Real Estate Trends

In the years prior to her untimely death in 1959 at the age of 44, jazz legend Billie Holiday lived in this Upper West Side brownstone at 26 West 87th Street, just steps from Central Park. The storied, historic home first hit the market back in October 2015 for $12,950,000, and after a series of reductions, the listing was handed over this past September to Million Dollar Listing's Ryan Serhant, who dropped the price to $9,999,000 and featured the property on a recent episode of his show. Lady Day's house, built in 1910 but recently renovated, has now finally found a buyer for $9,475,000.
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July 10, 2017

Perkins Eastman’s 99 Hudson Street will be the tallest building in New Jersey

While Jersey City boasts beautiful views of Manhattan, the NJ water-front community continues to build up its own impressive skyline. In the last twenty years, 15 towers reaching more than 500 feet tall have been built, with seven more in the works. Notably, as CityRealty discovered, the latest tower rising in Jersey City at 99 Hudson Street will be the state’s tallest building, reaching a height of 889 feet. When the condominium’s construction is complete in 2019, the tower will be the 15th tallest in the country, outside of New York and Chicago.
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July 10, 2017

From NoLiTa to SoHa: The practice and controversy of rebranding NYC neighborhoods

By Cait Etherington

New York is home to dozens of distinct neighborhoods with their own names, identities, and histories. Some of these neighborhoods acquired their names by misfortune (Hell’s Kitchen gained its moniker due to its tough reputation), others by function (the Battery was once home to a series of artillery batteries), and some were coined by local artists playing with abbreviated combinations (SoHo is likely the most well-known example). However, at least some New York City neighborhoods, including the East Village and NoLita, were created by real estate agents in an attempt to “rebrand” areas that historically had a reputation for being either undesirable or simply boring places to live. Increasingly, this now well-established practice is coming under attack and if one local state senator is successful, the practice may even soon be illegal.
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Real Estate Trends

July 10, 2017

Jane Pauley and Garry Trudeau drop $2.2M on a rather un-newsworthy Upper East Side co-op

New anchor Jane Pauley and "Doonesbury" cartoonist Garry Trudeau have dropped $2.2 million on a very un-newsworthy co-op at 166 East 61st Street in Lenox Hill. The couple's last real estate transaction was in 2005 when they traded a $13 million Central Park West pad for a much more modest $1.6 million co-op at 7 Beekman Place in Turtle Bay. Their newest buy, while rather bland, is about 20 blocks north and closer to the park and offers three bedrooms, three baths, and skyline views.
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FREE RENT: This week’s roundup of NYC rental news

Images (L to R): The QE7, 71 Broadway, Columbus Square and Portside Towers

July 9, 2017

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

From Bowling Alley to Co-Living Rentals, The Lanes Makes its Debut in Long Island City [link] The Posthouse Debuts in Clinton Hill; Brand New Rentals from $2,013/Month [link] Move-In Ready Apartments at Columbus Square on Upper West Side Leasing with 1 Month Free [link] North America’s Biggest New Co-Living Building Tops Out in Long Island […]

Real Estate Trends

July 7, 2017

Extell’s Central Park Tower will have a $95M penthouse and 100th-floor ballroom

With massive condominiums, private elevators and a 100th-floor ballroom that overlooks Central Park, Gary Barnett and Extell Development won’t have much trouble luring the world’s richest to their ambitious $4 billion Central Park Tower. Although the building at 217 West 57th Street, slated to be the tallest residential tower on Earth and most expensive in NYC, won’t be completed until 2019, the Real Deal discovered the building’s floorplans and the price breakdown for each unit. According to filed documents, 20 of the 179 condominiums in the building have a price tag of $60 million and above. The most expensive unit listed? A $95 million penthouse that contains four bedrooms, a 2,000-square-foot terrace and an outdoor pool.
See the floorplans

July 5, 2017

Rebel Wilson is latest celeb to buy at Tribeca’s 443 Greenwich Street

Tribeca‘s 443 Greenwich Street claims to be "paparazzi-proof" thanks to its underground garage and interior courtyard, but there must be something more than those not-so-rare amenities that's drawing a celebrity roster like we've never seen. The latest big name to buy in the building is Rebel Wilson; WWD reports that the Australian actress, of "How to be Single" and "Pitch Perfect" fame, dropped $2.95 million on a two-bedroom condo, joining the likes of Jake Gyllenhaal, Meg Ryan, Justin Timberlake and Jessica Biel, Jennifer Lawrence, Ryan Reynolds and Blake Lively, and Harry Styles.
Find out more about Rebel's new digs

