Real Estate Trends

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

Images (L to R): The Modern, The Forge, 178 North 11th Street and 1009 Willoughby Avenue

July 14, 2018

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

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Images (L to R): The Modern, The Forge, 178 North 11th Street and 1009 Willoughby Avenue Fort Lee’s The Modern: 47-Story Tower Launches with 2 Months Free [link] Rooftop Lounge + Pool Now Open at The Forge – and Up to 3 Months Free [link] Williamsburg Boutique Rental Near McCarren Park Offers 3 Months Free […]

Second Avenue Subway eases ridership at 4,5,6 stations by 30%

Photo via Flickr cc

July 13, 2018

Second Avenue Subway eases ridership at 4,5,6 stations by 30%

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The MTA has released updated ridership figures for 2017, giving an even better look at how the Second Avenue Subway is growing in popularity and impacting the Lexington Avenue line. By looking at the three comparative stations--96th Street, 86th, and 77th/72nd Streets--we can see that average weekday ridership on the 4,5,6 line has dropped 29.5, 29.2, and 23.6 percent respectively. More impressive is the fact that in 2017, the annual number of riders at the 96th Street station and 77th and 72nd Street stations were almost identical on both lines at roughly 8.5 million. And at 86th Street, the Q station hit 7.7 million riders, still impressive compared to the Lexington line's $14 million considering there are two express trains there, too.
A deeper dive
Tom Brady and Gisele Bündchen finally sell their One Madison pad after price chop to $14M
July 13, 2018

Tom Brady and Gisele Bündchen finally sell their One Madison pad after price chop to $14M

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Even if golden couple Tom Brady and Gisele Bündchen have left the neighborhood for a $20 million five-bedroom spread at Robert A.M. Stern’s 70 Vestry in Tribeca, a buyer was happy enough to snatch up their Flatiron pad at 23 East 22nd Street after a price chop. As 6sqft previously reported, the New England Patriots’ quarterback and the Brazilian-born supermodel seemed to be getting serious about selling when they cut the asking price to $13.95 million; the apartment is now spoken for and off the market, according to the New York Observer. The couple bought the 48th-floor unit for $11.7 million in 2014 and put it on the market for $17.25 million in 2016–with no takers until now.
Get one last look
Michael Cohen optimistically drops $6.7M on a condo at Tribeca’s 111 Murray
July 12, 2018

Michael Cohen optimistically drops $6.7M on a condo at Tribeca’s 111 Murray

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Photo of Michael Cohen via Wikimedia As Michael Cohen put his $9 million Trump Park Avenue apartment as collateral against a bank loan this spring, the former personal lawyer of President Donald Trump was signing a deal for a $6.7 million pad in Tribeca. The Wall Street Journal reported on Thursday that Cohen, who is under federal investigation, bought a 19th-floor apartment in April at 111 Murray Street, a 792-foot-high condo tower designed by Kohn Pedersen Fox.
Get the scoop
Plans for New York City’s first soccer stadium focus on the Bronx, again

Yankee Stadium. Image: pingnews.com via Flickr

July 12, 2018

Plans for New York City’s first soccer stadium focus on the Bronx, again

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New York City Football Club, the Major League Soccer franchise owned by the Yankees and an investment group led by Abu Dhabi billionaire royal Sheik Mansour bin Zayed al-Nahayan, who also owns Manchester City Football Club, may have found a site for its own home stadium after a five-year search. The focus is on a site in the Bronx near Yankee Stadium, which is where the team's owners had wanted to build the stadium in 2013, as 6sqft previously reported. This time around, the stadium would be part of a multibillion-dollar 20-acre development along East 153rd Street and River Avenue between Yankee Stadium and the Bronx Terminal Market and would also include a park, a hotel and soccer and sports-focused conference center, shops, office space, a school and as many as 3,000 affordable apartments, according to the New York Times.
More details, this way
LPC sends Morris Adjmi’s proposal for East Village gas explosion site back to the drawing board

Rendering by Morris Adjmi Architects

July 10, 2018

LPC sends Morris Adjmi’s proposal for East Village gas explosion site back to the drawing board

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Almost three years after an explosion caused by an illegal tap into a gas main at the corner of Second Avenue and East Seventh Street destroyed three buildings at 119-123 Second Avenue and killed two people, new renderings have been revealed of Morris Adjmi Architects' proposed seven-story, 21-unit condo that would replace the circa-1886 tenements that once stood there. As it's within the East Village/Lower East Side Historic District, it needs approval from the Landmarks Preservation Commission. After reviewing the plans this afternoon and deciding that the proposal is "close, but not quite there," they've sent Adjmi and Yaniv Shaky Cohen’s Nexus Building Development Group back to the drawing board over concerns regarding the windows, storefront, and coloring. Neighbors and those affected by the tragedy are also calling for a commemorative plaque to be incorporated into the design.
Find out more
Disney will move from the UWS to Hudson Square in $650M deal with Trinity Church
July 10, 2018

