Real Estate Trends

Tenants leasing a rent-regulated apartment, buildings built before 1974 with six or more units, will soon see their rents rise for the first time in years. New York City’s Rent Guidelines Board voted to increase rent for regulated apartments on Tuesday, allowing an increase of 1.25 percent for one-year leases and 2 percent on two-year leases, set to begin Oct. 1. As the New York Times reported, the board, which had voted two years in a row to freeze rents, found that a 6.2 percent increase in operating costs for landlords in 2016 warranted this year’s increase.
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June 26, 2017

More apartments have been built in Long Island City than any other U.S. neighborhood since 2010

Following the country’s economic recession, neighborhoods throughout the United States have witnessed an apartment boom. According to a report by RENTCafe, since 2010, apartment buildings have been popping up at an increasingly faster rate. Unsurprisingly, Long Island City came in first for the largest number of new rental apartments, with 41 new apartment buildings and 12,533 new units built in the past seven years. Nearly 36 percent of all apartments are brand new in this Queens waterfront neighborhood.
See which other NYC 'hoods made the top-10 list

Real Estate Trends

June 26, 2017

New York Wheel construction grinds to a halt after designer walks off the job

The New York Wheel, Staten Island's under-construction 630-foot Ferris wheel, has been plagued with cost overruns (it's gone from a $230 to $590 million project), delays, and skepticism from the beginning, and it appears that these missteps have finally come to a head. The Post reports that the project's design team, European company Mammoet-Starneth who was also responsible for the London Eye, walked off the job in late May and threatened to terminate their contract after they "got into a bitter pay dispute with the developer." The New York Wheel LLC then filed a federal suit claiming that halting work was putting the borough's waterfront revitalization at stake and that Mammoet is responsible for “extortionate” billing, "defective" equipment, and shoddy, dangerous construction.
The full story this way

June 26, 2017

Gwyneth Paltrow sells Tribeca penthouse with fuzzy nap zones for $10.7M

Gwyneth Paltrow's pristine, all-white Tribeca penthouse has officially sold. City records reveal that the home Paltrow previously shared with former husband Chris Martin has closed for $10.727 million (h/t Observer). The 3,892-square-foot spread at 416 Washington Street has been on the market since March 2016, listed about a year after the "conscious uncoupling" of the flaxen-haired duo. Although the penthouse saw some price chops from its original price tag of $14.25 million, it did sell above its last ask of $9.995 million—and well above the $5.1 million it was purchased for back in 2007.
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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

By Emrys Fitzgerald

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 […]

Real Estate Trends

June 23, 2017

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

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.
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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

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

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

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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Real Estate Trends

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

By Michelle Cohen

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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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 Emrys Fitzgerald

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 […]

Real Estate Trends

June 16, 2017

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

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

June 16, 2017

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

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

June 15, 2017

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

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

June 14, 2017

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

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.
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June 12, 2017

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

By Michelle Sinclair Colman

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

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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Real Estate Trends

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

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

June 9, 2017

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

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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June 9, 2017

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

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).
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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 Emrys Fitzgerald

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 […]

Real Estate Trends

June 8, 2017

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

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

By Michelle Cohen

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

June 8, 2017

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