yards’?

Rendering of Essex Crossing via Moso Studio

November 7, 2019

Is Essex Crossing the ‘anti-Hudson Yards’?

The New York Times recently suggested that the boxy, ordinary-looking Essex Crossing, with its Trader Joe's, Target, movieplex, historic Essex Street Market and subsidized affordable housing was the "anti-Hudson Yards," a convincing foil to the buzzy midtown tourist magnet. The obvious contrast between the glittering far-west-side megaproject that in the right light resembles Dubai on the Hudson and the six-acre $1.9 billion development abutting the Williamsburg Bridge speaks to each one's intended audience, of course. But a diversity of options for both locals and visitors and a broad offering of affordable housing could make Essex Crossing more than just Liverpool on the Lower East Side.
Read on

For $3.85M, get perfectly framed views of the Empire State Building at this Nomad condo

Listing images by Etian Gamliely; courtesy of Sotheby’s International Realty

November 7, 2019

For $3.85M, get perfectly framed views of the Empire State Building at this Nomad condo

This two-bedroom condo at 225 Fifth Avenue features an efficient layout and comes in mint condition, but what really sets it apart is its central Nomad location and the enviable views that come with it. Across the street from Madison Square Park, the corner living room overlooks Fifth Avenue with direct views of the Empire State Building and the vibrant new “Gilded Lady” mural painted by artist Tristan Eaton as an homage to the neighborhood’s history. The unit last sold in 2011 for $2.4 million and is now on the market seeking $3.85 million.
Get the full tour

Photo courtesy of 555Ten

November 7, 2019

10 NYC residential buildings with the best amenities for dogs

By Michelle Sinclair Colman

There's no arguing that New York is a city of dog lovers, but when most of us don't have the convenience of letting our four-legged friends into the backyard, it can be a challenge. Thankfully, many of the city's newest residential developments have realized how important it is to keep both pets and their owners happy and are incorporating amenities like dog runs, pet grooming, training services, and even "yappy hours." Ahead, 6sqft has rounded up the top 10 buildings with the best amenities for dogs so that your pooch may always be tired and clean at the end of each day.
NYC's most paw-fect pads

Brooklyn official to introduce commercial rent control bill next week

Photo by Jason Tester on Flickr

November 7, 2019

Brooklyn official to introduce commercial rent control bill next week

With rents on the rise and the e-commerce industry showing no signs of slowing, the livelihood of small businesses in New York City remains under threat. Council Member Stephen Levin, who represents parts of Brooklyn, hopes to address the high rate of retail vacancies across the city with legislation to regulate commercial rents, as Gothamist first reported. "It's a complex problem," Levin, who will introduce a bill to the City Council next week, told the website. "We think it's time to introduce this into the conversation."
More details here

Barneys’ Madison Avenue flagship to stay open as a temporary pop-up

Barneys New York was officially sold for roughly $270 million on Friday after filing for bankruptcy just three months prior. The new owners of the luxury retailer, Authentic Brands Group and B. Riley Financial Inc., will license the Barneys name to other companies and likely close most of its locations across the country. But the store's beloved flagship location at 660 Madison Avenue will stay open for at least the next year, according to the Real Deal.
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Real Estate Trends

Sales still in a slump at post-2016 Trump Tower

Photo by Krystal T via Flickr

November 4, 2019

Sales still in a slump at post-2016 Trump Tower

Living under the shadow of having President Trump as an occasional neighbor–and as a sign on the front of your building–doesn't do much for condo property values in midtown Manhattan, if commercial leasing and residential sales at Trump Tower are any indication. CityRealty reports that vacancies persist in the commercial podium of 721 Fifth Avenue, and residential condo sales in the mixed-use tower have yet to recover from recent stagnation: Almost one half of the units up for sale have cut their initial asking prices, and all but two of the 11 condos whose sales closed this year have sold at an often-considerable–more than 10 percent–discount.
More on the Trump slump

Real Estate Trends

First new Delta concourse will open next week at LaGuardia Airport as part of $8B overhaul

Rendering of Terminal C, courtesy of the Governor’s Office

October 29, 2019

First new Delta concourse will open next week at LaGuardia Airport as part of $8B overhaul

