Real Estate Trends

Lotus Equity Group announced on Monday plans to bring the largest mass timber office building in the United States to the Newark waterfront. Michael Green Architecture has been tapped to design the 500,000-square-foot office building made with a wooden structure for Riverfront Square, a massive mixed-use development proposed for the Broad Street corridor of the Jersey neighborhood, according to the Wall Street Journal. The building will rise in three separate sections to six, eight and 11 stories tall and have a concrete foundation. Its columns, exterior panels, elevators, stairwells and floor systems will be made of mass timber. Interiors will boast exposed wood with a facade covered in metal panels, brick or wood.
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NYC RENTALS: This week’s roundup of rental news & offers

Images (L to R): 325 Kent Avenue, Instrata Gramercy, 63 Wall Street and Watermark LIC

February 3, 2018

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

By Ondel Hylton

Images (L to R): 325 Kent Avenue, Instrata Gramercy, 63 Wall Street and Watermark LIC Leasing Launches at 490 Lefferts Avenue; New Brooklyn Rentals Start at $2,000/Month Long Island City Hot Block: Live at the Crescent Club and Get 1 Month Free 63 Wall Street Luxury Rentals: 2.5 Months Free on 17 Month Leases + […]

Real Estate Trends

Empire State Building looking for tenants to fill 50,000 square feet of retail space

Photo via Wikimedia

February 2, 2018

Empire State Building looking for tenants to fill 50,000 square feet of retail space

The landlords of New York City's most iconic skyscraper are looking to fill 50,000 square feet of retail space by 2020, even as brick-and-mortar businesses in Manhattan have struggled to stay open. According to Bloomberg, owners of the Empire State Building are marketing the tower's ground-floor, concourse and second-floor real estate, as the building undergoes a retail renovation for the first time since opening in 1931. Plus, the tower's observatory entrance will be moved from Fifth Avenue to 34th Street.
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Real Estate Trends

A $2.5B plan will bring an additional 5 million square feet to the Brooklyn Navy Yard

Overview of Brooklyn Navy Yard via Brooklyn Navy Yard Development Corporation

February 1, 2018

A $2.5B plan will bring an additional 5 million square feet to the Brooklyn Navy Yard

The transformation of the Brooklyn Navy Yard from a warship building site into an industrial tech-hub got an extra boost this week after a non-profit announced a $2.5 billion building plan that would quadruple its current workforce. As Bloomberg first reported, the Brooklyn Navy Yard Development Corporation, which serves as the site's property manager on behalf of the city, plans to add 5.1 million square feet of manufacturing space to the site, with a little over half of it going towards one large complex.
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Real Estate Trends

Aziz Ansari dropped $5.7M on this Tribeca loft right below Taylor Swift

Photo of Aziz Ansari via David Shankbone/Flickr

February 1, 2018

Aziz Ansari dropped $5.7M on this Tribeca loft right below Taylor Swift

Back in May, Rangers captain Ryan McDonagh sold his Tribeca loft at 155 Franklin Street, located directly below Taylor Swift's duplex penthouse in the celeb-studded building, for $5.7 million. Though the buyer's identity was shielded by an LLC, the Post now reports that it was none other than comedian and "Master of None" star Aziz Ansari. They don't disclose their sources, but assuming they're correct, Ansari's new three-bedroom spread boasts nearly 2,500 square feet, brick and timber-beamed ceilings, tons of exposed brick, and massive south- and east-facing windows.
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Jon Bon Jovi sells West Village duplex for $16M

Photo of Bon Jovi via Wikimedia

January 31, 2018

Jon Bon Jovi sells West Village duplex for $16M

For $15.995 million, Jersey rocker Jon Bon Jovi has finally sold his duplex apartment at 150 Charles Street, a celebrity haven in the West Village. But the "Livin' on a Prayer" singer isn't moving too far away; he recently bought a nearly $19 million apartment in the Greenwich Lane, a condominium project that stretches almost a full city block between 12th and 11th Streets off Seventh Avenue. While Bon Jovi attempted to sell the duplex as a $29.5 million combo unit with a neighboring duplex this summer, the apartment went into contract alone, for $15.995 million, according to the Wall Street Journal.
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January 31, 2018

Fresh renderings revealed of 99 Hudson Street, the soon-to-be tallest building in New Jersey

