Real Estate Trends

How do you connect the fastest-growing census tract in the U.S. to New York City’s public transportation hubs? Architecture firm Kohn Pedersen Fox (KPF), whose New York City work includes the master plan for Hudson Yards, One Vanderbilt and Two Waterline Square, has released a "visioning study" that explores how the repurposing of the QNS, an 8.5 mile Lower Montauk Branch rail line, into a new transit line in Queens that could revitalize neighborhoods, provide affordable housing, create jobs and add transit service to the over nine square miles of New York City that contain three of the city’s largest and most successful Industrial Business Zones (Maspeth, Long Island City, and North Brooklyn) and two of Queens’ largest central business districts (Long Island City and Jamaica Center), adding to the long-term growth of those districts and creating thousands of potential new jobs.
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June 6, 2018

Rolling Stones guitarist Keith Richards unloads Washington Square penthouse at a loss

It was only four years ago that Rolling Stones guitarist Keith Richards and his wife, model Patti Hansen, bought the penthouse at celeb-filled 1 Fifth Avenue for $10.5 million. Two years later, after an overhaul by architect Joe Serrins, the rock legend listed the Greenwich Village spread for $12.23 million. But as it goes, "You Can't Always Get What You Want," and in October 2017 he dropped the price to $12 million even and brought it celebrity stager Cheryl Eisen. The price continued to decline, dropping to $11 million this past November, and most recently $9.95 million. Now, the Observer reports that it's gone into contract, meaning he more than likely took a loss.
Check out the penthouse

Photo credit: Daniel Levin

June 6, 2018

REVEALED: First look at Williamsburg’s Domino Park ahead of Sunday opening

Two Trees Management announced today that Domino Park, the long-awaited new waterfront recreational public space at the 11-acre Domino Sugar Factory site, will celebrate its grand opening this Sunday, June 10. In April, 6sqft revealed renderings of the new park and esplanade that will anchor the three-million-square-foot Williamsburg mega-development at the Domino Sugar Factory site, designed by James Corner Field Operations (of the High Line fame). The quarter-mile long public park, located just north of the Williamsburg Bridge, celebrates the history of one of the city's most iconic industrial waterfront sites with adaptively reused syrup tanks, warehouse columns, and original cranes (now painted the park's signature turquoise color "untealed"). There will also be a taco kiosk from Danny Meyer, a water feature, bocce courts, and a children's playground designed by Mark Reigelman as a reinterpretation of the original factory.
Check out industrial artifacts, water features and more

June 5, 2018

Lord & Taylor is closing its 104-year-old Fifth Avenue flagship store

Photo courtesy of Lord & Taylor Lord & Taylor's iconic New York City flagship store will close its doors next year, after occupying the Fifth Avenue building for 104 years. In an attempt to keep afloat last year, Hudson's Bay, owner of the department store, sold the 676,000-square-foot building for $850 million to WeWork, who planned to make the landmark its new global headquarters. While Lord & Taylor was left with roughly 150,000 square feet of space at 424 Fifth Avenue, the company struggled to maintain profitability after the turnover of the building to WeWork. Including the iconic flagship, the company will also close as many as 10 Lord & Taylor stores total (h/t Bloomberg). In a first-quarter report, Hudson's Bay said: "Exiting this iconic space reflects Lord & Taylor's increasing focus on its digital opportunity and HBC's commitment to improving profitability."
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Real Estate Trends

June 5, 2018

Jessica Lange drops $3.3M on her second co-op at 1 Fifth Avenue

By Michelle Sinclair Colman

Jessica Lange is movin’ on up. According to city property records first spotted by The Real Deal, the Academy-award winning actress bought the two-bedroom co-op directly above her current home in 1 Fifth Avenue. Lange paid $3.3 million, more than $500,000 under the asking price, for the sun-filled unit, which is much in need of updating. But this won't be a problem if the speculation that she's looking to combine the two apartments is true.
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FREE RENT: This week’s roundup of NYC rental news

Images (L to R): The Rollins, 63 Wall Street, 1 Flatbush Avenue and Sky

June 2, 2018

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

By Ondel Hylton

Images (L to R): The Rollins, 63 Wall Street, 1 Flatbush Avenue and Sky The Rollins in Essex Crossing Now 65% Leased: Up to Three Months Free on Remaining Units [link] Luxury Rental 63 Wall Street with Residents-Only Speakeasy, Now Leasing with 1 – 2 Months Free [link] Live at SKY: Coveted 42nd Street Rental […]

