Real Estate Trends

Pfizer’s former Midtown HQ to become 1,500 apartments

Pfizer World Headquarters. Photo via WikiCommons

June 26, 2024

Pfizer’s former Midtown HQ to become 1,500 apartments

By
The former Midtown headquarters of pharmaceutical company Pfizer is poised to become New York City's largest office-to-residential conversion. As Crain's New York first reported, the vacant two-building complex at 219 and 235 East 42nd Street will become a 1,500-unit rental property. Metro Loft Developers, the team behind other large residential conversions, including 55 Broad Street in the Financial District, is leading the conversion. The project will not contain any affordable housing units, according to the developer.
find out more
Central Park Tower penthouse closes for $115M

Image courtesy of Extell

June 17, 2024

Central Park Tower penthouse closes for $115M

By
A penthouse at Central Park Tower closed for $115 million, becoming New York City's fourth priciest apartment sale on record. Taking up the 107th and 108th floors of the tallest tower in the Western Hemisphere, the duplex condo on Billionaires' Row was first listed for $175 million last March and entered contract early this year.
READ MORE
What to know about the NYC broker fee bill

James Whelan, President of REBNY, during Wednesday’s rally at City Hall.  Photo courtesy of REBNY

June 12, 2024

What to know about the NYC broker fee bill

By
Broker fees are once again up for debate in the New York City Council. A seven-hour public hearing on Wednesday brought hundreds of tenant advocates and real estate professionals to City Hall over Intro 360, or the Fairness in Apartment Rental Expenses (FARE) Act. The legislation, sponsored by Council Member Chi A. Ossé, calls for shifting the payment of broker fees to the party who hired the broker, often the landlord or management company. Agents argue landlords would bake the fees into the monthly rent, threatening their livelihood and increasing the financial burden for renters.
learn more
Derek Jeter finally finds a buyer for upstate New York ‘castle’

All photos courtesy of Stephen Dolinsky

June 5, 2024

Derek Jeter finally finds a buyer for upstate New York ‘castle’

By
Former New York Yankee Derek Jeter has finally found a buyer for his unique compound in upstate New York. As first reported by Mansion Global, the 50,000-square-foot waterfront estate in Greenwood Lake, known as Tiedemann Castle, sold last week after several years on and off the market. Jeter purchased the property in 2003 and spent 15 years renovating the "castle" before listing it for $14.75 million in 2018. While the final price is not known since it hasn't closed yet, the home at 14 Lake Shore Road was most recently listed for $6.3 million.
more this way
NYC’s Fotografiska museum to close and relocate, historic Park Ave South building to hit market

Photo via WikiCommons

May 28, 2024

NYC’s Fotografiska museum to close and relocate, historic Park Ave South building to hit market

By
Swedish photography museum Fotografiska New York will close its New York City location with plans to relocate to a larger spot, the museum announced last week. Fotografiska opened at the historic Gramercy building at 281 Park Avenue South in 2019 and later was joined by the restaurant Verōnika and the Chapel Bar. The museum's last day in the current building will be September 29 and the restaurant and bar will close in June. As Crain's reported, 281 Park Avenue South owner, Aby Rosen's RFR Holding, will put the architecturally stunning building on the market this week for an undisclosed amount.
find out more
400-unit rental at 250 Water Street in South Street Seaport can move forward

Images courtesy of The Howard Hughes Corporation/SOM

May 22, 2024

400-unit rental at 250 Water Street in South Street Seaport can move forward

By
A 400-unit rental planned for a parking lot in the South Street Seaport historic district can officially move forward, ending a multi-year legal saga over the site. The New York Court of Appeals on Tuesday rejected a challenge from preservationists who opposed the Howard Hughes Corporation's $850 million project at 250 Water Street. With the ruling, and the extension of the 421-a tax break, the developer can proceed with constructing the 27-story mixed-use development.
READ MORE
The historic Bronx Post Office is for sale again

All photos courtesy of Avison Young

May 7, 2024

The historic Bronx Post Office is for sale again

By
One of the most iconic buildings in the Bronx is for sale again. The Bronx General Post Office at 558 Grand Concourse is looking for a buyer five years after a deal to buy the landmark fell through. Developer Young Woo & Associates purchased the property from the United States Postal Service in 2014 with plans to revitalize the 90-year-old building and transform it into a mixed-use development with a food market. After a sale failed in 2019, the property has returned to the market, advertised as having the potential to become residential or a hotel with retail space.
more this way
Stephen Sondheim’s Connecticut country home sells for $3.25M