Disney will move from the UWS to Hudson Square in $650M deal with Trinity Church

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Photo via Wikimedia The Walt Disney Company announced Monday it will move its operations from the Upper West Side to Lower Manhattan, where the media giant is planning to build modern production space and offices. Disney purchased the rights to develop Trinity Church's property at 4 Hudson Square for $650 million under a 99-year agreement. The site covers a full city block, bordered by Hudson, Varick, Van Dam and Spring Streets. "This move represents an historic step forward toward our long-term vision for our New York operations," Robert Iger, CEO of Disney, said in a statement. "The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses."
Get the details of the Disney deal
MAP: See city owners vs. renters, block by block

Renters and owners in Manhattan. Map by Ryan McCullough

July 10, 2018

MAP: See city owners vs. renters, block by block

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New York has been called a city of renters and with good reason. The real estate rent vs. own breakdown here is far different than that of other parts of the country, for a multitude of complex reasons. But it's also interesting to take a look at neighborhoods within the city. Ryan McCullough of Mapbox and Tippecanoe, the map geeks responsible for whizzing up this view of the U.S.A., was motivated to dig deeply into this particular data. The result was Owners vs. Renters, an interactive dot map showing every single homeowner and renter in the United States. You can zoom in on a major city hub and to see where more residents tend to be homeowners and where more people rent.
Find out more
Despite 200-foot height cut, 67-story tower in Long Island City will still be Queens’ tallest

Via Hill West Architects

July 9, 2018

Despite 200-foot height cut, 67-story tower in Long Island City will still be Queens’ tallest

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The soaring condo tower planned for Long Island City's Court Square shrunk in height this week, dropping from a proposed 984-foot tower to 778 feet, Curbed NY reported. This isn't the first height fluctuation for the building, dubbed the Court Square City View. Developer Chris Xu proposed a 964-foot tower in 2016, bumped it to supertall status at 984 feet in 2017 and now, according to the WSJ, the tower will rise just under 780 feet. Despite reducing in height by more than 200 feet, the tower will still be the tallest building in Queens upon completion.
Find out more
How the city’s new credit history guidelines affect affordable housing applicants

Image via Flickr CC

July 9, 2018

How the city’s new credit history guidelines affect affordable housing applicants

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If you’ve ever applied for affordable housing in New York City, you already know that the process can feel more like an IRS audit than a typical housing application. While owners and management companies are empowered to ask for a lot of paperwork, to qualify for an affordable housing unit, you’ll need to do more than provide recent pay stubs, tax returns, and bank statements. You'll need to share several years of financial, housing, and employment information, and if the developer doesn’t think you’ve provided enough evidence to quality, they can always ask for more evidence as the selection process unfolds. Fortunately, as of July 1st, the process of applying for affordable housing and the baseline credit criteria needed to qualify just got a bit easier for applicants.
Everything you need to know
Jesse Tyler Ferguson trades up to a $3M Chelsea pad
July 6, 2018

Jesse Tyler Ferguson trades up to a $3M Chelsea pad

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6sqft recently noted “Modern Family” star Jesse Tyler Ferguson and husband Justin Mikita's listing of their 900-square-foot one-bedroom Gramercy Park co-op for $1.5 million. Three months on, the New York Post reports that the pair have advanced to a bigger, blingier home in the new D'Orsay condominium at 211 West 14th Street. All signs point to that unit being a 1,402-square-foot two-bedroom pad that was listed at $2.995 million and sold for $3.05 million according to city records. The boutique Chelsea condo building boasts interiors by internationally acclaimed designer Jacques Garcia, known for the decor at Hotel Costes in Paris and NYC's NoMad Hotel.
Have a look
Bob Weinstein takes another loss on $20.5M sale of Central Park West apartment
July 6, 2018

