Real Estate Trends

Complimentary Netflix, reduced security deposits, amenity memberships, and best of all, free rent–there’s no shortage of concessions in the NYC rental market, but with landlords offering twice the amount of deals as last year, it’s hard to pinpoint where the best bargains are. Which is why CityRealty has put together a city-wide interactive map of leasing […]

Real Estate Trends

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

Images (L to R): HOUSE39, THE CRESCENDO, THE LANE and 180 WATER STREET

November 4, 2017

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

By Ondel Hylton

Images (L to R): HOUSE39, THE CRESCENDO, THE LANE and 180 WATER STREET Live & Play at THE CRESCENDO: Unprecedented Rental in South Bronx Leasing from $2,100/Month [link] One-of-a-Kind Rentals Debut on West Houston Street in Storied Greenwich Village Building [link] Live at The Monterey: Leasing Special at Upper East Side Rental with Health Club […]

Real Estate Trends

Study shows huge disparity in U.S. urban land value, with NYC making up 10%

Photo via Public Domain Pictures

November 3, 2017

Study shows huge disparity in U.S. urban land value, with NYC making up 10%

A recently-published study by economists at the University of Illinois and the University of Michigan shows that 48 percent–almost half–of the total value of America’s urban land can be found within the borders of five of what Citylab's Richard Florida calls "superstar metro areas:" New York, Los Angeles, San Francisco, Washington, D.C., and Chicago. According to the study, the value of America's urban land is a total of $25 trillion as of 2010—more than double the nation’s 2006 GDP. That's an average of $511,000 per acre or $100,000 for the typical residential lot of a fifth of an acre. But in NYC, which makes up a whopping 10 percent of this total, an acre of land is worth more than $5 million.
The gap widens

Real Estate Trends

Fully skinned, TF Cornerstone’s mammoth Midtown tower on West 57th tops out

Construction progress as of mid-October, via CityRealty

November 3, 2017

Fully skinned, TF Cornerstone’s mammoth Midtown tower on West 57th tops out

In May 2012, TF Cornerstone (TFC) entered a 99-year ground lease for the building's site that spans nearly a full city block and measures 63,000 square feet. Now topped out and fully skinned, the massive rental at 606 West 57th Street has a less flashy appearance than renderings previously hinted, but still features an impressively imposing, boxy design, as CityRealty reported. Designed by Arquitectonica, the 42-story, 1.2 million-square-foot building will contain a whopping 1,028 apartments. It joins other West Side gems like the Helena and the pyramid-shaped, Bjarke Ingels-designed Via57 West.
See it here

‘Good Wife’ star Josh Charles buys Devonshire House pad in the Village for $6.3M

Image courtesy of the Stein Team of Sotheby’s Downtown. Credit: Scott Wintrow/Gamut Photos.
Josh Charles image: Wikipedia.

November 2, 2017

‘Good Wife’ star Josh Charles buys Devonshire House pad in the Village for $6.3M

By Annie Doge

Alec Baldwin and Amanda Seyfried just got a new celebrity neighbor at the venerable Greenwich Village condo Devonshire House at 28 East 10th Street. According to the Post, "The Good Wife" star Josh Charles just purchased a three-bedroom home at the celebrity-loved building for $6.3 million. According to records, the actor recently sold a two-bedroom condo at 42 East 12th Street for $3.75 million.
Take a look

3 Hudson Boulevard loses 100+ feet in new renderings

A new rendering of 3 Hudson Boulevard, via FXFOWLE/Moinian Group

November 1, 2017

3 Hudson Boulevard loses 100+ feet in new renderings

A revised proposal for the Moinian Group’s Hudson Yards tower 3 Hudson Boulevard calls for a slight height chop, which will strip it of its supertall status. A redesign from FXFOWLE now brings the total square footage to 2 million square feet from a previous 1.8 million and lowers its height to 940 feet tall from 1,050 feet. Instead of 63 floors, the tower will rise 53 floors in this new design. To match standards for today’s modern office, the building will now feature larger floor plates, higher ceilings and a terrace on the eighth floor. As the New York Post reported, a groundbreaking ceremony will be held this Friday with elected officials, celebrating the reboot.
More this way

