Real Estate Trends

Anyone trawling through apartment listings may have noticed the upsurge of virtually staged apartment photos. The technique has proven to be a cost-effective and speedy alternative to traditional methods of staging vacant units. For those of you not fully warmed-up to the computer-aided technique, your reservations are understandable. Photos are the most important element to viewing listings […]

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

Images (L to R): FRONTIER, TOWER 28, LEVEL and 95 WALL

October 7, 2017

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

Images (L to R): FRONTIER, TOWER 28, LEVEL and 95 WALL The Refinery, Newly Constructed Clinton Hill Rental Leasing from $2,150/Month [link] A New Frontier: Leasing Begins at 210 East 39th Street with Two Months of Free Rent [link] New Rentals Launch with 1 Month Free at Historic Offerman House in Downtown Brooklyn [link] Tallest […]

Real Estate Trends

October 5, 2017

REVEALED: Central Park Tower’s ‘Village Green’ lawn and pool deck

Central Park Tower, New York City's future tallest residential skyscraper, is getting a more down-to-earth design. As CityRealty learned, the supertall at 225 West 57th Street on Billionaires' Row will feature a sprawling landscaped space designed by HMWhite. The firm's terrace design includes both passive and active recreational areas, like a central open lawn and a sequence of complimentary garden rooms. Renderings of the projected 1,550-foot tall tower reveal a lap pool overlooking West 57th Street and a sun deck among pergolas and trellises.
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Vishaan Chakrabarti reveals new designs for Domino Sugar Factory

PAU design for the Domino Refinery. Image courtesy of Practice for Architecture and Urbanism.

October 4, 2017

Vishaan Chakrabarti reveals new designs for Domino Sugar Factory

The past few years have seen as much change as progress in the rise of the three million-square-foot Domino Sugar Factory mega-development in Williamsburg; Two Trees broke ground on the first tower in the Domino Sugar Refinery Master Plan last spring, and the lottery opened for 104 affordable units at the SHoP Architects-designed building, the 16-story 325 Kent Avenue. Last October we saw the first set of renderings by architecture firm Beyer Blinder Belle for the refinery building that will house Two Trees' new 380,000-square-foot office space at the massive new complex; the corresponding plans had been approved by the Landmarks Preservation Commission in 2014. Now, Justin Davidson writes in New York Magazine that a new round of designs by Vishaan Chakrabarti's Practice for Architecture and Urbanism (PAU) have been revealed.
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The Latest Rental News & Offers (Images L to R): 507 WEST CHELSEA, KESTREL, 505W37 and 60 WATER

September 30, 2017

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

The Latest Rental News & Offers (Images L to R): 507 WEST CHELSEA, KESTREL, 505W37 and 60 WATER Live Inside a 35-Story Glass Tower Above the High Line & Hudson Yards [link] Historic Park Slope Building is Reborn; Rentals from $3,500/Month [link] New No-Fee Listings at The Kestrel, Award-Winning Brooklyn Rental [link] Tranquility Abounds at […]

Real Estate Trends

New details about JFK’s TWA Hotel revealed, on track to open in 18 months

Rendering of TWA Hotel via MCR

September 29, 2017

New details about JFK’s TWA Hotel revealed, on track to open in 18 months

MCR Development officially launched the mid-century modern TWA Lounge on the 86th floor of One World Trade Center on Thursday and provided a deeper look into plans to convert Eero Saarinen’s historic TWA flight center at JFK Airport into a hotel, event space, and dining destination (there will even be a bar in a vintage aircraft parked outside). As part of a public-private partnership between MCR and the Port Authority, the project will rehabilitate the landmarked Queens flight center by restoring the majority of its 1960s Jet Age features and adding a crescent-shaped hotel with 505 rooms flanking the original building on each side. According to MCR's CEO Tyler Morse, construction of the hotel is on schedule; it will go vertical on Monday, top out in December, and have its curtainwall applied by January. If everything remains on schedule, the project is expected to open in 18 months.
More details and photos this way