Bob Weinstein takes another loss on $20.5M sale of Central Park West apartment

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Producer Robert "Bob" Weinstein continues to unload his real estate portfolio amid business parter and brother Harvey's sexual abuse allegations. In December, he sold his Upper West Side townhouse for $15 million, the same exact price he paid for it in 2009 with ex-wife Annie Clayton. Just last month, he unloaded his Greenwich, Connecticut mansion for $17 million after three years on the market and a 15 percent price chop. And according to city records released yesterday, his massive Central Park West duplex at the Beresford has now closed for $20.5 million, just a hair above the $20 million he bought it for in 2004 and much less than the $29.5 million it listed for nearly a year ago. The buyer is listed as Pamela Schein Murphy, wife of restauranteur Marc Murphy. Not only does the 14-room spread encompass 7,000 square feet, but it boasts two large terraces overlooking the park.
See the whole place
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): Henry Hall, The Clark, Denizen Bushwick and Monterey at Park

June 30, 2018

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

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Images (L to R): Henry Hall, The Clark, Denizen Bushwick and Monterey at Park Henry Hall in Hudson Yards Offers 4 Months Free on 25-Month Leases [link] Live at The Clark in Prospect Lefferts Gardens from $1,920/Month [link] The Denizen Launches; Modern Bushwick Rentals with Impressive Amenities [link] Murray Hill’s Emery Roth-Designed Monterey at Park […]

Kushner Cos. blame Jersey City’s ‘anti-Trump’ sentiment in lawsuit over stalled $900M project
June 29, 2018

Kushner Cos. blame Jersey City’s ‘anti-Trump’ sentiment in lawsuit over stalled $900M project

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Old rendering of One Journal Square via KABR Group A partnership headed by Charles Kushner filed a lawsuit in federal court in Jersey City Wednesday, blaming the mayor's "political animus" toward all things Trump–and, therefore, Kushner–for sending the company's residential complex into default earlier this year. According to the New York Times, the suit claims that Jersey City Mayor Steven Fulop issued a default against the $900 million development in order to "appease and curry favor with the overwhelmingly anti-Trump constituents of Jersey City.”
More political animus, this way
Young professionals in Yonkers: How the city’s redevelopment plan targets millennials
June 28, 2018

Young professionals in Yonkers: How the city’s redevelopment plan targets millennials

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Photo via Dennis Fraevich's Flickr Located on the Hudson River adjacent to New York City's northern border, Yonkers is the third-largest city in the state with nearly 200,000 residents. And with five major highways, two commuter train lines that are just a 28-minute trip to Grand Central, and the highest number of bus lines in Westchester County, it's no surprise that many are going bonkers for Yonkers. Phillip Gesue, chief officer of development at Strategic Capital, the developer of the Hudson Park residential project, told 6sqft that Yonkers is in transition. "Unlike Manhattan, which is, perhaps, over-baked, Yonkers is an affordable place to live and play," Gesue said. "It has people who have been living here a long time and new transplants who largely want to work in New York City. There is a growing population, development momentum and job growth.” Ahead, find out how officials are working to attract millennials, get a breakdown of all Yonkers' new developments, and learn why there's a lot more to do here than you might think.
Get the Yonkers low-down
Aspiring real estate developer Kanye West takes a loss on Noho condo sale
June 28, 2018

Aspiring real estate developer Kanye West takes a loss on Noho condo sale

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For those who were skeptical about Kanye West's recently announced foray into real estate ("I’m going to be one of the biggest real estate developers of all time. Like what Howard Hughes was to aircrafts and what Henry Ford was to cars," he humbly said.) here's proof that Yeezy might want to stick to rapping and Kardashian kuddling. TMZ reports that Kanye has just sold his Soho condo at 25 West Houston Street for $3 million, even less than the $3.14 million he paid for it.
READ MORE
Plan released for a seven-building, 800+ unit affordable development in Brownsville

Rendering via L+M and Curtis+Ginsberg Architects

June 26, 2018

Plan released for a seven-building, 800+ unit affordable development in Brownsville

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Plans for a seven-building affordable housing development in Brooklyn's Brownsville were released this week, as part of the city's revitalization effort in the neighborhood. As part of the "Brownsville Plan," the proposed project includes eight-to nine-story residential buildings with new retail and community space along Livonia Avenue. The project would extend the existing Marcus Garvey Apartments, a housing complex built in the mid-1970s that currently has many underutilized parking lots (h/t YIMBY). Overall, the more than 900,000-square-foot development will bring over 840 affordable apartments, currently estimated to be set aside for New Yorkers earning 80 percent or below the area median income.
More details here
Get a first look at the amenities at Bjarke Ingels’ High Line towers
June 25, 2018

