Real Estate Trends

March 5, 2019

Get a rare look inside 220 Central Park South thanks to this $59K/month rental

Here's a rare chance to glimpse inside the secretive interiors of 220 Central Park South, which have previously been kept completely private by developer Vornado Realty Trust (h/t NYP). This is the first rental listing to open up in one of New York's most coveted addresses, where billionaire Ken Griffin closed on a penthouse for just shy of $240 million, setting the record for the most expensive home ever sold in the United States. For $59,000 a month, the 3,114-square-foot home comes with some of the best views in town--even from the bathroom!
Look inside

Sale prices rose 125 percent between 2014 and 2018 around Bronx’s Grand Concourse

View from the Grand Concourse; photo courtesy of Dan DeLuca via Flickr.

March 1, 2019

Sale prices rose 125 percent between 2014 and 2018 around Bronx’s Grand Concourse

By Michelle Cohen

According to an analysis by Property Shark, the area surrounding the thoroughfare once known as the “Park Avenue of the Middle Class” has seen an elevated housing demand that has brought median home sales prices along with it, showing an increase in just 5 years that ranges from 56.2 percent in Bedford Park to a whopping 124.5 percent in Mott Haven.
Bronx rising, this way

Real Estate Trends

Karlie Kloss and Joshua Kushner just put their Nolita condo on the market for $7M

Photo of Karlie via Flickr

February 28, 2019

Karlie Kloss and Joshua Kushner just put their Nolita condo on the market for $7M

By Michelle Cohen

Recently-wed supermodel Karlie Kloss and Joshua Kushner, venture capitalist, and brother of presidential son-in-law/advisor Jared Kushner have just listed their two-bedroom condo at 211 Elizabeth Street for $6.995 million, the New York Post reports. The 2,000-square-foot home boasts interiors by Roman and Williams and a 1,120-square-foot landscaped, irrigated terrace.
Get a closer look

City Winery files lawsuit against Trinity Church following $650M deal with Disney

Via Wikimedia

February 28, 2019

City Winery files lawsuit against Trinity Church following $650M deal with Disney

By Devin Gannon

The Walt Disney Company announced last July it would move its offices from the Upper West Side to Hudson Square after buying the rights to develop a property owned by Trinity Church. For $650 million, Disney plans to develop 4 Hudson Square, which currently contains four buildings. One of those buildings was occupied by City Winery, an entertainment space whose flagship has been located at 143 Varick Street for over ten years. Now after being forced to relocate because of the deal with Disney, the venue's owner, Michael Dorf, is filing a lawsuit against its landlord Trinity Church seeking over $2 million in damages for “misleading” information.
More details here

Real Estate Trends

Area median income: What it means and how it’s calculated

Photo via Flickr cc

February 26, 2019

Area median income: What it means and how it’s calculated

By Cait Etherington

If you’ve ever applied for affordable housing in New York City, you’ll know that it is all about the area median income, or the AMI. If you make too little or too much, you won’t qualify at all for affordable housing. Even if you do qualify, however, your AMI will impact your likelihood of actually acquiring a unit since most buildings have more units available in some AMI bands than others. For most New Yorkers, this is one of the most confusing aspects of affordable housing, so we've broken it down, from how AMI is calculated and what the current NYC parameters are to the many controversies surrounding the guidelines.
Everything you need to know

Pied-à-terre tax backed by NYC Council members

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

February 26, 2019

Pied-à-terre tax backed by NYC Council members

By Devin Gannon

Update 2/26/19: Council Members Mark Levine and Margaret Chin announced on Monday that they plan on introducing a resolution in support of the pied-à-terre tax, as amNY reported. The tax would be modeled after the measure sponsored by State Sen. Brad Hoylman and apply an annual surcharge on non-primary homes worth more than $5 million. Last month, billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as "a place to stay when he's in town." The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and apply to non-primary residences, as reported by the New York Times.
Learn more

February 21, 2019

Leasing launches for first rental at Astoria’s Halletts Point mega-development, from $2,150/month

By Devin Gannon

Leasing has officially begun at 10 Halletts Point, the first tower of seven to rise at the Durst Organization's development in Astoria. Designed by Dattner Architects, the rental building features two towers, at 22- and 17-stories, originating from the same base. The no-fee rentals at 10 Halletts Point start at $2,150/month for studios, $2,525/month for one-bedrooms, and $3,595/month for two-bedrooms. According to a Durst spokesperson, two studio apartments rented the same day leasing opened and "a couple of thousand" more people have expressed interest. Current concessions offered include one free month of rent on a 13-month lease, and two months free on a 26-month lease.
Details this way

