Real Estate Trends

NYC’s population bounces back after pandemic exodus

Photo by Abhi Verma on Unsplash

March 14, 2025

NYC’s population bounces back after pandemic exodus

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Five years after the pandemic triggered an exodus from New York City, new census data shows the city's population is growing again. According to census data released this week, the city's population grew by 87,184 to 8.48 million people between July 2023 and July 2024, up from 8.39 million the previous year. All five boroughs gained residents, with Manhattan leading the way with a 1.7 percent increase in population.
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NYC’s 10 best-selling residential buildings of 2024

Aman New York, courtesy of Aman New York; One High Line, courtesy of Evan Joseph; The Huron, courtesy of Redundant Pixel; The Cortland, courtesy of Related Companies

March 14, 2025

NYC’s 10 best-selling residential buildings of 2024

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A new report from CityRealty reveals New York City's best-selling residential buildings of 2024. Last year's total sales by dollar amount remained just under $22 billion, falling below the 10-year average of $26.9 billion, likely due to high interest rates and global uncertainties. But the luxury market remained strong, with the majority of best-selling buildings being all new developments, including One High Line and Aman New York Residences, which top the list. As CityRealty notes, the 30 top-selling buildings in Manhattan accounted for $4.4 billion in sales, 992 units sold, and 20 percent of the borough's total apartment sales by dollar volume.
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NYC added 34,000 new homes in 2024: These neighborhoods built the most

Photo by Harry Gillen on Unsplash

March 12, 2025

NYC added 34,000 new homes in 2024: These neighborhoods built the most

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Nearly 34,000 new homes were completed in New York City in 2024, the most units in a single year since 1965. The increase in housing units, up over 6,000 units from last year, is driven by a surge of permits filed in 2022 before the 421-a tax incentive expired. The Department of City Planning this week released an update to its Housing Database with new tools highlighting housing production across the city. While the data reveals Brooklyn had the highest number of newly constructed units of all the boroughs, Long Island City in Queens led the city with 1,859 new building units in 2024.
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Billionaires’ Row condo sells for $82.5M, NYC’s priciest deal of the year

Photo by Jakub Hałun on Wikimedia

March 11, 2025

Billionaires’ Row condo sells for $82.5M, NYC’s priciest deal of the year

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Media executive Byron Allen has sold his condo on Billionaires' Row for $82.5 million, marking New York City's priciest deal of the year so far. As first reported by the Wall Street Journal, Allen paid $75 million in 2023 for the five-bedroom pad at 220 Central Park South, a limestone-clad tower designed by Robert A.M. Stern that is considered one of the most expensive condo buildings in the country.
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Rudy Giuliani relists Upper East Side penthouse with $1.4M price cut

45 East 66th Street. Photo by Epicgenius via Wikimedia Commons

March 5, 2025

Rudy Giuliani relists Upper East Side penthouse with $1.4M price cut

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Rudy Giuliani has relisted his Upper East Side penthouse with a $1.4 million price cut after settling his legal battle with two Georgia election workers. In October, a judge ordered the former New York City mayor to turn over his possessions, including his apartment at 45 East 66th Street, as part of a $148 million defamation lawsuit he lost in 2023. Last month, a settlement was reached allowing Giuliani to keep his apartment and other belongings in exchange for an unspecified compensation for the two election workers. Now the disbarred lawyer and former Trump advisor is trying again to offload the three-bedroom home for $5.175 million; he first listed the property for $6.5 million in 2023.
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A first look inside the full-floor boutique offices at 520 Fifth Avenue

Credit: Binyan Studios

February 26, 2025

A first look inside the full-floor boutique offices at 520 Fifth Avenue

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New renderings offer a sneak peek at the 25 full floors of boutique office space at 520 Fifth Avenue, the tallest mixed-use tower on the iconic street. Situated on floors nine through 34 below the condo units, the offices, designed by AD100 designer Vicky Charles of Charles & Co., feature terraces and loggias, soaring ceiling heights, and 10-by-10-foot operable windows. Above the offices are 100 luxury condos, which launched sales last April.
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Ken Griffin pays $45M for Julia Koch’s prestigious Park Avenue co-op

Photo by Deans Charbal via Wikimedia Commons

February 26, 2025

Ken Griffin pays $45M for Julia Koch’s prestigious Park Avenue co-op

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Billionaire Ken Griffin has added another exclusive address to his real estate portfolio. The Citadel founder bought a palatial co-op at 740 Park Avenue, one of New York City's most prestigious cooperatives, from fellow billionaire Julia Koch for $45 million, according to the Wall Street Journal. The deal marks one of Manhattan's most expensive co-op sales on record, as CityRealty noted. Koch purchased the home with her late husband David Koch in 2004 for $17 million and originally listed the property in 2022 for $60 million.
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Beaux-Arts office building in the Flatiron District to become 20 luxury condos

