Real Estate Trends

$700M proposal calls for NYC’s first soccer stadium and 550 affordable apartments in the South Bronx

Rendering via Rafael Viñoly Architects

April 17, 2018

$700M proposal calls for NYC’s first soccer stadium and 550 affordable apartments in the South Bronx

New York City could be getting its first soccer stadium if a proposal for the project led by Related Companies gets chosen by officials. A partnership made up of developers Related and Somerset Partners, along with the Major League Soccer team, New York City Football Club, has submitted a plan to bring a 26,000-seat soccer stadium designed by Rafael Viñoly, over 550 units of affordable housing and a waterfront park to the South Bronx. According to YIMBY, the project, estimated to cost $700 million, would rise on the site of the Harlem River Yards, a 13-acre parcel in Mott Haven operated by the Empire State Development Corporation.
More this way

April 17, 2018

With $3.55M sale, Eli Manning’s condo sets Hoboken record

By Annie Doge

Eli Manning's patience trying to offload his Hoboken condo certainly paid off, as the Post reports that it's sold for $3.55 million--the biggest condo sale in the city's history. The Giants quarterback first listed the waterfront spread at the Hudson Tea Building three years ago for $5.2 million, but after failing to find any takers, he put it up as an $18,000/month rental the following spring. Manning currently lives with his wife, Abby McGrew, and their three daughters in the more suburban Summit, NJ. He also dropped $8.5 million on a beachfront Hamptons mansion last year.
Take a look around

Despite a 30 percent drop in sales prices, Tribeca remains NYC’s most expensive neighborhood

Photo via CityRealty

April 16, 2018

Despite a 30 percent drop in sales prices, Tribeca remains NYC’s most expensive neighborhood

By Devin Gannon

Despite suffering from a 30 percent drop year-over-year in median sale prices, Tribeca still managed to rank first as New York City's most expensive neighborhood, followed closely by Soho. Property Shark released this week its list of the 50 priciest areas in the city in Q1 2018 and unsurprisingly, nine out of the top ten are located in Manhattan. Notably, the West Village witnessed an 88 percent year-over-year increase with a median sale price hovering $2.1 million. And the Flatiron District, which ranked as the most expensive neighborhood in the third quarter of 2017, fell to sixth place, with a median sale price of $1.85 million.
See the list

Real Estate Trends

Rendering via ODA Architects

April 16, 2018

100 chances to live at ODA’s Rheingold Brewery development in Bushwick, from $913/month

By Devin Gannon

A lottery launched this week for 100 affordable units at 10 Montieth Street, part of the massive ODA-designed Rheingold Brewery development in Bushwick. The seven-story, 392-unit building topped out last September, with its distinct modular form, sloping rooftop garden and colorful frames. Amenities at the building include a climbing wall, laundry room, interior courtyard, game room, bike storage, children's playroom, art studios and much more. Qualifying New Yorkers earning 60 percent of the area median income can apply for the units, ranging from $913/studios to $1,183/two-bedroom apartments.
Find out if you qualify

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

Images (L to R): 606W57, One Hudson Yards, 70 Columbus and View 34

April 14, 2018

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

By Ondel Hylton

Images (L to R): 606W57, One Hudson Yards, 70 Columbus and View 34 Special Offer on Luxury Rentals at One Hudson Yards; See New Listings 606W57 Luxury Rentals Launch from $2,795/Month; See New Photos + Floor Plans Rooftop with All the Views at VIEW 34, Luxury Rentals on the East River from $2,753/Month Renovated Homes + Ocean Views; Brooklyn's Shorecrest Towers Leasing from $1,900/Month Meet The Alexey, South Slope's Provocative Rubix-Cube-Like Rental Leasing from $2,200/Month Jersey City's 70 Columbus Rentals from $2,150/Month; 90 Columbus Set for Spring Launch
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Real Estate Trends

