Real Estate Trends

St. Patrick’s Cathedral to get $7.2M from sale of air rights under Midtown East rezoning

St Patrick’s Cathedral via Wikimedia

March 2, 2018

St. Patrick’s Cathedral to get $7.2M from sale of air rights under Midtown East rezoning

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Editor's Note: The owners of 405 Park Avenue are set to buy the development rights from St. Patrick's Cathedral, the Real Deal reports. MRP Realty and Deutsche Bank Asset Management will add four floors and 205,000 square feet of office space to their existing building. JPMorgan Chase and Mayor Bill de Blasio announced last week plans for the first project under the city's Midtown East rezoning: a 70-story tower to replace its old offices at the same Park Avenue site. And with the Archdiocese of New York this week reaching a tentative deal to sell 30,000 square feet of development rights from St. Patrick's Cathedral, the second project under the new rezoning could quickly follow. According to Crain's, if the sale happens the Archdiocese could pick up at least $7.2 million in air rights.
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Fashion exec buys $17M Dakota combo of Judy Garland’s and Roberta Flack’s former addresses
February 28, 2018

Fashion exec buys $17M Dakota combo of Judy Garland’s and Roberta Flack’s former addresses

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6sqft takes notice when homes in the storied Dakota at 1 West 72nd Street hit the market; word was out that the three-bedroom co-op in the iconic Upper West Side building that was the alleged onetime home of Judy Garland had recently changed hands after several price chops, and Roberta Flack’s mirror-walled co-op went into contract after having been on the market since 2015. Now Mansion Global reports that power couple Eric and Stacey Bendet Eisner are the buyers of the massive co-op combo. Ms. Eisner is chief executive and creative director of clothing company Alice + Olivia, and her husband Eric (son of former Walt Disney Company CEO Michael Eisner) is an entertainment and media mogul.
See more of this iconic property combo
New details revealed for Pier 17, the foodie oasis coming to the South Street Seaport

A rendering of Pier 17’s proposed temporary rooftop structure via LPC/ Howard Hughes Corp.

February 27, 2018

New details revealed for Pier 17, the foodie oasis coming to the South Street Seaport

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The Howard Hughes Corporation has worked since 2010 to revitalize the Seaport District as a destination for New Yorkers, bringing more than 400,000 square feet of cultural and culinary space to the waterfront. The highlight of the $731 million redevelopment remains Pier 17, a four-story building designed by Achim Menges with a see-through canopy, dining options, an iPic theater, retail and more. The Landmarks Preservation Commission approved the revised designs for the project in December and the New York Post has just learned more information about the project's timeline, with nearly everything set to open at some point this year.
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More than half of NYC’s 20 most expensive sales were at One57 and 432 Park

432 Park Avenue via CIM Group/Macklowe Properties

February 26, 2018

More than half of NYC’s 20 most expensive sales were at One57 and 432 Park

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The buyer of One57's $100 million penthouse was unveiled as Michael Dell last week, finally solving the mystery of which billionaire set New York City's record for the most expensive home ever sold. The reveal sparked CityRealty's interest in finding out where other costly buildings fall in comparison. Unsurprisingly, Midtown's One57 and 432 Park make up 12 out of the city's 20 priciest homes ever sold with single units going for $100.47 million and $91.5 million, respectively. While those two buildings on Billionaires' Row easily take the top three spots, 15 Central Park West ranks fourth, with its $88 million penthouse sold in 2012.
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This $6K/month West Village loft comes with a ton of exposed brick and a dash of fun
February 26, 2018

This $6K/month West Village loft comes with a ton of exposed brick and a dash of fun

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The listing for this "truly unique" 1,200-square-foot loft at 73 8th Avenue at the Meatpacking/West Village border tells of its "ton of exposed brick," and though we're not sure that's an exact measurement, we know it's asking exactly $6,000 a month to enjoy its one bedroom, 14-foot ceilings, wide-plank cherry wood floors and private outdoor paradise.
Looks like a fun place to live
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): 525W52, Hudson Crossing, 27 ON 27TH and 247N7

February 24, 2018

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

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Images (L to R): 525W52, Hudson Crossing, 27 ON 27TH and 247N7 Neighborhood’s Rich History Embraced in 525W52’s Art Program; See the Installations Live at Hudson Crossing in Midtown West: Studio to 2-Bed Rentals from $2,475/Month Live in LIC at 27 on 27th: Rentals from $2,384/Month in Full-Service Luxury Tower Williamsburg’s 247N7 Offers Stylish Apartments […]

