Real Estate Trends

Ralph Lauren announced Tuesday that it will close its flagship store on Fifth Avenue and 55th Street, citing falling revenue and rising rents. As reported by the New York Times, the company, which opened this location in 2014, plans to reorganize by investing more in their online stores. Keeping afloat a business on New York City’s most expensive shopping strip is not a problem unique to Ralph Lauren; Kenneth Cole, Juicy Couture, and H&M have also recently closed their doors. Soaring rents, plus a drop in tourism, has lead to an increase in vacant space along Fifth Avenue.
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Real Estate Trends

April 5, 2017

Robert A.M. Stern will lead the transformation of the historic Belnord into condos

By Diane Pham

The conversion of the historic Belnord into luxury condominiums is moving forward, with the property expected to be brought to market as early as the third quarter of the year. This morning, HFZ Capital announced they have tapped starchitect Robert A.M. Stern to helm the transformation, which would turn approximately 95 rental apartments in the full-block, 1908 building at 225 West 86th Street into fully converted and reimagined apartments. In all, the limestone-and-brick structure currently maintains 213 rental units.
more details here

April 5, 2017

Laguardia Airport expansion could replace jail at Rikers Island, report suggests

On Friday 6sqft reported Mayor Bill De Blasio's announcement that the Rikers Island jail complex will be closed, following a report by the Independent Commission on New York City Criminal Justice and Incarceration Reform. “New York City has always been better than Rikers Island,” said the mayor when he announced the decision. The report also included ideas for the future of a post-jail Rikers. One such idea suggests that the island be used for the expansion of nearby LaGuardia Airport, raising the possibility of a new runway and additional terminal space, according to USA Today. “The Island is uniquely positioned to accommodate an expanded LaGuardia Airport that would reduce delays and could serve as many as 12 million more passengers annually,” the report states.
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Massive high-rise complex with 900 apartments, retail, offices and schools coming to Downtown Brooklyn

View south down Flatbush Avenue

April 4, 2017

Massive high-rise complex with 900 apartments, retail, offices and schools coming to Downtown Brooklyn

Alloy Development announced plans to build a pair of towers at 80 Flatbush Avenue, a 61,000-square-foot parcel of land between Flatbush Avenue, Schermerhorn Street, Third Avenue and State Street. The developer–who, with the Department of Education, owns the land–has been selected by the city’s Educational Construction Fund to build the mixed-use complex as part of the redevelopment of the Khalil Gibran International Academy, which will move into one of the two new school buildings that will be part of the project. The second of the two will be a 350-seat elementary school. The project will also offer 900 apartments (200 of which will be affordable), a 15,000-square-foot cultural facility, 200,000 square feet of office space and 40,000 square feet of retail space.
Find out more about what's coming to the neighborhood

April 3, 2017

FREE RENT: Roundup of NYC’s latest rental concessions

Andre Kikoski-Designed Apartments in Chelsea Offer One Month Free & Discounted Deposits [link] Upscale Rentals in a Landmarked Building Offering Two Months Free [link] Hoboken’s New Rental 600 Harrison Now Leasing Spacious 1 to 3 Bedroom Apartments [link] Inspired Rentals at Leonard Pointe in Williamsburg Offering One Month of Free Rent [link] New Two-Bedroom Brooklyn […]

Real Estate Trends

Update 4/4/2017: 6sqft has been informed that Kara Mann’s design will likely not move forward because of changes with the development team. We will provide additional updates as we receive them.

April 3, 2017

First look at the iconic Hotel Chelsea’s glamorous interior renovation

By Rebecca Paul

While there's no shortage of hotels to visit in New York City, some are more worthy of the trip than others, and the restored Hotel Chelsea will certainly be one of them when it reopens in 2018. The renovation of this famous hotel—known since the 1960s as a haven for artists, writers, and musicians, housing famous tenants including Bob Dylan, Stanley Kubrick, Jasper Johns, Patty Smith, Dylan Thomas and Leonard Cohen—has been in the works since 2011, with lots of drama, ultimately finding some direction following a $250M purchase by Richard Born and Ira Drukier of BD Hotels and hotelier Sean MacPherson, last year. Following the sale, the new owners announced they would redevelop the property as a hotel and condos, departing from previous plans of simply converting the structure into a high-end hotel. Now, with its re-opening just around the corner, the first few images of the glamorous new interiors designed by Kara Mann have emerged.
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April 3, 2017