September 28, 2017

Star of Netflix’s ’13 Reasons Why’ sells cute Ocean Hill townhouse for $1.5M

The star of Netflix’s “13 Reasons Why” series, Tommy Dorfman, has sold his townhouse in Ocean Hill, a subsection of the Bed-Stuy neighborhood of Brooklyn, for $1.495 million. The 25-year-old Atlanta native first purchased the home in the beginning of 2016 for $1.3 million. As the Real Deal learned, the actor’s home at 720 Decatur Street hit the market earlier this month and found a buyer within just 20 days. Recently gut-renovated, the five-bedroom, two-family home features spacious a living and dining area, as well as a private landscaped garden.
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Beyoncé sells swanky Midtown apartment for $10M

Photo of Beyoncé via Wikimedia

September 28, 2017

Beyoncé sells swanky Midtown apartment for $10M

It’s been a busy summer for superstar couple Beyoncé and Jay-Z. The twosome recently purchased an LA estate for $88 million in August and shortly after they bought a home on East Hampton’s Georgica Pond for nearly $26 million. Adding to their real estate hustle, Beyoncé just sold her apartment at 151 East 58th in Midtown East for $9.95 million, as the New York Post reported. The 44th-floor pad is located at One Beacon Court, the exclusive Manhattan skyscraper with a Pantheon-inspired elliptical court. Beyoncé’s former pad features three bedrooms, floor-to-ceiling windows and sweeping views of Central Park.
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September 27, 2017

No one wants to rent Ivanka Trump’s Park Avenue apartment

After months of being on the market, the Manhattan pad of President Donald Trump’s daughter and advisor Ivanka Trump just won’t rent, despite three substantial price chops. The first daughter first purchased the two-bedroom, two bathroom condo at 502 Park Avenue in 2004 for $1.5 million. Upon her father’s election, Ivanka listed the apartment at Trump Park Avenue in November for $15,000 per month. In February, the price dropped to $13,000 per month. On Tuesday, the asking price was $10,450 per month, a 30 percent price cut since the presidential election, according to Bloomberg.
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Alec Baldwin drops $1.3M on third apartment in Greenwich Village’s Devonshire House

It's like musical chairs for Alec Baldwin and his apartments at the Devonshire House. He bought the Greenwich Village building's penthouse for $11.7 million in October 2011; in June 2012, his wife Hilaria bought the unit next door in her name; and the following year, they scooped up an eighth-floor unit for $2.25 million. Two years ago, however, Baldwin sold this last apartment at a loss for $2.1 million, and this past May, he also unloaded the Eldorado apartment he shared in the '90s with ex-wife Kim Bassinger, both transactions leading many to believe the Emmy-winning Trump portrayer would be departing NYC. But Mansion Global now reports that he's bought another Devonshire unit for $1.3 million. It's on the same floor as his other two units, so it's likely that he'll combine the three into one massive spread.
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Kushner Companies revive plans for problem-plagued towers at One Journal Square

Old rendering of One Journal Square via KABR Group

September 26, 2017

Kushner Companies revive plans for problem-plagued towers at One Journal Square

The contentious residential and office tower planned for One Journal Square in Jersey City is getting a second life today when Kushner Companies and KABR Group present revised plans for the project to the city’s Planning Board. Earlier this year, according to NJ.com, the developers failed to get a package of city subsidies, a major investor and future tenant left the deal and a state tax break never came. The updated plan seeking approval includes two 849 foot tall, 56-story towers with 1,512 residential units plus retail and office space. Older plans called for a 56- and 79-story tower with a total of 1,725 units.
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Real Estate Trends

REVEALED: Pritzker Prize winner Álvaro Siza’s first U.S. building in NYC’s Hell’s Kitchen

Renderings of 611 West 56th Street, via Noe & Associates with The Boundary, courtesy of Sumaida + Khurana.