Soon to be largest deliberately demolished tower ever, 270 Park Avenue proposal faces backlash

270 Park Avenue via MikePScott’s Flickr

February 22, 2018

Soon to be largest deliberately demolished tower ever, 270 Park Avenue proposal faces backlash

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Plans to replace JPMorgan Chase's current headquarters at 270 Park Avenue with a much taller tower at the same site is facing opposition from architecture and preservation buffs, shortly after the proposal was announced. Not only will the project become the largest intentionally demolished building in history, as YIMBY reported, the landmark-worthy Union Carbide Building was also designed in 1960 by Natalie de Blois, a pioneer of American architecture and one of the few female senior designers at that time. As the first project under the Midtown East rezoning, JPMorgan Chase's existing 700-foot tall structure will be bulldozed to make way for a tower that will most likely be over 1,200 feet tall.
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NYC developments get smart: A look at the latest residential building technologies

Image via Pixabay

February 22, 2018

NYC developments get smart: A look at the latest residential building technologies

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In a refreshingly non-"Black Mirror" way, many NYC residential developments are taking advantage of new technologies, like keyless door entry systems and digital concierges, not to replace humans but rather enhance them. These building technologies are making residents’ lives easier while prioritizing the importance of face-to-face interaction. According to a joint cnet/Coldwell Banker survey, “81 percent of current smart-home device owners say they would be more willing to buy a home with connected tech in place.” Clearly, developers got that message. Many new buildings in NYC are incorporating technology into their developments to enhance service as well as increase residents' personal security and privacy.
Get the scoop on all the latest tech
Billionaire Michael Dell revealed as the secret buyer of One57’s $100M penthouse

Image courtesy of Extell/One57

February 22, 2018

Billionaire Michael Dell revealed as the secret buyer of One57’s $100M penthouse

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Founder and CEO of Dell Technologies, Michael Dell, was revealed as the buyer of the sprawling penthouse at One57 for $100.47 million, the most expensive home ever sold in New York City. According to the Wall Street Journal, Dell first entered a contract to buy the unit in 2012 when the Billionaires' Row building, located at 157 West 57th Street, was still under construction. He closed the transaction through a limited liability company in 2014.
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New 70-story JPMorgan Chase tower will be the first project under Midtown East rezoning

A model of what the future 270 Park Ave building might look like via CityRealty

February 21, 2018

New 70-story JPMorgan Chase tower will be the first project under Midtown East rezoning

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Mayor Bill de Blasio and JPMorgan Chase announced on Wednesday plans to build a new 70-story world headquarters at the site of the bank's current offices at 270 Park Avenue, the first project under the East Midtown Rezoning plan. Approved by the City Council in August, the rezoning affects 78 blocks running from East 39th Street to East 57th Street and from Third Avenue to Madison Avenue. The updated zoning code is expected to clear the way for 6.5 million square feet of modern office space and allow for taller buildings. JPMorgan Chase's new building will have enough room for about 15,000 employees, compared to the old building's capacity of just 3,500 employees.
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Live in historic townhouse style without the commitment in this $5,500/month Clinton Hill duplex
February 21, 2018

Live in historic townhouse style without the commitment in this $5,500/month Clinton Hill duplex

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Historic Brooklyn townhouses are at a premium, and they're a lot of work to maintain. Opportunities like this gorgeous duplex on one of the prettiest avenues in the Clinton Hill Historic District give you a chance to live in high-ceilinged grandeur, fabulous backyard oasis and all, without the mortgage or the commitment. It will, however, cost you $5,500 a month for this 1,700-square-foot rental at 227 Washington Avenue.
Take the tour
Rafael Viñoly’s octagonal-cored Upper East Side tower gets new rendering

Rendering of 249 East 62nd Street via Rafael Viñoly Architects

February 20, 2018

Rafael Viñoly’s octagonal-cored Upper East Side tower gets new rendering

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First announced over a year ago and later approved by the city's Department of Buildings in September, Rafael Viñoly’s residential project planned for 249 East 62nd Street moved forward this week after the architect released a new rendering. As YIMBY reported, the 510-foot building will feature retail and a townhouse at its base, with apartments above it through the 12th floor. The uniqueness of this project's design lies with its 150-foot-tall octagonally-shaped core, aimed at raising the height of upper-level apartments without counting it toward usable square footage.
Details here
Frank Gehry and Santiago Calatrava to design Hudson Yards residential towers