Get a first look at the amenities at Bjarke Ingels’ High Line towers

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Less than two weeks after HFZ Capital revealed the marble-clad interior renderings for Bjarke Ingels’ High Line-facing XI condo/hotel project at 76 Eleventh Avenue, they've now launched the official website. First spotted by Curbed, the site gives us our first view of the amenities such as the huge, glass-enclosed pool, as well as an up-close look at the "Bridge Lounge," the swanky amenity space located within the development's skybridge. The double-height podium bridge, which connects the asymmetrical, twisting towers, will have a retractable movie screen, private wine tasting room, bar, and library.
See all this and more
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): New York By Gehry, The Pointe, The Addition and Jackson Park

June 23, 2018

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

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Images (L to R): New York By Gehry, The Pointe, The Addition and Jackson Park Renting in New York’s Tallest Apartment Building, New York by Gehry [link] Live at The Maya from $1,795/Month; No Fee Rentals in Jamaica Estates [link] The Pointe Debuts in Rego Park with 1 Month Free; New Rentals from $1,962/Month [link] […]

PHOTOS: See Moynihan Train Hall’s massive skylight being installed
June 21, 2018

PHOTOS: See Moynihan Train Hall’s massive skylight being installed

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After starting construction last summer, Skidmore Owings & Merrill (SOM)'s reimagined Moynihan Train Hall is now beginning to take shape. Part of Governor Cuomo's Empire Station Complex revamp of Penn Station, the old James A. Farley Post Office will be transformed into a crystal palace-esque boarding concourse with a 92-foot high skylight atop the 1913 building's original steel trusses. CityRealty recently got an exclusive aerial look at how construction is progressing on the glass skylights ahead of the Train Hall's anticipated 2020 opening.
See more construction shots
Katie Couric sells her Park Avenue pad for $7.8M

Update 6/21/18: The Post now reports that Couric’s apartment closed for $7,780,000, according to property records. The buyers are Dana Wallach Jones, general counsel for the Guggenheim Museum, and Michael Jones, the CFO of Lambert Television. The couple is active on the board of the American Museum of Natural History, which is just across the park from their new digs. 

June 21, 2018

Katie Couric sells her Park Avenue pad for $7.8M

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Twenty years ago, celebrated news anchor Katie Couric bought a classic, five-bedroom co-op at 1155 Park Avenue. But after remarrying in 2014 to financier John Molner in 2014, the couple upgraded to a $12 million, full-floor apartment at the Peter Pennover-designed 151 East 78th Street. Couric first listed her longtime Upper East Side home this past October for $8.25 million; she then dropped the price to $7,995,000 at the end of January, and now the Post reports that the home has gone into contract.
Take a look
David Adjaye reveals interiors for luxury FiDi condo, his first NYC tower

Renderings by Binyan

June 19, 2018

David Adjaye reveals interiors for luxury FiDi condo, his first NYC tower

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With construction officially underway at 130 William Street and sales launching for the 244 condos later this month, Sir David Adjaye hosted an event last night to reveal the interiors of his 800-foot Financial District tower. And they're just as chic as expected, with finishes made from materials sourced from all over the world and hardware designed by the starchitect himself. Adjaye Associates collaborated with Hill West Architects on the project. "In defining the design for 130 William, I not only sought to celebrate New York City’s heritage of masonry architecture, referencing the historical architecture once pervasive upon one of the city’s earliest streets," Adjaye said. "However, and more importantly, 130 William has been crafted to focus on the new possibilities of urban, vertical living."
See the renderings here
Reaching over 1,000 feet, 35 Hudson Yards tops out as the mega-project’s tallest residential building

Construction photo via CityRealty

June 19, 2018

Reaching over 1,000 feet, 35 Hudson Yards tops out as the mega-project’s tallest residential building

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The first residential supertall to rise at the Hudson Yards mega-project officially topped out this week at 1,009 feet. Developed by Related Companies and Oxford Properties Group, 35 Hudson Yards rises 72 floors and is now considered the ninth tallest structure in New York City, YIMBY reported. Skidmore Owings & Merrill (SOM) designed the 1.1 million-square-foot mixed-use tower, which will accommodate 137 private residences, an Equinox-branded hotel and fitness club, office space and ground-floor retail.
More this way
$7,000/month Dumbo triplex makes a splash with rustic details–and a rooftop beach
June 19, 2018

$7,000/month Dumbo triplex makes a splash with rustic details–and a rooftop beach

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This classic industrial Dumbo loft at 50 Bridge Street is already ahead of the rental pack by being an extra-large one-bedroom, two-bath apartment that spans three levels. It has the prerequisite high ceilings and exposed beams plus a working fireplace, central A/C and large south-facing windows. It's asking $6,900 a month, which seems a bit steep (even with a swing in the middle of the living room), until you discover the massive private roof deck with all the summertime fun necessities including a hot tub, a cabana and more.
Let's take a closer look
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