Real Estate Trends

Google will invest $1 billion to open 1.7 million square feet of office space in Hudson Square, the company announced on Monday. The new campus includes property at 315 and 345 Hudson Street and will also be centered around 550 Washington Street, the former freight terminal, St. John's Terminal. With this expansion from its Chelsea offices at 111 Eighth Avenue, Google said its workforce will double over the next 10 years, adding another 7,000 New York-based staff members.
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Images (L to R): ARO, Bridgeline, Paris New York, Paramount Tower and in center, Denizen Bushwick

December 15, 2018

FREE RENT: This week’s roundup of NYC rental news

By Annie Doge

Images (L to R): ARO, Bridgeline, Paris New York, Paramount Tower and in center, Denizen Bushwick Denizen Bushwick: The Best Rental of 2018 [LINK] The Paris New York: Upper West Side Rentals Offer 2 Months Free on 18-Month Lease [LINK] Paramount Tower: Murray Hill’s 51-Story Tower Leasing 1 to 3 Bedroom Layouts from $3,995/Month [LINK] […]

Real Estate Trends

December 14, 2018

Moby sells midcentury Westchester gem for charity for $1.1M

Recording artist, real estate buff, animal rights activist and philanthropist Moby has sold his two-bedroom midcentury house in Westchester County for $1.1 million in a trade for which he has the best of intentions, according to Mansion Global. 6sqft reported in July that Moby, whose real name is Richard Melville Hall, was putting the 3,100-square-foot modern home in Pound Ridge on the market for $1.3 million just four months after buying it for $1.24M. At the time he explained the sale on Instagram by saying, "It’s one of the most beautiful houses I’ve seen, but to be honest, I’m rarely there. So I’m going to sell it and take the money to: support progressive political candidates, support my animal rights foundation, produce documentaries, and fund scholarships."
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December 13, 2018

This $5.2K/month furnished Stuyvesant Heights townhouse is a mix of sophistication and charm

Available from January through August of 2019 at $5,250 per month, this freshly-renovated brownstone triplex at 458 Hancock Street in Bed-Stuy's coveted Stuyvesant Heights historic district presents a great opportunity to get to know the city and the neighborhood. Interiors are bright and spacious, and you don't need to bring anything but your family or friends, and your toothbrush. The four-bedroom home with lots of space to spare plus a private deck and yard comes ready for living, complete with cool furniture and plants.
Take the townhouse tour

December 12, 2018

Brooklyn Bridge Park’s Pier 6 rental tower reveals new renderings ahead of 2019 leasing launch

The Landing at 15 Bridge Park Drive, the rental portion of the Pier 6 two-building development in Brooklyn Bridge Park, is preparing for a 2019 launch with a new website and new renderings of amenity spaces and exteriors, Curbed reports. 6sqft reported back in September that the lottery for 100 affordable housing units had officially opened. Rents for the tower's 40 market-rate units will start at $3,100 per month and range from studios to three-bedrooms.
See more of what's to come

Via Joe Schulz on Flickr

December 10, 2018

Time Warner Center will be renamed for Deutsche Bank

Columbus Circle's Time Warner Center will be renamed the Deutsche Bank Center, Commercial Observer reported on Monday. The name change comes as the Deutsche Bank inked a deal for 1.1 million square feet at the complex. The 25-year lease gives the German bank all available office space at the building except on its 20th floor.
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Real Estate Trends

Top 10 Rental Buildings in FiDi & This week’s roundup of NYC rental news

Images (L to R): Renting Downtown: Top 10 Rental Buildings in Financial District + Battery Park City

December 8, 2018

Top 10 Rental Buildings in FiDi & This week’s roundup of NYC rental news

By Annie Doge

Renting Downtown: Top 10 Rental Buildings in Financial District + Battery Park City [LINK] Cobalt Lofts in Harrison Launches Luxury Rentals from $1,915/Month; 20 Minutes from NYC [LINK] Contemporary Rentals at Historic 71 Broadway: No-Fee Listings from $3,035/Month [LINK] Bed-Stuy Rentals Launch at 1247 Atlantic Avenue with 1 Month Free; Net Prices from $1,825/Month [LINK] […]

Real Estate Trends

New renderings of 1,100-unit Hunter’s Point South project in Long Island City

Rendering via Handel Architects

December 7, 2018

New renderings of 1,100-unit Hunter’s Point South project in Long Island City

New renderings were released this week of the one million square foot development coming to the Long Island City's Hunter's Point South neighborhood. Designed by Handel Architects, the complex features two high-rise towers, retail, and community space. Notably, the project is expected to bring 1,100 new residential units, with 80 percent of them permanently affordable. The complex sits less than a mile from the planned office complex of Amazon, which chose the Queens neighborhood last month for its new home. As CityRealty reported, the two towers will rise 57 and 33 floors, with the taller of the two reaching 600 feet high, which would make it the tallest building on the waterfront.
See the LIC project