Rendering of Hudson Yards. Image: Danny Forster Design Studio

February 20, 2018

Frank Gehry and Santiago Calatrava to design Hudson Yards residential towers

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Though starchitect Frank Gehry threatened to flee to France after the 2016 election, he'll likely be sticking around to design new towers at the Hudson Yards mega-development on Manhattan's west side; Gehry and fellow controversial architect Santiago Calatrava are among those chosen to work on the residential western section of Related Cos. and Oxford Properties' 28-acre complex, according to a source close to the project who spoke with the Wall Street Journal.
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NYC RENTALS: This week’s roundup of rental news & offers

Images (Clockwise): 175 KENT APARTMENTS, LENOX TERRACE, RIVERBANK and 1629 PACIFIC ST.

February 17, 2018

NYC RENTALS: This week’s roundup of rental news & offers

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Special Leasing Offers at 175 Kent Avenue in Williamsburg New Renderings of Lenox Terrace Expansion in Harlem, Plus Renovated Apartments from $1,650/Mo. New Listings at RIVERBANK in Hell's Kitchen: Sky-High Rentals from $2,879/Month 1629 Pacific Street: Luxury Crown Heights Rentals Start at $2,667/month Ready to Roll: Long Island City Rental The Silver Star Set for March Launch Live at Rocket Factory Lofts on Williamsburg's South 4th Street; 1- and 2-Beds Available Now Leasing Kicks Off on New Uptown Rentals at 531 West 159th Street
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Before its summer kickoff, new renderings for Halletts Point’s first rental
February 16, 2018

Before its summer kickoff, new renderings for Halletts Point’s first rental

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The first of the Durst Organization's seven-building, $1.5 billion development on the Astoria waterfront got new renderings this week, months ahead of its scheduled opening. As Curbed NY learned, the developer said leasing will launch for the two-tower 10 Halletts Points this summer. The first building to open on the Halletts Point campus, the tower will feature 405 apartments, of which up to 25 percent will be affordable.
More details here
Plan for a performing arts space at the World Trade Center moves forward

Rendering via REX Architecture

February 16, 2018

Plan for a performing arts space at the World Trade Center moves forward

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The project to bring a performing arts center to the World Trade Center is finally back on track, almost 15 years after the idea was included in the original vision for rebuilding the area post-9/11. Gov. Andrew Cuomo announced on Thursday an agreement for a 99-year lease between the Port Authority and the World Trade Center Performing Arts Center Inc. (PAC) for $1 per year, paving the way for construction to begin. Named for the billionaire who gifted $75 million to the project, the Ronald O. Perelman Performing Arts Center will include 200,000 square feet of space, three halls and a rehearsal space, a restaurant and a gift shop. If everything moves smoothly, the center could open as soon as the 2020 or 2021 season.
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Bruce Willis ‘downsizes’ to a new four-bedroom Riverside Center condo

Photo: Evan Joseph Photography; Bruce Willis photo: Gage Skidmore via Flickr

February 16, 2018

Bruce Willis ‘downsizes’ to a new four-bedroom Riverside Center condo

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Bruce Willis and his wife Emma Heming Willis found a buyer for their home at 271 Central Park West for $17.75 million within a week of listing the six-bedroom co-op after deciding to downsize a bit. According to reports the pair have just bought a new Upper West Side aerie at One West End at 1 West End Avenue. The four-bedroom condominium in the 41-story tower, part of the in the massive Riverside Center project designed by Pelli Clarke Pelli and Hill West Architects, spans over 3,000 square feet and was last listed for $7.9 million.
Take a look
The new nomadic lifestyle: Luxury real estate and restaurants take over Nomad
February 15, 2018

The new nomadic lifestyle: Luxury real estate and restaurants take over Nomad

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A nomad is defined as “a member of a community of people who live in different locations, moving from one place to another in search of grasslands for their animals.” But it would be hard to imagine any Nomad resident ever straying for grasslands beyond Madison Square Park. After a series of incarnations over the years, Nomad is now a super hip, bustling neighborhood from morning through night with residents, technology businesses (it’s now being referred to as “Silicon Alley”), loads of retail (leaning heavily toward design), great architecture, hot hotels, and tons and tons of food. Named for its location north of Madison Square Park, Nomad's borders are a bit fuzzy but generally, they run east-west from Lexington Avenue to Sixth Avenue and north-south from 23rd to 33rd Streets. Douglas Elliman's Bruce Ehrmann says, “Nomad is the great link between Madison Square Park, Midtown South, Murray Hill and 5th Avenue.”
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A 10-minute walk to the subway could save you 10 percent on rent

