Real Estate Trends

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.
Tour the digs

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

Rendering by Binyan Studios

March 28, 2019

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.
See inside

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.
More here

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.
Get the details

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.
More this way

Real Estate Trends

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.
More info

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.
Take a last look

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.
More here

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

Bjarke Ingels’ twisting towers at 76 Eleventh Avenue in Chelsea officially topped out this week, with the 36-story West tower reaching 400 feet shortly after the 26-story East tower hit its 300-foot height. The High Line-adjacent XI, located right across the street from Thomas Heatherwick’s bubbled condos at 515 West 18th Street, will offer 236 luxury condos, the first Six Senses Hotel location in the United States, commercial space, and a new public promenade that will extend from the park. Designed by Bjarke Ingels Group (BIG), the XI's slanted shape gives the illusion the two buildings are being pulled apart, allowing for all residents to have views of both the city and the Hudson River.
Get the details

Current views of 125 Greenwich Street at its full height. Photos courtesy of Field Condition.

March 7, 2019

Rafael Viñoly’s 88-story tower at 125 Greenwich Street officially tops out at 912 feet

Situated at the northwest corner of Thames Street, just south of the World Trade Center and northwest of Wall Street, Bizzi & Partners Development's condo tower at 125 Greenwich Street has officially topped out at 912 feet. Designed by Rafael Viñoly Architects, the firm behind 432 Park Avenue, the building will offer some of the highest apartments in the Financial District. Upon completion later this year, the 88-story tower will house 273 residences.
More info

State budget director says a pied-à-terre tax could help fund MTA

Via Flickr

March 7, 2019

State budget director says a pied-à-terre tax could help fund MTA

Calls for a pied-à-terre tax have increased since billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million. The sale shattered the existing record of the most expensive home sold in the US by $100 million but Griffin will only be using the residence as "a place to stay when he’s in town." City Council Members Mark Levine and Margaret Chin recently announced support for a bill that was first drafted by Sen. Brad Hoylman five years ago, which would place a yearly surcharge of 0.5% to 4% on secondary residences worth more than $5 million. In a statement released on Wednesday, State Budget Director Robert Mujica added his support, stating 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.
More info

Rockefeller Center developer reveals first NYC residential tower in Nomad

Left: Rendering of Rose Hill; credit: Pandiscio Green and Recent Spaces. Right: Still from a video by artist Marco Brambilla, commissioned by Rockefeller Group to emphasize the building’s Art Deco influence.

March 6, 2019

Rockefeller Center developer reveals first NYC residential tower in Nomad

Formed over 90 years ago to develop and build Rockefeller Center, developer Rockefeller Group has never built a residential tower in its New York City hometown–until now. Their new condominium tower, Rose Hill has just been unveiled along with the launch of the building's teaser site. The 600-foot tower is currently under construction at 30 East 29th Street. The building will be designed by CetraRuddy; first looks show an Art Deco-inspired facade that does not diverge heavily from the architectural style of Rockefeller Center.
More, this way

Feeling lucky? Why some New Yorkers consult a numerologist before renting or buying

Photo via Flickr cc

March 6, 2019

Feeling lucky? Why some New Yorkers consult a numerologist before renting or buying

By Cait Etherington

No one ever said that the New York City real estate market was easy to understand or even entirely logical. Still, you might not expect numerology to be among the knowledge sets required to fully navigate the market. But from good luck and bad luck floors to lucky number combinations, numerology plays a surprisingly significant role in how some units are priced, how quickly they sell, and most importantly, to which buyers.
It's a numbers game

Real Estate Trends

35 Hudson Yards reveals new interior renderings and details ahead of March 15 sales launch

35 Hudson Yards. Image courtesy of Related-Oxford.

March 5, 2019

35 Hudson Yards reveals new interior renderings and details ahead of March 15 sales launch