When construction of 99 Hudson Street wraps up in Jersey City next year, the 889-foot condominium tower will become the tallest building in all of New Jersey. While that title alone is impressive, new renderings of the Perkins Eastman-designed tower show an equally profound modern interior with a swath of amenities (h/t Curbed NY). Developed by China Overseas America, 99 Hudson will rise 79 stories and contain 781 units, while boasting 15,000 square feet of retail space and 14,000 square feet of public space.
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Real Estate Trends

Newport’s master plan ambitions: Diversity and development at LeFrak’s Jersey City community

Rendering of Newport’s new Park and Shore development

January 29, 2018

Newport’s master plan ambitions: Diversity and development at LeFrak’s Jersey City community

By Michelle Sinclair Colman

The mention of Newport conjures up images of yacht-filled harbors, gorgeous mansions, and beautiful beaches. But there is another Newport much closer to downtown Manhattan than Rhode Island and, amazingly, it also has yacht-filled harbors, beautiful residences, a beach, and unparalleled waterfront views. A 600-acre, master-planned community that began almost 35 years ago by the LeFrak family, Newport, Jersey City is now hitting its stride. With sleek architecture, 15,000 residents, 20,000 professionals, a growing mix of retail and commercial options, and a location minutes from midtown and downtown Manhattan, Newport offers some appealing alternatives to those priced out of New York City or others looking for a slightly quieter option. The area boasts its diversity, but with a single family in charge of development and a skyline that looks more like Manhattan than Jersey City, is Newport just Manhattan-lite or does it truly have diversity with offerings for everyone?
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Real Estate Trends

January 29, 2018

$8.5K/month Chelsea duplex has a sweet roof deck and plenty of character

Right from the beginning you'll feel fortunate–if you can swing the $8,495 a month rent–living in this charming townhouse condominium at 360 West 19th Street: You'll only have one neighbor, as the building only contains two units. Two sun-filled upper floors hold the standard townhouse bounty of three bedrooms above a spacious living area, plus a private roof deck, all on a pretty Chelsea block.
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Bruce Willis sells $18M Central Park West co-op in just one week

Photo of Bruce Willis via Wikimedia

January 29, 2018

Bruce Willis sells $18M Central Park West co-op in just one week

Just a little over a week ago, Bruce Willis and wife Emma Heming Willis put their six-bedroom co-op at 271 Central Park West on the market for $17.75 million. They bought the duplex apartment back in 2015 for $17 million (from Milwaukee Bucks owner Wesley Edens), after Willis unloaded his nearby El Dorado co-op for $13 million. The couple recently decided to scale back since they don't spend enough time in the Upper West Side spread, and lucky for them the unit is already in contract, according to Curbed.
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January 26, 2018

Real estate bigwig drops $4.35M on Seth Meyers’ West Village condo

Real estate bigwig Michael Fuchs (he co-founded RFR Realty with his childhood friend Aby Rosen) paid $4.35 million for Seth Meyers' West Village condo at 302 West 12th Street, according to the Post. The “Late Night” host and his wife Alexi Ashe bought the two-bedroom unit in 2013 for $3.5 million, but after dropping $7.5 million on a five-bedroom Washington Square West co-op in summer 2016, they listed their smaller pad this past September for $4.5 million. And Fuchs must've really seen something in the apartment, because he went into contract on it just a month later.
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January 26, 2018

The Eleventh, Bjarke Ingels’ pair of twisting towers, takes shape along the High Line

The Eleventh, a pair of slanted towers designed by Bjarke Ingels', officially went vertical in West Chelsea this week. Developed by HFZ Capital, the two-building complex at 76 Eleventh Avenue sits near the High Line between West 18th and 17th Streets. A space between the buildings at their base gives the illusion that the buildings are being pulled apart, and its ruled corners highlight the towers' movement. The project is expected to be completed sometime in 2019.
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Photo of Scaramucci via the World Economic Forum’s Flickr

January 25, 2018

Anthony Scaramucci scoops up brand new Hamptons beach house for $7.5M

Anthony Scaramucci, the former White House communications director who President Donald Trump fired before he even started his job, might be having more luck in real estate than in politics. The Mooch and his wife, Deidre Ball, have snagged a mansion in Bridgehampton South for $7.495 million, according to the New York Post. The newly built home at 30 Lawrence Court boasts eight bedrooms, seven and a half baths and a swimming pool.
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Did the Obamas just close on this classy Upper East Side duplex for almost $10M?