April 12, 2018

The 15 best gyms in NYC residential buildings

By Michelle Sinclair Colman

Jay Wright, founder and CEO of The Wright Fit, a gym design and management consultancy, is behind many of the gorgeous gyms in high-end NYC residential buildings, from 15 Central Park West to 56 Leonard. The Wright Fit has a very specific philosophy that guides their design and programming for their clients’ facilities. “That philosophy is called centerpoint strategy. The goal of is to create balance, functional longevity, and optimal quality of life for our clients and the residents of the building. We are trying to get people off of fixed path motion machines, where the actual machines define the path of motion, and teach people about their bodies. We like to challenge people to evolve their way of thinking.” Wright says that time and proximity are the biggest barriers to working out. By creating gorgeous gyms in residential buildings, those two barriers are eliminated. So if you live one of these buildings with amazing gyms, let us envy you as you run down the stairs (forget the elevator) and start sweating. Ahead, we've rounded up the 15 best residential gyms that are getting New Yorkers' heart rates pumping.
Check out our list without breaking a sweat

Real Estate Trends

Photo via CityRealty

April 11, 2018

Why middle-income New Yorkers are turning down affordable housing

By Cait Etherington

It sounds like a dream come true. After a decade of living and struggling to pay your rent as a middle-income New Yorker, you get an email from NYC Housing Connect that says, “Invitation for Interview” followed by the address of the building to which you applied. For a moment, you are ready to break out the champagne and start celebrating the fact that that rent-stabilized, affordable NYC apartment you have always dreamt about living in—yes, that massive apartment that is only a fraction of everyone else’s monthly rent—is finally in reach. But then, like a lot of middle-class New Yorkers, you start to seriously consider whether you’re ready, willing, and able to accept what NYC Housing Connect is actually offering.
Hear from real New Yorkers who have turned down affordable housing

By 2020, the U.S. will have 300 food halls

UrbanSpace Vanderbilt. Photo by Shinya Suzuki/Flickr

April 11, 2018

By 2020, the U.S. will have 300 food halls

By Michelle Sinclair Colman

Between 2015 and 2020, the number of food halls operating nationwide will go from 70 to 300, finds a new Cushman & Wakefield report. This trend is very clear in New York City with 25 active permanent food halls and at least 10 others planned, or rumored, for the near future. Some of the most notable examples in the works are the TimeOut DUMBO food hall and the Essex Crossing's Market Line (set to be one of the largest in the world), in addition to examples like the very successful Urban Space which opened another food hall only six blocks from one of its other locations.
What's driving the trend

Construction kicks off for Handel Architects’ mixed-use tower at Essex Crossing

Rendering via Moso Studio

April 10, 2018

Construction kicks off for Handel Architects’ mixed-use tower at Essex Crossing

By Devin Gannon

Construction of Handel Architects' mixed-use tower planned for the Lower East Side's Essex Crossing development has officially begun. Located at 180 Broome Street, the tower sits at the Manhattan entrance to the Williamsburg Bridge, the structure which influenced the oversized concrete frames in the building's design. The tower includes 263 apartments, retail at street level, office space on levels two through five and a section of the massive marketplace below ground, the Market Line. According to CityRealty, the start of construction at 180 Broome makes it the sixth site to begin building in the nine-site complex.
Take a peek

REVEALED: Jeanne Gang’s 51-story condo next to Downtown Brooklyn Macy’s

Rendering via Tishman Speyer

April 9, 2018

REVEALED: Jeanne Gang’s 51-story condo next to Downtown Brooklyn Macy’s

By Devin Gannon

Tishman Speyer released on Monday the first renderings for its new luxury residential tower in Downtown Brooklyn, 11 Hoyt. Designed collaboratively between Hill West Architects and Jeanne Gang's architecture firm, Studio Gang, the 51-story, 480-unit condominium project will offer a variety of apartment layouts, with more than 190 different floor plans. The tower's rippling exterior seems to borrow elements used in two of Gang's Chicago projects, the Aqua Tower and the Vista Tower, which is currently under construction. The project will rise next to the Macy's on Fulton Street, which is currently undergoing renovations by Tishman Speyer, who are also planning a 10-story office tower on top of the store. Sales will launch at the tower this summer, but interested buyers can now check out the building's newly launched teaser site.
See them here

‘Private school bump’ sends parents hunting for second homes on the Upper East Side

By Michelle Sinclair Colman

‘Tis the time of year for private school acceptance letters to arrive. Nervous teens and parents race to their inboxes and find out if they are given the honor of spending upwards of 50k a year on their children’s education, often at one of the Upper East Side's highly prestigious institutions. At the same time, the starting gun sounds on the race to find an Upper East Side home to move to near school. amNY reported that with the “private school bump,” not only do buildings see a jump in families moving their primary residences to the area but many see NYC residents buying “little studios for them and their kids for Monday through Friday just to be closer to the school so they don’t have to commute from Tribeca, the Lower East Side, or Chelsea.”
Hear from the pros

