Real Estate Trends

Comedian Joy Behar's three-bedroom Astor Court co-op at 205 West 89th street has entered contract a mere two months after it was listed for $3.5 million. "The View" co-host has been doing her share of real estate restructuring recently: 6sqft reported last month that Behar and husband Steve Janowitz dropped $2.4 million on a three-bedroom Lincoln Square condo at 62 West 62nd Street about 20 blocks south. Behar had traded up to the larger Astor Court unit in 2013, having previously lived in a smaller apartment in the building. In 2016 she sold her Hamptons vacation home; a month later she dropped nearly $5 million on a gorgeous property in Sag Harbor.
Get a final glance

December 8, 2017

Three $40M units go into contract at 432 Park, buyer may be assembling a mega-penthouse

A massive deal has entered contract at one of New York's most exclusive condos, the super-skinny skyscraper 432 Park. Mansion Global spotted three neighboring penthouses that all entered contract this Wednesday. There's #92B, which was asking $40 million; #93B was asking $40.25 million; and #92A was asking $40.5 million. One of the condos served as a model penthouse (pictured above), which was designed and furnished by Kelly Behun. The developers, CIM Group and Macklowe Properties, would not comment on sales, so, for now, it’s unclear if a single buyer is responsible for the same-day transactions over the two floors. If so, someone has nabbed a nearly 12,000-square-foot mansion in the sky for around $120 million.
The buyer-or buyers-are a mystery

Real Estate Trends

Bethenny Frankel buys her second Hamptons retreat as an ‘investment property’

Listing photos courtesy of Chris Foster for Town & Country Real Estate

December 7, 2017

Bethenny Frankel buys her second Hamptons retreat as an ‘investment property’

Bethenny Frankel, Bravo Real Housewife and founder of the Skinnygirl brand, has picked up a new home in the Hamptons. The New York Post reports that she's the buyer of the once bed-and-breakfast at 2623 Montauk Highway in Bridgehampton, formerly known as the Morning Glory House. It was listed last year for $3.2 million and then made it down to $2.49 million. (The Post couldn't confirm Frankel's selling price.) And it's not her first home in the area, either. In 2015 she snagged a five-bedroom home in Bridgehampton asking $3.2 million. She plans to keep that one and has bought the Morning Glory House as an investment property.
Go inside her new digs

New renderings revealed for Extell’s Central Park Tower as it hits halfway mark

Rendering courtesy of Extell

December 7, 2017

New renderings revealed for Extell’s Central Park Tower as it hits halfway mark

The 1,550-foot Central Park Tower, the soon-to-be tallest residential tower in New York City, has gotten some new renderings that reveal how it'll appear lit up at night, as well as how its interiors may look (h/t YIMBY). Extell Development's current plans for the Billionaires' Row tower call for 179 condominiums, spanning on average 5,000 square feet, with open layouts and oversized windows overlooking Central Park. With the construction of the supertall at 217 West 57th Street now hitting its halfway mark and rising to roughly 700 feet, Central Park Tower is expected to be completed in 2019.
See inside the supertall

Now Leasing: Newly Opened Long Island City Rentals

Images (L to R): Jackson Park, ARC and Hayden

December 2, 2017

Now Leasing: Newly Opened Long Island City Rentals

By Ondel Hylton

Images (L to R): Jackson Park, ARC and Hayden The Queens neighborhood of Long Island City has had an incredible construction boom. Thousands of modern rental units in luxury sky-scraping buildings have nearly taken over the once primarily industrial district. To keep things competitive, developers are building to ever-increasing heights and equipping buildings with amenities worthy of an all-inclusive Caribbean resort.
Check out some of the latest to launch

Real Estate Trends

$11K/month Ellipse tower penthouse is now Jersey City’s most expensive rental

An earlier rendering of the Ellipse tower, via LeFrak Organization

December 1, 2017

$11K/month Ellipse tower penthouse is now Jersey City’s most expensive rental

An apartment in LeFrak Organization’s 41-story luxury tower, the Ellipse, just became the most expensive rental listing in Jersey City. According to The Real Deal, the unit is the biggest of the building’s five penthouses and features four bedrooms, four bathrooms and a terrace with city views. When LeFrak first launched leasing for the building at 25 Park Lane, the 2,300-square-foot pad was originally listed as $8,211 per month.
More this way

New renderings and more funding for South Williamsburg’s Dime Savings Bank site

The Dime, rendering courtesy Fogarty Finger Architecture and Interiors.