Why American buyers are replacing foreigners in the luxury market

Photo via Pixabay

February 19, 2019

Why American buyers are replacing foreigners in the luxury market

By Cait Etherington

Over the past decade, there has been no shortage of headlines about the impact of foreign buyers on the New York City real estate market. At one time, the headlines about Russian oligarchs and Chinese business tycoons buying up luxury properties in New York City were true, but as of 2019, the real estate market in New York City and across the country is shifting. New restrictions on foreign buyers combined with a perception that the United States is no longer a friendly market for foreign buyers has slowed foreign sales. In fact, over the past twelve months, the highest closes in New York City have all been to U.S. buyers.
What's the deal?

Real Estate Trends

Facing poor sales, the partners behind Jean Nouvel’s 53W53 seek additional price chops

Rendering by Hayes Davidson

February 14, 2019

Facing poor sales, the partners behind Jean Nouvel’s 53W53 seek additional price chops

By Alexandra Alexa

The partners behind the Jean Nouvel-designed tower at 53 West 53rd Street (also known as the MoMA Tower) will be serving even more price chops to the ultra-luxury project in the midst of lackluster sales, though they disagree on how much that should be. As Crain’s reported, Hines, Goldman Sachs, and Singapore’s Pontiac Land Group recently underwent an arbitration process to settle the matter, with Hines seeking aggressive discounts. The 1,050-foot condo building has already received $167 million in price cuts since hitting the market almost four years ago with a projection of $2.14 billion in sales. About 15 percent of the 145 units at 53W53 are under contract currently, with closings set to begin in the spring, a spokeswoman for the project said.
Get the details

See new photos and renderings of Bjarke Ingels’ The Spiral as it rises in Hudson Yards

Skyline rendering with The Spiral via Tishman Speyer

February 12, 2019

See new photos and renderings of Bjarke Ingels’ The Spiral as it rises in Hudson Yards

By Michelle Cohen

The Hudson Yards mega-development on Manhattan's far west side is fast becoming a collection of notable new skyscrapers; construction is underway on what may be the most recognizable of the bunch, the office tower known as The Spiral that will occupy full-block site at 66 Hudson Boulevard between West 34th and 35th Streets. Bjarke Ingels Group's design features setbacks that wind their way up the building's exterior, hosting landscaped terraces for tower-level floors along the way.
Many more renderings, this way

Mariska Hargitay finds a buyer for her $9.75M Upper West Side brownstone

By Michelle Cohen

The "Law & Order: SVU" star and her husband, actor Peter Hermann, who bought the stunning Upper West Side brownstone for $10.7 million in 2012, had hoped to make it a $10.75 million brownstone when they put it on the market last fall. After a price cut to an unprofitable $9.75 million, the six-story, 6,000+ square-foot home at 45 West 84th Street is in contract, the New York Post reports. The couple reportedly decided to sell because their family needs have changed, though they've said they plan on staying in their beloved neighborhood.
Get a last look

Via CityRealty

February 11, 2019

Learning from Seattle: How Amazon could shape NYC real estate

By Cait Etherington

Since Amazon announced it had selected Long Island City for its new headquarters last fall, a lot of people have wondered what will happen to the neighborhood and its surrounding communities. While LIC has already undergone a series of radical changes of the past two decades—first there was an influx of artists seeking larger live-work spaces and later a wave of condo developments—the arrival of Amazon promises to have an even deeper impact on LIC. And the potential negative effect of the tech giant moving into town has not gone unnoticed by public officials and locals, who have led a strong opposition campaign. It was reported on Friday that Amazon was reconsidering its plan to move to the neighborhood after facing an intense backlash from those who fear increased rents and even more congestion. But with no plan to officially abandon Queens, it's important to understand what could happen if Amazon does put down roots in LIC by first looking at how the company has already changed Seattle, where it first set up shop back in 1994.
More on the effect

Lucy Liu’s $5.9M pair of Flatiron condos finds a buyer

Lucy Liu image: Wikimedia commons.

