Real Estate Trends

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

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

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

The former Greenpoint Mechanics and Traders Bank, built in 1895, is now on the market for $6.5 million along with the many opportunities this unusual building presents. Designed in the Renaissance Revival style composed of large red brownstones, red brick and ornate terra cotta detailed accents with massive arched windows on the third floor, 144 Franklin Street is a 5,760-square-foot landmarked three-story mixed-use building with a full height basement. The property is zoned for up to six office spaces on the ground floor and regular basement use, with residential use on second and third floors.
Find out more about this unusual opportunity

NYC’s Zombie Houses: Why more homes are vacant and abandoned

Photo via Felix Castor/Flickr

May 8, 2018

NYC’s Zombie Houses: Why more homes are vacant and abandoned

By Cait Etherington

As recently reported on 6sqft, the number of vacant homes in New York City continues to rise. The Census Bureau’s Housing and Vacancy Survey found that the number of unoccupied apartments citywide has grown 35 percent since 2014. While a majority of the city’s 247,977 empty units are empty for a legitimate reason—for example, they are currently awaiting the arrival of a new occupant, being renovated, or are seasonally occupied—among the city’s currently vacant homes are a small percentage of homes known as “zombie homes.” Usually vacant and deteriorating, in some cases, these homes have been abandoned by owners who are behind on their mortgage payments and in other cases, the homes have already been taken over by a lender. The issue has become so problematic that last April, the city —prompted by the passing of the New York State Zombie Property and Foreclosure Prevention Act of 2016, or “Zombie Law”—decided it was time to tackle the zombie home problem head-on.
What's going on?

Images (L to R): EVGB, ELLIPSE, THE ALEXANDER and SALTMEADOW

May 5, 2018

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

By Ondel Hylton

Save Thousands in Rent with these Incredible Deals in Manhattan, Brooklyn & Queens [link] EVGB Perks You’ll Love: 2 Months Free Rent, Integrated Alexa + More [link] Ellipse, Record-Setting Jersey City Rental Tower is Now 100% Leased [link] The Alexander, Rego Park’s 27-Story Rental Tower, Offers 1 Month Free [link] Beachfront Living at Saltmeadow, No […]

Real Estate Trends

A Saudi prince and NYC real estate company will buy iconic Plaza Hotel for $600M

Photo via Creative Commons

May 4, 2018

A Saudi prince and NYC real estate company will buy iconic Plaza Hotel for $600M

Update 5/8/18: Saudi Prince Al-Waleed Bin Talal and Ashkenazy Acquisition Corp. will buy the Plaza Hotel for $600 million, besting a previous offer made less than a week ago, according to the New York Post. While it was reported White City Ventures and the Kamran Organization were in contract to buy the iconic building, the prince and Ashkenazy, as the minority owner, had the option to acquire the hotel if they matched the $600 million offer. The deal is expected to close this summer. A deal to sell the historic, 111-year-old Plaza Hotel has finally been reached, after the New York City landmark sat on and off the market for years and changed hands numerous times. As the Real Deal reported, a group of investors including Shahal Kahan of White City Ventures and Kamran Hakim of the Hakim Organization, are in contract to buy a majority share of the hotel for $600 million. While reports in March said the group was considering paying for part of the purchase with cryptocurrency, the deal instead is being made up of equity from investors and a $415 million loan from a pair of British billionaires, David and Simon Reuben.
More details here

Real Estate Trends

May 3, 2018

Emily Blunt and John Krasinski’s historic Park Slope townhouse sells for $6.5M

After eight months on the market, Emily Blunt and John Krasinski's historic Park Slope townhouse has found a buyer, albeit for $1.5 million less than they'd hoped. The couple first listed the seven-bedroom, 20-room home at 586 4th Street in September for $8 million, but the Post saw through city records that it's closed for $6.56 million. The couple previously said they put the home on the market because work kept them away too much and "The house is so special—someone who can spend every night there should have it."
See exactly why it's so special

Master planning for huge Sunnyside Yard project to begin this summer

Photo via NYCEDC

May 3, 2018

Master planning for huge Sunnyside Yard project to begin this summer

The master planning process for the Sunnyside Yard project, a mammoth plan to build a new, fully planned neighborhood to Queens, will begin this summer, the city announced Thursday. Along with Amtrak, the city's economic development corporation said it will form a steering committee made up of local leaders and planning experts who will organize meetings and workshops to gain feedback from local residents. The Practice for Architecture and Urbanism (PAU) has officially been tapped to lead the planning process. A 2017 feasibility study found 70 acres of the 180-acre development would be viable for development. According to the city, the project could bring between roughly 11,000 and 15,000 new housing units and 15 to 20 acres of open space, new schools and retail amenities. About 3,300 to 4,500 new permanently affordable units could also be created. As of last year, the plan has an estimated price tag of $10 billion.
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Historic West Harlem firehouse theater is for sale for $13M as part of development lot

Image via Google Maps.