December 1, 2017

New renderings and more funding for South Williamsburg’s Dime Savings Bank site

6sqft reported in May that a 23-story mixed-use tower was headed for one of Williamsburg‘s most closely-watched developments, the site anchored by the Neoclassical-style Dime Savings Bank of Williamsburgh building at 209 Havemeyer Street at the foot of the Williamsburg Bridge. Now, New York Yimby reveals new renderings courtesy of the project's architects, Fogarty Finger Architecture and Interiors. In addition, the site's developers, Charney Construction & Development and Tavros Capital Partners, have received a $150 million loan to restore the historic bank and build the new tower. According to The Real Deal, the loan coincides with the closing of the purchase of the bank building itself–the site's final parcel–for $12 million.
More renderings this way

November 29, 2017

See inside the American Copper Buildings’ amenity-filled sky bridge

The highly anticipated three-story sky bridge that links the two American Copper Buildings officially opened on Wednesday, making it the first of its kind in New York City in more than 80 years. In a collaboration between SHoP Architects and JDS Development Group, the pair of copper-clad luxury rental buildings at 626 First Avenue, known for their slanted silhouettes, began leasing earlier this year. And now, the buildings' swath of amenities have been unveiled, including the 100-foot-long sky bridge that is suspended 300 feet in the air and boasts a 75-foot indoor lap pool, hot tub and a bar and lounge for residents.
Find out more

New details revealed about Hudson Yards observation deck and public spaces

Another deal has been inked for the massive Hudson Yards project, a 26-acre complex developed by Related Companies and Oxford Properties Group, and it will definitely reach new heights. On Tuesday, Related announced that London restaurant and catering company Rhubarb will run a 10,000-square-foot public space in the nearly 1,300-foot supertall 30 Hudson Yards. Rhubarb will operate a bar, restaurant, and event space on the 92nd floor, one floor above the tower's observation deck, which at 1,100 feet will be the highest outdoor deck in the city. According to Eater and the Post, the company will also open a 5,800-square-foot restaurant on the fifth floor and an indoor-outdoor bar at the observatory.
Find out more

November 28, 2017

INTERVIEW: Why SpareRoom and Breaking Ground partnered to combat NYC’s homelessness crisis

Over the past few years, New York City's homeless crisis has gotten worse. A recent study reported a 39 percent increase in homelessness over 2016, making last year the highest homeless population since the survey began in 2005. While the city scrambles to address the rising population, a roommate company and nonprofit housing organization recently teamed up to help lessen the burden of New Yorkers who find themselves unable to afford housing. Despite operating on opposite ends of the housing market, roommate matching site SpareRoom partnered with Breaking Ground, the largest provider of supportive housing in NYC, this November. The partnership was suggested by the public after SpareRoom launched Live Rent Free, a contest where the company pays one roommate’s monthly rent and one person’s entire rent for a whole year. (It was inspired by founder Rupert Hunt's New York roommate search, in which he found two roomies to share his West Village loft for $1 a month.) The resulting partnership--which is running in tandem with the Live Rent Free contest--matches the monthly prize amount dollar-for-dollar with an in-kind donation to Breaking Ground to fund their Transitional Housing program. So far, SpareRoom has donated $3,314. With 6sqft, Matt Hutchinson, Director at SpareRoom, explained why the company felt motivated to address homelessness and its future plans to engage with Breaking Ground. Brenda Rosen, President and CEO of Breaking Ground, also explains how the organization's Transition Housing program works, and why the homelessness crisis is something all New Yorkers--regardless of what they pay in rent--should be aware of.
Continue reading for the Q&A

Snøhetta reveals ‘excavated’ bronze tower that will be the Upper West Side’s tallest

Rendering of 50 West 66th Street courtesy of Binyan Studios/ Snøhetta

November 27, 2017

Snøhetta reveals ‘excavated’ bronze tower that will be the Upper West Side’s tallest

Of-the-moment firm Snøhetta has revealed their design for a 775-foot condominium tower at 50 West 66th Street, set to be the tallest on the Upper West Side (h/t Wallpaper) The Extell-developed building will feature 127 units and a series of "sculptural excavations" that the architects say are "evocative of the chiseled stone of Manhattan’s geologic legacy." On the lower levels, the tower will be clad in textured limestone with bronze window frames; its narrower upper portion will have a glassy facade and chamfered corners that create a series of open-air loggias.
More renderings and details

