Real Estate Trends

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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April 6, 2017

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.
Tour this unusual home

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

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."
See all the renderings

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."
Find out more here

March 28, 2017

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

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.
Get the full scoop

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

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.
Find out more here

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

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