Real Estate Trends

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

Images (L to R): Hub, The Forge, The Corner and The Lane

June 24, 2017

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

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A Look Inside Harlem 125 as the New Rental Debuts on Harlem’s Main Street [link] Leasing Special on West 72nd Street: Apartments Above Trader Joe’s Listed with 1 Month Free [link] Newly Launched Jersey City Rental Partners with Airbnb, Achieves Record Price Per Square Foot [link] Live in Brooklyn’s Tallest Building: New ‘Hub’ Rental Tower […]

PHOTOS: First steel column installed at 1401-foot One Vanderbilt, NYC’s second-tallest skyscraper
June 23, 2017

PHOTOS: First steel column installed at 1401-foot One Vanderbilt, NYC’s second-tallest skyscraper

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With the installation of its first steel column, One Vanderbilt, soon to be New York City’s second-tallest skyscraper, officially began vertical construction on Friday. Banker Steel Company provided the 26,000 tons of domestically milled and fabricated structural steel for development, which included the first 20-ton column installed. According to the team, the construction of One Vanderbilt is three weeks ahead of schedule. SL Green Realty and AECOM Tishman say the supertall skyscraper will add to the modernization of East Midtown’s business district, as the office building will boast column-free floors, floor-to-ceiling windows, and 360-degree views.
See more here
Rent Guidelines Board expected to vote in favor of rent increases

Photo via Wikimedia Commons

June 22, 2017

Rent Guidelines Board expected to vote in favor of rent increases

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Photo via Wikimedia Commons Following two years of rent freezes, the city’s Rent Guidelines Board will take a final vote on Tuesday to determine whether or not rents will be increased by at least one percent. Earlier this year in April, the board voted to increase rents by one to three percent for one-year leases and four percent for two-year leases in a preliminary vote. According to the Wall Street Journal, the board released a study that showed landlord costs rose in the past year, a shift that landlords say warrants an increase in rents on new leases that take effect on or after Oct. 1.
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Top architects and engineers present solutions for NYC’s soon-to-explode population
June 21, 2017

Top architects and engineers present solutions for NYC’s soon-to-explode population

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As more and more people move to the Big Apple, the city is running out of room to house all of them. According to Mark Ginsberg of Curtis & Ginsberg Architects, even if the city were developed to the maximum capacity legally allowed, this would still only be enough room to house 9.5 million New Yorkers. Building up every square foot that has been zoned for development is impossible and the city’s population is projected to pass 9 million by 2040. At a real estate conference hosted by Crain’s last week architects from five different firms laid out their plan to serve the city’s swelling population and each focused on a specific borough.
See the proposals
New study says Mexico City is less affordable for renters than Manhattan
June 20, 2017

New study says Mexico City is less affordable for renters than Manhattan

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Out of all of the world’s cities, New York City surprisingly does not have the most unaffordable rental market. In a report released by RENTCafe, Mexico City beats Manhattan as the worst urban area for renters, with 60 percent of their income being spent on housing. However, Manhattan continues to be extremely unaffordable, with residents putting 59 percent of their income toward rent. Affordability levels are not much better in the three other U.S. cities that made the list; Chicago, San Francisco and L.A. have rent-to-income ratios of 38, 41, and 47 percent respectively.
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Waterline Square mega-development to get first Cipriani ‘experiential food market’

Two Waterline Square; Image: Noe & Associates with The Boundary

June 19, 2017

Waterline Square mega-development to get first Cipriani ‘experiential food market’

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GID Development Group announced today that the Upper West Side's Waterline Square mega-development will be getting the first-ever experiential food market by the Cipriani family. Located within Two Waterline Square, the new Cipriani food hall will be designed by London-based interior designer Martin Brudnizki. Within the 28,000-square-foot space will be a large-format culinary experience with multiple food and beverage establishments including a market, restaurants, and casual outlets.
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FREE RENT: This week’s roundup of NYC rental news

Images (L to R): Harlem 125, 7 West 21st Street, Caesura and LEVEL

June 17, 2017

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

By

Pricing Revealed for Paris Forino-Designed Williamsburg Rental [link] Fort Greene Rental Reveals New Renderings & Launches Affordable Housing Lottery [link] Leases at Morris Adjmi-Designed 7W21 Offer 2 Months of Free Rent [link] Summer Special in Sutton Place; Oriana Offers 14-Month Leases with 2 Months Free [link] New Bed-Stuy Rental Launches Leasing and Offers Modern Apartments […]

Construction to finally begin on the new Penn Station – see new renderings!
June 16, 2017

Construction to finally begin on the new Penn Station – see new renderings!