February 6, 2019

Lucy Liu’s $5.9M pair of Flatiron condos finds a buyer

By Michelle Cohen

TV Star Lucy Liu of CBS' "Elementary" has just put a pair of condominiums that span the third and fourth floors of a Flatiron District apartment building at 29 West 19th Street into contract, Variety reports. The homes have a combined total of more than 3,500 square feet of living space, and though they haven't been combined, we wouldn't be surprised if a new buyer merged the two modern-on-the-inside pads for an impressive duplex in an historic Manhattan brownstone with only five floors total. Both units have private elevator access, so getting between the two–priced together at $5.9 million or $3 million for each unit separately–is already a luxury endeavor. What's more, the building's penthouse is also for sale, which would top a trophy triplex off nicely.
Imagine the potential

Apple in talks for office and retail space at Hudson Yards

55 Hudson Yards; Via Related Companies, Oxford Properties, Mitsui Fudosan

February 5, 2019

Apple in talks for office and retail space at Hudson Yards

By Devin Gannon

Apple is looking to move to a Hudson Yards office tower, the New York Post reported Monday. The company is in advanced talks to secure 60,000 square feet at 55 Hudson Yards, a 51-story building opening soon, as well as possible retail space at the mega-development site. Designed by Kohn Pedersen Fox and Kevin Roche, the 779-foot-tower features light-filled offices with modest-sized floor plans.
More here

Real Estate Trends

February 4, 2019

Amazing photos show COOKFOX’s Domino Sugar tower getting its crystalline facade

By Devin Gannon

The installation of 1 South First's (formerly known as 260 Kent Avenue) innovative exterior is officially underway, its molecular pattern now visible. Designed by COOKFOX Architects, the tower, part of the Domino Sugar project in Williamsburg, will feature concrete window panels made using 3D-printed molds. New photos from the Gate Precast Company reveal the start of the crystalline-inspired facade as the building's construction is more than halfway complete (h/t CityRealty).
See the photos

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

Images (L to R): 685 First Avenue, Glassworks Bushwick, One Columbus Place, and 363 Bond Street

February 2, 2019

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

By Ondel Hylton

One Columbus Place: Lincoln Square Rental Offers 1 Month Free; Net Prices from $4,194/Month [LINK] Glassworks Bushwick: Get to Know Brooklyn’s New Rental at 336 Himrod Street [LINK] 268 Metropolitan Avenue: New Rentals Launch in the Heart of Trendy Williamsburg [LINK] 685 First Avenue: An Inside Look at the Modern Rental Collection at 685 First […]

Real Estate Trends

One Times Square owner looking to construct observatory for prime New Year’s Eve views

Via Flickr

January 30, 2019

One Times Square owner looking to construct observatory for prime New Year’s Eve views

By Devin Gannon

The most looked-at building in the world is getting a makeover. According to Crain's, Jamestown will redevelop One Times Square, the 23-story building that garners the attention of millions for its famed ball drop every New Year's Eve. The owner plans on installing 32,00 square feet of new signage, including a 350-foot-tall digital sign. To cash even further on its prime location, Jamestown may construct an observatory for NYE revelers to be at the heart of ball-drop festivities.
Find out more

Real Estate Trends

Co-working firm The Wing to lease the East Village’s former Stuyvesant Polyclinic building

The Wing will move its headquarters to 137 Second Avenue (on the right); via Wikimedia

January 29, 2019

Co-working firm The Wing to lease the East Village’s former Stuyvesant Polyclinic building

By Devin Gannon

Co-working network The Wing is moving its corporate headquarters to the former Stuyvesant Polyclinic building in the East Village, the Real Deal reported Monday. The space on Second Avenue is connected to the Ottendorfer Public Library, the first free public library in New York City. The adjoining buildings are both designated city landmarks, built as a pair in 1883 by German-born architect William Schickel. The Wing will lease all of the 22,000-square-foot building at 137 Second Avenue, which spans four floors.
See inside

Real Estate Trends

January 28, 2019

New images of SHoP’s skinny supertall at 111 West 57th Street show facade progress

By Michelle Cohen

Even before reaching its final height of 1,428 feet tall, SHoP Architect’s Midtown supertall 111 West 57th Street, which surpassed 1,000 feet a few months ago, wowed us with views from the tower’s 64th, 72nd, and 73rd floors. Upon completion, the Billionaires’ Row tower will become the tallest residential building in the world, taking the title from 1,396-foot 432 Park Avenue, (until 1,500-foot Central Park Tower tops out). With a super slender frame (a ratio of 1:24), 111 West 57th Street is also set to become one of the skinniest skyscraper in the world. The new year brings new progress–and new photos showing the 86-story tower's intricate terra cotta and bronze facade making its way skyward.
Terracotta and bronze: going up!