Alexis Bittar, Clara Sunwoo ink leases at Industry City, bringing total fashion space to 350,000+ square feet

There's been much talk in the past couple months about the city's push to drive the fashion industry from its long-time home in the Garment District to new, lower-cost space in Sunset Park. The new, $136 million, 200,000-square-foot "Made in NYC Campus" has become synonymous with the shift, but the adjacent Industry City mega-development has been at the forefront since even beforeBelvedere Capital and Jamestown Properties took over in 2013. With tenants such as the Gap, Bauble Bar, and Rag & Bone, they've now announced that internationally known jewelry company Alexis Bittar will lease an additional 10,000 square feet (they already have 17,000), and a source tells us that women's apparel label Clara Sunwoo is leasing 14,000 square feet of space, moving completely from the Garment District. This brings Industry City's total space leased to fashion companies to 350,000 square feet, more than 200,000 of which is manufacturing space.
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Real Estate Trends

April 3, 2017

Dumbo Clock Tower penthouse finally sells for $15M, is borough’s priciest condo ever sold

And just like that, the record for the most expensive condo ever sold in Brooklyn has been broken. A triplex penthouse at 1 Main Street, atop the Clock Tower building in Dumbo, sold for $15 million, beating out a unit at Brooklyn Bridge Park’s Pierhouse that closed for nearly $10.6 million just last month. As the New York Post reported, the historic unit had a hard time finding a buyer; it sat on the market for nearly six years, switched brokerages and chopping its price tag several times.
See the iconic Clock Tower here

Real Estate Trends

Anbang taps Skidmore, Owings & Merrill for Waldorf Astoria renovation

Proposed rendering of the Park Avenue foyer, via Skidmore, Owings & Merrill

March 29, 2017

Anbang taps Skidmore, Owings & Merrill for Waldorf Astoria renovation

On March 1st, the Waldorf Astoria closed its doors to the public so that its new owners, Chinese insurer Anbang (who just today backed out of an even larger project to redevelop the Kushner Companies' 666 Fifth Avenue) can undertake a two- to three-year renovation to convert 1,413 hotel rooms into 840 renovated hotel rooms and 321 condos, as well as spiff up the public spaces. This last part was worrisome at first, but earlier this month, these iconic Art Deco interiors were designated an official city landmark, meaning Anbang will need to preserve them and receive approvals for any work from the LPC. Wasting no time, they've now released plans for both the interior and exterior renovations and announced that architectural firm Skidmore, Owings & Merrill (SOM) and renowned interior designer Pierre Yves Rochon (PYR) will "protect [the] beloved spaces and restore original features of the Waldorf not seen for decades."
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Investor flips Trump’s childhood home for double what he paid, likely selling to Chinese buyer

When Manhattan real estate mogul Michael Davis bought Donald Trump's childhood home sight-unseen for just under $1.4 million in December, he had high hopes of flipping the Tudor-style residence in Jamaica Estates, Queens. Now, just three months later, the Times tells us that he's done just that, re-selling it at auction last week for $2.14 million, more than double the neighborhood average. Interestingly, the transaction was facilitated by lawyer Michael Tang who specializes in real estate investments made by overseas Chinese buyers. Tang told the Times in an email that he was unable to disclose the name or any other information about the buyer, whose identity is being shielded behind the newly created LLC "Trump Birth House."
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March 28, 2017

Justin Timberlake and Jessica Biel are bringing sexy back to Tribeca with new penthouse buy

By Annie Doge

Although Justin Timberlake was spotted scoping out an $18.5 million Greenwich Village penthouse last month, he chose Tribeca to call home with wife Jessica Biel and their two-year-old son, Silas. According to the Real Deal, the power couple signed a deal for a penthouse at 443 Greenwich Street. Built in 1882 and recently restored by CetraRuddy Architects, the building boasts an interior courtyard, underground garage, 71-foot indoor swimming pool and landscaped roof terrace, so it’s no wonder celebrities are flocking here. Former residents include Mike Myers, Ryan Reynolds and Blake Lively, Jennifer Lawrence, and Formula One driver Lewis Hamilton. While the exact unit the couple bought remains unclear, Penthouse G is currently under contract for $27.5 million.
See the beautiful penthouse here