First 5Pointz-replacing tower tops out in Long Island City

Construction progress as of late-October, via CityRealty

October 31, 2017

First 5Pointz-replacing tower tops out in Long Island City

The first tower of the controversial rental complex in Long Island City, 5Pointz, has officially topped out, although not without some roadblocks. Once an art studio and exhibition space, known for its vibrant graffiti-covered warehouse, the complex was whitewashed of its iconic murals in 2013, making way for the new development. Now, four years and several lawsuits later, construction of the development at 22-44 Jackson Avenue continues to chug along, with its first and tallest tower topping out this week. As CityRealty discovered, David Wolkoff's 1.4 million-square-foot plan calls for a 47-story tower and a 41-story tower, with 1,115 apartments total.
Find out more

October 30, 2017

Seth Meyers’ $4.5M West Village condo is in contract after only a month

Just over a month after listing his West Village condo at 302 West 12th Street for $4.5 million, the “Late Night” host has reportedly found a buyer for the two-bedroom unit (h/t Curbed). Meyers and his wife, Alexi, purchased the pad for $3.5 million in 2013, but last summer they dropped $7.5 million on a five-bedroom co-op at 32 Washington Square West.
See more, this way

New Domino Sugar Factory renderings show barrel-vaulted glass topper and taller towers

292-314 Kent. Rendering by Practice for Architecture and Urbanism via Landmarks Preservation Commission.

October 30, 2017

New Domino Sugar Factory renderings show barrel-vaulted glass topper and taller towers

Update 10/31/17: The Landmarks Preservation Commission did not approve the new plans at the hearing, instead suggesting the architects present revised designs that address how the newly exposed brick will be preserved and how the ground floor will interact with the open space. The Commissioners were divided on the glass topper, with some feeling it appropriately references the building's arches and others feeling it inappropriately treats the structure as a ruin. 6sqft previously shared the latest round of designs for the three million-square-foot Domino Sugar Factory mega-development in Williamsburg, done by Vishaan Chakrabarti‘s Practice for Architecture and Urbanism (PAU). Developer 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. Now, more new renderings of the complex have been released ahead of an October 31 presentation before the Landmarks Preservation Commission (h/t Brownstoner).
More new renderings this way

This week’s roundup of NYC rental news

By Ondel Hylton

Images (L to R): CHELSEA29, 800 UNION, ARC and 363 BOND New Rental Tower ‘Chelsea29’ Offers Two Months Free & Launches Affordable Housing Lottery [link] Brand New Rentals Debut in Ridgewood at ‘The Mill’ from $2,000/Month [link] Exclusive Residences Debut at 91 Crosby Street in SoHo, Including Rare $30K Triplex Penthouse [link] Rentals Debut at […]

Real Estate Trends

October 27, 2017

First look at proposed Greenwich Village tower by Robert A.M. Stern

If there's one neighborhood in NYC where new developments face the most challenges it's Greenwich Village. One of the city's first historic districts and once home to preservation godmother Jane Jacobs, the low-scale community is arguably the most vocal and steadfast in the city. But it looks like Madison Realty Capital didn't get the memo, as they've tapped starchitect Robert A.M. Stern to design a hulking, 27-story condo tower at 14 Fifth Avenue, just a block north of Washington Square Park, according to NY Yimby. And while Stern's signature classy, limestone design fits in well with the stretch's other apartment buildings, the proposed 367-foot height will likely not sit well with locals. However, at this point, the tower is merely conceptual and will still require a public review need Landmarks Preservation Commission approvals.
More looks and details

