Real Estate Trends

The Moinian Group and Bushburg Properties have released interior renderings of the new 26-story tower with 467 rental residences at 123 Linden Boulevard in Brooklyn's Prospect Lefferts Gardens. The new rental tower, known as PLG, was designed by Hill West Architects and Whitehall Interiors and will offer more than 50,000 square feet of indoor and outdoor amenity space including indoor and rooftop pools, a lounge, a fitness center with a sauna and steam room, a dog run, a game room, a co-working lounge and a golf simulator. The new building also boasts Downtown Brooklyn, Manhattan and Verrazano Bridge views. Studios start at $2,300/month; one-bedrooms at $2,475/month; two-bedrooms at $3,600/month; and three-bedrooms from $4,500/month; 30 percent of the building's units will be below-market-rate housing.
Fancy amenities, this way

August 16, 2019

‘American Gigolo’ director Paul Schrader lists West Chelsea condo for $3.25M

Oscar-nominated film director, screenwriter ("Taxi Driver," "Raging Bull," “American Gigolo” and “The Last Temptation of Christ”) and Martin Scorsese collaborator and pal Paul Schrader just put his three-bedroom Chelsea condo on the market for $3.25 million. The sleek, contemporary home in the building known as Modern 23 at 350 West 23rd Street is just a block from the High Line and near the Hudson River Park and the recently-opened Hudson Yards.
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Apple expands its search for new Manhattan office space

Photo of Hudson Yards via Flickr

August 15, 2019

Apple expands its search for new Manhattan office space

Several of the world's biggest tech companies have been ramping up their Manhattan real estate search in recent months. The latest news comes from Apple, who is reportedly seeking up to 750,000 square feet of new office space, according to The Real Deal. In February, 6sqft reported that the California-based company was close to securing space at 55 Hudson Yards, but those plans have changed. Sources told The Real Deal that Apple is now considering leases at neighboring 50 Hudson Yards, the Farley Post Office, and One Madison Avenue, with brokers Martin "Mack" Horner and Peter Riguardi of JLL leading the search.
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Real Estate Trends

New study finds reasons for storefront vacancy are as varied as NYC neighborhoods themselves

Image: Steven Pisano via Flickr.

August 9, 2019

New study finds reasons for storefront vacancy are as varied as NYC neighborhoods themselves

Amid discussions of gentrification and astronomical rents, it's impossible not to notice the alarming appearance of vacant storefronts in what seems like every neighborhood in New York City. A new report from the Department of City Planning (DCP) has attempted to get a closer look at the data behind this phenomenon to get a better understanding of how the city's retail and storefront uses may be changing. The report, titled "Assessing Storefront Vacancy in NYC," looks at 24 neighborhoods as case studies. The very detailed study found that, overall, storefront vacancy may not be a one-answer citywide problem. Vacancies were found to be concentrated in certain neighborhoods, and the reasons appear to be as many and varied as the neighborhoods themselves.
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August 8, 2019

Karlie Kloss and Josh Kushner’s Nolita pad sells for $6.6M

Supermodel Karlie Kloss and hubby Josh Kushner, investor and brother to Trump advisor/son-in-law Jared Kushner, have sold their downtown Manhattan newlywed nest at 211 Elizabeth Street for $6.6 million, the New York Post reports. The pair, who tied the knot last year, listed the 2,000-square-foot home with interiors by Roman and Williams and a 1,120-square-foot landscaped terrace, last February for $6.9 million.
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Disney files plans for a 19-story headquarters in Hudson Square

304 Hudson Street via Google Street View

August 6, 2019

Disney files plans for a 19-story headquarters in Hudson Square

The Walt Disney Company has tapped Skidmore Owings & Merrill to design its new Hudson Square headquarters, according to a pre-filing application filed last week with the Department of Buildings. As first reported by the Real Deal, the building will rise 19 stories and include "East" and "West" towers. Last July, the media company purchased the rights to develop the property at 4 Hudson Square from Trinity Church, which owns a large percentage of buildings in the neighborhood, for $650 million under a 99-year agreement.
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Real Estate Trends

