Real Estate Trends

Proposed state Senate bill would ban brokers from using ‘SoHa’ in listings
June 9, 2017

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

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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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Kelsey Grammer’s Chelsea condo in contract for nearly $8M
June 9, 2017

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

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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).
Check it out
FREE RENT: This week’s roundup of NYC rental news

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

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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 […]

Sculptor Richard Serra drops $7M on Tribeca loft, now owns entire building
June 8, 2017

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

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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

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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
Diane Kruger snags eco-friendly loft in Tribeca for $4.2M
June 8, 2017

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

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Actress Diane Kruger, who recently took home the best actress award at the Cannes Film Festival last month, just scored a chic two-bedroom unit in Tribeca for $4.2 million. The building, built in 1869, includes six units and features amenities like an on-site fitness center and a residential lounge with greenery. As reported by the New York Post, Kruger’s pad spans 1,943 square feet and has 11-foot high ceilings. Last month, the actress sold her apartment in the East Village for $1.1 million, higher than its $985,000 listing price, following a 12-offer bidding war.
See inside the chic loft
Brooklyn developer Zproekt plans a craggy condo for East Williamsburg

Renderings created by the Vyater Group

June 6, 2017

Brooklyn developer Zproekt plans a craggy condo for East Williamsburg

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Renderings created by the Vyater Group Brooklyn real estate developers RYBAK and BK have laid out their collaborative plan for a new luxury condominium in East Williamsburg at 88 Withers Street. The building, when officially approved, will be called Element88 and will capture the neighborhood’s creative and eclectic residents. As CityRealty learned, renderings show a sculpted pile of floors, offset from one another. In addition to its 33 new residences, the building will also provide workspaces in its cellar that can be used for home offices, workshops, wine cellars or art studios.
See the electic renderings
FREE RENT: This week’s roundup of NYC rental news and offers

Images (L to R): 325 Kent Avenue, Capitol at Chelsea, 82 South 6th Street and West 54th Apartments

June 2, 2017

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

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325 Kent to Open this July on the Former Domino Sugar Site; New Renderings & Pricing Revealed [link] Don’t Be Boxed-Up This Summer: Outdoor Amenities Reign at This Midtown Rental Just Two Blocks from the Greenway [link] South Williamsburg Has a New Boutique Rental – And It’s Sure to Fill-Up Fast [link] FRANK 57 WEST […]

Google’s Pier 57 tops out ahead of summer 2018 opening
June 2, 2017

Google’s Pier 57 tops out ahead of summer 2018 opening

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Last we checked in at the beginning of the year, the $350 million transformation of Pier 57, aka “SuperPier,” was making progress with its canted glass panels fully installed. Wednesday, co-developers RXR Realty and Young Woo & Associates held an event to mark the 450,000-square-foot development's topping out, which came after 2,600 tons of structural steel were installed, 4,000 yards of concrete poured, and a 60,000-square-foot curtain wall built. The project will include 250,000 square feet of offices for Google, a 100,000-square-foot food market from Anthony Bourdain, and an elevated two-acre park with a rooftop movie and performance amphitheater to be used for Tribeca Film Festival screenings. This construction milestone comes ahead of an anticipated summer 2018 opening.
See more construction shots and get more details
REVEALED: Morris Adjmi’s Gothic-inspired condo tower coming to Nomad
June 1, 2017

REVEALED: Morris Adjmi’s Gothic-inspired condo tower coming to Nomad

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Just yesterday, 6sqft shared renderings of Moscow-based firm Meganom's super-skinny, 1,001-foot-tall tower headed for 262 Fifth Avenue in Nomad. Now, CityRealty has uncovered another slender contender for the neighborhood, this svelte 40-story condo tower designed by Morris Adjmi for 30 East 31st Street. The site formerly held the ornate Romanesque Revival parish house of the Madison Avenue Baptist Church, which, to the dismay of preservationists, was demolished in 2015 by Elkstein Development Group. However, Adjmi, known for his contextual sensitivity, will reference the church's Gothic details, with six hefty columns that emphasize its 469-foot height and assume a diagrid pattern on the upper floors resembling the barrel-vaulted ceilings of a cathedral.
More details and renderings ahead
Justin Timberlake and Jessica Biel get $7M discount on Tribeca penthouse
June 1, 2017

Justin Timberlake and Jessica Biel get $7M discount on Tribeca penthouse

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Back in March, 6sqft reported that Justin Timberlake and Jessica Biel signed a deal for a penthouse at 443 Greenwich Street in Tribeca. At the time, the exact apartment wasn't known, though it was assumed it may have been Penthouse G, then under contract for $27.5 million. This was correct, though the power couple ended up paying only $20.2 million for the 5,375-square foot home, according to The Real Deal. The "paparazzi-proof" building--it boasts privacy-focused amenities like an interior courtyard, underground garage, and a porte-cochere--has attracted former tenants including Mike Myers, Ryan Reynolds and Blake Lively, Jennifer Lawrence, and Formula One driver Lewis Hamilton.
See the place
REVEALED: 23-story tower at South Williamsburg’s Dime Savings Bank site