Barack and Michelle Obama via Wiki Commons; One of 10 Gracie Square’s terraces overlooking the East River, via CityRealty

January 24, 2018

Did the Obamas just close on this classy Upper East Side duplex for almost $10M?

In October, 6sqft reported that Barack and Michelle Obama had been spotted on their way to view a listing in Yorkville's 10 Gracie Square. At the time, it was speculated that they checked out a five-bedroom duplex that had gone into contract for $10 million shortly following the visit. The buyer wasn't confirmed, but the unit has now closed for $9.64 million (h/t Katherine Clarke), purchased through a "Gracie Square Revocable Trust. So while it's still not confirmed that the Obamas are moving to the Upper East Side, the building is one of New York City's most prestigious addresses, located just a stone's throw away from the Mayor's residence and over the years attracting the likes of Alexander Woollcott, conductor Andre Kostelanetz, Gloria Vanderbilt and Madame Chiang Kai-Shek.
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With redevelopment imminent, are Red Hook’s industrial spaces at risk?

Red Hook waterfront; photo courtesy of Sunghwan Yoon’s Flickr

January 23, 2018

With redevelopment imminent, are Red Hook’s industrial spaces at risk?

Like many waterfront communities in New York City, Red Hook is posed for a major redevelopment, with officials itching to bring new housing, commercial space and even mass transit to the industry-heavy Brooklyn neighborhood. In Gov. Andrew Cuomo's State of the State address this month, he said the neighborhood is "full of untapped potential" and called on the Port Authority to "accelerate consideration of relocating its Red Hook maritime activities to free up this waterfront for more productive community use." While almost all of the area is zoned for manufacturing purposes, there's been a significant reduction of industrial space in Red Hook, concerning its long-time residents as retail space has started displacing manufacturing, according to Crain's.
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Real Estate Trends

Jason Biggs sells custom-designed Tribeca loft for $2.7M

Photo of Jason Biggs via Wikimedia

January 22, 2018

Jason Biggs sells custom-designed Tribeca loft for $2.7M

"American Pie" actor Jason Biggs and his wife Jenny Mollen have sold their spacious three-bedroom Tribeca loft for $2.65 million, after first putting the pad on the market nearly a year ago. The 2,200-square-foot apartment at 288 West Street boasts authentic details throughout, like timber beams and columns, as well as hardwood oak floors. As the Observer learned, Biggs and Mollen bought the apartment for $2.55 million in October 2013 and tapped designer Cliff Fong to decorate the space. The couple moved to the West Village this past summer after purchasing a $6.98 million four-bedroom condo at the Shephard.
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The new Nordic: Scandinavian design goes from Ikea to luxury NYC real estate

505 West 19th Street via Thomas Juul Hansen

January 22, 2018

The new Nordic: Scandinavian design goes from Ikea to luxury NYC real estate

By Michelle Sinclair Colman

Scandinavian design is on the rise in luxury residences. At first, that might seem like an oxymoron since Scandinavian design was founded on the principles of utility, affordability, and simplicity - and high-end residents are not. But luxe and Scandinavian design have found much common ground. From its early 20th century roots, based on Germany's Bauhaus school and developed in the Nordic region, to the mass-produced appeal of Ikea, the trend has certainly remained at the forefront of the design world. And perhaps now it's seeing its biggest moment, serving as a major selling point for hot new NYC condo projects such as Carroll Gardens' 145 President and being reimagined by of-the-moment firms like Morris Adjmi and Denmark's own Thomas Juul-Hansen.
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January 22, 2018

Josh Hartnett’s Tribeca penthouse just sold for $3.55M

Back in July, 6sqft reported that the elusive Josh Hartnett ("Black Hawk Down," "Pearl Harbor") had surfaced to list his sprawling Tribeca co-op at 16 Hudson Street for $4.25 million. Though the corner penthouse, which Hartnett bought in 2004 for $2.4 million, looks massive, it’s only got one bedroom. The heartthrob actor-turned-producer just had a second child with longtime girlfriend Tamsin Egerton, so we're guessing more space is key. The 1,965-square-foot apartment with One World Trade Center views recently sold for $3.55 million, according to Mansion Global.
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Chris Rock’s cool Clinton Hill carriage house sells for $3.35M

Chris Rock image via Wikimedia Commons.

