Real Estate Trends

New renderings were released this week of the one million square foot development coming to the Long Island City's Hunter's Point South neighborhood. Designed by Handel Architects, the complex features two high-rise towers, retail, and community space. Notably, the project is expected to bring 1,100 new residential units, with 80 percent of them permanently affordable. The complex sits less than a mile from the planned office complex of Amazon, which chose the Queens neighborhood last month for its new home. As CityRealty reported, the two towers will rise 57 and 33 floors, with the taller of the two reaching 600 feet high, which would make it the tallest building on the waterfront.
See the LIC project

Real Estate Trends

December 7, 2018

Hit producer Shonda Rhimes closes on $11.75M Upper East Side penthouse

Shonda Rhimes -- the showrunner behind TV hits like “Scandal,” “How to Get Away With Murder,” and “Grey’s Anatomy” -- just picked up a penthouse at 765 Park Avenue for $11.75 million, The Real Deal reports. The Lenox Hill unit first appeared on the market in March for $14.75 million before being dropped to $12.5 million in June. This is Rhimes' second real estate move in the past few months. In October she listed one of her several Los Angeles properties, a Hancock Park mansion, for just under $10 million.
Look around

December 6, 2018

Ralph Lauren in contract to buy playwright Edward Albee’s oceanfront Montauk home

By Annie Doge

Fashion designer Ralph Lauren is in contract to buy playwright Edward Albee's former estate in Montauk, the Wall Street Journal reported on Thursday. The property had last been listed for $20 million, the first time on the market in 50 years, but the final sale price has not been confirmed. Located on 2.8 acres with 200 feet of Atlantic Ocean frontage, the four-bedroom home was first purchased in the 1960s by the "Who's Afraid of Virginia Wolf" writer, who died in 2016. With this purchase, Lauren, who owns homes on either side of the property at 320 Old Montauk Highway, adds to his continuous strip of oceanfront real estate.
See inside Ralph Lauren's new digs

Controversial Two Bridges towers get city approval despite community ambivalence

Rendering courtesy of Handel Architects.

December 6, 2018

Controversial Two Bridges towers get city approval despite community ambivalence

Update 12/7/18: The City Council and Manhattan Borough President Gale Brewer filed a suit in the Manhattan Supreme Court "claiming city planners usurped the Council’s authority over land-use issues in approving the project," reported The Real Deal. The City Planning Commission gave the green light Wednesday to a controversial application filed by four developers to build three new residential towers in the Lower East Side's Two Bridges development, which are expected to add 3,000 housing units between them, The Real Deal reports. 700 units will be affordable. The large-scale residential towers were approved in a 10-3 vote on Wednesday, after a lengthy, often acrimonious review process. The towers are comprised of JDS Development’s 1,000-unit rental tower at 247 Cherry Street, L+M Development and CIM Group’s 798-foot tower at 260 South Street; and Starrett Corporation’s 730-foot building at 259 Clinton Street.
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December 6, 2018

Transforming LaGuardia’s Terminal B, by the numbers

The first phase of Gov. Andrew Cuomo's $8 billion overhaul of LaGuardia Aiport opened to the public this weekend, which includes a new concourse and 11 gates at Terminal B. Construction company Skanska on Wednesday released additional information about the project, detailing everything from its planned 1.3 million square footage to its use of 40,000 tons of steel. In total, the redevelopment of LGA's Terminal B will cost $5.1 billion and bring 35 new gates and two new concourses.
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This new tool helps NYC tenants fight back against landlord violations

Via City Realty

December 5, 2018

This new tool helps NYC tenants fight back against landlord violations

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

City rejects bid to stop tallest Upper West Side tower

Courtesy of Binyan Studios/ Snøhetta

December 4, 2018

City rejects bid to stop tallest Upper West Side tower

By Chava Gourarie

The Department of Buildings this week rejected a challenge against the tallest tower planned for the Upper West Side, as first reported by Crain's. Community groups argued that the design of Extell Development’s 775-foot condominium tower at 50 West 66th Street violated the city’s building code, but the department overruled those objections.
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FREE RENT: This week’s roundup of NYC rental news

Images (L to R): Otto Greenpoint, Estuary, 181 Front Street, and Vernon Tower.

December 1, 2018

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

By Ondel Hylton

Vernon Tower: Astoria waterfront rentals across from Socrates Sculpture Park from $2,300/month [LINK] Otto Greenpoint: Brooklyn rentals at 211 McGuinness Boulevard from $2,317/month [LINK] 181 Front Street: New rentals in DUMBO offer 1 month free on 13-month lease [LINK] Estuary Weehawken: Luxury waterfront rentals with skyline views from $2,363/month [LINK] 111 Murray Street: Michael Cohen’s […]