Rendering of The Dime at 209 Havemeyer Street; rendering via Fogarty Finger Architects

May 31, 2017

REVEALED: 23-story tower at South Williamsburg’s Dime Savings Bank site

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We know a little bit more of what to expect at one of Williamsburg's most important developments: The south 'burg site at 209 Havemeyer Street between South Fifth and Sixth Streets at the foot of the Williamsburg Bridge, anchored by the Neoclassical-style Dime Savings Bank of Williamsburgh building, will be getting a 23-story mixed-use tower with retail, office and residential space, CityRealty.com reports. The 109-year-old historic bank building will be preserved and restored, and will be integrated into the project at its podium according to details published by the developers. The 340,000 square-foot project will be known as the “the Dime.”
Find out more
MAP: Battery Park City is the country’s most expensive zip code for renters
May 30, 2017

MAP: Battery Park City is the country’s most expensive zip code for renters

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With little surprise, Manhattan comes in first for the highest apartment rents in the country, with Battery Park City leading the way for the most outrageous prices. According to data collected by RentCafe and assembled into an interactive map, the average rent in this downtown 'hood is about $6,000 per month, followed by the Upper East Side averaging $4,898 per month and the Upper West Side $4,892. Other pricey Manhattan zip codes that made the top ten include the Lower East Side, Soho and Clinton.
Find out the average rent of your zip code
Redeveloping NYC’s armories: When adaptive reuse and community building bring controversy

Park Avenue Armory, image © PBDW Architects

May 30, 2017

Redeveloping NYC’s armories: When adaptive reuse and community building bring controversy

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Constructed between the 18th and 20th centuries to resemble massive European fortresses and serve as headquarters, housing, and arms storage for state volunteer militia, most of America’s armories that stand today had shed their military affiliations by the later part of the 20th century. Though a number of them did not survive, many of New York City’s historic armories still stand. While some remain in a state of limbo–a recent setback in the redevelopment plans of Brooklyn's controversial Bedford-Union Armory in Crown Heights raises a familiar battle cry–the ways in which they've adapted to the city’s rollercoaster of change are as diverse as the neighborhoods that surround them.
Find out how the city's armories have fared
FREE RENT: This week’s roundup of NYC rental news

Images (L to R): 153 Remsen Street, Hubb, Trump Bay Street and Orient Park

May 26, 2017

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

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Tranquility Abounds at This Boutique Rental in the Vibrant East Village [link] Perfect for Summer: FiDi Rental with Rooftop Oasis is Now Leasing with 1 Month Free [link] Between Iconic Bridges, 60 Water Offers Distinct & Minimalist Design [link] Big Rooms & Kitchens Made for Cooking at Lexington Towers; Now Leasing with 1 Month Free […]

Ahead of L train shutdown, developers flock to properties along G, J, M and Z lines

G Train at Court Square via Wikipedia

May 26, 2017

Ahead of L train shutdown, developers flock to properties along G, J, M and Z lines

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In response to the looming 15th-month L train shutdown, which will affect its nearly 225,000 daily riders beginning April 2019, real estate developers have started looking at Williamsburg’s hip and slightly cheaper neighbors, Greenpoint and South Williamsburg. Both areas sit nearby the G, J, M and Z trains, and in the past have offered a variety of housing options at cheaper prices. According to the New York Times, as developers begin their plunge into Greenpoint, sites along these train lines have become pricier and more difficult to lock down.
Find out more
Hudson Yards’ art center The Shed wraps up steel construction on its movable shell
May 25, 2017

Hudson Yards’ art center The Shed wraps up steel construction on its movable shell

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After an announcement yesterday morning that Michael R. Bloomberg made a $75 million gift towards Hudson Yards' arts center The Shed--bringing the total raised towards the $500 million capital campaign to $421 million--the "new center for artistic innovation" held a tour to mark the completion of steel construction. The eight-story structure, designed by Diller Scofidio & Renfro in partnership with the Rockwell Group, is a "fixed" base building made up of two gallery levels, a versatile theater, rehearsal space, creative studios for artists, and a sky-lit event space. But what makes the project truly unique is its telescoping outer shell that deploys over the building's courtyard, doubling its footprint and creating a myriad of options for flexible, multi-disciplinary work. Ahead, 6sqft shares an up-close view of this amazing structure.
See all the views and get more info
Michael Bloomberg gives $75 million to Hudson Yards arts center The Shed

