Real Estate Trends

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

By Dana Schulz

Despite some trepidation about the luxury sales market, the year is finishing strong, at least near Billionaires' Row, which was just named the most expensive street in the entire world. As the NY Post first reported, property records filed today show a $92.7 million penthouse sale at 220 Central Park South, making it the third-most-expensive NYC sale ever, behind billionaire Ken Griffith’s $238 million purchase also at 220 CPS in early 2019 and Michael Dell's $100 million buy at One57 in 2015. Though it was purchased by an anonymous LLC, the Wall Street Journal uncovered that billionaire hedge-funder Daniel Och is the buyer.
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Billionaire’s Row tops list of most expensive streets in the world

Looking north towards Billionaires’ Row in early October © 6sqft

December 17, 2019

Billionaire’s Row tops list of most expensive streets in the world

A new study of the top "ultra-prime" locations in the world dispels any doubt that Billionaire's Row is living up to its name. London-based property consultancy Knight Frank, along with Douglas Elliman, looked at the number of homes sold for over $25 million since 2015 and found the greatest concentration along Midtown's 57th Street, where 41 transactions have been closed in the last five years at an average price of $38.5 million. Manhattan cracked the top ten three more times, with Central Park South coming in third, followed by Park Avenue and Fifth Avenue in fourth and seventh place.
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Real Estate Trends

NYC real estate experts offer their 2020 predictions

Photo by Leonhard Niederwimmer via Pixabay

December 16, 2019

NYC real estate experts offer their 2020 predictions

By Emily Nonko

In some ways, 2019 was a continuation of the past few years: political and global uncertainty loomed over the New York real estate market, development continued at a steady pace, and prices were as high as ever. (Oh wait -- they were actually higher.) But the year also brought notable changes, from a total overhaul of rent and tenant protections, increased urgency in regards to climate change, an increasingly buyer's market, and dry-up of the once pervasive rental concessions. So what's in store for the year ahead? Real estate experts believe sustained political uncertainty -- particularly around an election year -- could mean buyers proceed cautiously. The new rent laws will undoubtedly shape New York, as both the rental and condo markets tighten. Pre-war design will make a comeback in defiance of glassy modern architecture, while the focus on sustainability will increase and amenities will become more flexible.
Keep reading for the 6sqft's full roundup of 2020 predictions.

Real Estate Trends

NYC’s third $100M+ real estate deal closes at 220 Central Park South

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

December 13, 2019

NYC’s third $100M+ real estate deal closes at 220 Central Park South

A penthouse at 220 Central Park South has sold for $100 million to an undisclosed buyer, the Wall Street Journal reports. The Billionaire's Row transaction is only the third nine-figure deal to close in New York City, following hedge-fund executive Ken Griffin’s whopping $240 million purchase in the same building earlier this year (the most expensive home ever sold in the U.S.) and tech mogul Michael Dell’s $100.47 million penthouse at nearby One57, which closed in 2014.
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Real Estate Trends

All renderings © James Corner Field Operations and BIG-Bjarke Ingels Group, courtesy of Two Trees Management

December 12, 2019

Massive Bjarke Ingels-designed apartment towers and public beach planned for Williamsburg

Two new mixed-use towers with 1,000 units of housing and six acres of public space have been proposed for the North Brooklyn waterfront. Two Trees Management on Thursday unveiled plans to bring two Bjarke Ingels Group-designed buildings, one at 650 feet and the other at 600 feet, on River Street between North 1st and North 3rd Street in Williamsburg. The buildings, with Metropolitan Avenue running between them, will serve as an entrance to the new waterfront space, part of a master plan designed in collaboration with BIG and James Corner Field Operations. The park and public beach would close the gap between Grand Ferry Park and North Fifth Park, eventually providing continuous access to the East River between South Williamsburg and Greenpoint.
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Bedford Union Armory redevelopment project in Crown Heights breaks ground

The New York City Economic Development Corporation (NYCEDC) along with Council Member Laurie Cumbo, BFC Partners and community members today celebrated the groundbreaking of the redevelopment project finally underway at the historic Bedford Union Armory in Crown Heights. The new community hub will offer affordable space for local non-profits, recreational space for youth and hundreds of units of affordable housing as shown in new renderings. The road to this latest milestone has been a long and storied one since community leaders first envisioned the massive armory as a multi-use gathering space for the Crown Heights community.
New renderings of the redeveloped armory, this way

Facebook in talks for office space at former Farley Post Office in Midtown

Rendering courtesy of Skidmore, Owings & Merrill via Gov. Andrew Cuomo’s office

December 6, 2019

Facebook in talks for office space at former Farley Post Office in Midtown

Facebook is looking to expand its New York City footprint once again. The social media company is in talks to lease about 700,000 square feet at the former James A. Farley Post Office, a city landmark in Midtown currently being converted into a mixed-use building. If the deal is inked, Facebook would become one of the largest corporate tenants in the city with 3 million square feet of office space leased, as first reported by the Wall Street Journal.
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Real Estate Trends