Real Estate Trends

Fresh set of renderings for Dock 72, the new home for WeWork at the Brooklyn Navy Yard

Rendering of Dock 72 via Ekoomedia

May 30, 2018

Fresh set of renderings for Dock 72, the new home for WeWork at the Brooklyn Navy Yard

New renderings have been unveiled of Dock 72, a 675,000-square-foot office building co-developed by Boston Properties and Rudin Management for the evolving Brooklyn Navy Yard. Surrounded by water on all sides but one, Dock 72, designed by S9 Architecture, features outdoor terraces, 35,000 square feet of amenities and unobstructed views of Manhattan. As the anchor tenant and co-developer, WeWork will occupy a third of the space, or 220,000 square feet. With its glassy facade installed, the 16-story office building is scheduled to wrap up construction in the fall, becoming one of the largest ground-up office buildings in the borough in nearly three decades.
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New York buildings claim the country’s highest property taxes

Photo by Dan DeLuca/Flickr

May 30, 2018

New York buildings claim the country’s highest property taxes

By Emily Nonko

In a city as pricy as New York, it's no surprise the buildings here pay some of the heftiest property taxes in the country. And that's overwhelmingly what Commercial Cafe has found in their Top 100 US Property Taxes in 2017 ranking, released this week to mark the end of tax season. New York, the report states, has an "overwhelming presence in the mix," as 78 of the top 100 U.S. taxes belong to properties located across the state. In 2017, those buildings generated $2.2 billion in property tax revenue, accounting for 82 percent of the total contributed by all 100. (Buildings are mostly offices, alongside some mixed-use, retail, hotel, entertainment and residential properties.) While the top spot was claimed by an industrial property in Fort Salonga, New York -- which pays a whopping $82 million of property taxes a year -- the next 19 buildings are located here the city and include Stuyvesant Town, pictured above, and the Metlife Building.
Read more about New York's top buildings

Fast interiors gain momentum: A guide to furniture rentals

Photo via Pixabay

May 29, 2018

Fast interiors gain momentum: A guide to furniture rentals

By Cait Etherington

Currently sleeping on a mattress with no box spring? Worse yet, a blow-up mattress? Is your night table a repurposed milk crate and are your bookshelves fashioned out of salvaged bricks and found lumber? Although all these features can be surprisingly charming when paired with the right accessories, there comes a time in one’s life when one wants or needs a bit more. But even if you opt to go full-on Ikea, the cost of furnishing a small one-bedroom from the ground up will likely cost well over $3,000 and that is only if you opt for a discount Bråthult over Vallentuna sofa. For anyone faced with the challenge of furnishing an entire apartment—either for the first time or because you’re only in NYC for a limited amount of time—there is now a solution: “fast interiors.” Rather than buy, you can now rent your furniture for three months or for several years. While the rise of furniture rentals may sound unusual, in fact, it is an obvious extension of the sharing economy that has been growing, especially in highly populated urban areas, for the past decade. An underlying tenant of the sharing economy is that renting often makes more sense the owning. But does it? Ahead, we explore how and where to rent furniture and the relative short- and long-term benefits of renting over buying.
A guide to furniture rentals

Go camping among the trees in this $195/night treehouse in Upstate New York

Trade the racket of cars honking and music blaring, for the blissful sounds of whispering wind and singing birds at this charming airbnb getaway in Upstate New York. Not only is this rental off-the-grid (there is no WiFi or electricity), it's located in an actual treehouse. What the pad lacks in modern convenience, it makes up for in rustic charm and natural ambience. Located in the rural Upstate neighborhood of Argyle, the treehouse, called the Whispering Wind Treehouse on its listing, can accommodate two guests in its one bedroom, starting at $195 per night.
Take a look around

15 Central Park West via Wikimedia

May 23, 2018

15 Central Park West still reigns as the best selling condo in New York City

With 10 years of closings officially on record, 15 Central Park West takes the top spot as New York City's best performing building for yet another year. According to a CityRealty 100 report released Wednesday, the average price per square foot of units at Robert A.M. Stern's "Limestone Jesus" was roughly $6,405, between April 1, 2017 and March 31, 2018. In that time period the building saw a total of eight sales, including apartments which sold for $28 million and $21.5 million. Sales at the limestone tower were able to outperform newer developments, like One57 and 432 Park Avenue.
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Real Estate Trends

