Real Estate Trends

520 Park Avenue, well on its way to being the tallest skyscraper on the Upper East Side, is putting its final crowning members in place, CityRealty reports. The developer of the 54-story tower just off Park Avenue at East 60th Street is the multi-generational Zeckendorf real estate dynasty who brought us 50 U.N. Plaza, 15 Central Park West and the neighborhood-transforming Worldwide Plaza and Union Square's Zeckendorf Towers.
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April 13, 2017

‘How I Met Your Mother’ actress Cobie Smulders lists Battery Park City condo for $4M

The star actress of the long-running TV show, "How I Met Your Mother," Cobie Smulders, and husband Taran Killam, Hamilton actor and SNL veteran, have listed their apartment at 2 River Terrace in Battery Park City for $3.995 million. As first reported by Luxury Listings NYC, the 1,580-square-foot-condo has three bedrooms, three bathrooms and boasts a private landscaped terrace. Other celebrities like Leonardo DiCaprio and Tyra Banks have also lived in the building, and filmmaker Oliver Stone just bought an apartment there.
Check out the Battery Park City pad here

April 13, 2017

Oscar-winning filmmaker Oliver Stone pays $4M for Battery Park City condo with views for days

Award-winning screenwriter, film director, producer, and New York native Oliver Stone is moving to Battery Park City. As the New York Post learned, Stone is buying a 24th-floor condo at Riverhouse at 2 River Terrace, a building home to Leonardo DiCaprio and formerly, Tyra Banks (whose duplex hit the market last month for $17.5 million). The $4.35 million apartment boasts 1,982 square feet and floor-to-ceiling windows.
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April 13, 2017

Increased demand and new condos leads to record home sale prices in Brooklyn and Queens

Once enticing New Yorkers with their cheaper rents and mortgages, the outer boroughs of Brooklyn and Queens have set record sales prices during the first quarter of the year. As reported by Crain’s, Brooklyn had a record-setting median sale price of $770,000, more than 16 percent higher than last year. This was driven by an increase in sales activity, with nearly 50 percent more transactions taking place this quarter compared with the beginning of 2016. In Queens, the median sale price was $485,000, but one- to three-family homes set a new record with both average ($697,946) and median ($650,000) sales.
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Real Estate Trends

April 12, 2017

Astoria, Morningside Heights and Bay Ridge have highest turnover of rent-stabilized apartments

Scoring a rent-stabilized apartment is a big win in New York City, as these regulated pads usually offer rent at below-market rates and provide tenants more protections against landlords. While more than 925,000 rent-stabilized apartments still exist in the city, these units turn over at a faster rate in certain neighborhoods than others, and their availability continues to dwindle (h/t WYNC). According to a new report by the city’s Independent Budget Office (IBO), the neighborhoods of Astoria, Morningside Heights and Bay Ridge all have high concentrations of rent-regulated housing built prior to 1974 and therefore, higher rates of turnover compared to other parts of the city.
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April 11, 2017

Number of elderly Airbnb hosts jumps 60 percent in NYC

To make money and stay social after retirement, older New Yorkers are turning to Airbnb. According to a report by the company, the population of senior citizens hosting visitors through the website continues to grow faster than any other demographic in both New York State and City. The Daily News reports that in NYC, the number of elderly Airbnb hosts jumped 60 percent in the last year. Specifically, the Bronx saw a 120 percent leap and Queens a 199 percent increase. While this shows a clear boost, senior citizens still only make up about four percent of the city’s total listings, or about 1,043, up from 649 the year before.
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Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

The original rendering of 3 Sutton Place by Foster + Partners

April 10, 2017

Gamma Real Estate closes on $86M purchase of 3 Sutton Place, taps Thomas Juul-Hansen for new design

Following a contentious legal battle, Gamma Real Estate has won the foreclosure auction and closed on the $86 million acquisition of 3 Sutton Place, a development site where the firm plans on building a 700-foot-tall condominium tower. As Commercial Observer learned, this includes three neighboring lots at 428-432 East 58th Street between First Avenue and Sutton Place. Earlier this year, 6sqft explained that a bankruptcy judge authorized the sale of the property after Joseph Beninati’s Bauhouse Group failed to pay back creditors. While Stephen B Jacobs remains the executive architect, Gamma has hired Thomas Juul-Hansen, a Danish-born architect, who will design the skyscraper.
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Real Estate Trends