Images (L to R): One Flatbush, 420 Kent, 33 Bond Street, and The Mosaic.

January 26, 2019

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

By Ondel Hylton

One Flatbush: New Rentals in the Heart of Downtown Brooklyn from $2,336/Month [LINK] 33 Bond Street: Downtown Brooklyn Luxury Rentals with Balconies and Incredible Views from $2,530/Month [LINK] The Mosaic: Bushwick Rentals Debut at 23 Menahan Street, No Fee 1 Bedrooms from $2,200/Month [LINK] 420 Kent Avenue: Take a Look Inside Williamsburg Waterfront Rentals, Now […]

Real Estate Trends

Photo courtesy of Blue Point Brewing Company

January 25, 2019

Blue Point wants to help frustrated New Yorkers with ‘What the L?’ beer

By Dana Schulz

The L train shutdown may be canceled, but don't let Cuomo's Superman tactics trick you into thinking you'll get off unscathed. Even without a full 15-month shutdown, there will be a slew of headaches and, like beer company Blue Point Brewing Company says, "who knows what will happen next?!" And when in doubt, an adult beverage can help soften the blow, which is why Blue Point developed its new "What the L?" brew, complete with a very Williamsburg-esque label created by local graphic designer and subway artist Winston Tseng.
Get the scoop

Billionaire Ken Griffin buys $240M NYC penthouse, the most expensive home sold in the U.S.

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

January 23, 2019

Billionaire Ken Griffin buys $240M NYC penthouse, the most expensive home sold in the U.S.

By Devin Gannon

Update 1/29/19: The penthouse officially closed on January 23, 2019, for $239,958,219, more than was originally reported. Billionaire Ken Griffin has closed on a penthouse at 220 Central Park South for $238 million, setting the record for the most expensive home ever sold in the United States, as the Wall Street Journal first reported. Griffin, who founded Citadel, first signed the contract to buy a 24,000-square-foot unit at the under-construction tower in 2015. The hedge fund mogul reportedly picked up the pricey digs as "a place to stay when he's in town," since his company is looking to expand its footprint in New York City.
More on record-breaking deal

Real Estate Trends

Hudson Yards will ‘officially’ open on March 15

Rendering courtesy of Related/Oxford.

January 23, 2019

Hudson Yards will ‘officially’ open on March 15

By Michelle Cohen

Though it seems hardly a week can go by without a flurry of news from Manhattan's newest instant neighborhood, Hudson Yards, the west side mega-project–the largest private development in the nation's history–developed by Related Companies and Oxford Propertied Group now has announced that Friday, March 15th will be its official opening date. In addition to a grand opening celebration, the Public Square and Gardens and the neighborhood's centerpiece, Thomas Heatherwick's "Vessel," are set to open on that date; more importantly, The Shops and Restaurants at Hudson Yards will be officially open.
Off to quite a start

Real Estate Trends

January 22, 2019

Legendary designer Halston’s former UES house and famed party spot is off the market after four years

By Alexandra Alexa

After being on the market for four years, the iconic Halston House at 101 East 63rd Street finally sold to an anonymous buyer for an undisclosed amount last week. The modernist property, one of only three residences in Manhattan designed by famed architect and former Yale School of Architecture dean Paul Rudolph, is best known as the home of designer Halston in the 1970s where he hosted lavish parties attended by the likes of Andy Warhol, Liza Minnelli, Truman Capote, and Jacqueline Onassis. It first hit the market in 2015 for $40 million when it was rumored that art dealer Jeffrey Deitch was interested in making a deal. One year later, the listing received a significant price chop to $28 million. According to a press release, the buyer was taken with the home's rich cultural history and is an admirer of Rudolph's architecture.
Get the details

Images (L to R): The Heritage, Level, Landing at Brooklyn Bridge Park and Arverne View

January 19, 2019

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

By Annie Doge

Images (L to R): The Heritage, Level, Landing at Brooklyn Bridge Park and Arverne View 1247 Atlantic Avenue: Brooklyn Rental with Swimming Pool Launches Leasing from $1,875/Month [LINK] Arverne View: Beachfront Apartments in the Rockaways from $1,374/Month [LINK] The Pierrepont: Floor Plans and Interiors Revealed for March 1st Launch [LINK] LEVEL: Williamsburg Waterfront Rental Offers […]

Real Estate Trends

Real Estate Trends

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