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Just a day after Penn Station‘s long-awaited West End Concourse revealed itself to the public, for the first time allowing Amtrak, Long Island Rail Road, and NJ Transit passengers to enter and board trains through the historic James A. Farley Post Office across 8th Avenue, Governor Cuomo has announced that Empire State Development signed the final financial agreement with Related Companies, Vornado Realty LP, and Skanska AB for the $1.6 billion Penn-Farley Complex. After decades of delays, construction will now begin to transform the historic post office into the Moynihan Train Hall, a new 255,000-square-foot train hall housing both Amtrak and LIRR ticketing and waiting areas, as well as 70,000 square feet of new commercial, retail, and dining space. But a development announcement from the Governor is never complete without a fresh set of renderings, and Cuomo did not disappoint this time.
All the renderings and details ahead
Renderings revealed for Nomad’s previously stalled 756-foot tower
June 16, 2017

Renderings revealed for Nomad’s previously stalled 756-foot tower

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Last summer, the Department of Buildings halted progress on developers J.D. Carlisle and Fosun Group's planned condo tower at 15 East 30th Street over the fact that a planned second-floor outdoor space didn't meet minimum space requirements. Presumably having ironed that out, (though we're not sure the same can be said for the neighbors angry about losing their views) designers Handel Architects have released a slew of new renderings of the 756-foot-tall tower, which will have 180 units spread over 51 floors. Uncovered by Yimby, the views show a narrow, glassy structure with a jagged pinnacle and undulating base.
See all the renderings
FIRST LOOK: See inside Penn Station’s brand new West End Concourse
June 15, 2017

FIRST LOOK: See inside Penn Station’s brand new West End Concourse

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As of today, Penn Station's long-awaited West End Concourse--the first tangible step towards Governor Cuomo's ambitious plan to transform the James A. Farley Post Office into the new Moynihan Train Hall--is open for business, for the first time allowing Amtrak, Long Island Rail Road, and NJ Transit passengers to enter and board trains through the historic building across 8th Avenue. In addition to landscaped entryways, the sparkling new concourse is chock full of LED screens, artwork, and, in true Cuomo fashion, bright, open, and high-tech spaces.
Take the full tour
Meg Ryan drops $9.4M on apartment in celeb-favorite 443 Greenwich
June 14, 2017

Meg Ryan drops $9.4M on apartment in celeb-favorite 443 Greenwich

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Meg Ryan will be joining Justin Timberlake and Jessica Biel, Jennifer Lawrence, Ryan Reynolds and Blake Lively, and Harry Styles at Tribeca's “paparazzi-proof” 443 Greenwich Street. The Real Deal spotted her her trust, Third World Dog, listed as the buyer of a $9.39 million, three-bedroom unit in the building, just a month and a half after her $10.9 million Soho loft went into contract.
Get the details
INTERVIEW: Amit Khurana and Michael Gabellini on designing in NYC with architect Tadao Ando
June 12, 2017

INTERVIEW: Amit Khurana and Michael Gabellini on designing in NYC with architect Tadao Ando

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Before 152 Elizabeth Street, Pritzker Prize-winning architect Tadao Ando had never designed a building in New York City. The ultra-high-end, seven-unit, seven-story Nolita condominium is currently on the rise at the corner of Elizabeth and Kenmare Streets. Every detail of this Ando building reflects the famed architect’s philosophy that, “a living space should be a sanctuary. It has to be a place where you can reflect on your life.” Ando’s signature use of concrete and glass creates a strong yet minimalist beauty that finds balance at a location on the convergence of numerous neighborhoods. As architecture critic Carter Horsley puts it, “152 Elizabeth is not a dramatic masterpiece by one of the world’s greatest architects but a very refined and subtle ‘enclosure’ with wonderful detailing, a delightful surprise in this brand new, gee-whiz world of starchitects.”
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Site of East Village gas explosion sells for $9.15M

