Real Estate Trends

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.
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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.
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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

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

New details and lots of renderings were released this week revealing the 143 residences at 35 Hudson Yards, the tallest residential building in the Hudson Yards mega-development, ahead of a just-announced March 15 sales launch with units starting at $5 million. At over 1,000 feet, the building was designed by David Childs and Skidmore, Owings & Merrill with interiors by Tony Ingrao. In addition to the neighborhood's loftiest homes, the building is home to the world's first Equinox Hotel.
New renderings, this way

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

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

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

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

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

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

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

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

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

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

February 12, 2019

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

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

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