Long Island City’s Jackson Park will feature two pools, full-size basketball court, and a 1.6-acre park

Rendering of Jackson Park courtesy of Tishman Speyer

November 20, 2017

Long Island City’s Jackson Park will feature two pools, full-size basketball court, and a 1.6-acre park

As the Long Island City skyline continues to grow, so does the list of amenities developments are offering residents in the booming Queens neighborhood. New renderings of the massive, three-tower, 1,871-unit rental complex, Jackson Park, reveal extravagant luxuries like two swimming pools, a gaming area, a full-size basketball/volleyball and squash court, and much more, as the New York Post reported. With move-ins expected in January, leasing has officially begun at the Tishman Speyer-complex, with net rents starting at $1,915 per month studios, $2,335 per month one-bedrooms, $3,555 per month for two-bedrooms, $4,745 per month for three-bedrooms and $7,310 per month for four-bedrooms.
Take a peek

Second phase of Hunters Point South development moves forward with 960 affordable unit proposal

Rendering of Hunters Point South courtesy of Handel Architects

November 17, 2017

Second phase of Hunters Point South development moves forward with 960 affordable unit proposal

Plans to redevelop Hunters Point South, a project first proposed by former Mayor Michael Bloomberg, is finally making some headway. The city’s Department of Housing Preservation and Development and the Housing Development Corp. on Thursday selected a proposal that will bring a 1,120-unit apartment complex, with 80 percent of them permanently affordable, to the southern tip of the Long Island City neighborhood. According to the Wall Street Journal, the $500 million, two-tower project is being developed by Gotham and RiseBoro Community Partnership Inc.
Find out more

5 Manhattan West. Photo: Laurian Ghinitoiu via REX Architecture

November 17, 2017

First look at REX’s pleated-glass transformation of Brutalist 5 Manhattan West office tower

Brookfield Office Properties offered a look at the second building in the nearly-six-million-square-foot, six-building Manhattan West project to be completed. The 16-story office building known as 5 Manhattan West, where Amazon signed a lease for a 360,000-square-foot space, is approaching completion on Tenth Avenue between West 31st and 33rd Streets across from Hudson Yards. Archpaper shares images of the building's sparkling new look and interiors, the result of some fancy architectural footwork by REX. The 1969 Brutalist office building was nearly everyone's example of ugly since a 1980s renovation left it clad in brown metal and beige paint. The rechristened building's new facade wraps it in sleek, form-fitting pleated glass that does more than just look pretty.
More images of the 21st century transformation, this way

November 16, 2017

‘The View’ co-host Joy Behar drops $2.4M on a mod Upper West Side condo

By Annie Doge

According to city property records, "The View" co-host Joy Behar just dropped $2.4 million on a contemporary apartment at the Lincoln Square condo 62 West 62nd Street. Not only is the place a block away from both Central Park and Lincoln Center, but it's just four blocks from the talk show's ABC filming location on 66th Street. Ironically, it's also just a few blocks from the Trump International; Behar has been extremely vocal on her disdain for the building's namesake, even writing an entire Trump-bashing book.
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Crown Building’s $100M penthouse will have two indoor pools and a piano lounge

Penthouse rendering courtesy of Aman Resorts

November 16, 2017

Crown Building’s $100M penthouse will have two indoor pools and a piano lounge

Floor plans of the Crown Building's crown jewel, its five-story penthouse, have revealed what $100 million will buy you at one of the city's most desirable locations for the super-rich. As the Real Deal learned, the penthouse features two swimming pools, a piano lounge and a full-floor master suite. The 14,000-square-foot pad sits in the actual crown of the building, spanning floors 22-26. The rest of the Billionaires' Row building at 730 Fifth Avenue isn't too shabby either; the building includes an 83-key luxury Aman Resorts hotel with a three-story spa, a jazz and cigar club, a few restaurants and 20 luxury condos.
Find out more

Foreclosures and flopped flips pile up at One57, sending grim message to big ticket investors

Image © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)

November 16, 2017

Foreclosures and flopped flips pile up at One57, sending grim message to big ticket investors

