Real Estate Trends

August 7, 2017

Leasing launches at One Hudson Yards, luxury rentals starting at $5,095/month

The new luxury rental residences at One Hudson Yards at 530 West 30th Street, part of Manhattan's largest new mixed-use development, have begun leasing for the 30-story building's 178 apartments which range from one to three bedrooms (and one four-bedroom penthouse) according to a press release from Related Companies. The building's architecture is by Davis Brody Bond; interiors are by Andre Kikoski, who also designed the building's peerless collection of luxury amenities. Of particular note are extra-tall windows set into a modern curtain wall façade that offer breathtaking views of out over the Hudson River, the surrounding West Chelsea neighborhood and all of Downtown Manhattan–as well as Heatherwick Studios’ "Vessel" sculpture.
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August 7, 2017

Follow-up report says next year’s 11 percent NYC vacancy rate is bogus

6sqft recently reported on a forecast by online real estate marketplace Ten-X predicting a precipitous threefold spike in New York City’s apartment vacancy rate that could even exceed 11 percent by the end of next year as thousands of new apartments hit the market, adding up to a "grim reckoning” for landlords. Now, a Crains reporter tells us that skeptics like marketing-consultant-to-developers Nancy Packes, who said the prognostication of a rental market meltdown “didn’t make any sense,”  could be right after all.
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August 2, 2017

News anchor Lester Holt breaks with posh Nomad apartment for $6.4M

Breaking: Lester Holt has sold his classy Nomad apartment for $6.4 million, just under the $6.6 million he listed it for in April, reports the Post. The NBC Nightly News and Dateline NBC anchor bought the three-bedroom spread at 225 Fifth Avenue for $3.3 million in 2007. Along with the impressive views of Madison Square Park and the Flatiron Building and a private terrace, the sale was likely helped along by the fact that Holt's wife, Carol Hagen-Holt, was one of the listing brokers.
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August 2, 2017

Report predicts NYC’s vacancy rate will triple alongside falling rents

A new forecast by online real estate marketplace Ten-X predicts that New York City's apartment vacancy rate will exceed 11 percent by the end of next year as thousands of apartments hit the market, the Wall Street Journal reports. The study also points to a slowing job growth rate, which drives the rental market, as a factor in what could be a "grim reckoning" for landlords.
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August 2, 2017

After four years on the market, $125M Pierre penthouse sells for a paltry $44M

The 16 room triplex that takes up the 41st, 42nd and 43rd floors of the legendary Pierre Hotel has finally sold for $44 million, a huge drop from its original $125 million asking price. Located at 795 Fifth Avenue, the penthouse was owned by Barbara Zweig, the widow of financier Martin Zweig, who first listed the property in 2013 after her husband’s death. According to The Real Deal, the pad features a library, four terraces, private elevator and costs $51,840 per month to maintain.
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August 1, 2017

$4,000/month West Village rental comes with its very own front door entrance

You could pretend you live in your own West Village townhouse with this rental, which comes with a private front door you enter off the street. Located at 344 West 12th Street, a tree-lined and cobblestoned stretch between Greenwich and Washington Streets, your front door will take you right into a pre-war one bedroom with a wood burning fireplace, the original hardwood floors and French doors. Though it's in a co-op building, this apartment is up for rent at $4,000 a month.
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July 31, 2017

$925M mega-project may bring 1,000 rentals and a 100,000-square-foot factory to Long Island City

The waterfront Queens neighborhood of Long Island City has gone from a sleepy, factory town to boasting the country's largest number of new rental apartments. Now, to preserve some of LIC’s industrial backbone, a new development proposal from TF Cornerstone calls for a massive $925 million mixed-use complex, which will include 1,000 rental apartments and 100,000 square feet of light manufacturing space. As the New York Times reported, the project comes at the city’s request in 2016 for mixed-use project proposals with a focus on commercial and industrial space.
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July 31, 2017

Mr. Big (a.k.a. actor Chris Noth) snags little Upper East Side co-op for $1.8M

While he is known for playing hot shot New Yorker Mr. Big on "Sex and the City," actor Chris Noth has called New York City his home in real life since the 1970s. And since 1994, Noth has owned his apartment at 45 East 9th Street, the same building where Candace Bushnell lived, the writer behind the newspaper column and book that inspired the popular TV show. Recently, "The Good Wife" actor purchased a co-op at 139 East 66th Street on the Upper East Side for $1.85 million, reported LL NYC. The pre-war pad boasts just two bedrooms and two bathrooms, a bit on the small side for Mr. Big.
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July 30, 2017