Real Estate Trends

December 7, 2018

Hit producer Shonda Rhimes closes on $11.75M Upper East Side penthouse

Shonda Rhimes -- the showrunner behind TV hits like “Scandal,” “How to Get Away With Murder,” and “Grey’s Anatomy” -- just picked up a penthouse at 765 Park Avenue for $11.75 million, The Real Deal reports. The Lenox Hill unit first appeared on the market in March for $14.75 million before being dropped to $12.5 million in June. This is Rhimes' second real estate move in the past few months. In October she listed one of her several Los Angeles properties, a Hancock Park mansion, for just under $10 million.
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Ralph Lauren in contract to buy playwright Edward Albee’s oceanfront Montauk home

By Annie Doge

Fashion designer Ralph Lauren is in contract to buy playwright Edward Albee's former estate in Montauk, the Wall Street Journal reported on Thursday. The property had last been listed for $20 million, the first time on the market in 50 years, but the final sale price has not been confirmed. Located on 2.8 acres with 200 feet of Atlantic Ocean frontage, the four-bedroom home was first purchased in the 1960s by the "Who's Afraid of Virginia Wolf" writer, who died in 2016. With this purchase, Lauren, who owns homes on either side of the property at 320 Old Montauk Highway, adds to his continuous strip of oceanfront real estate.
See inside Ralph Lauren's new digs

Controversial Two Bridges towers get city approval despite community ambivalence

Rendering courtesy of Handel Architects.

December 6, 2018

Controversial Two Bridges towers get city approval despite community ambivalence

Update 12/7/18: The City Council and Manhattan Borough President Gale Brewer filed a suit in the Manhattan Supreme Court "claiming city planners usurped the Council’s authority over land-use issues in approving the project," reported The Real Deal. The City Planning Commission gave the green light Wednesday to a controversial application filed by four developers to build three new residential towers in the Lower East Side's Two Bridges development, which are expected to add 3,000 housing units between them, The Real Deal reports. 700 units will be affordable. The large-scale residential towers were approved in a 10-3 vote on Wednesday, after a lengthy, often acrimonious review process. The towers are comprised of JDS Development’s 1,000-unit rental tower at 247 Cherry Street, L+M Development and CIM Group’s 798-foot tower at 260 South Street; and Starrett Corporation’s 730-foot building at 259 Clinton Street.
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December 6, 2018

Transforming LaGuardia’s Terminal B, by the numbers

The first phase of Gov. Andrew Cuomo's $8 billion overhaul of LaGuardia Aiport opened to the public this weekend, which includes a new concourse and 11 gates at Terminal B. Construction company Skanska on Wednesday released additional information about the project, detailing everything from its planned 1.3 million square footage to its use of 40,000 tons of steel. In total, the redevelopment of LGA's Terminal B will cost $5.1 billion and bring 35 new gates and two new concourses.
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This new tool helps NYC tenants fight back against landlord violations

Via City Realty

December 5, 2018

This new tool helps NYC tenants fight back against landlord violations

In an effort to demystify property ownership and management company networks across New York City, JustFix.nyc, a Brooklyn-based tenant advocacy nonprofit, launched a new tool today to help tenants easily obtain the information they need to deal with difficult landlords. The free tool, available at WhoOwnsWhat.nyc, aims to cut through some of the opaque practices of landlords, like the tendency to use a shell company or LLC to preserve their anonymity. The platform makes it possible to connect dots that are often hidden and will provide tenants, housing advocates, and local officials with the information to fight speculative behavior, harassment, and discrimination.
Find out how it works

City rejects bid to stop tallest Upper West Side tower

Courtesy of Binyan Studios/ Snøhetta

December 4, 2018

City rejects bid to stop tallest Upper West Side tower

By Chava Gourarie

The Department of Buildings this week rejected a challenge against the tallest tower planned for the Upper West Side, as first reported by Crain's. Community groups argued that the design of Extell Development’s 775-foot condominium tower at 50 West 66th Street violated the city’s building code, but the department overruled those objections.
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Images (L to R): Otto Greenpoint, Estuary, 181 Front Street, and Vernon Tower.

December 1, 2018

FREE RENT: This week’s roundup of NYC rental news

By Ondel Hylton

Vernon Tower: Astoria waterfront rentals across from Socrates Sculpture Park from $2,300/month [LINK] Otto Greenpoint: Brooklyn rentals at 211 McGuinness Boulevard from $2,317/month [LINK] 181 Front Street: New rentals in DUMBO offer 1 month free on 13-month lease [LINK] Estuary Weehawken: Luxury waterfront rentals with skyline views from $2,363/month [LINK] 111 Murray Street: Michael Cohen’s […]

Real Estate Trends

LaGuardia Airport’s first new gates and concourse are open

Photo by Colin Dennison for LGA on Facebook

November 29, 2018

LaGuardia Airport’s first new gates and concourse are open

The first new gates in LaGuardia Airport's Terminal B will open this Saturday, Gov. Andrew Cuomo announced earlier today. The opening will inaugurate the first of two concourses and 11 of the 35 total gates that will service Air Canada, American Airlines, Southwest Airlines, and United Airlines. This is the first phase of Cuomo's larger $8 billion overhaul to create "a whole new LaGuardia." The new concourse will feature retail space, a "food hall," complete with local mini-chains like Shake Shack, Irving Farm coffee, and La Chula taqueria, as well as an indoor park (a design feature Cuomo is also implementing at JFK).
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November 29, 2018