Photos courtesy of Klemm Real Estate & Michael Bowman Photography

April 18, 2024

Stephen Sondheim’s Connecticut country home sells for $3.25M

By
The longtime Connecticut home of late Broadway legend Stephen Sondheim sold for the full asking price of $3,250,000. After hitting the market last November, the Roxbury property, which includes a main house, one-bedroom pool house, and a detached garage, found a buyer in just 12 days, according to Klemm Real Estate, the firm with the listing.
details here
Brooklyn Tower faces foreclosure

Photo courtesy of Evan Joseph

April 1, 2024

Brooklyn Tower faces foreclosure

By
Despite setting a record for Brooklyn's most expensive studio last week, the Brooklyn Tower is facing foreclosure. JDS Development has defaulted on a $240 million mezzanine loan issued by Silverstein Capital Partners in 2019 for the 93-story development, as reported by The Real Deal. Silverstein has scheduled a foreclosure auction for June 10.
find out more
$905K Brooklyn Tower studio sets new sales record for the borough

Photo by Max Touhey

March 27, 2024

$905K Brooklyn Tower studio sets new sales record for the borough

By
The tallest tower in Brooklyn just broke another record. A studio apartment in the Brooklyn Tower has sold for $905,000, marking the most expensive studio sale on a price-per-square-foot basis in the borough. Situated over 720 feet above ground, the 440-square-foot apartment boasts soaring, unobstructed views of the city and way beyond. According to city records, the property fetched a little over $2,000 per square foot.
details this way
Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

Photo by Martti Salmi on Unsplash

March 13, 2024

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

By
New York City’s most successful real estate agents make it their business to know the city’s highlights, hot spots, secrets, and specialties; many are NYC natives or longtime residents whose love for the city’s streets and avenues adds indisputable value to their career of choice. We’ve asked a few top agents to tell us about their favorite neighborhoods and share their views on what the city's future may hold. Read on for insights from Leslie Hirsch, an insider with an enviable view from Billionaires' Row.
find out more
Kate Moss and Johnny Depp’s one-time Greenwich Village home sells for $12M

All photos courtesy of The Corcoran Group

March 6, 2024

Kate Moss and Johnny Depp’s one-time Greenwich Village home sells for $12M

By
The nearly 200-year-old Greenwich Village townhouse that Kate Moss and Johnny Depp called home in the 1990s has found a buyer. After listing for $15,000,000 last May, the Federal-style property at 112 Waverly Place, which measures 6,300 square feet and includes a triplex carriage house, sold last week for $12,005,000.
find out more
7 must-have luxury apartment perks in NYC, according to brokers
February 28, 2024

7 must-have luxury apartment perks in NYC, according to brokers

By
There’s a running joke among New Yorkers that having in-unit laundry means you’ve "made it." And, according to Corcoran broker Vicki Negron, at this point, in-unit washer-dryers are an "absolute must" for a New York City apartment to be considered part of the "luxury" market. "People are eager for any opportunity to avoid a trip to the laundromat. Even if it means sacrificing closet space to accommodate an in-unit washer and dryer, it's a trade-off that many are willing to make,” she added. So now that we’ve reached peak washer/dryer necessity, what are the next big things in NYC luxury apartment living? Real estate brokers dished on what’s hot on the market right now.
get the details
Google opens new NYC office at historic St. John’s Terminal

All photos courtesy of Google.

February 21, 2024

Google opens new NYC office at historic St. John’s Terminal

By
Google on Wednesday officially opened its newest New York City office. What once was a freight terminal in an industrial section of lower Manhattan is now a high-performing modern workplace for thousands of employees. Anchoring Google's larger campus in Hudson Square, the historic St. John's Terminal building at 550 Washington Street has been reimagined by COOKFOX Architects with a nine-floor addition atop three existing floors, a sustainable and biophilic design, diverse work areas, and outdoor communal spaces with Hudson River views.
see it here
Annie Leibovitz sells UWS home for $2M over asking price

