Real Estate Trends

Vornado Realty Trust has unveiled long-rumored plans for a new apartment building across from Madison Square Garden and Penn Station. As first reported by Crain's, Vornado President Michael Franco said during an investor conference last week that the firm will spend roughly $350 million to build a 475-unit rental at the northeast corner of West 34th Street and Eighth Avenue, across the street from the World's Most Famous Arena (and most infamous transit hub). The project is part of Vornado’s broader effort to redevelop the blocks around Penn Station, an effort slowed in recent years by market conditions.
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$2B Astoria project with 3,200 units scrapped, scaled-down tower planned

Rendering of the proposed Innovation QNS district; courtesy of VERO Digital

September 3, 2025

$2B Astoria project with 3,200 units scrapped, scaled-down tower planned

A huge development that would have brought more than 3,000 units to Astoria has been scrapped. Silverstein Properties has withdrawn from Innovation QNS—a proposed 3,200-unit, $2 billion complex spanning five blocks— citing financing challenges tied to the expiration of the 421-a tax break and its replacement, the 485x program, as reported by Crain’s. While the larger plan has collapsed, remaining partners BedRock Real Estate Partners and L+M Development filed plans last week for a 560-unit building on one of the original sites.
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Art dealer Barbara Gladstone’s Chelsea townhouse sells for $13.1M

All photos courtesy of Hayley Ellen Day

September 2, 2025

Art dealer Barbara Gladstone’s Chelsea townhouse sells for $13.1M

The longtime Chelsea townhouse of late gallerist Barbara Gladstone has closed for $13.1 million after finding a buyer in a matter of days. The four-story Greek Revival row house at 344 West 22nd Street was listed for $11.995 million in June and entered contract 12 days later. The deal closed at the end of last month, with the sales price $1.105 million over the initial ask.
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Real Estate Trends

Rudy Giuliani sells Upper East Side penthouse for under $5M

45 East 66th Street. Photo by Epicgenius via Wikimedia Commons

August 14, 2025

Rudy Giuliani sells Upper East Side penthouse for under $5M

Rudy Giuliani has sold his Upper East Side penthouse for under $5 million, marking another price cut for the residence once slated to be turned over to two Georgia election officials as part of a lawsuit. As first reported by Crain's, the former New York City mayor and Trump attorney sold the three-bedroom unit at 45 East 66th Street for $4.95 million, after first listing it for $6.5 million in 2023 and later cutting the price by $1.4 million in March to $5.175 million. The penthouse was among the possessions Giuliani was ordered to surrender in October 2023 after losing the lawsuit. A settlement was reached in April 2024, allowing him to keep the home.
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$87.5M West Village penthouse enters contract, could be new downtown record

140 Jane Street, currently under construction in the West Village. Photo © Ondel Hylton

August 11, 2025

$87.5M West Village penthouse enters contract, could be new downtown record

A penthouse in the West Village listed for $87,500,000 has found a buyer, potentially becoming the most expensive apartment ever sold in downtown Manhattan. As first reported by The Real Deal, the duplex apartment at 140 Jane Street, a boutique condominium currently under construction, measures roughly 9,500 square feet and features six bedrooms and seven baths. If the home fetches the asking price, it would be the priciest residential property sold in the area, beating out Jeff Bezos’ $80 million condo buy in 2019.
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Real Estate Trends

Everything old is new again: Why NYC buyers are choosing pre-war apartments over new developments

This pre-war co-op at the Oliver Cromwell, designed by Emery Roth, asked just under $6 million this year. Photo courtesy of Brown Harris Stevens.

August 11, 2025

Everything old is new again: Why NYC buyers are choosing pre-war apartments over new developments

Today’s real estate headlines are typically dominated by new renderings of geometric glass towers designed by big-name architects and the latest record-setting penthouse sales. But not all New Yorkers are in search of floor-to-ceiling windows and rooftop pools. Some prefer ceiling medallions, cozy fireplaces, and creaky floorboards. And these nostalgia seekers are a bigger part of the real estate market than you might imagine.
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TF Cornerstone plans to convert Billionaires’ Row office tower into 350 apartments

Photo by Tdorante10 via WikiCommons

August 7, 2025

TF Cornerstone plans to convert Billionaires’ Row office tower into 350 apartments

A prominent New York City developer wants to convert a 32-story Billionaires' Row office tower into over 300 apartments, joining the city’s growing wave of office-to-residential conversions. As first reported by Commercial Observer, TF Cornerstone will convert Tower 57 at 135 East 57th Street into 350 apartments, 25 percent of which would be affordable to households earning 80 percent of the area median income. The project would take advantage of the state’s 467-m tax incentive program and new zoning tools included in Mayor Eric Adams’ City of Yes housing plan.
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The rise of the next Williamsburg: How Gowanus went from eyesore to eye-popping prices

Photo by LogicalRailfan on Wikimedia

August 5, 2025

The rise of the next Williamsburg: How Gowanus went from eyesore to eye-popping prices