April 7, 2017

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

By Ondel Hylton

Live in a Former Tootsie Roll Factory with 1 Month of Free Rent [link] Grand Opening of Related Companies’ New Hudson Square Rental at 261 Hudson Street [link] American Copper Buildings Begin to Welcome First Residents [link] Two Months of Free Rent at Park West Village, Only One Block from Central Park [link] Upper West […]

Real Estate Trends

April 7, 2017

How much do amenities impact rent prices in NYC?

When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.
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Outrageous Bronx mansion built for Jesus’ second coming finally sells

Atop the city's second-highest peak, in Riverdale, the Bronx, this opulent mansion has been beckoning the heavens–and seeking a buyer–since 2009 when it hit the market with an ask of $14 million; As 6sqft previously reported, the 17-room 1home was built in 1928 for an eccentric owner who never actually lived there herself, but rather constructed it for Jesus’ second coming. The house was asking $11 million in 2013 and re-listed with a $10 million price tag in 2015. Welcome2TheBronx reports that the home finally sold for $6,250,000 on January 9th of this year.
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April 6, 2017

Supermodel and philanthropist Petra Němcová sells $3M Tribeca condo with huge terrace

Supermodel Petra Němcová first hit it big in 2003 when she appeared on the cover of the Sports Illustrated Swimsuit Issue, but the very next year she made headlines for a very different reason when she survived the Indian Ocean tsunami after holding onto a palm tree branch for eight hours. This inspired her to found the Happy Hearts Fund, which rebuilds schools in areas hit by natural disaster. The nonprofit is headquartered in Hudson Square, so it makes sense that Němcová has been living nearby at 200 Chambers Street in Tribeca. She listed the striking corner unit, which has one of the building's largest private terraces, for $3.5 million in 2016, but the Post now tells us that after a recent price chop to $2,995,000 it's found a buyer.
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Sale of $79.5M Upper East Side mansion sets new record for Manhattan’s most expensive townhouse

Image via Google Street View

April 6, 2017

Sale of $79.5M Upper East Side mansion sets new record for Manhattan’s most expensive townhouse

Image via Google Street View 6sqft reported in November that the 25,000-square-foot, 41-foot-wide townhouse at 19 East 64th Street belonging to art heir David Wildenstein had gone into contract for $81 million. The sale has closed for $79.5 million–$3,180 a foot–according to public records, setting a new record for Manhattan's priciest townhouse sale; the previous record was held by the Harkness mansion at 4 East 75th Street, which sold for $53 million in 2006. According to The Real Deal, the buyer, listed as 19-21 East 64th Holding LLC, is affiliated with HNA Holdings Group CEO Roy Liao. HNA Holdings Group is also behind the $2.2 billion deal to purchase 245 Park Avenue. The 1930s townhouse is the former home of the Wildenstein gallery.
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Real Estate Trends

April 5, 2017

Tom Brady and Gisele looking to upgrade apartments at 70 Vestry Street

With deflatgate behind him and another Super Bowl win under his belt, Patriots Quarterback Tom Brady is looking to upgrade apartments. The Post reports that he and supermodel wife Gisele Bündchen may be trading up from the 11th floor spread at Tribeca's 70 Vestry Street they bought for $20 million in August to a $35 million unit on the floor above. Why? The speculation is that Brady wants to be on floor 12, the same number as his jersey. Perhaps it's pure ego or superstition since his jersey was recently stolen after the big game. Either way, the Robert A.M. Stern-designed building won't be complete until next year, so the power couple has some time to make a final Hail Mary.
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April 5, 2017

Ralph Lauren closing flagship store amid Fifth Avenue slowdown

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.
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April 3, 2017

FREE RENT: Roundup of NYC’s latest rental concessions

By Ondel Hylton

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

By Dana Schulz

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

By Dana Schulz

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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March 28, 2017

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