Photos courtesy of Evan Joseph for The Corcoran Group

February 20, 2024

Annie Leibovitz sells UWS home for $2M over asking price

By
Annie Leibovitz has sold her Upper West Side co-op for nearly 24 percent over the asking price. The duplex, located in the star-studded Brentmore building at 88 Central Park West, fetched $10,625,000, roughly $2,000,000 more than what it listed for in October. But the sale was still a loss for Leibovitz, who paid about $11,250,000 for the home in 2014. The Brentmore is known for its high-profile residents, including Robert DeNiro, Paul Simon, and Sting. Kim Cooper, a general counsel at Apple, and Gregg Zehr, the creator of the Kindle, are listed as buyers of the residence, as Curbed first reported.
learn more
$19.5M Tribeca townhouse of late designer Thierry Despont sells after three years

Photos courtesy of Douglas Elliman

February 13, 2024

$19.5M Tribeca townhouse of late designer Thierry Despont sells after three years

By
The Tribeca townhouse of late French architect Thierry Despont, best known for renovating New York City landmarks like the Statue of Liberty and the Carlyle Hotel, has finally sold after three years on the market. The five-bedroom townhouse at 182 Franklin Street entered contract with an asking price of 19.5 million, according to CityRealty. Despont, who died in August at the age of 75, listed the property in 2021 for $25 million.
find out more
Village Cigars in Greenwich Village closes amid rent dispute

Photo by Eden, Janine and Jim via Flickr cc

February 12, 2024

Village Cigars in Greenwich Village closes amid rent dispute

By
Village Cigars, the iconic Greenwich Village smoke shop in front of Hess Triangle, New York City's smallest piece of private land, has closed after over a century in business. The shop, located at 110 Seventh Avenue and Christopher Street within a distinctive red triangle-shaped building, shut its doors amid an alleged rent dispute between owner Andy Singh and landlord Jon Posner, as reported by Curbed. Posner claims that he signed a separation agreement with Singh, which required him to vacate the store by February 7.
get more info
NYC real estate developer arrested in $86M+ fraud scheme

Photo courtesy of Nicole Franzen

February 8, 2024

NYC real estate developer arrested in $86M+ fraud scheme

By
The former executive of a luxury New York City development firm has been arrested for his connection to an $86 million fraud scheme. Nir Meir, the former managing director of HFZ Capital, was taken into custody on Monday along with other high-ranking industry officials, for stealing money from investors, subcontractors, and the city of New York, according to the indictment. Prosecutors claim Meir, who managed the firm's largest projects, specifically The XI (now One High Line), directed more than $253 million of the project's funding to LLCs controlled by HFZ despite being legally required to use the money for the development.
get the details
Aman New York condo sells for $61.58M

All images courtesy of Aman New York

February 6, 2024

Aman New York condo sells for $61.58M

By
An apartment on Fifth Avenue has sold for $61.58 million, according to city records. Terence Chan, chair of Hong Kong-based private equity firm Bay Area Capital Partners, closed on the four-bedroom apartment at Aman New York, an ultra-luxe hotel-condo with 83 hotel rooms and 22 residences inside the iconic Crown Building, Crain's reported.
learn more
$72.5M Greenwich Village townhouse sale is priciest in downtown Manhattan

Streetview of 138-140 West 11th Street © 2024 Google

January 31, 2024

$72.5M Greenwich Village townhouse sale is priciest in downtown Manhattan

By
An unnamed buyer paid $72.5 million for a townhouse in Greenwich Village, setting a new record for the property type in downtown Manhattan. As first reported by the Wall Street Journal, the home at 138-140 West 11th Street is a combination of two four-story 19th-century homes. The seller was Dexter Goi, the former CEO of Altice USA, according to the Journal.
find out more
Frank Lloyd Wright’s horseshoe-shaped home in Connecticut sells for $6M

Photos by Udor Photography

January 29, 2024

Frank Lloyd Wright’s horseshoe-shaped home in Connecticut sells for $6M

By
A 1950s Connecticut home designed by Frank Lloyd Wright has sold for $6 million. Known as "Tirranna," an Australian Aboriginal word meaning "running waters," the home at 432 Frogtown Road in New Canaan measures over 7,000 square feet and sits on 14 acres, making it one of the largest private residences ever completed by the famous architect. The horseshoe-shaped home, which cantilevers over a pond and waterfall, has had only four owners in the last 70 years, according to Mansion Global. The property was listed in May by Coldwell Banker Realty's Marsha Charles and Albert Safdie for $8 million and closed last week.
see it here
NYC brokerage to pay state $260K after allegedly charging excessive broker fees