262 Fifth Avenue, the tallest tower between Empire State Building and One WTC, gets new details

Rendering via DBOX for Meganom

October 25, 2017

262 Fifth Avenue, the tallest tower between Empire State Building and One WTC, gets new details

There will be a lot of firsts at 262 Fifth Avenue--Nomad's first supertall, Moscow-based firm Meganom's first U.S. project, and NYC's first Russian-designed supertall. 6sqft first uncovered renderings of the super-skinny, 1,009-foot skyscraper in May, revealing its aluminum and glass facade and "striking arched observation deck" at its top. Now, Yimby has gotten its hands on a new rendering, just a day after the Department of Buildings approved plans for the project.
See the new rendering in full

Rezoning plan for Sunset Park’s Industry City set into motion

Photo courtesy of Industry City

October 24, 2017

Rezoning plan for Sunset Park’s Industry City set into motion

The public review process for the rezoning of Industry City begins Tuesday, an effort to boost total capital investment of the sprawling campus to $1 billion and generate 13,000 on-site jobs and 7,000 off-site jobs over the next decade. Currently, Industry City sits on 35 acres with 16 buildings in its waterfront Brooklyn neighborhood of Sunset Park. The rezoning would restore the century-old campus and increase total usable square footage from 5.3 million to 6.6 million square feet. After presenting plans to the City Planning Commission and creating an environmental statement, the project will then enter the Uniform Land Use Review Procedure (ULURP) this Spring, followed by the public review process.
Find out more

October 23, 2017

Hamptons’ infamous Grey Gardens estate sells for the first time in 40 years

After two years as a rental and seven months on the market, the infamous Grey Gardens Estate has gone into contract for the first time in 40 years. The 28-room mansion was last listed for $18 million, but according to the Washington Post, the exact sales price and buyer haven't yet been revealed. Though now a stunning Hamptons home, as 6sqft previously explained, it gained notoriety as a "decrepit, crumbling, cat-infested, overgrown horror," after its isolated residents, Edith wing Bouvier Beale and her daughter Edith Bouvier Beale (the aunt and cousin to Jackie O), were featured in the 1975 documentary "Grey Gardens."
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Comptroller wants on-time rent payments to count towards credit scores

Photo via Wikimedia

October 23, 2017

Comptroller wants on-time rent payments to count towards credit scores

City Comptroller Scott Stringer unveiled a plan on Monday that would allow renters in New York City to count on-time, monthly payments toward their credit score. While homeowners who punctually pay a mortgage can boost their credit, renters currently cannot count on-time payments in the same way. Those without credit or bad credit often pay higher interest rates on loans and other monthly bills, like utilities or cell phone payments. As the New York Times reported, Stringer’s office looked at a sampling of tenants who pay less than $2,000 per month and found that 76 percent of them would improve their credit scores if rent payments were reported. Stringer told the Times that his plan "could create a powerful credit history that could lift you out of poverty."
More this way

October 23, 2017

For $3,500 a month, this Bed-Stuy brownstone rental has charm, personality, and a private backyard

In a sea of cookie-cutter rentals, there are a rare few that look like home–or even like an interesting place to live. Located at 481 Greene Avenue in what seems to be the new neighborhood of choice for the city's interior design professionals, this two-bedroom brownstone apartment goes far beyond the average Bed-Stuy rental when it comes to good looks. The gut-renovated 1,100-square-foot first floor unit is one of only six, and it comes with the rare bonus of a private back yard.
Have a look around

Images (L to R): LEFRAK CITY, 4720 CENTER BOULEVARD, 200 WATER STREET and PERCH HARLEM

October 21, 2017

This week’s roundup of NYC rental news

By Ondel Hylton

Images (L to R): LEFRAK CITY, 4720 CENTER BOULEVARD, 200 WATER STREET and PERCH HARLEM At LeFrak City, New Amenities Unveiled After $70 Million Renovation; Rentals from $1,485/Month [link] Luxury on the East River at View 34; No Fee Rentals with up to Three Bedrooms [link] Leasing Continues at Perch Harlem, Built to Meet Passive […]