March 28, 2017

First look at the interiors of Waterline Square’s trio of towers

As 6sqft reported in November, a trio of glassy residential towers is rising on the five-acre waterfront site between West 59th and 61st Streets that comprises part of Riverside Center. Known as Waterline Square, the megaproject will offer a combination of condos and rentals, a Mathews Nielsen-designed park, and an impressive roster of starchitects–Richard Meier and Partners, Rafael Viñoly Architects, and Kohn Pedersen Fox Associates. CityRealty now reports that the development team has announced the trio of designers who will shape the interiors--Champalimaud, Yabu Pushelberg and Groves & Co.--which comes with a fresh set of renderings.
Check on the progress of this megaproject

March 27, 2017

World Trade Center Performing Arts Center may be delayed again

It's been almost 13 years since Frank Gehry initially designed the Performing Arts Center at the World Trade Center (PACWTC). After his plans got shelved in late 2014 due to fundraising issues and construction delays on the transit hub below, it seemed like the last vacant site at the complex would forever remain that way. That is until this past fall when a $75 million gift from billionaire businessman and philanthropist Ronald O. Perelman brought the $243 million project back to life and made it possible to proceed with new designs. Despite this new optimism, it looks like the Center will be delayed yet again, as Crain's reports that unresolved issues between the Lower Manhattan Development Corp. and the Port Authority are setting things behind schedule, which could cost the project $100 million in federal funds.
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Real Estate Trends

March 24, 2017

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

Upper West Side Beaux Arts Beauty ‘The Willard’ Offering Two Months Free, 1-Bedrooms From $2,996/Month [link] Live at LIC’s Hayden: These Majestic Skyline Views Could be Yours from $2,284/Month [link] Grand Opening of 845 Grand Street in East Williamsburg, 1-Bedrooms From $2,675/Month [link] Chelsea Leasing Special: $1,000 Security Deposits at 32-Story 777 Sixth Avenue [link] […]

Real Estate Trends

March 23, 2017

Iconic ballet dancer Mikhail Baryshnikov buys Harlem condo for $1.4 million

By Annie Doge

Mikhail Baryshnikov, who fled the Soviet Union in 1974 and landed in Canada is today considered one of the greatest ballet dancers in history (closer to home, he also starred in "Sex and the City" as Sarah Jessica Parker's penultimate love interest). Nearly six years ago, he and his wife, former ballerina Lisa Rinehart, relocated to Harlem from the posh upstate enclave Snedens Landing, and they're clearly happy with this move, as they also recently bought a $1.4 million condo at the Strathmore, located at 1890 Adam Clayton Powell Boulevard (h/t NY Post). Their new prewar abode, originally listed for $1.32 million, boasts three bedrooms, a cozy layout, and high ceilings.
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March 17, 2017

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

Sutton Place High Rise Re-Introduced as Oriana Launches Leasing with Two Months Free [link] Downtown Rentals at 90W in the Financial District Offer Up to 2 Months Free [link] Spring 2017 Leasing Announced for DUMBO’s 181 Front Street, Website Launches with New Photos [link] LIC Rental ‘The Independent’ Offers Two Months Free with 14-Month Lease […]

Real Estate Trends

March 17, 2017

Gwyneth Paltrow’s Tribeca penthouse finally finds a buyer

By Annie Doge

Last month's price chop and new listing photos certainly did the trick--Gwyneth Paltrow and ex-husband Chris Martin have finally found a buyer for their Tribeca penthouse at 416 Washington Street. The consciously uncoupled pair bought the apartment as a pied-a-terre in 2007 for $5.1 million, but after going their separate ways, listed it last March for $14.25 million. Gwynie then reduced the price to $12.85 million in November and again to $9,995,000 last month. Now, Mansion Global reports that it's gone into contract, though until it hits public records there's no word on who the lucky buyer is and whether or not they'll retain the "ethereal" interiors and fuzzy nap zones.
See the whole spread