By Dana Schulz

It's been nearly a year since the first new gates and concourse opened at LaGuardia Airport, and now the second terminal is opening to passengers, announced Governor Cuomo today. Last year, Terminal B opened to serve Air Canada, American Airlines, Southwest Airlines, and United Airlines, along with a food hall and a plethora of modern amenities. Delta's Terminal C will start serving passengers on Monday, November 4th from one of its four new concourses. Not only will this terminal have floor-to-ceiling views of Citi Field and Flushing Bay, but it will also boast a slew of foodie options and tech-focused designs.
All the details

Via Flickr

October 28, 2019

Stuck in traffic? Blame the internet.

Driving from point A to point B in New York City is actually getting slower despite brand new bridges, tolls, congestion pricing, and public transportation options, and it has a lot to do with all the stuff we're ordering online. A recent story in the New York Times outlines how massive growth in online ordering from companies like Amazon has added a whole new layer to the delivery truck traffic and parked vehicles that clog city streets each day. But the real news may be the new layer of infrastructure that's being added to the city's economy in the form of "last mile" fulfillment centers to get it all to consumers overnight.
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Photo by subherwal on Flickr

October 23, 2019

Trump Organization removes president’s name from Central Park ice rinks

As New York City's many ice skating rinks start to open this month for the season, two Central Park arenas will debut a slightly updated look. The Trump Organization has removed President Donald Trump's name from Wollman Rink and Lasker Rink, marking the first time the business has voluntarily distanced itself from its owner, according to the Washington Post. City officials told the newspaper that the president's company informed them about the plan to remove the signage this past summer but provided no reason behind the change.
More here

Real Estate Trends

Will Midtown’s Lord & Taylor building be back on the market after multibillion-dollar WeWork bailout?

Photo courtesy of Lord & Taylor

October 23, 2019

Will Midtown’s Lord & Taylor building be back on the market after multibillion-dollar WeWork bailout?

The biggest news to surface in the turbulent waters of the WeWork saga may be the multibillion-dollar bailout and takeover by Japanese company SoftBank following a failed IPO and a company valuation that skidded from a reported $48 billion to $8 billion in a matter of months. And as part of a scramble for cash, the office space sublease and coworking disruptor has been expected to divest of the Lord & Taylor building at 424 Fifth Avenue; WeWork purchased the high-profile property–the former home of the department store's flagship location–with partners Rhone Capital and Hudson’s Bay for $850 million earlier this year. But, as Crain's reports, the company may be trying to lease the 660,000-square-foot property to high-paying office tenants as a way to raise the needed funds.
Will the building be back on the market soon?

Real Estate Trends

October 17, 2019

This $1.5M condo is a study in modern architecture tucked into a historic Village townhouse

This one-bedroom condo at 131 West 11th Street, asking $1.495 million, is situated within a classic row house on a postcard-perfect Village street. Within are the 20-foot ceilings of a loft, with 1,200 square feet of living space and an open layout to match. The apartment's interiors are the work of award-winning architect Timmy Aziz of DOMA, and have been featured in The New York Times, Wall Street Journal and Architectural Digest among other notable design magazines. Another unique feature: The home boasts an 18-foot-tall brick wall that was constructed by renowned Italian sculptor Albino Manca, who once lived and worked in the space.
Have a look around

Essex Crossing’s second condo tower tops out on the Lower East Side

Photo credit: QuallsBenson

October 15, 2019

Essex Crossing’s second condo tower tops out on the Lower East Side

The Essex Crossing mega-development hit another milestone this week, with its seventh building topping out at the Lower East Side site. The mixed-use tower at 202 Broome Street includes 83 luxury condominiums, 175,000 square feet of office space, and 34,500 square feet of retail space. Designed by CetraRuddy, the building joins 242 Broome as the nine-site development's second condo building.
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Skyline Tower, NYC’s tallest building outside Manhattan, tops out

Rendering: Binyan Studios.