Jennifer Connelly trades Tribeca co-op for $15M Brooklyn Heights townhouse

140 Columbia Heights via Google Earth; Photo of Jennifer Connelly via Wikimedia

May 23, 2018

Jennifer Connelly trades Tribeca co-op for $15M Brooklyn Heights townhouse

Actors Jennifer Connelly and Paul Bettany are switching boroughs by selling their Tribeca co-op and picking up a Brooklyn Heights townhouse for $15.5 million. The sale represents one of the most expensive deals in Brooklyn ever, according to the Wall Street Journal. While the transaction was off-market, an old listing for the Brooklyn property at 140 Columbia Heights describes the 8,000-square-foot home as having views of the Statue of Liberty and the Lower Manhattan skyline. The sellers are Timothy Ingrassia, a Goldman Sachs executive, and his wife Stephanie, who serves as a vice chair on the Brooklyn Museum's board of trustees. The Ingrassias paid $10.75 million for the property in 2006.
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May 22, 2018

Go off the grid in a Catskills shipping container for $165 per night

Photo via Contanium listing on Airbnb Just think if it as a Vipp Shelter for the rest of us. This woodsy take on the tiny dwelling, "Contanium," available through Airbnb and situated in Saugerties, NY, is actually a shipping container, so you get to experience the trifecta of tiny house, off-the-grid living and inhabiting a shipping container, all at once. Offerings at this particular shipping container cabin sound almost like the amenities menu at a trendy Downtown condo: There's a wood stove, sofa bed, kitchenette, writing desk, record player, patio, fire ring, yoga platform, hot tub and hammock. The off-the-grid part means the power is solar, there's a composting toilet and gravity-feed water.
What you'll find within

Kirsten Dunst finally unloads her stylish Soho penthouse for $4.4M

Photo of Kirsten Dunst via Wikimedia

May 22, 2018

Kirsten Dunst finally unloads her stylish Soho penthouse for $4.4M

After nearly four years on the market, Kirsten Dunst has finally sold her industrial-meets-rustic penthouse at 533 Canal Street (aka 477 Washington Street) in Soho. The actress first bought the two-bedroom apartment in 2007 for $3.09 million, claiming she needed a break from the L.A. lifestyle. Following a gut renovation that added lots of vintage charm, she put the loft on the rental market for $12,500 a month in late 2014 and later listed it for $5 million last February. Now, as the Observer reported, Dunst has sold her apartment for $4.43 million, a slight discount from the asking price of $4.5 million.
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Since 1993, NYC has lost 152,000 regulated units after landlords increased rent, report says

Image by Jorbasa Fotografie / Flickr

May 21, 2018

Since 1993, NYC has lost 152,000 regulated units after landlords increased rent, report says

In the midst of an affordable housing crisis, rents in New York City continue to rise, a record number of New Yorkers make up the city’s homeless population and the amount of rent regulated apartments are in danger of vanishing completely. An investigation released Sunday by the New York Times found rent-stabilized apartments have been disappearing since city and state lawmakers first eradicated rent laws in 1993. Since then, the city has lost more than 152,000 regulated apartments as a result of landlords exploiting weak regulations and pushing out rent-regulated tenants, with little or no consequence from city and state agencies. And another 130,000 more apartments have been lost due to expiring tax breaks and co-op and condo conversions.
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Sensory expert Kate McLean says NYC streets smell of garlic and tarmac

A snippet of McLean’s Astor Place smell map

May 21, 2018

Sensory expert Kate McLean says NYC streets smell of garlic and tarmac

By Michelle Sinclair Colman

All the rain this weekend in New York City stunk. Do sunny days stink too? Kate McLean can give us the definitive answer. McLean, a Ph.D. candidate at the Royal College of Art in London, has created an extensive system of urban “smellscape” maps based on her olfactory research. For instance, after studying her Astor Place, pedestrians are much better off walking north and south on 2nd Avenue, which smells of floral perfume and grass, versus walking up and down Broadway, which is loaded with eau de subway exhaust.
So what's NYC's smelliest hood?

