Real Estate Trends

No subway, no worries: Developers offer incentives to lure tenants off train lines

Williamsburg, where the L train shutdown will soon take effect, via Wiki Commons

October 3, 2018

No subway, no worries: Developers offer incentives to lure tenants off train lines

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Williamsburg, where the L train shutdown will soon take effect, via Wiki Commons In a city with fewer car owners than nearly any other location in North America, it should come as no surprise that subway access is a key factor for most New Yorkers when they go on the housing market. In fact, many New Yorkers won’t even consider renting or buying if the address is more than a 10-minute walk from the nearest subway. This explains why some neighborhoods, including Greenpoint, which has a subway but not one that leads to Manhattan, and Alphabet City, which doesn’t have a subway at all, have long reported lower real estate values and rental prices that their nearest neighbors. However, there are growing signs that subway access may no longer matter as much as it once did. While subway access remains important, it is increasingly no longer a deal breaker for developers or prospective tenants. In today’s real estate market, a growing number of developers are pouring money into developments located off the subway line, and many tenants don’t seem to mind. This may also explain why not all developers with projects located along the L line are worried about the pending shutdown, which is now slated to begin in April 2019.
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To lure Google workers, investors drop $83M on a block of Chelsea apartments

102-116 Eighth Avenue; via Brodsky Organization

October 2, 2018

To lure Google workers, investors drop $83M on a block of Chelsea apartments

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Real estate investors Dalan Management Associates and Elion Partners announced a joint venture on Tuesday to acquire eight adjacent buildings in Chelsea for $83 million. The buildings, which run along Eighth Avenue from West 15th to West 16th Streets, contain 102 multi-family units and 10 ground-floor retail spaces known as the Chelsea Collection. Because the property sits directly across from Google headquarters, developers hope to attract workers from the tech giant, Crain's reported.
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Listings go live at the world’s skinniest skyscraper, 111 West 57th Street
October 2, 2018

Listings go live at the world’s skinniest skyscraper, 111 West 57th Street

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The race to build the tallest residential building in the world has long been underway along Billionaires' Row, but 111 West 57th Street not only boasts height (at 1,428 feet it'll surpass the current record holder, 1,396-foot 432 Park Avenue until the 1,500-foot Central Park Tower tops out) but a frame that is so slender (a ratio of 1:24) it garners it the title of skinniest skyscraper in the world. And after six years watching the development unfold, listings have finally gone live for the 46-unit condo, first spotted by Curbed. The first batch includes seven units, six of which are three-bedrooms ranging from $18 to $30 million, along with a $56 million penthouse.
Ogle the floorplan porn
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): Hunters Landing, 33 Bond Street, One Sixty Madison and RiverHouse11

September 29, 2018

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

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Images (L to R): Hunters Landing, 33 Bond Street, One Sixty Madison and RiverHouse11 Long Island City’s Hunters Landing Launches Leasing: No Fee Rentals from $2,211/Month [READ MORE] Newly Launched 33 Bond Street in Downtown Brooklyn Offers Rentals with Up to 2 Months Free [READ MORE] NoMad’s One Sixty Madison Offering One Month Free on […]

Battery Park City and Upper West Side communities transition from middle-aged to millennial

Via Wikimedia

September 28, 2018

Battery Park City and Upper West Side communities transition from middle-aged to millennial

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Despite recently ranking as the most expensive zip code for renters in the United States, Battery Park City experienced the greatest influx of millennial residents in New York City over a period of five years. The Lower Manhattan neighborhood, with the zip code 10282, saw a population increase of over 54 percent, according to report released this month by RentCafe. Out of the top 20 zip codes with the highest increase in millennials, Battery Park City, with 2,300 Generation Y residents, ranks third in the country, falling slightly behind two downtown Los Angeles neighborhoods (h/t amNY).
Where are millennials moving?
Watch a time-lapse video of Waterline Square reaching the finish line

Via Field Condition

September 28, 2018

Watch a time-lapse video of Waterline Square reaching the finish line

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Construction is wrapping up on a trio of glassy residential towers known as Waterline Square, located on the five-acre waterfront site between West 59th and 61st Streets. Three Waterline Square, designed by Rafael Viñoly, got its multi-faceted crystal-planed exterior earlier this month. Richard Meier, on a leave of absence from his firm after accusations of sexual harassment, designed One Waterline Square, the 37-story building that also recently reached its pinnacle. Finally Kohn Pedersen Fox Associates' Two Waterline Square culminates at 38 stories. After the jump, check out a video showing the entire project rise in under 90 seconds.
Check it out
City Council approves 80 Flatbush development in Downtown Brooklyn