Real Estate Trends

LaGuardia Airport’s first new gates and concourse are open

Photo by Colin Dennison for LGA on Facebook

November 29, 2018

LaGuardia Airport’s first new gates and concourse are open

The first new gates in LaGuardia Airport's Terminal B will open this Saturday, Gov. Andrew Cuomo announced earlier today. The opening will inaugurate the first of two concourses and 11 of the 35 total gates that will service Air Canada, American Airlines, Southwest Airlines, and United Airlines. This is the first phase of Cuomo's larger $8 billion overhaul to create "a whole new LaGuardia." The new concourse will feature retail space, a "food hall," complete with local mini-chains like Shake Shack, Irving Farm coffee, and La Chula taqueria, as well as an indoor park (a design feature Cuomo is also implementing at JFK).
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Most expensive condo listing in Queens gets price cut despite Amazon announcement

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.
Take a tour

November 29, 2018

Design studio Snarkitecture brings Snark Park to Hudson Yards with treats and ‘childlike wonder’

If hanging out at 900 feet in the air isn't your thing, NYC's newest neighborhood, Hudson Yards, promises plenty of fun things to do with your feet on the ground. As the first phase of the megaproject prepares to open this spring, New York-based design studio Snarkitecture will be introducing Snark Park, its first permanent exhibition space in Hudson Yards. Known for their clever reinterpretations of the familiar, Snarkitecture’s Snark Park will be a site for immersive installations housing design environments for all ages to explore, discover and enjoy.
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5 of the best suburbs outside of New York City

Photo of Beacon, NY via Wikimedia Commons

November 26, 2018

5 of the best suburbs outside of New York City

By Cait Etherington

There was a time when New Yorkers, even those with the means to live in some of the city’s wealthiest neighborhoods, willingly packed up their homes and fled to the suburbs. While it may be difficult to imagine now, at different points in history, moving to the suburbs has been considered desirable and even a sign of one’s upward mobility. After all, why cram into a walkup with your family of six when you could spread out in a rambling suburban bungalow with a two-car garage? Today, many aging members of Gen-X and their younger millennial counterparts—who often came of age in the suburbs—are stubbornly toughing it out in the small urban apartments for the entire life cycle, but this doesn’t mean that the suburbs don’t have a lot to offer.
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Real Estate Trends

1 World Trade Center boasts ‘king of TAMI’ status as tech and media firms sign on

Image courtesy of Michael Vadon’s Flickr

November 19, 2018

1 World Trade Center boasts ‘king of TAMI’ status as tech and media firms sign on

According to the building's landlord, the Durst Organization, the 104-story, 3-million-square-foot One World Trade Center tower contains more tech and creative tenants than any other in the city. That's 26 TAMI (Tech, Advertising, Media and Information) tenants, to be exact, 20 of which are in tech, Crain's reports.
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Real Estate Trends

Buyers of all-cash LLC purchases above $300K in NYC must be disclosed, under updated rule

Via Pexels

November 19, 2018

Buyers of all-cash LLC purchases above $300K in NYC must be disclosed, under updated rule

By Chava Gourarie

A federal program designed to root out dirty money in real estate was drastically expanded Thursday, and will now apply to even more cash-deals in more cities. As of last week, all real estate purchases made through a limited liability company at or above $300,000 in 12 metropolitan area will be subject to the disclosure rules, known as the Geographic Targeting Orders, including New York City. The threshold previously varied across cities, starting at $3 million in Manhattan and $1.5 million in the city's other four boroughs, as first reported by the Real Deal. Virtual currency deals are now subject to the disclosure rules as well.
Get the details

Co-living startup Common announces first Manhattan location in Hell’s Kitchen

Photo of another location, via Common

November 15, 2018

Co-living startup Common announces first Manhattan location in Hell’s Kitchen

By Dana Schulz

As of April 2018, co-living startup Common had raised $40 million in Series C venture funding, far more than the $15 and $11.5 million raised by its competitors Ollie and HubHaus. Since opening its first NYC location in 2015 in Crown Heights, Common has expanded with 10 locations in Brooklyn and Queens, but they've now decided to turn their attention to Manhattan. The company announced today that they will open a 32-bed building at 47th Street between Ninth and Tenth Avenues in Hell's Kitchen--"a short subway ride on the C or 7 trains into Long Island City and Amazon's HQ2."
More details

Real Estate Trends

Residential interest in Long Island City surges 300% after Amazon’s HQ2 announcement

Via Wiki Commons

November 15, 2018

Residential interest in Long Island City surges 300% after Amazon’s HQ2 announcement

Amazon’s decision to divide its second headquarters between Long Island City and Arlington, Virginia was confirmed on Tuesday, bringing with it questions about how the neighborhoods will withstand the influx of 25,000 new workers each. According to a new study from RENTCafé, LIC already has an occupancy rate of 98.2% and about 15,400 units currently either under construction or in a planning phase, so Amazon’s announcement is sure to add fuel to an already bustling market. In fact, according to listings site CityRealty, searches for residential apartments in the neighborhood are up 281% compared to the daily averages prior to the announcement.
Get the scoop

Real Estate Trends

November 14, 2018

NYC’s highest residential outdoor space revealed at Hudson Yards

The first phase of the Hudson Yards megaproject, including the public square and gardens and its centerpiece, Vessel, as well as The Shops & Restaurants at Hudson Yards, anchored by NYC’s first Neiman Marcus store, is preparing to open this spring. Now, Fifteen Hudson Yards has revealed Skytop, the highest outdoor residential space in NYC at 900 feet in the air, and an equally dizzying suite of amenities for residents at the Rockwell Group and Diller Scofidio + Renfro-designed 88-story tower.
Cast your eyes heavenward

Despite city-wide ban, Amazon wants to put a rooftop helipad on its NYC HQ

Image: Maxpixel CC public domain.