New looks for Thomas Heatherwick’s quirky Lantern House condos on the High Line

Rendering courtesy of Related Companies

December 4, 2019

New looks for Thomas Heatherwick’s quirky Lantern House condos on the High Line

New renderings were released this week of Thomas Heatherwick's first residential project in the United States, providing a peek inside one of New York City's most unique new buildings. Developed by Related Companies, Lantern House consists of two High Line-flanking towers, one at 10 stories and the other at 22 stories, both with glassy bubbled exteriors. Four new images reveal its freestanding glass lobby pavilion which connects the two buildings and is pierced by two beams from the elevated park above.
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Lord & Taylor is returning to NYC as a Soho pop-up

Photo courtesy of Lord & Taylor

December 3, 2019

Lord & Taylor is returning to NYC as a Soho pop-up

After closing its iconic Fifth Avenue flagship at the start of 2019, department store Lord & Taylor will be popping up again as a Manhattan shopping address, sources told Bloomberg. The department store brand, which was sold by former owner Hudson's Bay to clothing rental company Le Tote for $100 million in cash in August, is reportedly opening a 2,400-square-foot shop for just two weeks in mid-December. The pop-up shop will be located on Wooster Street in Soho–a neighborhood whose current streetscape boasts as many empty storefronts and seasonal pop-ups as high-end designer fashion shops.
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Real Estate Trends

Whimsy and luxury collide in this $19M Soho loft filled with a hand-themed art collection

Listing images courtesy of Brown Harris Stevens

December 2, 2019

Whimsy and luxury collide in this $19M Soho loft filled with a hand-themed art collection

After nearly 30 years, Henry Buhl—a former mutual-fund manager turned photographer, philanthropist, and art collector—has listed his four-bedroom Soho loft for a cool $19 million. Buhl bought two adjacent units at 102 Prince Street and 114 Greene Street in 1990 for about $2.5 million and combined them into a sprawling, 7,000+ square-foot residence. Located in a classic Soho cast-iron building, one side of the home is luxuriously decorated in the Renaissance style while the other offers a unique “sculpture garden” filled with Buhl’s hand-themed art collection featuring works by Pablo Picasso, Auguste Rodin, and Fernando Botero. The 89-year-old is looking to downsize, according to an interview with the Wall Street Journal, and is willing to sell prospective buyers “a handful” of his art as well.
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Get a first look inside Renzo Piano’s first NYC residential tower at 565 Broome Street

Photo by Adrian Gaut/Edge Reps (L); Photo by Joshua McHugh (R)

November 25, 2019

Get a first look inside Renzo Piano’s first NYC residential tower at 565 Broome Street

Known for his work on The New York Times Building, the Whitney Museum, and the Morgan Library expansion, Pritzker Prize-winning architect Renzo Piano has completed his first residential building in NYC at 565 Broome Street. The Soho tower has 115 residences, ranging from studios to four-bedroom condos. Uber’s Travis Kalanick and tennis star Novak Djokovic have already scooped up units in the building, where sales launched last September.
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The most expensive site in the Bronx gets a name and new renderings

Renderings courtesy of ArX Solutions

November 21, 2019

The most expensive site in the Bronx gets a name and new renderings

Last fall, Brookfield Properties bought two sites in Mott Haven for $165 million—the most expensive transaction on record for development in the Bronx—from Somerset Partners and Chetrit Group. On Thursday, the developers revealed a $950 million plan for a 4.3-acre mixed-use development that will bring more than 1,350 apartments to the South Bronx neighborhood, of which 30 percent will be affordable. Branded as Bankside, the project will also include a public waterfront park and promenade, as well as ground-floor retail and community facility spaces.
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City’s Soho/Noho report addresses affordable housing, zoning, and small business success

Image: Steven Pisano via Flickr.

November 21, 2019

City’s Soho/Noho report addresses affordable housing, zoning, and small business success

The Department of City Planning (DCP), along with Manhattan Borough President Gale Brewer and Council Member Margaret Chin, released on Wednesday the Envision Soho/Noho report, a comprehensive summary of findings and recommendations that address issues and guide future plans for downtown Manhattan's Soho and Noho neighborhoods. The report represents the result of a six-month-long community engagement series on the two historic neighborhoods, aimed at addressing their unique challenges in the 21st century. Contained in the report is a detailed summary of the engagement process that presents the perspectives of participants, as well as recommendations for guiding future plans for improving quality of life, addressing housing concerns, and supporting the unique mixed-use character of these neighborhoods.
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A first look inside the Waldorf Astoria’s historic conversion

Renderings by Noë & Associates/The Boundary

November 14, 2019

A first look inside the Waldorf Astoria’s historic conversion

We now have a sneak peek inside the historic condo conversion currently underway at the Waldorf Astoria, now called The Towers of the Waldorf Astoria. Beijing-based Anbang Insurance Group Co. has released an updated teaser website and new renderings of the project, which will bring 375 private residences and 350 renovated hotel rooms to the storied building. Condo sales were initially expected to launch this fall, but are now slated to hit the market in early 2020 with the project wrapping up by 2021.
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Facebook snags 1.5 million square feet across three buildings at Hudson Yards

Image by Timothy Schenck; courtesy of Related-Oxford

November 14, 2019

Facebook snags 1.5 million square feet across three buildings at Hudson Yards

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

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.
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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.
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Is Essex Crossing the ‘anti-Hudson Yards’?

Rendering of Essex Crossing via Moso Studio

November 7, 2019

Is Essex Crossing the ‘anti-Hudson Yards’?