Real Estate Trends

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

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

By Annie Doge

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

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

Back in 2016, a row house in the West Village that was once owned by third U.S. vice president and famous duel participant Aaron Burr arrived on the market for $5.75 million. The Federal-style brick home at 17 Commerce Street–a fittingly historic block consisting of land that Burr owned just north of his country estate during the turn of the 18th century–has finally sold, to American painter and printmaker Walton Ford, Mansion Global reports, for $4.8 million.
More history and a last look

With new buildings eager to fill vacancies, seasonal housing deals are on the rise

Photo via Pexels

April 23, 2018

With new buildings eager to fill vacancies, seasonal housing deals are on the rise

Not only do NYC's temperatures start to heat up in spring, but so does the rental market, particularly with students and recent graduates searching for short-term housing options to come to live and work in the city. Seasonal housing providers, who provide leases of 30 days or more, are finding more demand than normal (h/t amNY). Large apartment buildings feeling the glut of inventory on the market are choosing to rent their units for shorter terms versus yearly leases working under the assumption that any occupancy is better than vacancy.
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Real Estate Trends

Brookfield hopes to rescue retail on Bleecker Street with purchase of seven storefronts

Photo via Nick Sherman’s Flickr

April 23, 2018

Brookfield hopes to rescue retail on Bleecker Street with purchase of seven storefronts

Brookfield Property Partners announced on Monday it has acquired seven retail storefronts across four properties in the West Village, an attempt to rescue retail in a neighborhood which has had a high rate of vacancies for years. The company hopes to attract e-commerce companies that are interested in testing out brick-and-mortar locations. The properties, found along Bleecker Street between West 10th and West 11th Streets, measure 24,000 square feet. Brookfield paid New York REIT $31.5 million to acquire the properties.
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Real Estate Trends

Images (L to R): ALTA LIC, JACKSON PARK, OSKAR and 1N4TH

April 21, 2018

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

By Ondel Hylton

Images (L to R): ALTA LIC, JACKSON PARK, OSKAR and 1N4TH “Shine in the Center of it All” – Midtown’s Solari debuts website and new renderings [link] ALTA LIC, NYC’s largest co-living residence, launches leasing [link] Jackson Park, shimmering new towers in Long Island City leasing with 1 month free [link] Meet Oskar: New Midtown […]

Real Estate Trends

Bjarke Ingels reveals new renderings of twisting High Line condo ahead of May sales launch

Renderings via Dbox for HFZ Capital Group

April 20, 2018

Bjarke Ingels reveals new renderings of twisting High Line condo ahead of May sales launch

By Dana Schulz

Ahead of the just-announced May 7th sales launch, Bjarke Ingels and developer HFZ Capital have released to the Times several new renderings of the Eleventh, or the XI as it's been branded. The West Chelsea hotel/condo project is notable not only for being Ingels' first NYC condo project but for its asymmetrical, twisting silhouette. And in the new renderings, we're able to get a better look at the pair of towers and their skybridge, along with, for the first time, the central courtyard and an apartment interior.
All the renderings and details right this way

Why Weehawken? Short commutes and NYC skyline views along the waterfront

Photo of Weehawken via Michel G’s Flickr

April 19, 2018

Why Weehawken? Short commutes and NYC skyline views along the waterfront

Lin Manuel Miranda, the creator of the musical phenom Hamilton, tweeted in January that he changed three lyrics for the show’s London opening: John Adams, the Potomac River and Weehawken. According to Miranda, those words were too specific to America. According to Broadway Buzz, “Burr's proposal of a duel in ‘Your Obedient Servant’ now specifically points to New Jersey rather than the town of Weehawken. The Broadway lyric "Weehawken, dawn, guns drawn" has become ‘New Jersey, dawn, guns drawn.’” In July 1804, Alexander Hamilton was mortally wounded during a duel with Aaron Burr in Weehawken and died the following day in New York City. Tragically, Hamilton’s son was killed on the same spot three years earlier. One of the plaques in Alexander Hamilton Park describes many of the other unknown “duelists” who “all came to Weehawken to defend their honor according to the custom of the day. Located on the Hudson River, Weehawken does have a very “American” history but it should be highlighted, not diminished. Ahead, learn the ins and outs of Weehawken, from its historic waterfront parks and duel grounds to its burgeoning real estate scene.
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Real Estate Trends

6sqft Guide: How to rent as a foreign national in New York City

Photo via CityRealty

April 17, 2018

6sqft Guide: How to rent as a foreign national in New York City

By Cait Etherington

Foreign nationals from around the world are recruited to work in New York City, but when they arrive, they often realize that not everyone is eager to welcome them with open arms nor open doors. Indeed, while many employers from banks and tech companies to museums and universities are eager to recruit top global talent, most of the city’s rental management companies would prefer to rent to a pack of college students than a fully employed foreign national with a six-figure income. So, what is an adult with a great credit history, full-time job, and in many cases, a family to do when they arrive in New York City? While foreign nationals likely can’t change the perception that renting to foreigners is a bad idea, there are a few ways to troubleshoot the housing market in New York City whether you were born in Toronto, Paris, or Tokyo.
Everything you need to know, here

$700M proposal calls for NYC’s first soccer stadium and 550 affordable apartments in the South Bronx

Rendering via Rafael Viñoly Architects

April 17, 2018

$700M proposal calls for NYC’s first soccer stadium and 550 affordable apartments in the South Bronx