Bright apartment on the full floor of a West Village townhouse asks $6,500/month

Somewhere along the line, the historic Federal period townhouse at 428 Hudson Street was broken up into four apartments. And now theres' the opportunity to rent this one, which occupies the townhouse's entire third floor. If you don't mind the walk-up, the apartment offers two bedrooms and two bathrooms over 1,200 square feet. The large, open living space is decorated with a fireplace and hardwood floors, while sunshine comes in from exposures to the east and west. For this calm, quiet pad perched atop a West Village townhouse, it'll cost $6,500 per month.
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July 29, 2017

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

Gut-Renovated Rentals in Prewar Harlem Building from $1,850/Month; Move-In August 1st [link] Live & Play at “The Crescendo,” South Bronx’s Unprecedented Rental Prepares for Summer Launch [link] Meet Crystal54, Hell’s Kitchen’s New Cast-Iron Rental Leasing from $3,200/mo [link] Conversion of 1890s Bushwick Church is Complete; See Inside the New Rentals [link] Grand New Rentals Debut […]

July 28, 2017

125 Greenwich Street gets new rendering, taller 912-foot height

Earlier this month, developers Bizzi & Partners and New Valley finalized a $450 million loan for their Rafael Viñoly-designed skyscraper at 125 Greenwich Street, and they've now released a finalized rendering of the slender condo tower and filed plans that show it will top out at 912 feet (h/t Yimby). The height is only slightly above the most recent reporting of 898 feet, but the project was originally supposed to rise a whopping 1,400 feet. Though it's no longer in line to be downtown’s tallest residential building, it will still offer impressive views and a wind-resistant design.
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July 27, 2017

Archdiocese of New York may sell 12 churches after deeming them no longer sacred

The Archdiocese of New York announced that 12 Catholic churches in Manhattan and The Bronx may be sold after declaring them no longer sacred sites for worship. As DNAinfo reported, the Catholic church released a list of properties, including some that had been shuttered since around 2015 when the church restructured many of its parishes by merging many together. After the diocese quietly posted the decrees over the July Fourth holiday weekend, many parishioners were angry that they had less time to appeal. Now some fear the churches will be converted luxury housing building, which has happened many times in the past few years due to the financial pressure on churches.
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July 27, 2017

World’s skinniest skyscraper at 111 West 57th Street stalled at 20 stories by soaring costs

The construction of Property Markets Group and JDS Development’s 1,421-foot-tall tower at 111 West 57th Street has been the subject of much anticipation and excitement, as it's slated to be among the tallest residential skyscrapers anywhere and the world's most slender with a height-to-width ratio of 24:1. But after rising only 20 stories, the SHoP Architects-designed Billionaires' Row addition has stalled, plagued with budget overruns and headed for foreclosure, the New York Post reports.
What could possibly have happened?
July 25, 2017

Sunny Park Slope sublet asks $4,750/month, co-op board approval not required

This quintessentially lovely Park Slope apartment on the parlor floor of a gorgeous historic townhouse at 369 Sixth Avenue is available for sublet without co-op board approval, which may just set the stage for the easy life in this sunny Brooklyn home. An in-unit washer-dryer, a nice big bay window, a recent renovation and a tree-lined street add to the idyllic picture.
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July 24, 2017

565 Broome Soho aims to be Manhattan’s first ‘Zero Waste’ residential high rise

New York City developers have been increasingly competing to seek environment-friendly accreditations based on standards like Passive House, LEED and wellness to distinguish their offerings. Recently "Zero Waste," defined by the U.S. Zero Waste Business Council as, “achieving over 90% diversion of waste from landfills, incinerators and the environment,” is rising in popularity, with good reason: Certified buildings won't be generating the mountains of garbage that are the bane of NYC living. 565 Broome Soho, the under-construction condominium tower at the crossroads of Soho, Hudson Square and Tribeca, hopes to be Manhattan’s first Zero Waste-certified residential building, CityRealty reports.
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July 22, 2017

Pre-war condo asks $450K in Ditmas Park, a nabe better known for freestanding homes

The Brooklyn neighborhood of Ditmas Park has made a name for itself because of the freestanding Victorian homes lining its suburban-like streets, but here's a two-bedroom, pre-war condo up for sale in the 'nabe, what the listing calls "truly a rare find" for the area. It's asking $450,000 at 2108 Dorchester Road, a 1912 building with 48 units. Inside, high ceilings and three exposures make for a cheery, bright apartment.
The apartment also boasts an open layout
July 22, 2017

