Real Estate Trends

First renderings of ODA Architecture's 13-story tower planned for Greenwich Village reveal a Tetris-inspired, boxy design, YIMBY reported on Wednesday. Much like the firm's other projects, the facade of the building, located at 101 West 14th Street, will look like a series of sculpted, stacked boxes. Developer Gemini Rosemont has filed permits to convert the site which currently holds a former bank into condos with ground floor retail. There will be 45 condos total, with 21 of them duplexes.
See the design

Tribeca and Yorkville top the list for new development condo sales in 2018

Photo via Chris Goldberg/Flickr

July 25, 2018

Tribeca and Yorkville top the list for new development condo sales in 2018

For followers of Manhattan real estate it would be hard to miss the bumper crop of innovative, eye-catching and pricey new developments rising what seems like daily in Tribeca; but big numbers for new towers may come as a surprise when they're attached to old-school Yorkville on the Upper East Side. In the city that never fails to surprise, recent research from CityRealty shows that Tribeca and Yorkville are the top neighborhoods for new development condo sales so far this year. There are, of course reasons for the unlikely pairing at the top.
See who else is on the list

East Village Target’s CBGB odes get mixed reviews

Photo by Tia Richards for 6sqft

July 23, 2018

East Village Target’s CBGB odes get mixed reviews

Target officially opened its first store in the East Village on Saturday, to mixed reviews from locals. During its grand opening, the chain recreated the storefront of CBGB, a famous punk rock club where the Ramones, Patti Smith and Blondie played, with a red-and-white awning that reads "TRGT." Located on 14th Street and Avenue A, the design included red newspaper boxes similar to old ones of the Village Voice paper, fake fire-hydrants and a temporary facade made to look like the housing tenements of the Village in the 1970s and 1980s. Jeremiah Moss, the author behind the Vanishing New York blog, called the new store "the most deplorable commodification of local neighborhood culture I've ever witnessed." As of Monday, the CBGB-themed storefront is no longer up.
Details here

July 23, 2018

$970K Hamilton Heights condo has a sunny disposition and a farmhouse vibe

The interiors at this Upper Manhattan condo at 370 Convent Avenue are as tranquil as they are feminine, and as spacious as they are cozy. The corner apartment is on the 4th floor of a five-story pre-war condo with only two apartments per floor. It's asking $969,000, and while it doesn't currently have a craft room, it's roomy enough to find space for one, and it would certainly fit the surroundings.
Take the tour

RENTING IN NYC: This week’s roundup of NYC rental news

Images (L to R): Summit, 333 Grand Street, Astor Broadway and Otto

July 21, 2018

RENTING IN NYC: This week’s roundup of NYC rental news

Images (L to R): Summit, 333 Grand Street, Astor Broadway and Otto New Rentals Debut in Williamsburg from $1,999/Month at 150 Union Avenue [link] New No Fee Rentals Debut in Astoria; Live at Astor Broadway from $1,999/Month [link] Otto Greenpoint Debuts; Brooklyn Rentals at 211 McGuinness Boulevard from $2,339/Month [link] Live at Lyric: Upper West […]

Real Estate Trends

July 19, 2018

New East Village Target store now open in Extell’s EVGB rental building

It might seem like it's been there forever, but the new East Village Target store at 14th Street and Avenue A opened its doors this week ahead of a scheduled grand opening Saturday, July 21. The small-format chain icon occupies the corner spot in the EVGB ("East Village's Greatest Building") rental building that opened at 510 East 14th Street this year and is now stocked and ready to supply residents (the building is 50 percent leased according to a press release from developer Extell) and the rest of the 'hood with everything from cosmetics and cleaning supplies to apples and Amy's Bowls to the cheap-but-funky home goods the store is famous for. Also beer.
Already, complaints about the beer selection

Rendering of 200 Amsterdam Avenue via SJP Properties/ Elkus Manfredi

July 18, 2018

City says 668-foot UWS supertall complies with zoning rules despite community protests

The city's Board of Standards and Appeals found Tuesday that a 668-foot-tall tower proposed for a zoning lot at 200 Amsterdam Avenue does, in fact, comply with zoning rules, The Real Deal reports. The decision gives developers SJP and Mitsui Fudosan the green light to proceed with development of a condominium tower on the site at 69th Street despite a growing body of community groups opposed to the project. The Committee for Environmentally Sound Development had challenged the Department of Buildings' approval of the project on the grounds that developers assembled an illegal zoning lot in the form of a 39-sided polygon 10 times larger than the actual building's planned footprint with the intent of building a larger tower.
Find out more

New Yorkers paid over $507M for security deposits in 2016, report says

Photo via Creative Commons

July 16, 2018

New Yorkers paid over $507M for security deposits in 2016, report says

In addition to having some of the highest rents in the country, New York City requires renters to provide a substantial chunk of money up front to cover an apartment's security deposit. According to a new report by City Comptroller Scott Stringer, New Yorkers forked over more than $507 million for security deposits over the course of 2016. Stringer is calling for an overhaul of the city's security deposit system, which he says has created a financial barrier that has intensified the city's affordable housing crisis. "For too long, the deck has been stacked against New York’s working-class renters but we’re taking a step forward to reimagine how the housing system works in our City," Stringer said in a press release.
Learn more

James Gandolfini’s former West Village apartment sells for $6.2M

By Annie Doge

After nine months on the market, the late James Gandolfini's one-time West Village apartment that he shared with ex-wife Marcy Wudarski Gandolfini has found a buyer. In 1999, the couple bought one unit at 99 Jane Street for $850,000, followed by another for $1 million in 2002, combining them into one large, four-bedroom condo. Marcy took ownership the following year after they split, and the residence first hit the market in 2015 as a $21,000/month rental before listing for $7.5 million this past October. Mansion Global now reports that the home has sold for $6.2 million.
Take a look around

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

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 […]

Real Estate Trends

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%

By Dana Schulz

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

July 13, 2018

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

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

July 12, 2018

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

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

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

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

July 10, 2018

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

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

Real Estate Trends

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

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

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

By Cait Etherington

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

Images (L to R): The Mason, The Amberly, Tower 28 and 181 Front Street

July 7, 2018

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

Images (L to R): The Mason, The Amberly, Tower 28 and 181 Front Street Live in NoMad at The Mason, Boutique Madison Ave Rental Residences with 2 Months Free [link] The Amberly Gets Ready to Launch in Downtown Brooklyn; See New Images of 33-Story Rental Tower [link] Elevated Living at its Finest: Tour the Views […]

Real Estate Trends

July 6, 2018

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

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

July 6, 2018

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

By Annie Doge

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

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