Rendering of the 986-foot tower (left) and revised 840-foot tower (right) via Alloy Development and Luxigon

September 27, 2018

City Council approves 80 Flatbush development in Downtown Brooklyn

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The New York City Council voted on Wednesday to approve 80 Flatbush, a five-building mixed-use development planned for Downtown Brooklyn, Curbed NY reported. The approval comes after negotiations last week between Alloy Development and Council Member Stephen Levin, who represents the area, which led to a shorter, less-dense complex. After the developers agreed to cut the height of two buildings, one from 986 feet to 840 feet and another from 560 to 510 feet, the Council's subcommittee on zoning voted in favor of the project.
More on the project
New details for Brooklyn’s Pacific Park and a first look at its tallest tower

A new rendering of B4, the development’s tallest tower planned

September 26, 2018

New details for Brooklyn’s Pacific Park and a first look at its tallest tower

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The development of Pacific Park, a 22-acre mixed-use complex near the Barclays Center, has entered its next phase Greenland Forest City Partners announced Wednesday. The developer is bringing on TF Cornerstone and the Brodsky Organization as development partners for the project. The duo will develop three parcels at the site, which include three rental buildings, a new public school, and new open space. Greenland also announced construction is set to begin in the spring for the park's tallest tower, a more than 500-foot tall tower designed by Perkins Eastman.
More details here
First look at interiors and private park at Jeanne Gang’s Downtown Brooklyn condo
September 26, 2018

First look at interiors and private park at Jeanne Gang’s Downtown Brooklyn condo

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To coincide with the sales launch at Downtown Brooklyn's 57-story tower at 11 Hoyt Street, Tishman Speyer has released a slew of new renderings of the Jeanne Gang-designed condo. Previous views have shown how Gang's signature metallic rippling effect will be applied to the facade, but the new batch gives us a better look at the nearly 27,000-square-foot private park and the first glimpse of the interiors and amenity spaces.
All the renderings and details this way
To live across from Central Park, you’ll pay 25% more than every bordering neighborhood

Via Wikimedia

September 25, 2018

To live across from Central Park, you’ll pay 25% more than every bordering neighborhood

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To make Central Park your front yard, you'll have to fork over $277,000 more than the median sale price of every bordering neighborhood. A new report by Property Shark looks at just how much more New Yorkers are willing to spend to be near the 843-acre oasis, a real estate trend which the group calls the "Central Park effect." According to the analysis, the median sale price of units along the first row of blocks across the park was 25 percent more expensive than that of every nearby area. And in the priciest section, the Upper East Side's Lenox Hill, that rose to a 93 percent difference.
More on the Central Park effect
New report shows NYC landlords falsified 10,000+ work permits in 2.5 years

Image by Jorbasa Fotografie / Flickr 

September 24, 2018

New report shows NYC landlords falsified 10,000+ work permits in 2.5 years

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Recent news of Kushner Companies' filing of false documents outlining the residential makeup of their buildings in order to get construction permits has prompted a closer look at the practice, which, according to Politico, has been rampant among New York City property owners for years with few consequences. Last month the Department of Buildings fined Kushner Companies $210,000 for repeatedly submitting inaccurate paperwork. Tenant advocacy group Housing Rights Initiative (HRI) will release a report Monday outlining how landlords filed more than 10,000 deceptive PW1s (Plan/Work Applications) in the span of two and a half years.
What's going on here?
Where old meets new: Welcoming a new era of developments in Murray Hill

Via Jeffrey Zeldman on Flickr

September 24, 2018

Where old meets new: Welcoming a new era of developments in Murray Hill

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Unlike many New York City neighborhoods that have reputations that travel far beyond their borders, for many years, Murray Hill has remained low key. If Murray Hill hasn’t always been quick to flaunt its assets, it may have something to do with its Quaker origins. After all, the "Murray" in Murray Hill points back to the Murray family—the clan of Quaker merchants who first settled the area in the mid-18th century. Since the days of the Murray family, much has changed in the neighborhood. The "hill" has been leveled, the neighborhood is no longer considered uptown, and since the early 2000s, the neighborhood’s reputation as a quiet and staid residential enclave has also been shattered as a younger crowd has moved in. In fact, for much of the past two decades, at least some parts of Murray Hill have become synonymous with the bar scene along Third Avenue, which is primarily known as a playground for young professionals. More recently, the neighborhood is undergoing another shift as a new era of higher-end rentals and condo developments attract a somewhat more mature demographic.
More on Murray Hill
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): 325 Lafayette Avenue, Alvista Towers, 88 Leonard Street and 180 Riverside Boulevard