Image of the site via Google Street View 

June 12, 2017

Site of East Village gas explosion sells for $9.15M

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In March 2015, an explosion caused by an illegal tap into the gas main destroyed three buildings and killed two people in the East Village. Last month, Maria Hrynenko, the owner of the wrecked properties at 119 and 121 Second Avenue, sold two of the lots to Yaniv Shaky Cohen’s Nexus Building Development Group Inc. for $9.15 million, according to the New York Post. The third site destroyed by the explosion at 123 Second Avenue sold last year to Ezra Wibowo for $6 million, about $4 million less than the asking price.
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A retro dresser inspired Beam Group’s new Bushwick condo

Rendering of 127-129 Troutman via Beam Group/ Photo via Shanna Shryne Design

June 9, 2017

A retro dresser inspired Beam Group’s new Bushwick condo

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The neighborhood of Bushwick, known for its artistic hipsters, is about to get even cooler. The Brooklyn-based firm Beam Group/ J. Goldman Design revealed plans for their project at 127-129 Troutman Street in the western part of the neighborhood. The project, designed by the firm’s Adele Schachner, is inspired by the mid-century “luck of the drawer” dresser that features an incredible tri-geometric pattern in bright colors framed by a wooden border, as CityRealty learned. Renderings show the building's exterior will be composed of both opaque and screened panels.
See the renderings here
Proposed state Senate bill would ban brokers from using ‘SoHa’ in listings
June 9, 2017

Proposed state Senate bill would ban brokers from using ‘SoHa’ in listings

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As real estate developers and brokers continue rebranding neighborhoods with new nicknames, some community members fear this gentrifies and strips the history away from their nabes. Like NoLo (SoHo + Nolita + Lower East Side) and DoBro (Downtown Brooklyn) before it, SoHa, the new branding moniker for South Harlem, has been met with resistance from residents. According to Crain’s, newly elected state Senator Brian Benjamin, a native of Harlem, talked with so many residents that opposed the term SoHa, he has introduced a bill banning people, specifically brokers, from using the nickname as a marketing tool.
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Kelsey Grammer’s Chelsea condo in contract for nearly $8M
June 9, 2017

Kelsey Grammer’s Chelsea condo in contract for nearly $8M

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Nearly a year after first hitting the market for $9.75 million, Kelsey Grammer's condo at Jean Nouvel's glassy 100 Eleventh Avenue in west Chelsea has gone into contract, reports the Wall Street Journal. But despite the fact that that the listing showcased his piano from the set of "Frasier" and the impressive 100 feet of massive windows providing Hudson River and skyline views, the selling price came in at just under $8 million (the price was reduced to $8.95 million in March).
Check it out
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): The Ellipse, 1007 Atlantic Avenue, 33 Bond Street and 70 Pine Street

June 9, 2017

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

By

Live in One of the World’s Most Iconic Skyscrapers: New Leases at 70 Pine Street Include 1 Month Free [link] Downtown Brooklyn’s Topped-Out Tower with New Subway Entrance Nears Completion; See the Photos [link] Clinton Hill’s 1007 Atlantic Avenue Launches Leasing; 1-Beds from $2,215/Month [link] Model Units Unveiled at Ellipse, Jersey City’s New Waterfront High […]

Sculptor Richard Serra drops $7M on Tribeca loft, now owns entire building
June 8, 2017

Sculptor Richard Serra drops $7M on Tribeca loft, now owns entire building

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When this sprawling, full-floor Tribeca loft at 173 Duane Street first hit the market for $7.95 million at the beginning of the year, 6sqft wasn't the least bit surprised at its strikingly creative interiors, considering it was owned by artist Merrill Steiger. As we noted, it's the same building where prolific sculptor Richard Serra has lived and worked since the 1990s. At various points, he and his wife Clara have purchased the first, third, fourth, fifth and sixth floors of the early 20th-century cast-iron building, most recently paying just under $4 million for the third floor in 2011. This left only the second floor out of their hands, but LL NYC reports that Serra has just coughed up $7 million for Steiger's unit, giving him ownership of the entire building.
Take a look around
New details revealed for Upper West Side’s starchitect-studded Waterline Square

L to R: One Waterline Square by Richard Meier, Two Waterline Square by KPF, and Three Waterline Square by Rafael Vinoly