November 13, 2018

Despite city-wide ban, Amazon wants to put a rooftop helipad on its NYC HQ

On the heels of news that Amazon has chosen Long Island City, Queens for one of its two new headquarters, making the promise of 25,000 new jobs a hopefully-someday reality, comes the fine print request that the company would like a helipad for its new East River waterfront HQ, please. Slate reports that the request appears deep in a 32-page memorandum of understanding with the city and state.
Rooftop helipads have been banned since 9/11

See the waterfront site in Long Island City where Amazon will bring its new mixed-use campus

Rendering of Plaxall’s proposed (but not yet approved) mixed-use LIC project courtesy of WXY architecture + urban design

November 13, 2018

See the waterfront site in Long Island City where Amazon will bring its new mixed-use campus

Amazon officially announced on Tuesday its plan to bring its second headquarters to Long Island City, following a 14-month long contest among hundreds of cities across the country. The company will also open a second new headquarters in Arlington, Virginia, with each location expected to house 25,000 new employees; Nashville will become home to Amazon's "Operations Center of Excellence," equipped for 5,000 full-time jobs. In Queens, Amazon intends to construct the mixed-use complex across both public and private sites that sit along the East River, in an area known as Anable Basin. Although the HQ2 project still must undergo a public and environmental review, as well as a possible rezoning, the tech company said it will receive over $1.7 billion in incentives from New York State for its project, which is expected to cost over $3.6 billion, and has the potential for another $1.3 billion "as-of-right" benefits from New York City.
More this way

Rental Offers: This week’s roundup of NYC rental news

Images (L to R): The Max, Quinn, and 2222 Jackson Avenue

November 10, 2018

Rental Offers: This week’s roundup of NYC rental news

By Annie Doge

Images (L to R): The Max, Quinn, and 2222 Jackson Avenue Hello Albemarle in Flatbush: Loft-inspired rentals with direct elevator access from $2,475/month [LINK] 2222 Jackson Avenue in LIC: Stylish rentals with balconies from $2,262/month [LINK] Quinn at Paulus Hook in Jersey City: Grand layouts and big city views from $2,750/month [LINK] The Max at […]

Real Estate Trends

November 9, 2018

Why winter is the best time to move in NYC

By Cait Etherington

6sqft’s ongoing series Apartment Living 101 is aimed at helping New Yorkers navigate the challenges of creating a happy home in the big city. This week, we’ve put together the top five reasons it makes sense to move in the winter. Until the end of WWII, moving day in New York City was May 1. Today, many people continue to move on this date and in the four months following, but if you’re a renter looking for great value, more options, and lower stress, the very best move dates fall in the winter months. In this article, we outline why a winter move makes sense and how to prepare for one.
The top five reasons you should move in the winter

November 8, 2018

Meet Candice and Malessa, real estate’s ‘new generation’ of brokers working to empower women

By Dana Schulz

"Integrity, vigorous work ethic, and a strategic business approach," form the platform that Candice Milano and Malessa Rambarran bring as brokers to the NYC real estate world. But there's no "broker babble" here. The duo--who recently joined Halstead as the Milano-Rambarran Team--consider themselves the "next generation of real estate," forming important relationships with their new development clients and growing their luxury resale business. But what sets them apart the most is their mission to bring this knowledge of how to use real estate as a wealth building tool to the public, specifically women. They've even created their own platform, Women in Residential Real Estate (WIRRE) to foster this community and connect people through their series of curated events. Ahead, 6sqft chats with Candice and Malessa about how their approach, how they got into real estate, and why it's so important to support fellow females.
Read the interview

November 8, 2018

Uber’s co-founder Travis Kalanick picks up $36M Soho penthouse with heated rooftop pool

By Annie Doge

Travis Kalanick, the co-founder of Uber who was forced to resign last year after failing to report sexual harassment allegations at the company, has purchased a Soho penthouse for $36.4 million. According to the Wall Street Journal, Kalanick now owns a full-floor duplex penthouse at 565 Broome Street, a 30-story tower, still under construction, designed by Renzo Piano. The sprawling 6,655-square-foot home features four bedrooms, three terraces, and a private rooftop with a heated pool. It was first listed in April for $40.5 million.
Take a peek at the penthouse

Work finally resumes at Brooklyn’s first 1,000+ foot tower

Rendering via SHoP Architects

November 6, 2018

Work finally resumes at Brooklyn’s first 1,000+ foot tower