September 22, 2018

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

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Images (L to R): 325 Lafayette Avenue, Alvista Towers, 88 Leonard Street and 180 Riverside Boulevard Newly Built 325 Lafayette Avenue in Clinton Hill Offers 2 Months Free: Net Effective Prices from $2,375/Month [link] Live at Alvista Towers from $1,729/Month; Get 1 Month Free on Leases Signed by Nov. 1st [link] Tribeca Rental Specials at […]

Across from the Brooklyn Navy Yard, RXR plans a 10-building complex in a former printing press factory
September 20, 2018

Across from the Brooklyn Navy Yard, RXR plans a 10-building complex in a former printing press factory

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The Brooklyn Navy Yard and the area surrounding it continues to expand and live up to predictions calling it the city's new creative hotspot. Just a few months after the Navy Yard and developers broke ground on a nine-story mixed-use creative and manufacturing project at 399 Sands Street, RXR Realty has announced plans to renovate a 10-building, 650,000-square-foot block-long complex at the site of the former Mergenthaler Linotype Company printing press factory, across from the Yard. The refurbished complex will be home to industrial, design, and office space, with ground-floor retail, and restaurant tenants.
More renderings of the new creative space, this way
WeWork is officially Manhattan’s largest private office tenant

Photo via WeWork

September 18, 2018

WeWork is officially Manhattan’s largest private office tenant

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With 5.3 million square feet of office space, WeWork is officially Manhattan's largest private office tenant. Last month, we reported that the co-working giant needed just 74,000 more square feet to take the title from JPMorgan Chase & Co., and with their new, 258,344-square-foot location at 21 Penn Plaza, their 50th in the borough (they have 60 in NYC total), they've now surpassed them. The news comes via a blog post by WeWork exec Granit Gjonbalaj, who credits the company's "expertise" and the team's "holistic nature" that has allowed them to "identify, build, and deliver new locations better and more quickly than a typical developer."
Get the details
With most approved residential units in NYC, the Bronx building boom continues

Via Nelson Mejia Jr. on Flickr

September 17, 2018

With most approved residential units in NYC, the Bronx building boom continues

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Out of the 20 New York City neighborhoods with the most residential units approved within the past year, seven of them are in the Bronx, more than any other borough. According to a new report from Localize.city, a group that analyzes data related to housing, 13 percent of all approved apartments between 2010 and 2015 were in the Bronx. In the first half of 2018, the Bronx had 27 percent of the city's share of approved new units. While a majority of new buildings in the borough are affordable, increasing land prices could mean more market-rate projects are on the horizon, the New York Times reported.
Get more details
The Second Avenue Subway’s second act: How the Q train has impacted real estate in Yorkville

Photo via Flickr cc

September 17, 2018

The Second Avenue Subway’s second act: How the Q train has impacted real estate in Yorkville

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For over a decade, a large swath of the Upper East Side was under construction, but for many residents, it felt more like being under attack. As the Q Line was being built—after a century-long wait—the neighborhood not only had to tolerate restricted traffic along Second Avenue above ground but also more dramatic interruptions. Indeed, at one point in the subway line’s construction, underground explosions even shattered the windows of several local businesses. But with the noise, traffic, and disarray of the Second Avenue Subway in the past, the surrounding neighborhood has already quickly bounced back. As per predictions, since the completion of the line, real estate values, volume of sales, and rental prices in Yorkville have experienced an upswing.
Get the data
FREE RENT: This week’s NYC rental roundup includes 3 months free rent on the Williamsburg waterfront

Images (L to R): LEVEL BK, BKLYN AIR, Synergy Chelsea and Denizen Bshwk

September 15, 2018

FREE RENT: This week’s NYC rental roundup includes 3 months free rent on the Williamsburg waterfront

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Images (L to R): LEVEL BK, BKLYN AIR, Synergy Chelsea and Denizen Bshwk Williamsburg Waterfront Rental LEVEL BK Offers 3 Months Free on 2-Year Leases + Free Car Share [link] BKLYN AIR Offering Half-Month Free for Leases Starting Before Sept. 30th [link] New High-Tech Corporate Residences Coming Soon to Synergy Chelsea at 232 7th Avenue […]

Trump-run attractions in NYC suffer from declining revenue

Trump-run Wollman Rink via subherwal on Flickr

September 12, 2018

Trump-run attractions in NYC suffer from declining revenue

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Although President Donald Trump continues to profit from his family-run business while serving in office, the New York-native is seeing a drop in revenue in his hometown. At four concessions in New York City run by the Trump Organization, sales have dropped or have been flat since Trump became president, the New York Times reported on Wednesday. Even as tourism is on the rise and the city's economy is bustling, business is not booming for two Trump-affiliated ice rinks, a Bronx golf course, and a carousel in Central Park.
More this way
Rafael Viñoly reveals new photos and video of Three Waterline Square

Image courtesy of CityRealty.