Sting drops $66M on penthouse in millionaire-magnet 220 Central Park South

Photo of 220 CPS via CityRealty; photo of Sting via Wiki Commons

August 1, 2019

Sting drops $66M on penthouse in millionaire-magnet 220 Central Park South

By Dana Schulz

It's been three years since rumors surfaced that Sting and wife Trudie Styler were in negotiations to buy an apartment in ultra-exclusive 220 Central Park South. Since then, they sold their nearby 15 Central Park West penthouse for $50 million and reportedly rented a swanky pad at Zaha Hadid's High Line condo. But now The Real Deal has confirmed those early whispers and reports that the couple has purchased a $66 million penthouse at the Central Park South building, which has become a magnet for high-wealth house hunters after hedge funder Ken Griffin dropped $238 million on a residence there, becoming the most expensive home in the country.
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August 1, 2019

Spend six months perfecting your act in this $10K/month UWS rental with a rehearsal studio

This furnished six-month rental opportunity at 236 West 78th Street on the Upper West Side is not only perfectly located near Central Park and Lincoln Center, the gorgeous loft-like home features a soundproof rehearsal studio space complete with professional lighting and theater seats, two home office spaces–and a sunny landscaped private patio. Available from November 1st thru April 30th, the 2,240-square-foot one-bedroom home is asking $10,000 per month.
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Asbury Park’s second act: How developer iStar is transforming this Jersey Shore town

By Dana Schulz

If you lived along the Jersey Shore in the '80s and '90s, Asbury Park was not a place you went. After getting its start in the late 1800s as a summer escape for wealthy residents of NYC and Philly, the 1.6-square-mile town boomed again in the '50s and '60s as a grungey, artsy hangout. But after the race riots in the 1970s, the town fell into disrepair and was forgotten by local stakeholders. Fast forward to today, and Asbury is booming--we once aptly described it as "Williamsburg meets Bruce Springsteen-land meets Venice Beach." Like many gentrifying/revitalized areas, the change can be attributed to a developer with foresight. In this case, the team at iStar realized the opportunity nine years ago. They now own 35 acres of land in Asbury, including 70 percent of the waterfront, and are investing more than $1 billion in the town. Their projects include the luxury condo Monroe, the renovated Asbury Lanes bowling alley/performance venue, The Asbury Hotel, and, most recently, the Asbury Ocean Club, a hotel-condo hybrid that made headlines for its $1,050/night suite. Unsurprisingly, iStar has received its share of criticism, but that hasn't stopped New Yorkers from flooding the seaside city in the summertime. Ahead, we delve into the social and cultural landscape of Asbury and talk with iStar's Brian Cheripka about the lesser-known politics behind their plans, why they decided to invest in Asbury Park, and what we can expect to see in the future.
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Maya Angelou’s former Harlem brownstone sells after spending a year and a half on the market

Image of Maya Angelou via Wiki Commons; listing images courtesy of Warburg Realty

July 25, 2019

Maya Angelou’s former Harlem brownstone sells after spending a year and a half on the market

In 2001, one year before Maya Angelou purchased her personal residence—an elegant brownstone in the Mount Morris Park Historic District—the late author and activist bought an investment property about 10 blocks away at 29 East 129th Street for only $275,000. During the years in which she resided in New York, she served as landlord of the three-family East Harlem property, comprised of a garden level duplex and two full-floor one-bedroom apartments. Angelou’s estate maintained the property following her death in 2014 and sold the residence to the current owner in 2016 for $1.98 million. The townhouse was most recently listed for $2.65 million in February 2018. A few price chops later, it finally found a new owner and closed for $2.3 million, as the New York Post reported.
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July 24, 2019

Asking $525K, this historic Connecticut church conversion is the perfect creative sanctuary

Located a tiny village in Canaan, CT–it’s the second smallest in the state–this former church in a historic district is currently home to a prominent artist and architectural designer. And we can see why it might be the perfect creative recharging space. There’s even a reading nook in the bell tower. Built in roughly 1900, the two-bedroom single-family home at 24 Beebe Hill Road is on the market for $525,000.
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For $615K, this Upper West Side two bedroom is two blocks from Central and Morningside Parks