Photo via Jeffrey Zeldman’s Flickr

February 15, 2018

A 10-minute walk to the subway could save you 10 percent on rent

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While amenities like on-site laundry and air conditioning are big selling points in New York City rentals, the building's proximity to the subway remains one of the most important factors when looking for new digs. And like other amenities, there is an added cost to live near the subway. New data from RentHop breaks down how much renters can save by living further from the subway in Manhattan, Brooklyn and Queens. According to their report, as Curbed NY reported, apartments closest to the subway cost 6 to 8 percent more than the borough median, with the furthest costing 8 to 10 percent less.
Details here
New York City’s priciest townhouse sets another record after $90M sale
February 15, 2018

New York City’s priciest townhouse sets another record after $90M sale

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Billionaire Len Blavatnik has broken the city's record for the most expensive townhouse after paying $90 million for an Upper East Side mansion, according to the New York Post. The seller, HNA Group, sold the home at 19 East 64th Street after recently picking it up in April for $79.5 million, a record at the time. Blavatnik, a music executive who already owns a home on 64th Street and paid $80 million for a home at 834 Fifth Avenue, has an estimated net worth of around $20.5 billion.
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986-foot Flatbush Avenue tower in Downtown Brooklyn gets revised renderings
February 13, 2018

986-foot Flatbush Avenue tower in Downtown Brooklyn gets revised renderings

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Ahead of its public review, Alloy Development this week released new details and renderings of its proposed mixed-use development at 80 Flatbush Avenue in Downtown Brooklyn. Developers amended the complex's design, first released in April, following backlash from the community and more than 100 meetings with local stakeholders. While the taller tower will keep its original design with 74 stories, the 38-story building's profile will be slimmed and feature a masonry facade to complement the neighboring Williamsburgh Savings Bank Tower. 
More here
‘Silence of the Lambs’ director Jonathan Demme’s longtime Central Park West co-op sells for $2.4M
February 13, 2018

‘Silence of the Lambs’ director Jonathan Demme’s longtime Central Park West co-op sells for $2.4M

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Acclaimed filmmaker Jonathan Demme, who won an Academy Award for directing "The Silence of the Lambs," passed away in April. For at least 30 years prior, he resided at the grand Emery Roth-designed Central Park West co-op the Alden. According to city records, his longtime Upper West Side home has now sold for $2.4 million, after just 13 days on the market.
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FREE RENT: This week’s roundup of NYC rental news

Images (L to R): 606W57, The Delmar, Aurora and 88 Leonard Street

February 10, 2018

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

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Images (L to R): 606W57, The Delmar, Aurora and 88 Leonard Street Little Italy Rental Debuts; Rumored to have Housed Debbie Harry & Robert De Niro Lenox Terrace Offers Renovated Harlem Apartments from $1,650/Mo. Pre-War Grandeur at The Wyoming; Amazing Midtown Rental Near Central Park Bronx Rentals Debut at Port133 at 751 East 133rd Street […]

New renderings revealed for SCDA’s flashy 11-story condo on the High Line

Rendering via Neoscape

February 9, 2018

New renderings revealed for SCDA’s flashy 11-story condo on the High Line

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A swath of new renderings of SCDA Architects' condo tower was released this week, more than three years after the project was first announced in 2014. As Curbed NY learned, the new renderings of the building, located, at 515 West 29th Street, show a glass fin facade and the interiors of the 15 planned apartments, including five penthouses. Forum Absolute Capital Partners is developing the tower, dubbed Five One Five, which will contain two- and three-bedroom units ranging from $4.3 million to $8.5 million. CORE is handling sales and marketing.
See it here
Saudi prince’s Trump Place triplex with three bullet-proof panic rooms sells at a $40M discount
February 9, 2018

Saudi prince’s Trump Place triplex with three bullet-proof panic rooms sells at a $40M discount

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Six years ago, Saudi Prince Nawaf bin Sultan bin Abdulaziz Al-Saud listed his lavish Heritage at Trump Place triplex for a staggering $75 million. Three years ago, it got a price chop to $48.5 million, and The Real Deal now reports that it's closed for an even further discounted $36 million. Since the 10,500-square-foot home listed long before the reign of Trump, we're guessing it's not the building's namesake that caused it trouble on the market. Perhaps having three bullet-proof panic rooms isn't on everyone's real estate wishlist?
Find out more and look around
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