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

Images (L to R): 363 Bond Street, 525W52, Offerman House and 100 Steuben Tour Hell’s Kitchen’s Industrially-Inspired 525W52 Courtesy of Field Condition [link] Bond Street Development Redefines Living Next to the Gowanus Canal; See Inside [link] New Rentals Launch with 1 Month Free at Historic Offerman House in Downtown Brooklyn [link] Leasing Kicks Off at […]

July 20, 2017

John McEnroe gets another grand slam, sells Southampton beach estate for $11.25M

We can't imagine he'll be having any public outbursts over the $7 million profit he just made on his Southampton estate. The Observer reports that confrontational tennis legend John McEnroe, along with his wife, musician Patty Smyth, has sold his beach-front house for $11.25 million, 18 years after buying it for $4.2 million. Not surprisingly, the home on Squabble Lane (how's that for ironic?) has a full-size Har-Tru tennis court and a gym, as well as a heated pool, private beach access, and the 8,000-square-foot mansion.
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July 19, 2017

New York State gets approved for $550M loan for new Moynihan Station

The first phase of Governor Cuomo’s plan to revamp Penn Station wrapped up last month with two new entrances opening on the corners of West 31st and West 33rd Streets and Eighth Avenue. Plus, the West End Concourse was expanded and now boasts a new color scheme, LED screens and murals. Adding to the project's progress, the state was approved for a federal loan on Tuesday for up to $550 million for the second phase of the plan, which will convert the Farley Post Office across the street into Moynihan Train Hall, expanding Penn Station floor space by 50 percent, as reported by Politico NY.
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July 18, 2017

Asking $6,800/month, this compact Nolita penthouse has a sweet rooftop terrace

This effervescent and efficient top-floor apartment at 14 Prince Street in chic downtown boutique district Nolita has just arrived on the rental market. For $6,800 a month the compact, smartly renovated "penthouse" spans 920 square feet, has one (big) bedroom and offers the rare-in-NYC bonus of a private terrace.
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July 17, 2017

First closings commence at Zaha Hadid’s 520 West 28th Street

The architect’s signature curves and organic indoor and outdoor architecture made the late Pritzker Prize winner Zaha Hadid’s 520 West 28th Street 6sqft’s Building of the Year. Now, closings have begun in the stunning Chelsea condo, starting with a pair of two bedroom units. Residences 9, which sold for $6 million, and 14, which sold for $6.2 million, are 2,147-square-foot two-bedroom homes with private balconies.
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July 14, 2017

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

One of New York’s First Skyscrapers is Now Rentals, and Leases Come with 1 Month Free [link] Watermark LIC: More Long Island City Rentals to Begin Leasing this Summer, Register Now [link] Brand New Bed-Stuy Rentals from $2,000/Month; Duplexes Available [link] One Hudson Yards Readies for Summer Leasing; Rentals to Start from $5,095/Month [link] New […]

July 14, 2017

Rosie O’Donnell drops $8M on a swanky Midtown East penthouse

Nearly two years after selling her chic Greenwich Village penthouse, Rosie O'Donnell finally has a new NYC home (she spends the majority of her time at her other house in Nyack). According to city records, Rosie dropped $8 million on a triplex penthouse at Midtown East's 255 East 49th Street. The uber-modern residence is a sprawling 3,563 square feet and has swanky features like a black granite fireplace in the living room, a huge glass walled television in the master bathroom, a sculptural Guggenheim-inspired staircase, an indoor two-person Swedish sauna, and a giant rooftop terrace with views of the Empire and Chrysler Buildings and the East River.
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July 14, 2017

After three years, Jacqueline Kennedy Onassis’s childhood home on the UES sells for $25M

James T. Lee, Jacqueline Kennedy Onassis' grandfather, was a prolific NYC developer at the beginning of the 20th century, bestowing upon the city some of its most elegant co-ops like 998 Fifth Avenue and the Rosario Candela-designed 740 Park Avenue. He himself took up residency in the latter building when it was completed in 1930 and gifted another apartment in the Upper East Side building to his daughter Janet and her husband John V. Bouvier; Jackie O lived there with her parents between the ages of two to seven. In more recent years, hedge fund manager David Ganek and his wife bought the duplex in 2005 for $19.1 million, using it to also showcase their impressive modern art collection. The couple first listed the home for $44 million in 2014, and after several price chops, it's finally sold $25.25 million reports the Journal. Jacob M. Safra of the billionaire Safra family, of Brazilian banking fame, is the buyer.
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