Listing images by Mike Tauber; courtesy of Compass

July 23, 2019

For $615K, this Upper West Side two bedroom is two blocks from Central and Morningside Parks

With lots of exposed brick and a laidback vibe, this Upper West Side pad pairs downtown style with an impressive uptown address, less than two blocks away from Central Park. The “value-priced” two-bedroom condo at 65 West 107th Street last sold in 2009 for a mere $263,000 and is now on the market seeking $615,000.
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Construction of affordable housing complex on former juvenile jail site in Hunts Point set to begin

Rendering courtesy of WXY Architecture + Urban Design and Body Lawson Associates

July 19, 2019

Construction of affordable housing complex on former juvenile jail site in Hunts Point set to begin

The first phase of a project that will bring more than 700 units of affordable housing to the Bronx neighborhood of Hunts Point will get underway in the coming weeks, developers announced Tuesday. Dubbed the Peninsula, the mixed-use complex will rise on the site of the former Spofford Juvenile Detention Center, which closed in 2011 after the city recognized its awful conditions and treatment of children. The first phase, costing about $121.5 million, includes the construction of 183 affordable units by 2021.
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Queens’ priciest condo ups asking price to $3.9M

Photo courtesy of Compass

July 17, 2019

Queens’ priciest condo ups asking price to $3.9M

The most expensive condo in Queens just raised its asking price. The penthouse at 46-30 Center Boulevard in Long Island City made news last year when its price actually dropped from $4.25 million to $3.65 million during the so-called Amazon effect, a time when condo prices soared in the neighborhood as the tech giant prepared to move there. Sticking with its outlier trend, the penthouse is now listed for $3.988 million, despite Amazon pulling out of its planned headquarters in LIC earlier this year.
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Tribeca stays on top and Hudson Yards emerges as #2 on the city’s priciest neighborhood list

Photo: Ajay Suresh via Flickr.

July 16, 2019

Tribeca stays on top and Hudson Yards emerges as #2 on the city’s priciest neighborhood list

According to Property Shark's just-released ranking of New York City's most expensive neighborhoods, Tribeca once again takes the top spot in residential sales with a median price of $4.34 million. The bigger news is Hudson Yards, on the list for the first time as the city's second-costliest neighborhood in Q2 of 2019 at $3.86 million. Also notable was Little Italy, the city's third most expensive neighborhood, which saw median home prices increase by 153 percent over last year's numbers.
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Real Estate Trends

Boerum Hill residents sue to undo 80 Flatbush rezoning as tower plans advance

Rendering via Alloy Development and Luxigon.

July 12, 2019

Boerum Hill residents sue to undo 80 Flatbush rezoning as tower plans advance

Nearly a year after the New York City Council voted to approve 80 Flatbush, a five-building mixed-use development in Downtown Brooklyn, a group of Boerum Hill residents has mounted a court battle to halt the rise of tall buildings on the site and roll back the rezoning that allows them. As the Brooklyn Eagle reports, the 400 & 500 State Street Block Association, comprised mainly of residents who live in the neighborhood's sprinkling of low-rise brownstones, have filed a lawsuit seeking the annulment of the 2018 zoning changes that gave the green light to an 840-foot skyscraper, a 510-foot tower, 670 market-rate apartments and 200 affordable units, two public schools and office and retail space on the property, which is bounded by State Street, Third Avenue, Schermerhorn Street and Flatbush Avenue.
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Real Estate Trends

July 12, 2019

‘Real Housewives’ star Ramona Singer sells longtime Upper East Side home for $4M

Real Housewives of New York City star Ramona Singer has officially parted ways with her beloved Upper East Side apartment of 20 years. The empty-nester decided to list the four-bedroom Yorkville abode last year and downsize to a smaller space now that her 24-year-old daughter, Avery Singer, is no longer living at home. She initially listed the unit for $4.995 million and, as The Real Deal reports, just closed for a little over $4 million. Singer has already found a new home about 20 blocks south, where she’s been settling in with her old furniture. “It’s good when you move that you have your same furniture, ’cause it makes you feel familiar and not so strange,” she recently told Bravo.
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Jersey Shore’s first five-star hotel opens in Asbury Park, with room rates up to $1,050/night