March 16, 2017

Huge Whole Foods coming to Brookfield’s Manhattan West

Along with its glassy towers on the rise and big-name corporations leasing office space, the Hudson Yards district is now displaying another show of how the mega-development is pushing the once-desolate Midtown West area forward--the announcement of a 60,000-square-foot Whole Foods. The green grocer will move into Brookfield Property's eight-acre Manhattan West complex, located at 5 Manhattan West on the corner of 10th Avenue and West 31st Street, directly across from Related's Hudson Yards. Echoing the sentiment of the "Whole Foods effect"--the pattern of real estate values increasing when high-end grocery stores open nearby, both due to convenience and prestige--a press release from the developer says the news "is a significant first step in creating a first-of-its-kind global retail hub at Manhattan West."
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Real Estate Trends

March 14, 2017

Marilyn Monroe and Arthur Miller were neighbors, but this $5M Sutton Place condo is glamorous on its own

Celebrity connections get our attention, especially when the celebrities are as fascinating as Marilyn Monroe and husband Arthur Miller, who shared an elevator landing with this beautifully renovated apartment at 444 East 57th Street. As 6sft previously wrote, the pair's Sutton Place penthouse, on the market last June for $6.75M, "was home to a star-studded list of 20th century residents, topped by the tempestuous Monroe and Miller when the latter was writing “The Misfits” (1961), the last play in which the troubled star would appear," and of terraces that "witnessed glittering parties that drew luminaries of the day from Cary Grant to the Duke and Duchess of Windsor." The elegance that brought them to this legendary 1927 white glove building is very much in evidence in this four-bedroom home spanning nearly 3,000 square feet.
Have a look inside

March 10, 2017

FREE RENT: This week’s roundup of NYC’s mountain of rental concessions

Brookfield Launches Leasing at The Eugene with One Month Free; Sole Residential Building in Manhattan West is Now Midtown’s Tallest Rental [link] Leasing Launches at Hayden; Studios Starting from $2,281 with One Month Free [link] Leasing Launches for Phase One of Journal Squared; Live in 53-Story Tower for $1,855/Month [link] Avalon Brooklyn Bay Prepares for […]

March 10, 2017

First look at the undulating outdoor decks and pools at CetraRuddy’s Midtown West rental tower

Algin Management's 700-foot-tall Midtown West rental tower recently reached 35 stories of its total 62-story height and now its lower floors are receiving their "sexy facade of curved glass and aluminum panels," according to CityRealty. Located at 242 West 53rd Street (the former site of Roseland Ballroom), the building was designed by CetraRuddy, who said their curvaceous silhouette was imagined as "a contextual sculpture surrounded by space, creating apartments that captured the views on all sides." These curving forms are mimicked on the multi-level deck from Terrain Work, who have just shared renderings of these undulating outdoor spaces, including the open-air swimming pool, rock garden that doubles as a rainwater collection source, and multiple gardens and patio areas.
More details and all the renderings

March 10, 2017

At $31B, Airbnb now second most valuable private company behind Uber

After raising an additional $1 billion in a financing round that began last summer, Airbnb, the short-term stay rental company, is now listed as the second most valuable private company in the United States, following Uber, the ride-hailing business, as the New York Times reported. Airbnb, based in San Francisco, has raised more than $3 billion and secured a $1 billion line of credit since the company was founded in 2008. It is now worth nearly $31 billion dollars.
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March 8, 2017

New rendering for the Sheepshead Bay condo that’s the tallest residential building in South Brooklyn

As 6sqft noted just over a year ago when the project was first revealed, a 331-foot tower isn't even news in Manhattan or much of western Brooklyn and Queens, but "in the once-sleepy waterfront community of Sheepshead Bay" it's quite the headline maker. The 30-story building from Perkins Eastman Architects will, in fact, be the tallest residential building in South Brooklyn. Just last week, developer AvalonBay Communities launched a new website with info on the project's rental component Avalon Brooklyn Bay, and now, Muss Development, who's behind the condo portion known as 1 Brooklyn Bay Condominiums, has revealed details on these 56 luxury, high-rise units, as well as a brand new rendering of the glassy behemoth and how it's set to dwarf its surroundings.
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March 8, 2017

Mapping America’s affordable housing shortage