A full-floor, 6,240-square-foot penthouse at Midtown billionaires' bunker One57 recently sold to an unidentified high bidder–one of five contenders–at a foreclosure auction for $36 million. That number is 29 percent lower than the original $50.9 million price shelled out by Nigerian businessman Kolawole Akanni Aluko for the newly-minted condo in 2014. The fire sale was the fourth resale in the 1,004-foot-tall Billionaire's Row flagship trophy tower to trade at a loss, according to data from appraiser Miller Samuel Inc., reports Bloomberg. The latest example is the largest discount to date on one of the pricey properties, all of which sends a message to buyers with plans to cash in on the ultra-luxury units in short order. And there are currently 16 apartments at the building listed for sale, most of them by the developer.
Read on

Real Estate Trends

Luxury condos may be off the table at Crown Heights armory after City Council hearing

Rendering of the Bedford Courts development planned for the Bedford-Union Armory; image: BFC Partners/Bedford Courts

November 15, 2017

Luxury condos may be off the table at Crown Heights armory after City Council hearing

Amid growing opposition, the proposed Crown Heights Bedford-Union Armory redevelopment project began its evaluation by the City Council at a hearing Tuesday on land use applications filed by the Economic Development Corporation (EDC), amNewYork reports. The massive armory, once housing for the National Guard, became city property in 2013. The EDC plans to sell the property to developer BFC Partners for the creation of 56 condos, of which 20 percent would be income restricted. The remaining market rate condos would help pay for the rest of the project, which would be leased by BFC Partners and would include 330 rentals (165 affordable), office space and a recreation center. Critics say the city is setting a dangerous precedent by leasing public land for private use, especially when market-rate condos are included. The de Blasio administration has championed the recreation center and housing, but the plan has has come under fire by neighborhood advocacy groups and has had an uphill battle in achieving the City Council approval it needs.
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Anable Basin proposal envisions a massive mixed-use district along the Long Island City waterfront

Rendering courtesy of WXY architecture + urban design

November 14, 2017

Anable Basin proposal envisions a massive mixed-use district along the Long Island City waterfront

The plastics company, Plaxall, announced on Tuesday a massive rezoning proposal to allow for a mixed-use district in Anable Basin, the area surrounding a 149-year-old inlet located in Long Island City. Since founding the company more than 70 years ago, the Plaxall family has purchased and rehabilitated properties in the neighborhood and currently manages over one million square feet of space. Achieved through rezoning, the proposal calls for 335,000 square feet for industrial uses, 4,955 housing units with 25 percent of them affordable, a 700+ seat public school and a new, elevated promenade. If the rezoning is approved, construction is anticipated to begin in 2020 with a completion date in 2034, but no official timeline has been set.
Find out more

New development sales in Manhattan expected to hit $12B by 2020

New development visualized through 2020, via CityRealty

November 14, 2017

New development sales in Manhattan expected to hit $12B by 2020

By Dana Schulz

According to CityRealty's 2017 Manhattan New Development Report, things are really going to heat up over the next few years. While new development sales dropped to $8.3 billion in 2017 from $9.4 billion in 2016 (attributed to a softening in the luxury market), there are a number of new big-time buildings that will commence closings and have the potential to drive total sales up to a whopping $11.9 billion by 2020. One key player is Extell Development’s One Manhattan Square on the Lower East Side. With 815 apartments, it will be the largest condo by unit count ever constructed in the city. And up on Billionaires' Row, Extell's Central Park Tower will have the city's biggest sell-out ever at $4 billion, while Vornado's 220 Central Park South is looking to set the record for highest price per square foot ever in NYC.
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Real Estate Trends

November 14, 2017

Park Slope duplex is a perfect townhouse tryout at $4,800/month

In the heart of lovely, leafy north Park Slope, a block from Prospect Park and surrounded by some of Brooklyn's priciest historic architecture, this 1,500-square-foot duplex condominium at 502 1st Street is available for rent, asking $4,800 a month. If you're looking for a townhouse tryout–without all the stress that comes with purchasing an actual townhouse–the two-floor, three-bedroom space is big enough for the whole family. They'll fit right in here–and two private outdoor spaces provide a closer-to-home alternative to the park.
Have a closer look

Waldorf Astoria will lose 1,000 hotel rooms in renovation

Photo via Wiki Commons

November 13, 2017

Waldorf Astoria will lose 1,000 hotel rooms in renovation