Photo by Nikolas Koenig

July 9, 2019

Jersey Shore’s first five-star hotel opens in Asbury Park, with room rates up to $1,050/night

A slice of New York City luxury moved to the Jersey Shore last week. The Asbury Ocean Club, a 17-story hotel-condo, officially opened its doors on the boardwalk of Asbury Park, an evolving seaside community in Monmouth County. The 54-room hotel occupies the building's fourth floor, overlooking both the ocean and pool deck. Marketed as just a 70 minute-drive from NYC, the Asbury Ocean Club hopes to attract New Yorkers with its proximity and its prices. During peak season, rooms start at an introductory rate of $425 per night and go up to more than $1,050 per night for a penthouse suite. In the winter, rooms are offered as low as $195 per night, according to the hotel's website.
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$20M first phase of Brooklyn’s new 407-acre Shirley Chisholm State Park opens

Photo by Mike Groll/Office of Governor Andrew M. Cuomo via Flickr.

July 3, 2019

$20M first phase of Brooklyn’s new 407-acre Shirley Chisholm State Park opens

Governor Andrew M. Cuomo announced on Tuesday the opening of the first phase of New York's newest park–and the largest state park in New York City. Brooklyn's 407-acre Shirley Chisholm State Park on Jamaica Bay offers hiking, biking, fishing and picnicking under the watch of a colorful mural honoring Chisholm by Brooklyn muralist Danielle Mastrion. Under a second $20 million phase currently being designed and expected to be completed in 2021, the park will include a grand entrance on Fountain Avenue, lawn patios, a patio overlooking Hendrix Creek and pop-up environmental education facilities. A native of the borough, Chisholm, a former representative of the 12th Congressional district in New York for seven terms, was the first African American woman elected to Congress in 1968; she ran for President in 1972 as the first African American woman to do so.
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Berlin is imposing a five-year rent freeze—Could it work in New York City?

Photo via Pixabay

July 1, 2019

Berlin is imposing a five-year rent freeze—Could it work in New York City?

By Cait Etherington

In June, New York State rolled out a slate of proposals to protect renters. Among other changes, the new legislation closes several loopholes that have permitted owners to legally spike rents following renovations—a tactic that has been successfully used to deregulate more than 150,000 units over the past two decades. In essence, under the new legislation, owners will no longer be able to deregulate rent-regulated apartments at all. While the new legislation is certainly good news for many renters, for the tens of thousands of New Yorkers who now already live in unregulated apartments, the current legislation doesn’t fix their current woes. But could a five-year rent freeze help? It may sound impossible, but this is precisely what Berlin—once an oasis of inexpensive rents—has just approved as a way to put the brakes on rising rental prices.
Could this work in NYC?

Real Estate Trends

$1.3M Cobble Hill condo adds contemporary details to traditional loft bones

Listing images by Matt Vacca, courtesy of Compass

June 27, 2019

$1.3M Cobble Hill condo adds contemporary details to traditional loft bones

Located in a former warehouse at 29 Tiffany Place that was converted to condos in 1999, this loft-like Cobble Hill pad underwent a recent renovation which, among other upgrades, transformed it from a three bedroom to a two bedroom with a bigger living room. The unit last sold in 2015 for $1.155 million, and has just hit the market asking $1.295 million.
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June 27, 2019

Cuomo unveils new looks for next phase of $8B LaGuardia Airport overhaul

Governor Andrew M. Cuomo announced today that the first of four concourses at LaGuardia Airport's new state-of-the-art Delta terminal is on track to open this fall. The concourse is a major milestone in the $8 billion plan to construct an entirely new LaGuardia Airport. The new 105,000-square-foot concourse will feature views of Citi Field and Flushing Bay through floor-to-ceiling windows, gates that can accommodate a wide range of aircraft and dining options from the city's top eateries. New renderings released with the announcement show the concourse and the arrivals/departures facility scheduled to open in 2021.
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Rendering of 200 Amsterdam Avenue via SJP Properties/ Elkus Manfredi

June 26, 2019

Nearing pinnacle, disputed 668-foot Upper West Side tower gets city board approval