Real Estate Trends

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.
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October 23, 2017

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

By Dana Schulz

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."
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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.
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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

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).
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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.
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Real Estate Trends

October 19, 2017

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

By Dana Schulz

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.
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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.
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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

An eight-acre, 1.6 million-square-foot residential site next to Hunters Point South is for sale, a piece of land owned by a family for generations. According to the New York Post, the site could potentially bring in $480 million if targeted to market-rate condominiums since land in Long Island City sells for roughly $300 per square foot. The triangle-shaped plot of land found at 55-01 Second Street and bounded by 54th Avenue and Vernon Boulevard, sits on Newtown Creek, an estuary that forms part of the border between Brooklyn and Queens. The site might make the perfect spot for Amazon’s second headquarters as the tech giant seeks 500,000 square feet for their HQ2 by 2019.
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What happens if Amazon’s HQ2 doesn’t land in New York?

Photo courtesy of Robert Scoble on Flickr

October 17, 2017

What happens if Amazon’s HQ2 doesn’t land in New York?

Amazon’s nationwide competition to find a home for its second headquarters draws to a close this week, with pitches from stakeholders due Thursday. While New York City meets most of the requirements the tech giant listed for its HQ2-- a population of at least 1 million people, proximity to an international airport, mass transit access and talented workforce--business costs in the city would be sky-high. However, as Crain’s reported, even if Amazon does not set up shop in NYC, politicians and developers have been preparing for a comparably-sized company to move in for over a decade. The failure of the city to win the 2012 Olympics bid back in 2005 actually turned into a success, allowing apartments to rise in Brooklyn where sports stadiums never did.
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October 17, 2017

MAS’ new ‘Accidental Skyline’ report offers 10-point plan to keep supertalls in check

6sqft has reported previously on the increasing alarm caused by New York City's future skyline and its growing army of skyscrapers-to-be, with community groups expressing deep concern about the shadows cast across the city's parks by the tall towers. The Municipal Art Society (MAS) has been leading the pack when it comes to thorough analysis of the issue, which they see as having its roots not only in the sheer height of the new buildings but in a lack of regulation of how and where they rise in the larger context of the city. This "accidental skyline" effect reflects the fact that New York City currently has no restrictions on the shadows a tower may cast–the city doesn’t limit height, it only regulates FAR (floor area ratio). At this week's MAS Summit for New York City, the organization released its third Accidental Skyline report, calling for immediate reform in light of an unprecedented boom in as-of-right–and seemingly out-of-scale–development. MAS president Elizabeth Goldstein said, “New York doesn’t have to settle for an ‘accidental skyline.’”
See more future NYC skyscrapers, mapped

October 16, 2017

Art meets architecture at 180 East 88th including an intricate plasterwork installation in the lobby

CityRealty previously reported on the highly anticipated–and visually unique–skyscraper rising at 180 East 88th Street. Developers DDG want the 50-story condominium tower to stand apart from the sea of glass towers rising on the Upper East Side, and renderings show that the building's design is indeed a breathtaking departure from the average both inside and out, from herringbone-patterned brickwork to each unit’s herringbone floors imported from Austria. As an example of the project's unmatched level of individuality and attention to detail, DDG is working with a series of artists, including the renowned stucco artist Jan Hooss, who is creating an intricate plasterwork installation above the fireplace that will anchor the building's lobby. Based in Stuttgart, Germany, the artist has worked with Brad Pitt and Angelina Jolie at Chateau Miraval. DDG CEO Joseph McMillan told CityRealty, "We wanted something unique and different for this building which is why we went with stucco art."
Watch a video of the artist describing his work for Brad Pitt and for the new building

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

Images (L to R): THE ALEXEY, THE LAURA, THE LARSTRAND and DUNHAM PLACE

October 14, 2017

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

Images (L to R): THE ALEXEY, THE LAURA, THE LARSTRAND and DUNHAM PLACE Style & Elegance at The Larstrand on West 77th Street; No-Fee Rentals Available Now [link] Tetris-Like South Slope Building Launches Leasing; No Fee Rentals from $2,308/Month [link] Bed-Stuy Rental Near the G Train Offers Two Months Free; One-Bedrooms from $2,350/Month [link] Renovated […]

Real Estate Trends

Rafael Vinoly’s Three Waterline Square tops out, first of starchitect trio

Three Waterline Square. Photos: Noe Associates with The Boundary (left), CityRealty (right)

October 13, 2017

Rafael Vinoly’s Three Waterline Square tops out, first of starchitect trio

Rafael Viñoly's tapering, pinstriped Three Waterline Square has topped out construction, CityRealty reports, and Richard Meier's neighboring One Waterline Square is rapidly approaching its final 36-story height. Construction crews pitched an American flag atop the nearly-400-foot-tall Viñoly-designed building signifying that vertical construction is complete. 6sqft has previously reported on the trio of glassy residential towers known as Waterline Square, highlighting the starchitect designs and amazing amenities of the under-construction West Side additions.
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MTA will replace Grand Central Terminal’s old eateries with more ritzy ones

Grand Central Terminal, photo via NYC & Company

October 12, 2017

MTA will replace Grand Central Terminal’s old eateries with more ritzy ones

At Grand Central Terminal, it’s in with the new, out with the old. The Metropolitan Transportation Authority said it will replace stores that have served the busy terminal’s commuters for over two decades--Junior’s, Two Boots Pizza, Grand Harvest Wines--with more upscale shops. As the New York Post reported, new stores include Art Bird & Whiskey Bar, run by Oprah Winfrey’s former personal chef, Art Smith, and Tartinery, an open-face sandwich vendor. The restaurant refashioning process is expected to run through 2018.
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October 8, 2017

Interview: Hasten CEO Aleksandr Lanin delves into trends in virtual staging

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 […]

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.
See the new designs

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