Most expensive condo listing in Queens gets price cut despite Amazon announcement

While real estate prices are expected to rise in Long Island City and the surrounding area due to Amazon's impending move to the neighborhood, one listing has lowered its price. The most expensive apartment in the borough of Queens, located at 46-30 Center Boulevard, is on the market again, the New York Post reported. The penthouse, which sits just north of the Pepsi-Cola sign, is asking $3.65 million, less than the $4.25 million it was listed for in 2017. Soon after Amazon announced their move to Long Island City, interest in the neighborhood surged. As 6sqft previously reported, searches for residential apartments in the neighborhood are up 281 percent compared to the daily averages prior to the Amazon news.
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November 29, 2018

Design studio Snarkitecture brings Snark Park to Hudson Yards with treats and ‘childlike wonder’

If hanging out at 900 feet in the air isn't your thing, NYC's newest neighborhood, Hudson Yards, promises plenty of fun things to do with your feet on the ground. As the first phase of the megaproject prepares to open this spring, New York-based design studio Snarkitecture will be introducing Snark Park, its first permanent exhibition space in Hudson Yards. Known for their clever reinterpretations of the familiar, Snarkitecture’s Snark Park will be a site for immersive installations housing design environments for all ages to explore, discover and enjoy.
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5 of the best suburbs outside of New York City

Photo of Beacon, NY via Wikimedia Commons

November 26, 2018

5 of the best suburbs outside of New York City

By Cait Etherington

There was a time when New Yorkers, even those with the means to live in some of the city’s wealthiest neighborhoods, willingly packed up their homes and fled to the suburbs. While it may be difficult to imagine now, at different points in history, moving to the suburbs has been considered desirable and even a sign of one’s upward mobility. After all, why cram into a walkup with your family of six when you could spread out in a rambling suburban bungalow with a two-car garage? Today, many aging members of Gen-X and their younger millennial counterparts—who often came of age in the suburbs—are stubbornly toughing it out in the small urban apartments for the entire life cycle, but this doesn’t mean that the suburbs don’t have a lot to offer.
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Real Estate Trends

1 World Trade Center boasts ‘king of TAMI’ status as tech and media firms sign on

Image courtesy of Michael Vadon’s Flickr

November 19, 2018

1 World Trade Center boasts ‘king of TAMI’ status as tech and media firms sign on

According to the building's landlord, the Durst Organization, the 104-story, 3-million-square-foot One World Trade Center tower contains more tech and creative tenants than any other in the city. That's 26 TAMI (Tech, Advertising, Media and Information) tenants, to be exact, 20 of which are in tech, Crain's reports.
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Real Estate Trends

Buyers of all-cash LLC purchases above $300K in NYC must be disclosed, under updated rule

Via Pexels

November 19, 2018

Buyers of all-cash LLC purchases above $300K in NYC must be disclosed, under updated rule

By Chava Gourarie

A federal program designed to root out dirty money in real estate was drastically expanded Thursday, and will now apply to even more cash-deals in more cities. As of last week, all real estate purchases made through a limited liability company at or above $300,000 in 12 metropolitan area will be subject to the disclosure rules, known as the Geographic Targeting Orders, including New York City. The threshold previously varied across cities, starting at $3 million in Manhattan and $1.5 million in the city's other four boroughs, as first reported by the Real Deal. Virtual currency deals are now subject to the disclosure rules as well.
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Co-living startup Common announces first Manhattan location in Hell’s Kitchen

Photo of another location, via Common

November 15, 2018

Co-living startup Common announces first Manhattan location in Hell’s Kitchen

By Dana Schulz

As of April 2018, co-living startup Common had raised $40 million in Series C venture funding, far more than the $15 and $11.5 million raised by its competitors Ollie and HubHaus. Since opening its first NYC location in 2015 in Crown Heights, Common has expanded with 10 locations in Brooklyn and Queens, but they've now decided to turn their attention to Manhattan. The company announced today that they will open a 32-bed building at 47th Street between Ninth and Tenth Avenues in Hell's Kitchen--"a short subway ride on the C or 7 trains into Long Island City and Amazon's HQ2."
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Real Estate Trends

Residential interest in Long Island City surges 300% after Amazon’s HQ2 announcement

Via Wiki Commons

November 15, 2018

Residential interest in Long Island City surges 300% after Amazon’s HQ2 announcement

Amazon’s decision to divide its second headquarters between Long Island City and Arlington, Virginia was confirmed on Tuesday, bringing with it questions about how the neighborhoods will withstand the influx of 25,000 new workers each. According to a new study from RENTCafé, LIC already has an occupancy rate of 98.2% and about 15,400 units currently either under construction or in a planning phase, so Amazon’s announcement is sure to add fuel to an already bustling market. In fact, according to listings site CityRealty, searches for residential apartments in the neighborhood are up 281% compared to the daily averages prior to the announcement.
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Real Estate Trends

November 14, 2018

NYC’s highest residential outdoor space revealed at Hudson Yards