Real Estate Trends

Richard Meier’s East side master plan moving ahead with three condos and biotech offices

Rendering courtesy of Richard Meier & Partners / Solow / BloomImages

April 9, 2018

Richard Meier’s East side master plan moving ahead with three condos and biotech offices

By Annie Doge

Across the street from Richard Meier’s nearly-complete new black glassy-facaded condo/rental tower at 685 First Avenue (known as 685 First), between First Avenue and the East River, a boarded-up construction site has remained quiet for the better part of a decade. Now, Curbed reports, the site’s developer, Solow Building Company, headed by Sheldon H. Solow, 89, and son Stefan Soloviev, confirms the site's awakening and imminent transformation into three condominium buildings and a fourth building, to be a biotech office, using the 2012 master plan penned by Meier's architecture firm.
Find out more

Images (L to R): The Beckenstein and interior at The Rollins

April 7, 2018

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

By Ondel Hylton

Top 10 Rental Buildings on the Lower East Side Manhattan Skyline Partners with Jetty to Help Renters Meet Move-In Requirements Interview: How Ajay Yadav’s Roomi App Prevents Bad Roommate Experiences Renting and Buying in Times Square; What’s Available Right Now ML House Gets Clad; Bryant Park’s First Luxury Rental Set to Debut Summer 2018 Park […]

April 5, 2018

REVEALED: New renderings of Domino Sugar Factory’s waterfront park and esplanade

By Dana Schulz

Almost a year to date since the first renderings were revealed for Domino Park, the 11-acre park and waterfront esplanade that will anchor the three-million-square-foot Williamsburg mega-development at the Domino Sugar Factory site, a new batch of views has been released by developer Two Trees, and they showcase everything from an urban "beach" to a better look at how preserved artifacts from the historic factory will be incorporated throughout. Designed by James Corner Field Operations (of the High Line fame), the park is scheduled to open this summer, ahead of most of the buildings.
All the renderings and details ahead

$165M sale of South Bronx waterfront site is the borough’s priciest development deal ever

An original rendering of 2401 Third Avenue via Hill West Architects

April 4, 2018

$165M sale of South Bronx waterfront site is the borough’s priciest development deal ever

By Devin Gannon

Somerset Partners and Chetrit Group have sold their massive South Bronx waterfront site to Brookfield Properties for $165 million, the priciest transaction for a development in the Bronx on record. As the New York Post reported, the project includes two sites on either side of the Third Avenue Bridge. At 2401 Third Avenue, original plans called for a 25-story standalone tower and a 25-story and 16-story building rising from an eight-story base. Developers also planned to bring three 24-story buildings and a 22-story building on top of a six - and seven-story base at the second site at 101 Lincoln Avenue.
Find out more

April 4, 2018

David Adjaye’s first New York skyscraper begins its 800-foot rise in the Financial District

By Dana Schulz

Four months after revealing renderings for his first NYC skyscraper, esteemed British architect David Adjaye is finally seeing the project get off the ground. CityRealty reports that construction at 130 William Street has reached street level, with a red kangaroo crane in the ready to begin its nearly 800-foot-tall rise. The Ghana-born architect, who was knighted by Queen Elizabeth II and named one of TIME’s 2017 most influential people, has said the condo tower was inspired by the historic masonry architecture of the Financial District.
Find out more ahead

What would congestion pricing mean for NYC real estate?

Photo via joiseyshowaa/Flickr

April 3, 2018

What would congestion pricing mean for NYC real estate?

By Michelle Sinclair Colman

Congestion pricing is dead in the water again. But New York City’s traffic and subway problems continue to get worse while the population and Cuomo and De Blasio’s battles continue to grow. Something has to give. With that in mind, the question remains, if congestion pricing ever happens, what is the relationship between congestion pricing […]

April 3, 2018

La Central, 992-unit affordable Bronx development, ramps up construction

By Michelle Cohen

As 6sqft previously reported, after getting the green light for La Central, a new development that would bring nearly 1,000 units of affordable housing to the site of the Bronx Zoo-bordering Lambert Houses, construction on phase 1 of the project is well underway. Welcome2TheBronx reports that a 160-unit building D at Bergen Avenue and 152nd Street, a supportive housing building for formerly homeless individuals, is almost topped out and is scheduled to be finished by the summer of 2019. Two more buildings in the 992 unit, 1.1-million-square-foot Hudson Companies, Inc, development have broken ground.
Find out more