May 2, 2018

Historic West Harlem firehouse theater is for sale for $13M as part of development lot

The Beaux Arts firehouse that has been the home of the Faison Firehouse Theater since 1999 (with a celebrated "official" inaugural opening in 2007 that included a presentation by Maya Angelou) is for sale as part of a development property package, asking $13 million. The building at 6 Hancock Place in West Harlem is being offered with a neighboring vacant lot and a four-story townhouse, which together add up to a total of 30,000 square feet. The Faison Firehouse Theater was founded by Tony award winning choreographer George Faison and his partner, Tad Schnugg, and has been operated by the American Performing Arts Collaborative (APAC).
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Construction is underway at the World Trade Center performing arts center

Rendering by REX

April 30, 2018

Construction is underway at the World Trade Center performing arts center

Construction of the Ronald O. Perelman Performing Arts Center is officially moving forward, with the first pieces of the center's structural steel now visible above street level, according to CityRealty. The idea for an arts center at the World Trade Center was included in the original vision for rebuilding the area after Sept. 11, a plan proposed nearly 15 years ago. Designed by REX, the flexible "Mystery Box" will be wrapped in translucent marble, the same material used on the Thomas Jefferson Memorial, and laminated with insulated glass. Named for Ronald O. Perelman who gifted $75 million to the project, the center will include 200,000 square feet of space, three halls and a rehearsal space, a restaurant and a gift shop.
More details here

April 30, 2018

See new renderings of ‘Ocean Dreams,’ Coney Island’s wavy Surf Avenue rental towers

New renderings have been revealed showing real estate mogul John Catsimatidis' Coney Island rental project at 3514 Surf Avenue known as Ocean Dreams, shown here courtesy of CityRealty. The American Institute of Architecture (AIA), which is currently taking votes for their People's Choice award in Brooklyn, has included the 425-unit rental complex among the contenders. The building is being developed by Catsimatidis' Red Apple Group. Catsimatidis, who has big dreams indeed for the development, proposed a trolley-like streetcar service to access the Stillwell Avenue subway station, and once said he wanted to make the development look like Miami Beach.
More renderings this way

April 30, 2018

Matt Lauer’s no-longer-needed Upper East Side commuter pad sells for $7M

Just weeks after ex-"Today" anchor Matt Lauer’s Upper East Side co-op at 133 East 64th Street hit the market asking $7.35 million, the four-bedroom, 11-room apartment has sold for just upwards of $7 million, the New York Post reports. The disgraced newsman used the apartment as a city home during the week while working at NBC. Lauer’s Sag Harbor home (one of his three Hamptons properties) is also for sale.
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Images (L to R): THE LEWIS, THE EAGLE, 83 BUSHWICK PLACE and THE PIERREPONT

April 28, 2018

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

By Ondel Hylton

Images (L to R): THE LEWIS, THE EAGLE, 83 BUSHWICK PLACE and THE PIERREPONT Sleek, Stylish + Modern Rentals at The Lewis Leasing with 2 Months Free [link] The Eagle, Downtown Brooklyn’s 32-Story Rental Tower Offers 2 Months Free [link] East Williamsburg’s 83 Bushwick Place Leasing with 1 Month Free [link] Brooklyn Heights Luxury Rental […]

Real Estate Trends

April 26, 2018

Victoria’s Secret model Sara Sampaio scores a $3.5M pad in sexy new Steiner East Village condos

Victoria's Secret Angel and Sports Illustrated swimsuit model Sara Sampaio just bought a $3.51 million condo at 438 East 12th street in the recently-completed Steiner East Village development (h/t New York Post). The 1,604 square-foot three-bedroom unit was last listed for $3.6 million. The neighborhood newcomer (the building, not the model) is known for its designer interiors and luxurious amenities like a teak-ribbed pool, 5,000 square-foot rooftop park and a parking garage.
Take a peek

One-in-three adults are “doubled up”: Who’s rooming with who and why?

Photo via Pexels

April 25, 2018

One-in-three adults are “doubled up”: Who’s rooming with who and why?

By Cait Etherington

A new PEW Research Center study has found that one-in-three adults are now “doubled up.” Some of these shared households are traditional multigenerational households—for example, a married couple with children who have chosen to live in a home belonging to one of their parents. By definition, however, shared households also include any households with at least one “extra adult” who is not the household head, the spouse or unmarried partner of the head, or an 18- to 24-year-old student. As a result, among the one-and-three adults who are now doubled up are adults sharing households with other adults to whom they are not related, adults sharing with same-generation siblings, and most surprisingly, a growing cohort of elderly parents moving into their adult children’s homes.
What's the deal?

Real Estate Trends

April 24, 2018

After landmarking news, historic Carroll Gardens schoolhouse is back on the market for $5M

An unusual Carroll Gardens building, once the first freestanding kindergarten to be built in Brooklyn, is seeking a new owner, asking $4.95 million, now that it may not be headed for the wrecking ball. The Landmarks Preservation Commission calendared the building (along with the apartment building next door), now a unique single-family residence, at 236 President Street for landmark status consideration on Tuesday. Neighborhood residents and concerned citizens–including folk hero Joan Baez, whose grandfather once lived next door–have been rallying to stop the building's planned demolition as Brooklyn Paper reported last month.
Imagine the possibilities

April 23, 2018

Contemporary artist buys ‘Aaron Burr House’ in the West Village for $4.8M