Renderings courtesy of VMI Studios

February 12, 2025

Beaux-Arts office building in the Flatiron District to become 20 luxury condos

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A former 1920s publishing house in the Flatiron District will turn into 20 boutique condos, becoming New York City's latest office-to-residential conversion. Located at 114 East 25th Street, the 14-story Beaux-Arts building—now known as Armorie—has been reimagined by developer Adellco and design firm Andre Kikoski Architecture (AKA) to preserve its historic charm while transforming it into a collection of modern, high-end residences. The condo includes one- to four-bedroom lofts, topped by a luxurious penthouse with a private rooftop terrace.
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Fifth Ave’s highest condo fetches $11.5M

Photo Credit: Alden Studios

February 6, 2025

Fifth Ave’s highest condo fetches $11.5M

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The highest condo on Fifth Avenue has found a buyer. As first spotted by CityRealty, Penthouse 80 at 520 Fifth Avenue sits 880 feet in the air, surrounded by iconic views in every direction. The trophy residence first hit the market two months ago for $11,500,000; the deal will likely close by the end of the year when the building wraps up construction.
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NYC to redevelop Long Island City site once proposed for Amazon’s HQ2

Image via WikiCommons

February 6, 2025

NYC to redevelop Long Island City site once proposed for Amazon’s HQ2

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The city is looking to redevelop three sites in Long Island City that nearly became Amazon's second headquarters. As first reported by Crain's New York, the Adams administration will release a request for expressions of interest (RFEI) this spring to redevelop 44-36 Vernon Boulevard, a longtime Department of Education property. The city is prioritizing proposals that include commercial, industrial, and community-serving tenants for the six-story building. The 672,000-square-foot warehouse was once slated to be part of Amazon's "HQ2," a sprawling campus for the retail giant, but the company withdrew its plan in 2019 after strong opposition from residents, elected officials, and community groups.
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Waldorf Astoria welcomes first condo residents after renovation

All images courtesy of the Waldorf Astoria

February 5, 2025

Waldorf Astoria welcomes first condo residents after renovation

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Nearly a decade in the works, the famed Waldorf Astoria is welcoming its first residents after a restoration converted the historic hotel into luxury condos. Closings have officially commenced at the landmarked Park Avenue hotel, which shuttered in 2017 as part of a revamp to bring 375 luxury condos atop a 375-key hotel. Building on the success of the first phase of sales, prospective buyers can now experience model residences designed by AD100 designer Josh Greene, with prices starting at $1,875,000 for studios.
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UN Plaza buildings to get $500M revamp

One and Two United Nations Plaza in center; United Nations Secretariat Building to the left; Photo via WikiCommons

February 4, 2025

UN Plaza buildings to get $500M revamp

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Two United Nations buildings will undergo a $500 million revitalization, creating over 1,800 jobs and boosting New York City's economy by billions, New York officials announced this week. Mayor Eric Adams, Gov. Kathy Hochul, and the UN Development Corporation (UNDC) on Monday announced plans for the redevelopment, which will modernize One and Two United Nations Plaza—built in the 1970s and 80s—while consolidating its office space. As part of the plan, the UN has committed to long-term leases at the site.
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Nation’s largest office-to-residential conversion starts leasing for 1,300 apartments in FiDi

All renderings courtesy of Streetsense

January 30, 2025

Nation’s largest office-to-residential conversion starts leasing for 1,300 apartments in FiDi

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The largest office-to-residential conversion in the country officially began leasing in the Financial District. The former 1960s office tower at 25 Water Street, once home to JPMorgan Chase and the New York Daily News, is now a luxury apartment building with 1,320 homes and 100,000 square feet of amenities, following a two-year redevelopment designed by CetraRuddy. Dubbed "SoMA," for its location in "South Manhattan," according to a press release, the rental is the first to take advantage of the 467-m tax break, a new incentive for converting offices to residential space.
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Conversion of historic Nomad office building into 65 condos moves forward

The Emmet Building at 95 Madison Avenue. Photo by Epicgenius on Wikimedia.

January 24, 2025

Conversion of historic Nomad office building into 65 condos moves forward

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The conversion of a landmarked Nomad office building into luxury condos is moving forward after receiving a $99 million construction loan. As reported by The Real Deal, Sunlight Development and NuVerse secured the loan for their office-to-residential conversion of the historic Emmet Building at 95 Madison Avenue into 65 luxury homes. BHI, the U.S. arm of Bank Hapoalim, provided a $40 million senior loan, while two other financial firms provided the rest of the capital.
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Macaulay Culkin sells full-floor Noho loft for $7.75M

Streetview of 704 Broadway, Map data © 2024 Google

January 23, 2025

Macaulay Culkin sells full-floor Noho loft for $7.75M

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A sprawling Noho loft purchased by "Home Alone" star Macaulay Culkin as a teenager has sold for $7.75 million, city records show. As first reported by the New York Post, the full-floor loft at 704 Broadway was purchased by the former child star in 1999 for $1.75 million—about $3.36 million today when adjusted for inflation. The home features three bedrooms, two bathrooms, and a spacious L-shaped living area spanning the kitchen, dining, and living rooms.
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Macy’s to close 5 NYC locations, including Downtown Brooklyn flagship