Real Estate Trends

After four years, TF Cornerstone files plans for 1,200-unit building at Hunters Point South

Updated rendering of parcel c for Hunters Point South, courtesy of ODA Architecture

October 20, 2017

After four years, TF Cornerstone files plans for 1,200-unit building at Hunters Point South

TF Cornerstone on Thursday filed its first permits for a 1,200-unit apartment building as the second phase of the city’s Hunters Point South redevelopment, a project that first began in 2013. The plan for the waterfront neighborhood in Long Island City, Queens called for a mixed-use, affordable housing development that would hold up to 5,000 units, with 60 percent of them affordable. Selected for phase two of the ambitious project by Mayor Michael Bloomberg's administration, TF Cornerstone’s original proposal was delayed for four years after local, state and federal authorities forced the developer to rethink its design (h/t Crain's).
Find out more

A massive Japanese-themed food hall is coming to Sunset Park’s Industry City

Courtyard at Industry City, photo courtesy of Industry City

October 20, 2017

A massive Japanese-themed food hall is coming to Sunset Park’s Industry City

A 20,000 square foot Japanese food market will open in the Sunset Park neighborhood of Brooklyn next year, adding to New York City's growing infatuation with food halls. The market, called Japan Village, will set up shop in Industry City, a sprawling 16-building, 6.5 million-square-foot complex of creative office space. In addition to the food hall serving up authentic dining options, Japan Village will include an izakaya restaurant, a sake store and a specialty grocery store.
More this way

Real Estate Trends

October 19, 2017

$30M Hamptons estate where Jackie O summered as a child goes into contract

The childhood homes of Jacqueline Kennedy Onassis are quickly being snatched up. Just three months after her one-time Upper East Side residence sold for $25 million, the equally impressive Hamptons estate where she summered has gone into contract, reports the Post. The 100-year-old, Arts and Crafts-style mansion is known as Lasata (a Native American word for "place of peace") and is currently owned by fashion designer and former Coach executive Reed Krakoff. He bought it for $20 million back in 2007 and first listed the 7-acre property for $40 million a year ago, then reducing the price to $30 million.
See the whole property

The 50 most expensive neighborhoods in New York City

The Flatiron District, photo via Pixbay

October 19, 2017

The 50 most expensive neighborhoods in New York City

Taking the top spot from Tribeca for the first time in a long time, the Flatiron District now ranks as the most expensive neighborhood in New York City, according to data compiled by Property Shark. In its latest report looking at the residential market during the third quarter of 2017, the group lists the 50 priciest neighborhoods in the city, with the usual upscale 'hoods like TriBeCa, Central Park South and Hudson Square rounding out the top tier (h/t Time Out NY). In another plot twist, Red Hook has become Brooklyn’s most expensive neighborhood this quarter--overthrowing DUMBO--with a median sale price of $1.92 million in Q3.
See the full list

Real Estate Trends

October 19, 2017

After a colorful makeover and price chops, Judy Garland’s former Dakota co-op finds a $10M buyer

Since it arrived on the market in 2016 for $16.75 million, 6sqft has admired this three-bedroom co-op in the iconic Dakota for its history as the (alleged) onetime home of the equally iconic Judy Garland as well as for its colorful makeover by trendy young designer Sasha Bikoff. Now the apartment, which was owned by the designer's late mother, former pianist, ballerina, and Studio 54 denizen Jacqueline Bikoff, has reportedly entered contract at its recent asking price of $10 million, according to Mansion Global. Bikoff bought the elegant Upper West Side pad in 2010 for $13 million from renowned bridge players Roy Welland and Christal Henner.
Take one last tour

Rendering of the Hunters Point South project, courtesy of NYCEDC

October 18, 2017

Prime Long Island City site could be the perfect spot for Amazon’s HQ2