It’s been 20 years since The New York Times reported that city officials voted "to let developers turn the decaying north Brooklyn waterfront, with its relics of Brooklyn's industrial past, into a neighborhood of residential towers with a parklike esplanade along the East River." In the two decades since, this version of Williamsburg was replaced by the first generation of "hipsters," glassy condo towers with Manhattan views, and throngs of Manhattanites crowding the L train to hit up Union Pool and Maison Premiere. Now, a new rezoning is putting another Brooklyn neighborhood on the same path. This time, the waterfront is the once-toxic Superfund-designated Gowanus Canal.
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New commute, new demand: NYC Ferry fuels housing boom on the waterfront

Two and Three Williamsburg Wharf. Photo courtesy of Naftali Group

July 29, 2025

New commute, new demand: NYC Ferry fuels housing boom on the waterfront

It’s been eight years since the city’s first commuter ferry set sail, and in that time, it’s completely transformed the way New Yorkers think about real estate. "The NYC Ferry has absolutely shifted the real estate landscape, especially in pockets of the city that weren’t always considered commuter-friendly," says Michelle Griffith, luxury real estate broker at Douglas Elliman. "Eight years ago, some of the waterfront neighborhoods like Red Hook or certain areas of the Rockaways felt much more remote. But once the ferry became a reliable commuting option, we started seeing renewed interest from buyers and renters who wanted that lifestyle balance: scenic, slightly quieter neighborhoods with direct access to Manhattan."
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Gowanus luxury rental 544 Carroll launches leasing, including $25K/month duplex

The future of Gowanus is looking expensive. Developed and designed by Avery Hall, 544 Carroll Street launched leasing this week for 133 apartments, including a duplex that could go for as much as $25,000/month. As first reported by the New York Post, the four-bedroom measures nearly 2,400 square feet plus outdoor space and surpasses the next priciest apartment in the rapidly developing neighborhood by more than $13,500.
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Real Estate Trends

NYC’s first wave of office-to-residential conversions could create over 17,000 new homes, report says

Pfizer World Headquarters is becoming 1,500 apartments. Photo via WikiCommons

July 17, 2025

NYC’s first wave of office-to-residential conversions could create over 17,000 new homes, report says

New York City’s first wave of office-to-residential conversions could yield over 17,000 new apartments, highlighting the potential for such projects to help ease the city’s housing shortage, according to a new report. Published on Thursday by City Comptroller Brad Lander, the report finds that 44 office conversions initiated after the pandemic could transform 15.2 million square feet of office space into as many as 17,400 homes over the coming years. However, the report warns that the city’s new 467-m tax break may be overly generous, potentially costing $5.1 billion in lost property tax revenue over 37 years.
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All photos courtesy of Evan Joseph Studios

July 11, 2025

Paul Newman’s Fifth Avenue co-op sells for $4M above asking price

A Fifth Avenue co-op once owned by Hollywood legends Paul Newman and Joanne Woodward just sold for 40 percent above its asking price following a bidding war. As first reported by the Wall Street Journal, the classic six at 1120 Fifth Avenue sold for roughly $14 million after it was listed for $9,950,000 in December. More than 50 prospective buyers toured the home, resulting in nearly a dozen offers, including one above $14 million that the Newman family declined because the buyer intended to use it as a pied-a-terre—something the co-op board was unlikely to approve.
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July 10, 2025

Former home of New York Stock Exchange in FiDi to become nearly 400 apartments

Plans were filed this week for another office-to-residential conversion in the Financial District. GFP Real Estate on Wednesday filed a permit application to convert the 20-story building at 40 Exchange Place into a mixed-use development with 382 apartments and retail space, as first reported by The Real Deal. The project is GFP’s latest conversion effort, following a $288 million construction loan secured in January for a similar project at 222 Broadway.
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Real Estate Trends

This map shows where rent increased the most by NYC subway stop

Photo of Franklin Avenue Station © 6sqft

July 9, 2025

This map shows where rent increased the most by NYC subway stop

It's not just your neighborhood. Rent prices have increased at 87 percent of New York City's subway stations this year. RentHop on Wednesday released its annual subway rent map, which highlights the median rent and the year-over-year rent increases of one-bedroom apartments by subway stop. According to the analysis, rent jumped by 14 percent near subway stations across Brooklyn, Queens, and the Bronx, particularly in areas with new developments.
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July 3, 2025

What $1 million gets you in 2025: A borough-by-borough breakdown

Remember the days when owning a $1 million apartment signified that someone was “rich?” Now, it’s hard to find a decent condo for much less, especially if you need multiple bedrooms or want to be in a desirable neighborhood. But there are hidden gems if you know where to look, and are perhaps willing to sacrifice a few items on your wishlist. Ahead, we’ve found $1 million listings in each borough that might surprise you.
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Silverstein adds 2,000 apartments to sweeten casino proposal for Manhattan’s west side

Renderings courtesy of Silverstein Properties / Binyan Studios

June 26, 2025

Silverstein adds 2,000 apartments to sweeten casino proposal for Manhattan’s west side

