Real Estate Trends

Somerset Partners and Chetrit Group have sold their massive South Bronx waterfront site to Brookfield Properties for $165 million, the priciest transaction for a development in the Bronx on record. As the New York Post reported, the project includes two sites on either side of the Third Avenue Bridge. At 2401 Third Avenue, original plans called for a 25-story standalone tower and a 25-story and 16-story building rising from an eight-story base. Developers also planned to bring three 24-story buildings and a 22-story building on top of a six - and seven-story base at the second site at 101 Lincoln Avenue.
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April 4, 2018

David Adjaye’s first New York skyscraper begins its 800-foot rise in the Financial District

By Dana Schulz

Four months after revealing renderings for his first NYC skyscraper, esteemed British architect David Adjaye is finally seeing the project get off the ground. CityRealty reports that construction at 130 William Street has reached street level, with a red kangaroo crane in the ready to begin its nearly 800-foot-tall rise. The Ghana-born architect, who was knighted by Queen Elizabeth II and named one of TIME’s 2017 most influential people, has said the condo tower was inspired by the historic masonry architecture of the Financial District.
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What would congestion pricing mean for NYC real estate?

Photo via joiseyshowaa/Flickr

April 3, 2018

What would congestion pricing mean for NYC real estate?

Congestion pricing is dead in the water again. But New York City’s traffic and subway problems continue to get worse while the population and Cuomo and De Blasio’s battles continue to grow. Something has to give. With that in mind, the question remains, if congestion pricing ever happens, what is the relationship between congestion pricing […]

April 3, 2018

La Central, 992-unit affordable Bronx development, ramps up construction

As 6sqft previously reported, after getting the green light for La Central, a new development that would bring nearly 1,000 units of affordable housing to the site of the Bronx Zoo-bordering Lambert Houses, construction on phase 1 of the project is well underway. Welcome2TheBronx reports that a 160-unit building D at Bergen Avenue and 152nd Street, a supportive housing building for formerly homeless individuals, is almost topped out and is scheduled to be finished by the summer of 2019. Two more buildings in the 992 unit, 1.1-million-square-foot Hudson Companies, Inc, development have broken ground.
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Everything you need to know about cryptocurrency and real estate

NYC skyline via Pexels; Bitcoin via Pexels

April 2, 2018

Everything you need to know about cryptocurrency and real estate

NYC skyline via Pexels; Bitcoin via Pexels Just when you think you understand the world of cryptos, all you understand is how little you know. And when you do actually master a topic, it will change. Which is why to get you started, we've put together a 101 guide to cryptocurrencies and real estate transactions. From the technology behind digital currencies such as Bitcoin to their risks, the real estate market is ripe for potential when it comes to this burgeoning market.
Get your primer ahead

April 2, 2018

Heidi Klum buys a raw Soho penthouse loft in need of a complete reno for $5M

Though Heidi Klum has spent summers renting a New York City pad and even checked out Bon Jovi's pricey penthouse, the supermodel and TV personality was LA-based until recently. The Post reports that Klum just closed on a 4,772-square-foot Soho penthouse loft at 515 Broadway for $5.1 million. Purchased under the name “HK East Coast LLC,” the loft, in a 19th century Queen Anne-style building also known as 84 Mercer Street, is a former artist's studio, though it's exempt from Artist Certification requirements. The totally raw space is in need of just about everything.
Take a look

‘Atlantic Chestnut’ development will bring over 1,100 fully-affordable units to East New York

Rendering via Dattner Architects

March 29, 2018

‘Atlantic Chestnut’ development will bring over 1,100 fully-affordable units to East New York

A mixed-use development will bring 1,165 fully-affordable units to the Brooklyn neighborhood of East New York, an evolving community in need of new and preserved housing. Dattner Architects released this week new renderings of the development, dubbed Atlantic Chestnut after the two streets it will face (h/t CityRealty). The complex, which will include three 14-story buildings, sits on 4.5 acres and measures over a million square feet. The three buildings will be completed in successive phases, with the first scheduled to wrap up in 2020, the second in 2021 and the third in 2022.
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Essex Street Market announces more vendors for new Essex Crossing location

Rendering courtesy of SHoP Architects for Market Line

March 29, 2018

Essex Street Market announces more vendors for new Essex Crossing location

This week's announcement of more vendors that will make up the inaugural roster for Essex Street Market's new home at the Essex Crossing mega-development included some favorites from around the city along with current faces, reports Bedford + Bowery. New to the market when the 24-story building at 115 Delancey Street opens will be Williamsburg's Middle Eastern takeout spot Samesa, East Village herbal apothecary Roots, Fort Greene florist Saffron and Union Square Greenmarket regular Josephine's Feast!
What else is in the works?