Streetview of 422 Fulton Street, Map data © 2022 Google

January 10, 2025

Macy’s to close 5 NYC locations, including Downtown Brooklyn flagship

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Macy's on Thursday announced the closure of 66 stores across the country, including five locations in New York City. The closures are part of the department store chain's "Bold New Chapter" strategy, which includes closing roughly 150 underperforming stores by 2026. The announcement follows the sale of Macy's location at 422 Fulton Street in Downtown Brooklyn last month for just $23 million, as first reported by the New York Post.
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Plans filed to transform Times Square office building into 942 apartments

Exterior of 5 Times Square. Image via WikiCommons

January 2, 2025

Plans filed to transform Times Square office building into 942 apartments

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A coalition of prominent New York City real estate figures has filed plans to transform a 38-story office building in Times Square into more than 900 new homes. As reported by The Real Deal, Apollo Global Management, in partnership with RXR and SL Green, aims to convert 5 Times Square into a mixed-use building with 942 apartments. This office-to-residential conversion would be one of the largest in the city to date, and the first in the heart of Times Square.
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6sqft’s top stories of 2024!
December 27, 2024

6sqft’s top stories of 2024!

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As we close the chapter on 2024, 6sqft is taking a moment to reflect on the stories that resonated most with readers this year. From record-breaking real estate deals near Central Park and the Upper West Side's new tallest tower to a visual portal linking Dublin and NYC and the city’s first Passive House public schools, readers stayed up to date on New York City's latest happenings. Readers also enjoyed an exclusive look at some of the city's most remarkable real estate listings, including the priciest townhouse in Park Slope and a restored Marcel Breuer-designed home on the Hudson.
what readers loved this year, ahead
$7.2M penthouse is most expensive sponsor sale in Williamsburg

Renderings courtesy of Naftali Group

December 19, 2024

$7.2M penthouse is most expensive sponsor sale in Williamsburg

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A penthouse went into contract at the "urban resort-style" One Williamsburg Wharf this week, marking a possible new record for sponsor sales in the neighborhood. Penthouse A is a three-bedroom, three-bath home with an expansive private terrace, fireplace, and sweeping views of the Manhattan skyline and East River. The apartment, which entered contract on Wednesday for $7.2 million, would break Williamsburg's previous most expensive sponsor sale by $2 million if it closes at that price.
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NYC’s largest chain stores continue to struggle

Photo by Peter Burka on Flickr

December 19, 2024

NYC’s largest chain stores continue to struggle

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For the fifth time in the last seven years, the total number of chain stores in New York City has dropped. The Center for an Urban Future (CUF) on Wednesday released its annual "State of the Chains" report, which found a 1.3 percent decrease in the number of chain stores across the five boroughs over the last year. These findings indicate that, despite many of the city’s central commercial districts experiencing a strong recovery in storefronts, major national retailers continue to struggle.
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Mets shortstop Francisco Lindor to buy $20M UES penthouse

Renderings courtesy of DBOX

December 11, 2024

Mets shortstop Francisco Lindor to buy $20M UES penthouse

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Another New York Mets contract is grabbing headlines. Shortstop Francisco Lindor is set to score a $20 million penthouse at a boutique new condo building on the Upper East Side. As first reported by the Wall Street Journal, Lindor signed a contract for a 5,000-square-foot penthouse at 200 East 75th Street, an under-construction 18-story tower developed by EJS Group. Penthouse 5, which has six bedrooms and multiple terraces, is likely the baseball star's new home.
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One High Line penthouse sells for $47M

Photo by Nicole Franzen

December 4, 2024

One High Line penthouse sells for $47M

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The most expensive Downtown deal of the year belongs to One High Line in Chelsea. According to public records, a penthouse at the Bjarke Ingels-designed condominium on West 18th Street sold for $47 million last month. Last June, the apartment entered contract after asking $52 million. According to CityRealty, Penthouse 36 is the most expensive apartment to sell at One High Line to date; another penthouse at the building asking $49 million entered contract in January but has not closed yet.
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Apple leases additional 61K square feet at 11 Penn Plaza

Streetview of 11 Penn Plaza, Map data © 2022 Google

 

December 2, 2024

Apple leases additional 61K square feet at 11 Penn Plaza

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Apple has expanded its footprint in Vornado's Penn 11 office tower in Midtown, acquiring an additional 61,000 square feet. As reported by The Real Deal, the tech giant has signed a new lease that brings its total space in the building to 460,000 square feet and extends its occupancy through the expiration of Macy's lease in 2035. The company now spans the fourth through 14th floors of the 26-story tower, located at 11 Penn Plaza between West 31st and 32nd Streets on Seventh Avenue.
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NYC Council votes to end forced broker fees

Council Member Chi Ossé held a press conference before the City Council voted on the FARE Act. Photo credit: Gerardo Romo / NYC Council Media Unit on Flickr

November 13, 2024

NYC Council votes to end forced broker fees

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New York City renters may soon no longer have to pay a broker fee when leasing an apartment. The Council on Wednesday voted to approve the Fairness in Apartment Rental Expenses (FARE) Act, which shifts the payment of broker fees to the party who hired the broker, typically landlords or the management company. The bill was passed with a veto-proof majority of 42-8.
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