October 14, 2019

Skyline Tower, NYC’s tallest building outside Manhattan, tops out

Skyline Tower in Long Island City, Queens, has officially become the city's tallest building outside of Manhattan. The luxury condo tower has now topped out at 778 feet. As 6sqft recently reported, the 67-story building surpassed its neighbor and previous record-holder, the 673-foot-tall Citigroup Building, in September. Located at 23-15 44th Drive, the new Long Island City tower will offer about 800 studio to four-bedroom condominium apartments, priced between $500,000 and $4 million.
But it won't hold the title for long

Ken Griffin drops another $4M on Central Park South condos after record $240M penthouse purchase

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

October 10, 2019

Ken Griffin drops another $4M on Central Park South condos after record $240M penthouse purchase

Billionaire Ken Griffin really likes 220 Central Park South. The hedge fund mogul picked up two more apartments at the Robert A.M. Stern-designed skyscraper last month, less than a year after he bought a record-breaking $240 million penthouse there. The New York Post first spotted the sales, which includes apartments 20H for $1.89 million and 20J for $2.06 million, bringing his total investments at the property to roughly $244 million.
And another one

Real Estate Trends

City will bring affordable co-living projects to East Harlem and East New York

Rendering courtesy of Common and L+M Development Partners

October 10, 2019

City will bring affordable co-living projects to East Harlem and East New York

By Dana Schulz

A year ago, the city’s Department of Housing Preservation and Development announced plans for an affordable co-living pilot program. Known as ShareNYC, the initiative "lets developers seek public financing in exchange for creating affordable, shared-housing developments," as 6sqft previously reported. The city has now selected three proposals that will create or preserve accommodations for roughly 300 residents. Two of the projects, including one by co-living giant Common, will be located in East Harlem, while the third will be in East New York.
Learn about all the projects

Pricing revealed for starchitect-designed Waterline Square rentals, with studios from $3,938/month

Rendering courtesy of Noe & Associates with The Boundary

October 10, 2019

Pricing revealed for starchitect-designed Waterline Square rentals, with studios from $3,938/month

Update 10/10/19: More details about Waterline Square rentals were released on Tuesday, following the official lease launch last month. At the three-tower Upper West Side development, studios start at $3,938/month, one-bedrooms at $5,425/month, two-bedrooms at $8,625/month, three-bedrooms at $9,933/month, and four-bedrooms at $15,000/month. These prices include concessions for three months of free rent on a 12-month lease. Currently, the priciest unit available to rent is a $19,208/month four-bedroom at One Waterline Square, which measures just over 2,200 square feet. After topping out nearly two years ago, the trio of glassy high-rise towers known as Waterline Square on Monday kicked off leasing for its rental units. GID Development tapped three major architects, Richard Meier, Kohn Pedersen Fox (KPF), and Rafael Viñoly, to design the Upper West Side buildings, which include roughly 260 condos, 800 rental units, and 100,000 square feet of amenities. Rentals, ranging from studios to four-bedroom apartments, start at $4,130 per month, without concessions. Hill West Architects serve as the project's architect of record.
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Real Estate Trends

October 8, 2019

Thomas Heatherwick’s pair of bubbled condos on the High Line gets rebranded as ‘Lantern House’

The pair of unique condo buildings with a bubbled facade rising on the High Line will officially be called Lantern House. Located at 515 West 18th Street, the two condo towers were designed by Thomas Heatherwick's Heatherwick Studio, the firm behind the climbable "Vessel" at Hudson Yards and the under-construction floating park at Pier 55. Along with the rebranding, Related Companies announced on Tuesday that sales for the development's 181 residences will launch next year, starting at $1.7 million for one-bedroom units.
Details here

One-bedroom West Village pad with plenty of personality asks $4,195/month

Photo credit: Travis Mark courtesy of Compass.

October 3, 2019

One-bedroom West Village pad with plenty of personality asks $4,195/month

This cozy West Village rental at 32 Downing Street is definitely easy on the eyes. Located in a prime spot in a coveted neighborhood, this artfully renovated home has just enough room for one, and more than enough charm to go around. The asking rent is $4,195 per month.
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October 2, 2019

For $5,800/month this furnished two-bedroom rental feels like a Parisian garret in Park Slope