Silverstein Properties said it would develop more than 2,000 apartments through office-to-residential conversions on Manhattan's west side if its casino bid is awarded a license. The developer on Thursday announced a partnership with MetroLoft to develop the apartments, which would include 500 permanently affordable units, a day before casino proposals are due. The addition of housing sweetens Silverstein's $7 billion bid, The Avenir, which calls for a 1,000-room luxury hotel, restaurants, a food hall, and a gaming facility near the Javits Center. The previous plans had proposed 100 affordable apartments located off-site.
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$80M penthouse at 80 Clarkson could break downtown Manhattan sales record

Credit: DBOX

June 23, 2025

$80M penthouse at 80 Clarkson could break downtown Manhattan sales record

A duplex penthouse at a new two-tower complex next to Google’s Hudson Square headquarters could set a record for downtown Manhattan. Located in Zeckendorf Development and Atlas Capital Group's 80 Clarkson Street, the penthouse is asking $80 million, or more than $11,235 per square foot, according to The Real Deal. The 113-unit building, which topped out last week, has released 83 residential units so far, alongside 18 accessory suites, storage lockers, wine cellars, and parking, with an estimated sellout exceeding $2 billion.
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One Domino Square penthouse sells for $7.45M, a new sponsor sale record for Williamsburg

Photo courtesy of Evan Joseph

June 17, 2025

One Domino Square penthouse sells for $7.45M, a new sponsor sale record for Williamsburg

There's a new sponsor sale record for Williamsburg. A duplex penthouse at the new waterfront development One Domino Square is under contract for $7,450,000, developer Two Trees Management announced on Monday. The deal takes the priciest sponsor sale title from neighboring project One Williamsburg Wharf, which had a penthouse asking $7,200,000 enter contract in December.
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June 11, 2025

Priced out of NYC? These are the best commuter suburbs, according to real estate experts

Since the pandemic, it’s become increasingly expensive to put down roots in New York City. According to data from CityRealty, condo prices are the highest they've ever been, increasing 16 percent since July 2020, while co-ops have jumped 6.4 percent over the same period. Many people are even being priced out of rentals; Douglas Elliman's Jonathan Miller reported earlier this year that the average monthly rent in New York City is now roughly $5,194—more than a mortgage payment in many places. And it’s this financial conundrum that often becomes the impetus for many young professionals and families to relocate to the suburbs. They can get more space and a yard, access to beaches and hiking trails, and send their kids to public schools without a second thought. But what’s the best place to achieve this small-town fantasy? For that answer, we turned to the pros. Ahead, hear from real estate experts about the best commuter suburbs outside New York City.
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Bethenny Frankel sells historic Greenwich estate for $7.8M

Photos courtesy of Mike Cinelli of Jump Visual

June 11, 2025

Bethenny Frankel sells historic Greenwich estate for $7.8M

Reality TV star and entrepreneur Bethenny Frankel has sold her historic Greenwich, Connecticut estate for $7,825,000, almost double the $4.25 million she paid in 2021. The "Real Housewives of New York" alum sold the three-acre property, known as Applejack Farm, in an off-market deal following her move to Florida. Built in 1743, the estate, one of the oldest properties in Greenwich, includes a 6,500-square-foot main house with five bedrooms and eight bathrooms, plus a two-bedroom guest house with a separate studio, a three-bay garage, and a “party barn."
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Brooklyn Tower relaunches sales, with studios from $965K

Photo credit: Evan Joseph

June 10, 2025

Brooklyn Tower relaunches sales, with studios from $965K

Nearly a year after Silverstein Properties took control, Brooklyn Tower has relaunched sales, with a new marketing team and a new address. The supertall skyscraper at 85 Fleet Street (formerly 9 Dekalb Avenue) first launched sales in 2022 but struggled to make much headway, with just 23 of the 143 condos sold to date. Now, with Corcoran Sunshine leading sales efforts, listings at the tower are once again live, with condos priced from $965,000 for a studio.
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Andy Cohen’s colorful West Village penthouse finds a buyer

Photos courtesy of Eytan Stern Weber, Evan Joseph Images

June 3, 2025

Andy Cohen’s colorful West Village penthouse finds a buyer

Andy Cohen’s vibrant West Village penthouse found a buyer, and it's an Emmy Award-winning playwright. As first reported by the New York Post, actor and writer Danny Strong, known for his writing on "Empire" and "Dopesick" and roles in "Buffy the Vampire Slayer" and "Mad Men," bought the apartment at 2 Horatio Street with his partner Caitlin Mehner. The home, which is a combination of four units, first hit the market in September for $14 million and was relisted for $12 million earlier this year. The final sales price has not been made public yet.
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June 3, 2025

Brooklyn Heights’ iconic Hotel Bossert sells for $100M, to become apartments

A historic Brooklyn Heights hotel once dubbed the "Waldorf-Astoria of Brooklyn" has sold for $100 million, with plans to convert the storied property into residences. The iconic Hotel Bossert, located at 98 Montague Street, was acquired by real estate investment and development firm SomeraRoad, according to city records registered Wednesday and first reported by Crain's. In a statement to the Brooklyn Daily Eagle, the firm said it "plans to honor the property’s rich history and to restore and reopen the building as residences."
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Real Estate Trends

May 28, 2025

The bank of mom and dad: How parental co-buying is affecting NYC real estate