Everything you need to know about cryptocurrency and real estate

NYC skyline via Pexels; Bitcoin via Pexels

April 2, 2018

Everything you need to know about cryptocurrency and real estate

By Michelle Sinclair Colman

NYC skyline via Pexels; Bitcoin via Pexels Just when you think you understand the world of cryptos, all you understand is how little you know. And when you do actually master a topic, it will change. Which is why to get you started, we've put together a 101 guide to cryptocurrencies and real estate transactions. From the technology behind digital currencies such as Bitcoin to their risks, the real estate market is ripe for potential when it comes to this burgeoning market.
Get your primer ahead

April 2, 2018

Heidi Klum buys a raw Soho penthouse loft in need of a complete reno for $5M

By Michelle Cohen

Though Heidi Klum has spent summers renting a New York City pad and even checked out Bon Jovi's pricey penthouse, the supermodel and TV personality was LA-based until recently. The Post reports that Klum just closed on a 4,772-square-foot Soho penthouse loft at 515 Broadway for $5.1 million. Purchased under the name “HK East Coast LLC,” the loft, in a 19th century Queen Anne-style building also known as 84 Mercer Street, is a former artist's studio, though it's exempt from Artist Certification requirements. The totally raw space is in need of just about everything.
Take a look

‘Atlantic Chestnut’ development will bring over 1,100 fully-affordable units to East New York

Rendering via Dattner Architects

March 29, 2018

‘Atlantic Chestnut’ development will bring over 1,100 fully-affordable units to East New York

By Devin Gannon

A mixed-use development will bring 1,165 fully-affordable units to the Brooklyn neighborhood of East New York, an evolving community in need of new and preserved housing. Dattner Architects released this week new renderings of the development, dubbed Atlantic Chestnut after the two streets it will face (h/t CityRealty). The complex, which will include three 14-story buildings, sits on 4.5 acres and measures over a million square feet. The three buildings will be completed in successive phases, with the first scheduled to wrap up in 2020, the second in 2021 and the third in 2022.
Find out more

Essex Street Market announces more vendors for new Essex Crossing location

Rendering courtesy of SHoP Architects for Market Line

March 29, 2018

Essex Street Market announces more vendors for new Essex Crossing location

By Michelle Cohen

This week's announcement of more vendors that will make up the inaugural roster for Essex Street Market's new home at the Essex Crossing mega-development included some favorites from around the city along with current faces, reports Bedford + Bowery. New to the market when the 24-story building at 115 Delancey Street opens will be Williamsburg's Middle Eastern takeout spot Samesa, East Village herbal apothecary Roots, Fort Greene florist Saffron and Union Square Greenmarket regular Josephine's Feast!
What else is in the works?

March 28, 2018

The final frontier of history and hip: Developments and amenities shaping the Lower East Side

By Michelle Sinclair Colman

For many New Yorkers, the Lower East Side is one neighborhood that still has a lot of authenticities and good 'ole New York grit left. It has been described as Manhattan’s "last frontier of cool. The promised land of old as well as new... Where the Godfather lives side by side with a hipster movie." Put more tangibly by Benjamin Baccash of Taconic Investment Partners, the developer of LES's Essex Crossing, "The Lower East Side has wonderful restaurants, art galleries, and great street life. It’s a real neighborhood and that’s what a lot of people are looking for." In addition to great diversity, personality, and transportation, the city is undertaking huge improvements on the east river waterfront, and developers are erecting new developments at all corners of the 'hood. Ahead, 6sqft takes a look at everything that's keeping the Lower East Side a vestige of old New York during its contemporary resurgence, from massive projects like Essex Crossing to a booming art gallery scene.
As Irving Berlin once said, “Everybody ought to have a Lower East Side in their life.”

Real Estate Trends

Investor group may create its own cryptocurrency to fund purchase of the Plaza

Photo via Wally Gobetz/Flickr

March 28, 2018

Investor group may create its own cryptocurrency to fund purchase of the Plaza

By Michelle Sinclair Colman

Photo via Wally Gobetz/Flickr Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.
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Real Estate Trends

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