The final frontier of history and hip: Developments and amenities shaping the Lower East Side

For many New Yorkers, the Lower East Side is one neighborhood that still has a lot of authenticities and good 'ole New York grit left. It has been described as Manhattan’s "last frontier of cool. The promised land of old as well as new... Where the Godfather lives side by side with a hipster movie." Put more tangibly by Benjamin Baccash of Taconic Investment Partners, the developer of LES's Essex Crossing, "The Lower East Side has wonderful restaurants, art galleries, and great street life. It’s a real neighborhood and that’s what a lot of people are looking for." In addition to great diversity, personality, and transportation, the city is undertaking huge improvements on the east river waterfront, and developers are erecting new developments at all corners of the 'hood. Ahead, 6sqft takes a look at everything that's keeping the Lower East Side a vestige of old New York during its contemporary resurgence, from massive projects like Essex Crossing to a booming art gallery scene.
As Irving Berlin once said, “Everybody ought to have a Lower East Side in their life.”

Real Estate Trends

Investor group may create its own cryptocurrency to fund purchase of the Plaza

Photo via Wally Gobetz/Flickr

March 28, 2018

Investor group may create its own cryptocurrency to fund purchase of the Plaza

Photo via Wally Gobetz/Flickr Cryptocurrencies make the wild west look tame. Yet despite their volatility, they’re becoming more of a presence in NYC real estate. Five days ago, when we reported on the first Bitcoin closings in Manhattan, the value of Bitcoin was $8,592. It is currently $7,999. According to a CNBC report, Chimera, a group of foreign investors interested in buying the Plaza Hotel, is considering offering partial payment for the transaction in a new cryptocurrency. Chimera has proposed the creation of the “Plaza Token,” an asset-backed securitized token, to raise more than $375 million. They are being advised about this initial coin offering by a company called Securitize. “This would give cryptocurrency investors the chance to diversify into luxury real estate and receive certain concessions inside the Plaza Hotel,” CNBC reports.
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Mike Myers finally unloads $14M Soho penthouse

Photo of Mike Myers via Wikimedia

March 27, 2018

Mike Myers finally unloads $14M Soho penthouse

By Annie Doge

After three years on the market, Mike Myers' Soho penthouse has gone into contract. The actor bought the duplex at 72 Mercer Street back in 2007 for just under $8 million and renovated to its current contemporary state. He first listed in 2015 for $17 million, shortly after adding another unit in the building to the sale, upping the combo price to $21.5 million. This past November, Myers tried yet again, relisting the original penthouse unit for the reduced price of $14 million, and it looks like that did the trick as it's now in contract.
Get a look inside

First rendering unveiled for Durst’s Long Island City tower, projected to be the tallest in Queens

Rendering courtesy of Durst Organization via SkyscraperPage

March 27, 2018

First rendering unveiled for Durst’s Long Island City tower, projected to be the tallest in Queens

After picking up the Long Island City property for $173.5 million in 2016, the Durst Organization released this week the first rendering of its massive mixed-use building planned for 29-37 41st Avenue. Dubbed Queens Plaza Park, the 978,000-square-foot tower will hold 958 rental residences, as well as retail and office space. The rendering reveals a concave-shaped building which will wrap around the 90-year old landmarked Clock Tower, which is being saved and restored, as CityRealty reported.
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Real Estate Trends

JetBlue taps RXR Realty and Vantage Airport Group for JFK expansion

Rendering of JFK Airport via Gov. Andrew Cuomo’s office

March 27, 2018

JetBlue taps RXR Realty and Vantage Airport Group for JFK expansion

JetBlue Airways this week selected RXR Realty and Vantage Airport Group to lead its planned terminal expansion at John F. Kennedy International Airport. The project, estimated to cost between $2 billion and $3 billion, will add larger gates in order to fit wider planes. JetBlue, which currently operates out of JFK's Terminal 5, will expand across to Terminal 6 and possibly Terminal 7, according to the Wall Street Journal. The proposed expansion comes over a year after Gov. Andrew Cuomo announced a $10 billion overhaul of JFK, aimed at expanding and redeveloping terminals, redesigning on-airport roadways for easier access and adding more dining and retail options. The Port Authority of New York and New Jersey, the agency which oversees the airport's operations, will work with JetBlue about if and when the project can proceed.
More details here

Ahead of next year’s opening, TWA Hotel’s second tower tops out

Photo by Max Touhey

March 26, 2018

Ahead of next year’s opening, TWA Hotel’s second tower tops out

MCR and Morse Development's repurposing of Eero Saarinen's historic TWA Flight Center at JFK Airport into a hotel, event space and dining destination continues to move full speed ahead. The second crescent-shaped tower of the TWA Hotel officially topped out this week, nearly a year ahead of its spring 2019 opening. The hotel will contain 505 rooms, a rooftop pool, an observation deck, eight bars and restaurants and 50,000 square feet of event space. Saarinen's landmarked TWA Flight Center terminal building will serve as the hotel lobby, a 200,000-square-foot space with retail, restaurants and bars.
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New looks at Manhattan West and Empire Station developments show the future Midtown West

Via Visualhouse

March 26, 2018

New looks at Manhattan West and Empire Station developments show the future Midtown West