September 26, 2017

REVEALED: Pritzker Prize winner Álvaro Siza’s first U.S. building in NYC’s Hell’s Kitchen

Back in 2015 architects and design buffs were excited to hear that Portuguese Pritzker Prize-winner Álvaro Siza would be designing his highly-anticipated first U.S. building on Manhattan's west side in a neighborhood being called Hudson West. Now, CityRealty reports that developers Sumaida + Khurana and LENY have released renderings of the building at 611 West 56th Street on the former site of the Gristedes corporate headquarters. The development team has secured an acquisition loan, and demolition and foundation work have begun on the 35-story, 80-unit condo.
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Jon Bon Jovi scores Greenwich Village condo for $19M

Photo of Jon Bon Jovi courtesy of Wikimedia

September 25, 2017

Jon Bon Jovi scores Greenwich Village condo for $19M

New Jersey rock star Jon Bon Jovi has purchased an apartment in the Greenwich Lane, a condominium project in the West Village, for $18.94 million (h/t WSJ). The complex stretches almost a full city block between 12th and 11th Streets off Seventh Avenue and features 198 one- to five-bedroom homes. The musician's new pad at 155 West 11th Street includes four-bedrooms, incredible views of Downtown Manhattan and the Hudson River and direct elevator access. As 6sqft reported in July, Bon Jovi listed his spacious three-bedroom at 150 Charles Street for $17.25 million, later combining the pad with the neighboring duplex for $29.95 million for both.
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September 24, 2017

New renderings of Skidmore, Owings and Merrill’s Hudson Square condo 570 Broome

By 6sqft

Joining in on Hudson Square’s residential rebirth is 570 Broome, a debonair new condo development to bring 54 one- to three-bedroom residences to the insatiable downtown market. Priced from $1.35M, the spreads are refined by the legendary firm of Skidmore Owings and Merrill and will offer open views of the surrounding neighborhood, with high-floor spreads showcasing panoramas of the Manhattan skyline […]

Images (L to R): 555TEN, 250 EAST HOUSTON, ENCLAVE AT THE CATHEDRAL and YORKSHIRE TOWERS

September 23, 2017

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

Images (L to R): 555TEN, 250 EAST HOUSTON, ENCLAVE AT THE CATHEDRAL and YORKSHIRE TOWERS East Side Views & More; $1,000 Deposit Special at Murray Hill High Rise Rentals [link] 250 E. Houston Ditches Red Square Name and Communist Statue, Offers Concession on Newly-Renovated Apartments [link] Extell Unveils 555X, Premier High-Floor Rentals on Manhattan’s West […]

Real Estate Trends

First 15 Hudson Yards penthouse hits the market for $32M

Interior at Penthouse 88B at 15 Hudson Yards. Rendering courtesy of Related-Oxford.

September 20, 2017

First 15 Hudson Yards penthouse hits the market for $32M

The sleek 910-foot-tall tower at 15 Hudson Yards has held the attention of real estate and skyline watchers since construction began last spring. Just listed for $32 million is penthouse 88B, the first of the building’s four penthouses to arrive on the market. The suitably stunning 5,161-square-foot duplex home sits on the building's 88th floor near its crown. And even in a city filled with penthouses, several things make this one unique.
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Study says Mayor de Blasio’s affordable housing plan ignores low-income New Yorkers

Photo via Wiki Commons

September 19, 2017

Study says Mayor de Blasio’s affordable housing plan ignores low-income New Yorkers

Despite making affordable housing a policy priority, Mayor Bill de Blasio’s plan falls short for the poorest New Yorkers, a new study says. The report, released by the Real Affordability for All (RAFA) coalition last week, says low- and moderate-income households across the city face a worsening affordability crisis (h/t DNAinfo). Although the city’s lowest earners experience the largest gap between incomes and housing costs, de Blasio’s affordable housing plan, which aims to develop or preserve 200,000 affordable units over 10 years, sets aside more units for middle-income households than low-income ones.
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Trump is claiming a $45K tax break by calling Trump Tower his primary residence

Photo of Trump Tower courtesy of Krystal T’s Flickr

September 18, 2017

Trump is claiming a $45K tax break by calling Trump Tower his primary residence

While this week marks just the third time President Donald Trump has visited New York City since his January inauguration, property taxes he filed after the election designate Trump Tower as his primary residence. As the Real Deal reported, Trump will save $45,000 by calling his penthouse his main home, utilizing a tax credit known as the “coop condo abatement.” The credit can be used by owner-occupied co-ops and condos and takes off 28.1 percent of property taxes for the unit. Because of the tax abatement, the president has saved a little under $200,000 on his taxes over the last five years.
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September 18, 2017

In New York City, how much space is too little?