July 3, 2017

New photos of Long Island City’s 1 QPS Tower show off NYC’s highest rooftop pool

Just in time for the height of the summer season, developer Property Markets Group has released a set of new photos of their 500-foot Long Island City rental 1 QPS Tower, which has the highest rooftop pool in the city, complete with panoramic skyline views, plenty of lounge chairs, and a stylish bar area (h/t CityRealty). The new images also show off the SLCE-designed skyscraper's other amenities, including a garden terrace, library, triple-height gym with rock climbing wall, and conference/lounge areas.
Check out all the photos

Images (L to R): Frank 57 West, 237 11th Street, 180 Water Street and 1 QPS Tower

June 30, 2017

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

Prices Drop at East Harlem Luxury Rental by Karim Rashid; Units Now Start at $2,000/Month [link] Clinton Hill’s 1007 Atlantic Avenue Launches Leasing & Affordable Housing Lottery [link] Flex Layouts in the Financial District; No-Fee, 1 Month Free & Guarantors Accepted [link] Special Offer at Charming Upper West Side Rental; Flex Lease Dates & $1,000 […]

Real Estate Trends

Jimmy Choo co-founder Tamara Mellon finally sells UES penthouse at a $14M discount

You'll be hard pressed to find a pair of discounted Jimmy Choos, but the iconic shoe brand's co-founder Tamara Mellon didn't fare as well when it came to her Upper East Side penthouse, which sits atop the historic Carhart Mansion at 3 East 95th Street. Mellon bought the Carnegie Hill apartment from Seagram heir Charles Bronfman Jr. and first listed it for sale in 2014 for $34 million. After several price chops and an attempt as a $85,000/month rental, it's finally found a buyer reports LL NYC. Contemporary artist George Condo paid $19.8 million for the condo (no pun intended), much less than the most recent ask of $25 million.
Get a look around (you don't want to miss the shoe closet!)

June 29, 2017

Celebrity hotspot 443 Greenwich reveals ‘ultimate’ lofts

A-listers like Jake Gyllenhaal, Meg Ryan, Justin Timberlake and Jessica Biel, Jennifer Lawrence, and Harry Styles have all flocked to the desirable “paparazzi-proof” Tribeca building at 443 Greenwich Street, also known as the city's "celebrity dorm." Now, with more than $500 million in total sales under their belts, the property’s developer MetroLoft and real estate agency Cantor-Pecorella have revealed the building's “Ultimate Collection,” which includes the last penthouse listed for $55 million and six other apartments that range from $9 million to $11.25 million.
Check out some new interior views

Historic Gramercy townhouse from Bob Dylan album cover sells for $23M

Photo courtesy of Wally Gobetz on Flickr

June 29, 2017

Historic Gramercy townhouse from Bob Dylan album cover sells for $23M

An 1846 townhouse, once owned by former New York City mayor and publisher James Harper, has sold for $23.09 million in an off-market deal. The historic Greek Revival home located along Gramercy Park features sun-filled rooms, high ceilings, and elaborate crown molding, and it comes with a coveted key to the park. But the biggest bragging rights, as the New York Post learned, are that Bob Dylan sat on the stoop of the red-brick house for the cover of his album "Highway 61 Revisited."
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June 28, 2017

Here are the 10 wealthiest neighborhoods in New York City

In 2016, the New York Metro Area was home to the highest number of “ultra-wealthy” residents in the world. A new report shows about 8,350 residents with a net worth of at least $30 million called the Big Apple their home last year, an increase of about 9 percent from last year. When focusing on just the five boroughs, most of the city’s wealthiest neighborhoods can be found in Manhattan, as Curbed NY discovered. Taking this year’s title as the richest NYC enclave? The Upper East Side.
See the full list

Real Estate Trends

June 28, 2017

The city approves rent increases for rent-regulated apartments

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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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

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

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

June 19, 2017

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