January 18, 2018

Chris Rock’s cool Clinton Hill carriage house sells for $3.35M

Back in May 6sqft noted that Chris Rock had just listed his tricked-out Clinton Hill carriage house for $3.85 million. The comedian bought the historic property at 239 Waverly Avenue in 1994 for just $370,000. The 1901 home was also listed for rent in 2013 with an ask as high as $15,000/month at one point. Records now show that the renovated residence with room for two or three bedrooms, a 23-foot-wide master suite with skylights, and the elusive urban perk of being above a private two-car garage sold in September for $3.35 million. That's well below the ask, but still a tidy profit for Rock, who was recently spotted, according to the New York Post, checking out a posh penthouse and a townhouse at the Element condo tower at 555 West 59th Street.
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January 18, 2018

Hamptons mansion from Seinfeld’s ‘shrinkage’ episode sells for $5.7M

6sqft reported last year that the Amagansett home at 45 Whalers Lane, featured in Seinfeld's unforgettable "ugly baby" episode—also known as "The Hamptons!"—was for sale, asking $8.75 million. Now, according to Curbed, the 4,000- square-foot Hamptons estate with sweeping oceanfront views that helped introduce the term "shrinkage" into modern day vernacular has just sold for a somehow-appropriate $5.725 million–about $3 million less than its original ask.
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South Bronx complex with 1,045 housing units and nation’s first Hip-Hop museum gets new rendering

Rendering of Bronx Point courtesy of S9 Architecture

January 17, 2018

South Bronx complex with 1,045 housing units and nation’s first Hip-Hop museum gets new rendering

A new rendering of Bronx Point, a mixed-use development planned for the South Bronx waterfront, has been unveiled, providing a closer look at L+M Development Partner and Type A Projects' plan to bring over 1,000 units of housing, a food hall and the country's first brick-and-mortar museum designated to Hip-Hop to the neighborhood. As YIMBY reported, the housing will be delivered in two phases, with the first bringing 600 units of permanent affordable public housing by 2022. The second phase is expected to wrap up about three years after the first. Designed by S9 Architecture, the complex will include a new waterfront esplanade, state-of-the-art multiplex theater, flashy outdoor performance area and educational spaces.
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Rental fraud 101: How to keep yourself and your money safe

Photo via Pixabay

January 17, 2018

Rental fraud 101: How to keep yourself and your money safe

By Matt Hutchinson

January is a busy month for renters across the U.S., described by one broker as the "oasis month" in an otherwise dead stretch between October and the spring. People make big life-changing decisions at the New Year, which often means moving – plus there’s the backlog of renters who put off sorting their living situation over the holiday season who are all entering the market at once in the first week of January. New York’s rental market is estimated to be worth over $700 million in rent and over $44 million in deposits in January alone. With so much money changing hands, it means renters are an attractive target for scammers and fraudsters. Thankfully, rental fraud is rare, but a little knowledge goes a long way. So if you’re entering the rental market after the holidays, here are three things you can do to keep yourself (and your money) safe.
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Photo of Fairway on the Red Hook waterfront, via CityRealty

January 17, 2018

Red Hook’s revitalization: Will transit and development proposals change the small community?

By Michelle Sinclair Colman

The story of Red Hook is ripe for a movie-rights bidding war. In the past, there were mobsters and maritime ports, hurricanes and housing developments. Now there are politicians and developers fighting to rebuild and locals fighting back. In the end, what will happen to Red Hook is unknown but none of the massive proposals will happen in the near future. It is a small community in a big city that is tackling the issue many neighborhoods have dealt with in the past - how to grow. After the massive Hurricane Sandy rebuilding effort, there is a very solid and passionate local population and a growing cluster of cool restaurants, retailers, and artists attracted to the area. That coupled with the recent political attention by Governor Andrew Cuomo and Mayor Bill de Blasio and the developers drooling over the possibilities of the 130 acres of land ripe for redevelopment (that’s six times the size of the $25 billion Hudson Yards development) make Red Hook very newsworthy.
Transportation, development, and more

New rendering shows how Pacific Park is changing Brooklyn’s skyline; tallest tower on the way

Rendering by VUW Studios via L&L MAG.

January 16, 2018

New rendering shows how Pacific Park is changing Brooklyn’s skyline; tallest tower on the way