September 12, 2018

Rafael Viñoly reveals new photos and video of Three Waterline Square

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Catching up with the rise of Waterline Square has been a pastime of skyline watchers since the project was announced. Now, CityRealty shares a recent Instagram post by designer Rafael Viñoly revealing the newly-installed final piece of the façade at Three Waterline Square, completing its multi-faceted crystal-planed exterior. On the inside, Three Waterline Square’s carefully expressed corners and gently sloping walls allow stunning panoramic river, park, and skyline views.
New images and video this way
Dawn of a new Downtown: The transformation of Lower Manhattan since 9/11

Image courtesy of Michael Vadon’s Flickr

September 11, 2018

Dawn of a new Downtown: The transformation of Lower Manhattan since 9/11

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In 2010, Lower Manhattan was still deeply scarred by the attacks of 9-11. With much of the neighborhood under construction, a high vacancy rate, and few full-time residents, walking around the area, especially outside business hours, often felt like walking through a ghost town. It was, in many respects, a neighborhood in waiting. Since 2011, which marked the opening of the 9/11 Memorial—and the symbolic end of the neighborhood’s long period of recovery from the 9/11 attacks—Lower Manhattan has undergone a transformation that is difficult to ignore. New businesses have opened, new residential developments have launched, the vacancy rate has drastically declined, and in many respects, an entirely new neighborhood has taken shape.
The dawn of a new Downtown
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): The Lewis, The Parkline, House39 and Twenty Broad

September 8, 2018

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

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Images (L to R): The Lewis, The Parkline, House39 and Twenty Broad Midtown West’s The Lewis: Sleek, Stylish + Modern Rentals Leasing with Two Months Free [link] One Month Free at The Parkline in Prospect Lefferts Gardens; Studios from $1,995/Month [link] Midtown’s House39 Offers Luxury Residences with 1 Month Free; Generous Layouts + 360 Degree […]

The most expensive development site in the Bronx will be 30 percent affordable

A previous rendering of 101 Lincoln Avenue via Hill West Architects

September 7, 2018

The most expensive development site in the Bronx will be 30 percent affordable

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The most expensive transaction on record for a development in the Bronx officially closed Wednesday, after Brookfield Property Partners picked up the two sites for $165 million from Somerset Partners and Chetrit Group. Originally, Somerset and Chetrit planned for all of the development's 849 residential units to be market rate, and while Brookfield intends to keep the same number of apartments, they are designating 30 percent of them affordable, according to the Real Deal.
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Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

Image: Hayes Davidson

September 7, 2018

Sales to begin at super-skinny supertall 111 West 57th Street; priciest units are $57M

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Despite a long history of financial and legal woes, Property Markets Group, Spruce Capital Partners and JDS Development’s tall and slender tower at 111 West 57th Street is gearing up to begin sales (for real this time) according to the New York Times. After years of lawsuit threats, reports that construction had stalled over budget overruns and a potential foreclosure, the 1,428-foot, 86-story tower will kick off sales, to be handled by Douglas Elliman, on September 13.
Pricing and more, this way
Historic Bed-Stuy mansion smashes neighborhood record with $6.3M sale
September 6, 2018

Historic Bed-Stuy mansion smashes neighborhood record with $6.3M sale

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Bedford-Stuyvesant's most expensive home has sold for $6.3 million, setting a record price for the neighborhood and sending a message that rising property prices are making their way further into Brooklyn, according to the Wall Street Journal. At nearly twice the previous record sale of $3.3 million in 2017, the Renaissance Revival-style John C. Kelley mansion at 247 Hancock Street is the most expensive single-family house ever sold in Bed-Stuy. The 8,000-square-foot, 10-bedroom townhouse was built in 1887 for water-meter magnate John Kelley, designed by noted architect Montrose Morris and modeled after a Gilded Age Vanderbilt mansion along Fifth Avenue.
Take a look inside this incredible mansion
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