Photo by Tomas Anton Escobar on Unsplash

January 26, 2024

NYC brokerage to pay state $260K after allegedly charging excessive broker fees

By
A Manhattan real estate brokerage accused of scamming tenants with excessive broker fees has agreed to pay the state $260,000 in penalties. Gov. Kathy Hochul on Thursday announced a settlement with brokerage firm City Wide Apartments, Inc. after an investigation by the New York Department of State, which licenses real estate agents, found the firm charged exorbitant brokerage fees, in one case charging more than $20,000 in added fees to tenants searching for housing.
get the details
Central Park Tower penthouse last listed for $149.5M finds buyer

Image courtesy of Extell

January 18, 2024

Central Park Tower penthouse last listed for $149.5M finds buyer

By
Only two weeks into 2024 and New York City is already seeing record real estate deals. A 12,557-square-foot penthouse in Central Park Tower at 217 West 57th Street has entered contract, as first reported by the Wall Street Journal. The duplex condo at the Billionaires’ Row tower, considered the tallest residential building in the Western Hemisphere, was first listed in March for $175 million and most recently asked $149.5 million, according to CityRealty. The final deal turned out to be closer to $115 million, according to the Journal. The buyer has not been named.
details this way
NYC developers filed plans for just 9,909 housing units in 2023

Image courtesy of robertotmn on Flickr

January 9, 2024

NYC developers filed plans for just 9,909 housing units in 2023

By
In 2023, housing production in New York City slowed dramatically. According to a new Real Estate Board of New York report, developers filed 285 multi-family foundation plan applications with just 9,909 apartments proposed, a 78 percent drop in total unit filings from 2022 when there were over 45,500 units proposed. The number of dwelling units proposed last year is 50 percent of the roughly 20,000 units produced per year between 2000 and 2020. REBNY blames the expiration of the 421-a tax break for the major decline.
learn more
Former Barneys flagship in Chelsea to become luxury condos

Streetview of Barneys New York at 115 7th Avenue © 2023 Google

January 5, 2024

Former Barneys flagship in Chelsea to become luxury condos

By
The former Barneys flagship store in Chelsea is going condo. Douglas Tiesi's Argentic Investment Management, which took over the shuttered department store at 115 7th Avenue from developer Ben Ashkenazy in 2020, sold the property to Flushing developer and architect Raymond Chan for $22 million, as first reported by the Real Deal. Ashkenazy paid $57 million for the building in 2014. Chan plans to convert the property into a luxury residential development with ground-floor retail space, according to Curbed.
see more
Pitch a story icon

Pitch a Story

We love to hear from you!

"*" indicates required fields

Interested in seeing the property in person?

It’s free, with no obligation.

CityRealty Logo

"*" indicates required fields

or Call (212) 755-5544

Interested in seeing the property in person?

It’s free, with no obligation.

CityRealty Logo

Distinctive Post Form

"*" indicates required fields

or Call (212) 755-5544
Contact us image

Get in Touch

We love to hear from you!

"*" indicates required fields

Send us a tip image
Delivering New York stories focused on design, lifestyle & real estate.

Send us a Tip

We love to hear from you!

"*" indicates required fields

Interesting in learning more about purchasing a new home?

Let us know what you are looking for and we’ll help you find the home of your dreams. It’s free, with no obligation.

CityRealty Logo
or Call (212) 755-5544

Thinking about selling your home?

We’ll provide current market comps and connect you with a trusted expert.

CityRealty Logo

Sell a Home (Footer)

"*" indicates required fields

or Call (212) 755-5544

Before You Move On
from this Page.

Subscribe for NYC's Lastest Design, Lifestyle,
and Real Estate Trends!

No Worries. We Don’t Spam.

By providing your email address, you agree to our Terms of Use and Privacy Policy.
You can unsubscribe at any time.

Your Passport to NYC:
Subscribe for Local Insights and Stories!

No Worries. We Don’t Spam.

By providing your email address, you agree to our Terms of Use and Privacy Policy.
You can unsubscribe at any time.