Photo via CityRealty

May 17, 2018

A salary of $58,450 or less annually is now considered low income in the New York Metro Area

If you are a single New Yorker earning $58,450 or less per year, you fall under the low income category, according to 2018 estimates released last month by the U.S. Department of Housing (HUD). These income limits are established by the government to help figure out if residents are eligible for subsidized and affordable housing. Even though the median family income in NYC and its surrounding area slightly increased this year to $70,300 from $66,200 in 2017, the high cost of living continues to place a significant burden on New Yorkers (h/t Curbed NY).
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May 16, 2018

Actress Lauren Graham unloads Greenwich Village crash pad for $825K

Though she's spent most of her career in LaLa Land filming "Gilmore Girls" and "Parenthood," actress Lauren Graham has also kept a NYC crash pad for years. Unsurprisingly, the laid-back Graham chose to set up Downtown, buying a one-bedroom co-op at 24 Fifth Avenue, just two blocks north of Washington Square Park, for $570,000 in 2014. She's now unloaded the lovely little place for $825,000, according to city records.
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New renderings and construction shots of Essex Street Market ahead of fall opening at Essex Crossing

Interior image via SHoP Architects; construction shot via NYCEDC

May 15, 2018

New renderings and construction shots of Essex Street Market ahead of fall opening at Essex Crossing

Construction of Essex Street Market's new home across Delancey Street continues to move along before its scheduled opening this fall. Designed by SHoP Architects, the market sits above the 150,000-square-foot Market Line, which will stretch two levels and connect three sites of the Essex Crossing development. The market's first phase is expected to wrap up in October, bringing 13 new vendors to the site in addition to the 24 vendors from the historic Essex Street Market. Additional renderings released by the city's Economic Development Corporation this week highlight the brightness of the space, courtesy of the huge windows, 60-foot ceilings and use of light-reflective material. "As we near completion on the project, we are excited to soon open a world-class public market for the local Lower East Side community,” NYCEDC President James Patchett said in a statement to 6sqft. “The new Essex Market will preserve the current community-based spirit while creating additional space to expand the market’s offerings, provide new jobs, and present a higher level of goods and services to visitors and area residents alike.”
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May 15, 2018

The buzz on Boerum Hill: How an iconic Brooklyn neighborhood blends old and new

By Michelle Sinclair Colman

Shelly Place, an agent with Triplemint, describes Boerum Hill as “the perfect blend of old and new. Geographically, it is smack dab in the middle of Brooklyn, convenient to downtown [Manhattan], and close enough without being in the middle of the hustle and bustle. You can go days or weeks without ever leaving Boerum Hill but, if you want, you have the rest Brooklyn right there.” Known for tree-lined streets filled with historic brownstones, Boerum Hill is one of those unique neighborhoods that has successfully blended past and present in a way few communities have been able to. There are a ton of great restaurants and creative cocktail lounges and independent specialty stores alongside the big brands, like Apple, Whole Foods’ 365, and Lululemon, lining Smith Street and Atlantic Avenue. And with a slew of new contextual developments springing up, it's time to turn your attention to the buzz on Boerum Hill.
Everything you need to know about Boerum Hill

Images (L to R): Hoyt + Horn, Court House Apartments, Hello Lenox and 606W57

May 12, 2018

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

By Ondel Hylton

Hoyt & Horn in Downtown Brooklyn Offers Up to 4 Months Free on a 25-Month Lease [link] Boerum Hill’s Court House Apartments Offers 1 Month Free on New 13-Month Leases [link] Hello Lenox is Now Renting; No Fee Apartments in Prospect Lefferts Gardens has 2-Beds Under $3K [link] TF Cornerstone Launches Rentals at 606W57 and […]

Real Estate Trends

May 10, 2018

Fresh renderings for One Beekman, Richard Rogers’ first residential building in the U.S.

Rendering of One Beekman courtesy of Noë & Associates with The Boundary New renderings have been unveiled for One Beekman, a mixed-use development designed by Richard Rogers, and it has nearly reached its 25-story pinnacle in the Financial District. As the firm's first residential project in the United States, Rogers Stirk Harbour + Partners have designed a tower that provides every single apartment with views of City Hall Park by shifting the circulation core to the south, according to the New York Times. The front of the building is open with oversized windows, allowing for half of the 31 total condo units to have outdoor terraces overlooking the park.
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May 8, 2018

Historic Greenpoint bank building lists for $6.5M with lots of options