New York City could be getting its first soccer stadium if a proposal for the project led by Related Companies gets chosen by officials. A partnership made up of developers Related and Somerset Partners, along with the Major League Soccer team, New York City Football Club, has submitted a plan to bring a 26,000-seat soccer stadium designed by Rafael Viñoly, over 550 units of affordable housing and a waterfront park to the South Bronx. According to YIMBY, the project, estimated to cost $700 million, would rise on the site of the Harlem River Yards, a 13-acre parcel in Mott Haven operated by the Empire State Development Corporation.
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April 17, 2018

With $3.55M sale, Eli Manning’s condo sets Hoboken record

By Annie Doge

Eli Manning's patience trying to offload his Hoboken condo certainly paid off, as the Post reports that it's sold for $3.55 million--the biggest condo sale in the city's history. The Giants quarterback first listed the waterfront spread at the Hudson Tea Building three years ago for $5.2 million, but after failing to find any takers, he put it up as an $18,000/month rental the following spring. Manning currently lives with his wife, Abby McGrew, and their three daughters in the more suburban Summit, NJ. He also dropped $8.5 million on a beachfront Hamptons mansion last year.
Take a look around

Despite a 30 percent drop in sales prices, Tribeca remains NYC’s most expensive neighborhood

Photo via CityRealty

April 16, 2018

Despite a 30 percent drop in sales prices, Tribeca remains NYC’s most expensive neighborhood

Despite suffering from a 30 percent drop year-over-year in median sale prices, Tribeca still managed to rank first as New York City's most expensive neighborhood, followed closely by Soho. Property Shark released this week its list of the 50 priciest areas in the city in Q1 2018 and unsurprisingly, nine out of the top ten are located in Manhattan. Notably, the West Village witnessed an 88 percent year-over-year increase with a median sale price hovering $2.1 million. And the Flatiron District, which ranked as the most expensive neighborhood in the third quarter of 2017, fell to sixth place, with a median sale price of $1.85 million.
See the list

Real Estate Trends

Rendering via ODA Architects

April 16, 2018

100 chances to live at ODA’s Rheingold Brewery development in Bushwick, from $913/month

A lottery launched this week for 100 affordable units at 10 Montieth Street, part of the massive ODA-designed Rheingold Brewery development in Bushwick. The seven-story, 392-unit building topped out last September, with its distinct modular form, sloping rooftop garden and colorful frames. Amenities at the building include a climbing wall, laundry room, interior courtyard, game room, bike storage, children's playroom, art studios and much more. Qualifying New Yorkers earning 60 percent of the area median income can apply for the units, ranging from $913/studios to $1,183/two-bedroom apartments.
Find out if you qualify

Images (L to R): 606W57, One Hudson Yards, 70 Columbus and View 34

April 14, 2018

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

By Ondel Hylton

Images (L to R): 606W57, One Hudson Yards, 70 Columbus and View 34 Special Offer on Luxury Rentals at One Hudson Yards; See New Listings 606W57 Luxury Rentals Launch from $2,795/Month; See New Photos + Floor Plans Rooftop with All the Views at VIEW 34, Luxury Rentals on the East River from $2,753/Month Renovated Homes + Ocean Views; Brooklyn's Shorecrest Towers Leasing from $1,900/Month Meet The Alexey, South Slope's Provocative Rubix-Cube-Like Rental Leasing from $2,200/Month Jersey City's 70 Columbus Rentals from $2,150/Month; 90 Columbus Set for Spring Launch
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Real Estate Trends

April 12, 2018

The 15 best gyms in NYC residential buildings

Jay Wright, founder and CEO of The Wright Fit, a gym design and management consultancy, is behind many of the gorgeous gyms in high-end NYC residential buildings, from 15 Central Park West to 56 Leonard. The Wright Fit has a very specific philosophy that guides their design and programming for their clients’ facilities. “That philosophy is called centerpoint strategy. The goal of is to create balance, functional longevity, and optimal quality of life for our clients and the residents of the building. We are trying to get people off of fixed path motion machines, where the actual machines define the path of motion, and teach people about their bodies. We like to challenge people to evolve their way of thinking.” Wright says that time and proximity are the biggest barriers to working out. By creating gorgeous gyms in residential buildings, those two barriers are eliminated. So if you live one of these buildings with amazing gyms, let us envy you as you run down the stairs (forget the elevator) and start sweating. Ahead, we've rounded up the 15 best residential gyms that are getting New Yorkers' heart rates pumping.
Check out our list without breaking a sweat

Real Estate Trends

Photo via CityRealty

April 11, 2018

Why middle-income New Yorkers are turning down affordable housing

By Cait Etherington

It sounds like a dream come true. After a decade of living and struggling to pay your rent as a middle-income New Yorker, you get an email from NYC Housing Connect that says, “Invitation for Interview” followed by the address of the building to which you applied. For a moment, you are ready to break out the champagne and start celebrating the fact that that rent-stabilized, affordable NYC apartment you have always dreamt about living in—yes, that massive apartment that is only a fraction of everyone else’s monthly rent—is finally in reach. But then, like a lot of middle-class New Yorkers, you start to seriously consider whether you’re ready, willing, and able to accept what NYC Housing Connect is actually offering.
Hear from real New Yorkers who have turned down affordable housing

By 2020, the U.S. will have 300 food halls

UrbanSpace Vanderbilt. Photo by Shinya Suzuki/Flickr

April 11, 2018

By 2020, the U.S. will have 300 food halls