The Shed via Wikipedia

May 24, 2017

Michael Bloomberg gives $75 million to Hudson Yards arts center The Shed

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Michael R. Bloomberg has added a $75 million contribution to what the New York Times calls "New York's first new cultural institution in recent memory," the arts center known as The Shed, part of the new Hudson Yards development on Manhattan's far west side. The former mayor's gift brings the total raised for the project to $421 million of its $500 million capital campaign. The new arts center has gotten much of its funding from a small group of billionaires that includes Related Companies' Stephen M. Ross and media mogul Barry Diller. Set for completion in 2019, the eight-level structure, designed by Diller Scofidio & Renfro in partnership with the Rockwell Group, will host performances, concerts, visual art, music and other events.
A 'tool kit for artists'
REVEALED: Early studies of David Adjaye’s Wall Street Tower, his first skyscraper in NYC
May 23, 2017

REVEALED: Early studies of David Adjaye’s Wall Street Tower, his first skyscraper in NYC

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Three years after completing his first New York City building, an affordable housing complex in Harlem called the Sugar Hill Development, starchitect David Adjaye is back. This time, he'll be working with David Lichtenstein's Lightstone Group to design a 61-story, 750-foot-tall condominium in the Financial District at 130 William Street known as the Wall Street Tower. Early conceptual studies uncovered by CityRealty show a gold-trimmed prism set against rigid rows of arched windows, as well as a glimpse at what the 244 apartments and amenity spaces will look like.
See the impressive renderings
VIDEO: West 8’s proposal for NYC’s largest private garden at One Manhattan Square
May 23, 2017

VIDEO: West 8’s proposal for NYC’s largest private garden at One Manhattan Square

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Adding to its unique character, Extell's One Manhattan Square will soon be home to NYC's largest outdoor private garden, detailed in a new video released today by the developer. The proposal, designed by urban planning and landscape architecture firm West 8, includes more than an acre of garden space for residents to both work and socialize, boasting indoor and outdoor grilling spaces, ping-pong tables, a putting green, children's playground, adult tree house, tea pavilion, and an observatory made for stargazing.
Watch the video here
Robert Downey Jr. snags a historic windmill cottage in East Hampton
May 22, 2017

Robert Downey Jr. snags a historic windmill cottage in East Hampton

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Sources tell Behind the Hedges that "Iron Man" actor Robert Downey Jr. bought the historic Edward DeRose Windmill Cottage on East Hampton. Built circa 1885 to resemble a local windmill (it was never functional), the home sits on four acres and boasts a seven-bedroom main house, two-bedroom guesthouse, three-car garage with a potting shed, 50-foot pool, tennis court, and gorgeous landscaped gardens. It's been on and off the market since 2014 when it listed for $13.5 million. The following year, the price dropped to $11.5 million, but property records show a sale last summer for $10.5 million disguised under an LLC.
Take a look around
FREE RENT: This week’s roundup of NYC’s rental concessions

Images (L to R): Journal Squared, 507 West Chelsea, 525 West 52nd Street and Yorkshire Towers

May 22, 2017

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

By

Two-Tower Hell’s Kitchen Rental Debuts with Impressive Leasing Special [link] More Than Views – A Closer Look at Jersey City’s 53-Story Rental, Journal Squared [link] No-Fee Apartments with 2 Months Free at 507 West Chelsea, Luxe Living on the High Line [link] New Harlem Rentals Debut on 125th Street; Apartments from $1,994/Month [link] $1,000 Deposits […]

Alec Baldwin sells Eldorado apartment for $1.25M
May 18, 2017

Alec Baldwin sells Eldorado apartment for $1.25M

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When he's not channelling his inner Trump, Alec Baldwin spends a good deal of time buying and selling NYC real estate. He and wife Hilaria welcomed their third child in the fall, presumably making their current $12 million three-bedroom home in Greenwich Village’s Devonshire House a bit too small (Alec also owns the unit next door, and as 6sqft reported, he sold another one-bedroom in the building for $2.1 million in 2015). The couple was seen scoping out a couple Nomad-area places this fall, but they may now be ready to make the jump as Alec has unloaded yet another apartment, this time uptown at the Eldorado on Central Park West. The unit was an annex, or perhaps maids quarters, for a larger spread in the building, which Alec sold for $9.5 million in 2011. Six years later, he's found a buyer for its counterpart, scoring $1.25 million from private equity firm founder and political economist David E. Spiro.
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Watch Herzog & de Meuron’s ‘Jenga Tower’ rise in 60 seconds
May 17, 2017

Watch Herzog & de Meuron’s ‘Jenga Tower’ rise in 60 seconds

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56 Leonard is one of NYC's most exciting recent architectural additions. Dreamt up by Herzog & de Meuron, the skyline-altering condo tower rises 57 stories with an undeniable acrobatic grace, carefully staggering its floors in a cantilevering Jenga-like configuration that also appears to be in perfect equilibrium. Although the project developed by the Alexico Group and Hines took nearly a decade to build, a new video (h/t The Real Deal) released by the developers fast tracks the long and arduous process, neatly wrapping up 10 years of work into just over 60 seconds.
see the full timelapse here
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