real estate trends

condos, Midtown, New Developments, real estate trends

Rendering courtesy of Wordsearch

“Some people wonder if Mr. Barnett will become a victim of the condo explosion he helped create,” wrote the Wall Street Journal today in a rare expose of Extell’s Gary Barnett, referring to the success he had with One57, considered the catalyst for the supertall, ultra-luxury condo boom, and the more challenging climate he’s facing with the Central Park Tower. The latter, which will be the world’s tallest residential building at 1,550 feet, launched sales in October, but in a soft luxury market, it’s not a sure bet that the mega-developer will be able to achieve his projected $4 billion sellout and the title of the nation’s most expensive condominium ever. In a likely noncoincidental move timed with the Journal story, Extell today launched the tower’s new website (h/t Curbed), and it gives us mere mortals some of the first views inside the billionaire bunker.

See inside and hear from Barnett himself

Midtown, real estate trends

Amazon could be the Chrysler Building’s new tenant

By Devin Gannon, Mon, January 14, 2019

Via Creative Commons

Amazon is close to reaching a deal to lease 10,000 square feet at the Chrysler Building, the New York Post reported on Sunday. News of the impending lease comes less than a week after it was reported that the Art Deco landmark is up for sale. Amazon announced in November plans to open a massive office complex in Long Island City to serve as their “HQ2.” The company will start moving to the neighborhood this year, temporarily leasing space at One Court Square, a 50-story building with incredible views of the Manhattan skyline. More here

Midtown East, real estate trends

The Chrysler Building is for sale

By Devin Gannon, Wed, January 9, 2019

Via Creative Commons

New York City’s iconic Chrysler Building is on the market. The owners of the 1930 Art Deco landmark, Tishman Speyer Properties and the Abu Dhabi Investment Council, have hired real estate firm CBRE Group to sell the property, the Wall Street Journal reported Wednesday. The Abu Dhabi government purchased its majority stake in the Chrysler for $800 million in 2008, but real estate experts told the WSJ it would be difficult to recover.

Details here

condos, hudson yards, New Developments, real estate trends

550 west 29th Street, SoHY, ryan serhant, new developments

Image courtesy of New Development Group.

Our first reaction at reading New Development Group’s (Ryant Serhant and team) introduction of the newly-minted SoHY condo at 550 West 29th Street as “Manhattan’s newest neighborhood and building” was to think the Nest Seekers-agent-to-the-stars must be SoHY if he thinks anyone will fall for another silly neighborhood acronym (Hello, NoLo!). But in this case, the multi-hyphenate wunderkind might actually be on to something. When you think about it, SoHY–for South of Hudson Yards–is definitely better than: “um, you know that area all the way over by 11th Avenue where all those new buildings are…that aren’t Hudson Yards ones…”

More SoHY jinks, this way

condos, New Developments, real estate trends, Upper East Side

520 Park Avenue, Zeckendorf, Robert A.M. Stern, Upper East Side, tallest building, skyscraper, condos

The quest to outdo One57’s record-setting $100.5 million penthouse doesn’t seem to be working. The two contenders, 220 Central Park South and 520 Park Avenue–both Robert A.M. Stern-designed buildings–announced their $250 and $130 million penthouses in 2016 and 2014 respectively, but there’s been no movement since. The latter building seems to have taken the hint, though, as The Real Deal reports that the 12,398-square-foot triplex has been chopped up into two “smaller” units–a $40 million full-floor unit and an $80-$100 million duplex.

Read more

CityRealty, Manhattan, real estate trends

Rendering of 200 East 59th Street via Studio amd for Macklowe Properties

CityRealty’s new 2018 year-end market report reveals trends in Manhattan real estate including a notable drop in transaction volume and a decline in condo sales prices after 2017’s roaring gains. Co-ops showed marginal gains in 2018. The New York Times refers to the report and quotes Jonathan J. Miller of Manhattan’s Miller Samuel appraisal firm: “Sales are not low–they are just not unusually high. It’s like we came off the autobahn: It feels very slow relative to the last three to four years, but historically it’s not.” See a few highlights from the report, below.

More from the report

Hudson Square, New Developments, real estate trends

315 Hudson Street, Google, Hudson Square

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.

Find out more

lincoln square, real estate trends

Time Warner Center will be renamed for Deutsche Bank

By Devin Gannon, Mon, December 10, 2018

time warner center, deutsche bank, twc

Via Joe Schulz on Flickr

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.

More here

affordable housing, Policy, real estate trends

Via City Realty

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

Cool Listings, Long Island City, real estate trends

46-30 Center Boulevard, Long Island City, LIC

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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