June 8, 2017

New details revealed for Upper West Side’s starchitect-studded Waterline Square

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As 6sqft previously reported, the three buildings that comprise the Upper West Side's Waterline Square are rapidly rising from a five-acre site overlooking the Hudson River. For the neighborhood's most exciting and ambitious project in decades, a group of the architecture and design world's most celebrated names was chosen by GID Development Group to create the master plan, with Richard Meier and Partners, Kohn Pedersen Fox Associates and Rafael Viñoly Architects each designing a residential tower. We've been graced with leaked renderings of what's to come on several occasions; now, the project's dream team has lifted the curtain on a comprehensive website that reveals so-far unseen renderings of the towers and their interiors, the 100,000 square feet of amenity space that will be shared between them and the three-acre park designed by Mathews Nielsen Landscape Architects.
See the latest renderings
Diane Kruger snags eco-friendly loft in Tribeca for $4.2M
June 8, 2017

Diane Kruger snags eco-friendly loft in Tribeca for $4.2M

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Actress Diane Kruger, who recently took home the best actress award at the Cannes Film Festival last month, just scored a chic two-bedroom unit in Tribeca for $4.2 million. The building, built in 1869, includes six units and features amenities like an on-site fitness center and a residential lounge with greenery. As reported by the New York Post, Kruger’s pad spans 1,943 square feet and has 11-foot high ceilings. Last month, the actress sold her apartment in the East Village for $1.1 million, higher than its $985,000 listing price, following a 12-offer bidding war.
See inside the chic loft
Brooklyn developer Zproekt plans a craggy condo for East Williamsburg

Renderings created by the Vyater Group

June 6, 2017

Brooklyn developer Zproekt plans a craggy condo for East Williamsburg

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Renderings created by the Vyater Group Brooklyn real estate developers RYBAK and BK have laid out their collaborative plan for a new luxury condominium in East Williamsburg at 88 Withers Street. The building, when officially approved, will be called Element88 and will capture the neighborhood’s creative and eclectic residents. As CityRealty learned, renderings show a sculpted pile of floors, offset from one another. In addition to its 33 new residences, the building will also provide workspaces in its cellar that can be used for home offices, workshops, wine cellars or art studios.
See the electic renderings
FREE RENT: This week’s roundup of NYC rental news and offers

Images (L to R): 325 Kent Avenue, Capitol at Chelsea, 82 South 6th Street and West 54th Apartments

June 2, 2017

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

By

325 Kent to Open this July on the Former Domino Sugar Site; New Renderings & Pricing Revealed [link] Don’t Be Boxed-Up This Summer: Outdoor Amenities Reign at This Midtown Rental Just Two Blocks from the Greenway [link] South Williamsburg Has a New Boutique Rental – And It’s Sure to Fill-Up Fast [link] FRANK 57 WEST […]

Google’s Pier 57 tops out ahead of summer 2018 opening
June 2, 2017

Google’s Pier 57 tops out ahead of summer 2018 opening

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Last we checked in at the beginning of the year, the $350 million transformation of Pier 57, aka “SuperPier,” was making progress with its canted glass panels fully installed. Wednesday, co-developers RXR Realty and Young Woo & Associates held an event to mark the 450,000-square-foot development's topping out, which came after 2,600 tons of structural steel were installed, 4,000 yards of concrete poured, and a 60,000-square-foot curtain wall built. The project will include 250,000 square feet of offices for Google, a 100,000-square-foot food market from Anthony Bourdain, and an elevated two-acre park with a rooftop movie and performance amphitheater to be used for Tribeca Film Festival screenings. This construction milestone comes ahead of an anticipated summer 2018 opening.
See more construction shots and get more details
REVEALED: Morris Adjmi’s Gothic-inspired condo tower coming to Nomad
June 1, 2017

REVEALED: Morris Adjmi’s Gothic-inspired condo tower coming to Nomad

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Just yesterday, 6sqft shared renderings of Moscow-based firm Meganom's super-skinny, 1,001-foot-tall tower headed for 262 Fifth Avenue in Nomad. Now, CityRealty has uncovered another slender contender for the neighborhood, this svelte 40-story condo tower designed by Morris Adjmi for 30 East 31st Street. The site formerly held the ornate Romanesque Revival parish house of the Madison Avenue Baptist Church, which, to the dismay of preservationists, was demolished in 2015 by Elkstein Development Group. However, Adjmi, known for his contextual sensitivity, will reference the church's Gothic details, with six hefty columns that emphasize its 469-foot height and assume a diagrid pattern on the upper floors resembling the barrel-vaulted ceilings of a cathedral.
More details and renderings ahead
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