Imagine a future Midtown West with state-of-the-art retail and office towers, an abundance of open green space and an attractive, efficient transit station. While plans to bring all of that is in the works, it could be years away from becoming reality. As CityRealty learned, one of the neighborhood's busiest developers, Brookfield Properties, is giving us a preview of what the area will eventually look like, with new renderings for its expansive, six-building Manhattan West project. Plus, the developer also created a CGI video that provides a virtual tour of the Empire Station, the hall currently undergoing renovations at Penn Station.
Take a peek

March 26, 2018

Nearly 250,000 NYC rental apartments sit vacant

By Emily Nonko

Early numbers from the Census Bureau’s Housing and Vacancy Survey show that the number of unoccupied apartments throughout New York City has grown significantly over the past three years--a whopping 35 percent to 65,406 apartments since 2014, when the last survey was taken. As the Daily News puts it, "Today, 247,977 units — more than 11% of all rental apartments in New York City — sit either empty or scarcely occupied, even as many New Yorkers struggle to find an apartment they can afford." One reason for the growing vacancy rates, as the article states, is the city's high rent, which has risen twice as fast as inflation.
Here's a breakdown of vacancy rates

NYC RENTALS: This week’s roundup of rental news & offers

Images (L to R): Trump Bay Street, Heritage Dean Street, OSKAR and THE DELMAR

March 25, 2018

NYC RENTALS: This week’s roundup of rental news & offers

By Ondel Hylton

Images (L to R): Trump Bay Street, Heritage Dean Street, OSKAR and THE DELMAR Top 10 Rental Buildings in the East Village Live in Greenpoint at The Astral: Landmarked Building Lists 1-Beds from $1,785/Month New Rentals Bring Life to Dilapidated Harlem Brownstone; Listings from $1,850/Month 250N10’s Backyard is Perfect for Summer: See Listings from $2,662/Month […]

Real Estate Trends

March 23, 2018

21 chances to buy an affordable condo at Extell’s chic Upper East Side tower, from $357K

Rendering of The Kent via Beyer Blinder Belle; Photo via CityRealty Applications are now being accepted for 21 brand new, affordable condominiums at Extell Development's Upper East Side tower, The Kent. Designed by Beyer Blinder Belle, the 30-story building, located at 200 East 95th Street, has a facade covered in red brick with accents of dark metal. Qualifying New Yorkers earning between $79,333 and $119,250 annually can apply for the studio, one- and two-bedroom condo units, which range in price from $356,700 to $427,000.
Find out if you qualify

Extell launches sales at Brooklyn’s current tallest tower, starting at $837K

Rendering courtesy of Williams New York

March 22, 2018

Extell launches sales at Brooklyn’s current tallest tower, starting at $837K

Extell on Thursday officially launched sales at Brooklyn Point, the developer's first skyscraper in the borough. According to the building's site, units available include studios, one-, two- and three-bedroom condos, ranging from $837,000 to $3,413,000 in price. Residents at the 720-foot tower, located at 138 Willoughby Street in Downtown Brooklyn, will enjoy a plethora of amenities including a wine room, a stroller valet, well-equipped fitness center and, of course, the highest rooftop pool in the Western Hemisphere.
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March 20, 2018

INTERVIEW: Developer Edward Baquero explains how he brought old-New York luxury to 20 East End

When I first interviewed Edward Baquero, President of Corigin Real Estate Group, his art curator, Elizabeth Fiore, was furiously texting him images from the Armory Show with potential art for two remaining walls in the stately 20 East End’s octagonal lobby. Baquero is a perfectionist to the nth degree with an obsessive eye for detail, highly skilled research capabilities, a luxurious aesthetic sensibility and a ridiculously funny sense of humor. These two alcove walls were just as important to Baquero as every other detail in his building, no matter how big or small. Nothing in 20 East End was chosen without thorough research and reason followed by multiple iterations of tests and retests. What Baquero created in 20 East End evokes a time when the Astors, Vanderbilts, and Rockefellers dominated Manhattan and defined luxury. Baquero is bringing back the best of the past and melding it with the present to create a model many will replicate in the future. Ahead, 6sqft talks with him about how he achieved this, his inspirations, and what it was like working with Robert A.M. Stern.
Hear what Edward has to say

March 19, 2018

Zayn Malik drops $10M on Soho penthouse after Gigi Hadid breakup

By Annie Doge

After supermodel Gigi Hadid bought a condo at Noho's trendy new building 10 Bond Street in July 2016, she was often seen leaving the building with then-new flame Zayn Malik. But the couple, dubbed ZiGi. Malik by their swarms of fans, announced their breakup last week, and it looks like the pop star was well prepared to begin his bachelor lifestyle, as the Post reports that just days after the news went public, Malik closed on a $10.69 million Soho penthouse at 63 Greene Street.
Check it out

March 19, 2018

Wunderbroker Ryan Serhant bought Jonathan Safran Foer’s perfect Brooklyn brownstone–at a discount