By Cait Etherington

Walking through Union Square in late August, it was difficult to miss the new advertising campaign for Breather. Breather is just the latest space-by-the-hour option for New Yorkers who are in desperate need of space, even if it is simply a small room barely large enough to accommodate two chairs and a table. Of course, Breather isn’t the only company now selling space-by-the-hour to city residents. The market for shared workspaces also continues to grow, providing a growing army of local freelancers with access to desks and even soundproof telephone booths where it is possible to talk to clients without explaining a barking dog or screaming baby in the background. That so many New Yorkers are willing to pay anywhere from $40 to $100 per hour for a small room where it is possible to have a thought or make a phone call without distraction may appear to offer profound evidence of the city’s space crisis. But are New Yorkers really lacking space, or is our sense of space simply unrealistic? Are we just too precious about the space needed to live and work?
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Images (L to R): TWENTY EXCHANGE, THE PARIS, 25 MONROE PLACE and VANTAGE

September 16, 2017

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

Images (L to R): TWENTY EXCHANGE, THE PARIS, 25 MONROE PLACE and VANTAGE Upper West Side Rentals: At the Paris New York, the Lobby Sets the Tone [link] Leasing Begins at 293 Hawthorne in PLG; Listings Offer One Month of Free Rent [link] 44 Kent: Brand New No Fee Apartments at Begin Leasing at Greenpoint […]

Real Estate Trends

New rental project brands Jersey City nabe as ‘Soho West’

Rendering via Soho Lofts

September 15, 2017

New rental project brands Jersey City nabe as ‘Soho West’

By Dana Schulz

Now that most of Brooklyn has been acronym-ized, developers are moving their marketing magic across state lines. First reported by Curbed, the latest moniker comes to us via developer Manhattan Building Company's "neighborhood concept" Soho West, so dubbed because it's south of Hoboken and west of NYC. The 'nabe name is part of their two-phase project. The first, The Cast Iron lofts, debuted 387 rentals and 20,000 square feet of hipster-fied retail (think a yoga studio, bilingual pre-school, and nonprofit theater) last year, and the second, Soho Lofts, will be ready next month. This rental will have 377 "industrial-inspired" residences starting in the $2,000/month range, as well as "resort-style" amenities such as an infinity pool with private cabanas, 10-person sauna, Zen garden, and an arcade lounge.
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September 14, 2017

Billionaire sports team owner gets $17M discount on Upper East Side mega-mansion

A massive Upper East Side single-family townhouse at 50 East 69th Street was just wrestled off the market for an equally monumental $45 million, sources have told the New York Post. Joshua Harris, co-founder of Apollo Global Management, owner of the Philadelphia 76ers and part owner of the NHL’s New Jersey Devils, just bought the 21,070-square-foot house, which was listed at $72 million last September and reduced to $59 million in June. The 44-foot-wide limestone-clad building, known as the Dommerich Mansion, was built in 1917 in a neo-French classic style by architect Henry C. Pelton for Otto Louis Dommerich, who ran his family's family cotton business. It was most recently being used as a cosmetic surgery facility.
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A rendering of 666 Fifth Avenue, courtesy of Kushner Companies/Zaha Hadid Architects

September 14, 2017

Problems at 666 Fifth Avenue tower linked to Jared Kushner’s White House role

In 2007, Kushner Companies purchased a 41-story tower in Midtown for $1.8 billion, which was the most expensive real estate deal ever in the U.S. at the time. The transaction of 666 Fifth Avenue, coordinated by Jared Kushner, now a senior advisor to President Donald Trump, was ill-timed, making the purchase just before the economic recession. As the Washington Post reported, the Fifth Avenue project is one of the most financially troubled for Kushner Cos., with one-fourth of office space empty, and its lease revenue not covering monthly interest payments. While Kushner has divested his stake in the property to avoid conflicts of interest, the property's value has dropped and foreign entities have withdrawn financial support. Currently, Kushner’s dealings are under investigation by special counsel Robert Mueller, as part of the broader investigation into Russian collusion with the Trump campaign.
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Matt Damon may set record for Brooklyn’s priciest sale with $16.6M penthouse buy

The building via DDG; Matt Damon via Wiki Commons

September 13, 2017

Matt Damon may set record for Brooklyn’s priciest sale with $16.6M penthouse buy