Real Estate Trends

ODA Architects have been on a roll across the city over the past couple years, marking their territory with their cantilevering cube-itecture. The other design element they're becoming known for is the use of inner courtyards, seen most prominently at their massive Rheingold Brewery project and Bushwick hotel. They're now incorporating both signature features at a new condo project in Long Island City at 22-12 Jackson Avenue, directly adjacent to their rental at 22-22 Jackson and across from the giant 5Pointz redevelopment site and MoMA PS1. CityRealty brings us the first look at renderings of the 175-unit, H-shaped building, which is the latest in a string of developments in Court Square.
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October 6, 2016

Sasha Vujacic is the second Knicks player to rent at Midtown West’s fitness-centric Sky

Back in July, 6sqft reported that Knicks star Kristaps Porzingis was renting out an $8,000/month penthouse at Midtown West's amenity-filled Sky, as well as renting out two more high-floor units for his brothers Martins and Janis. Perhaps due to the building's Carmelo Anthony-designed NBA regulation-sized basketball court, another player for the team has followed suite; the Post brings news today that shooting guard Sasha Vujacic is living in an $8,200/month pad at the glassy slab tower, and he and Porzingis have been spotting shooting hoops together here.
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October 6, 2016

Starchitect condo prices grew 39 percent in 5 years, new index reveals

By 6sqft

As part of a recent expansion of its market indices, CityRealty has pulled together a new index tracking condo prices in NYC buildings designed by starchitects. The index quantifies the extent to which buyers are willing to pay a premium for apartments in buildings designed by big-name architects such as Robert A.M. Stern, Jean Nouvel and Norman Foster.
is hiring a starchitect worth it?

October 6, 2016

New renderings and hotel details for Bjarke Ingels’ High Line towers, now dubbed ‘The Eleventh’

In a press release announcing that HFZ Capital Group is bringing a 137-key luxury Six Senses hotel and spa to Bjarke Ingels' pair of travertine-and-bronze towers along the High Line, 6sqft has learned that the $1.9 billion project at 76 Eleventh Avenue will officially be known as The Eleventh. The hotel announcement --which is interesting because in December 2015, the original plans for a hotel were replaced with office space--also came with several new renderings of the 28- and 38-story buildings, which are distinguished by their twisting silhouettes, glowing crowns, and two amenity-filled podium bridges that connect them.
More new views and details ahead

October 6, 2016

Comedian Rachel Dratch sells off Gramercy co-op for $925K

About one year ago 6sqft reported that funny woman Rachel Dratch snatched up a somewhat bland two-bedroom at 230 East 15th Street in Gramercy. While we imagined that Dratch would transform the space into quirky quarters to match her equally vibrant personality, as it turns out, Dratch has long been the owner of another similar but smaller unit in the building with a shared aesthetic. According to city records, the comedienne just shed the one-bedroom property for $925,000.
see more here

October 5, 2016

POLL: Which Penn Station scheme do you prefer, Governor Cuomo’s or Vishaan Chakrabarti’s?

When Governor Cuomo revealed his plans for a new Penn Station-Moynihan Train Hall complex early last week, things seemed to be moving full steam towards a 2020 completion date thanks to flashy renderings and the selection of a high-profile developer-builder team. But architect Vishaan Chakrabarti was not convinced, and he and his firm the Practice for Architecture and Urbanism decided to create their own vision, one that repurposes Madison Square Garden, a facet of the plan he feels Cuomo failed to address.
Tell us which scheme you prefer

October 5, 2016

Jessica Chastain sells Greenwich Village duplex for $1.9M

After first hitting the market last September, Jessica Chastain's lovely Greenwich Village duplex has finally found a buyer according to city records. The actress bought the renovated two-bedroom at 250 Mercer Street in 2012 for $1.2 million and initially listed it as an $11,500/month rental before re-listing it for sale for $1.8 million in April. The buyer paid slightly over ask at $1.9 million.
See more here

October 3, 2016

Renters’ Rights 101: Know what your landlord is responsible for

By Diane Pham

No, you don't have to suffer in a sub-zero apartment this winter, nor do you need to dine with mice and roaches in your kitchen during the summer. If you're one of the many constantly finding themselves up in arms over a negligent landlord, rest assured there's more that you can do beyond grumbling to your friends. Indeed, in NYC tenants have a lot of power, and the city has established a number of regulations to protect you, your family, and especially young children living in rental properties. Ahead is 6sqft's list of the most common problems New York renters face—and some advice on how to get those issues fixed quickly.
Your rights here

September 30, 2016

Vishaan Chakrabarti reveals idea to repurpose Madison Square Garden as part of the Penn Station overhaul

Earlier this week, Governor Cuomo revealed plans to transform a revamped Penn Station-Moynihan Train Hall complex into a "world-class 21st century transportation hub." Despite the flashy new renderings and promise of a 2020 completion date, not everyone is sold on the plan, including Vishaan Chakrabarti, former principal of SHoP Architects and founder of the Practice for Architecture and Urbanism. As outlined in the Times, he feels that Cuomo's scheme has one glaring omission--Madison Square Garden. Instead of demolishing the arena, as earlier plans had called for, Chakrabarti proposes repurposing it and "using its stripped skeleton to make a glass pavilion, which becomes a neighborhood gathering spot, not just a station." The venue would then move to the west end of the Farley Building.
Lots more details and renderings ahead

Skyline-altering tower to rise 928 feet along Fifth Avenue in Nomad

By Katy Cornell

A near supertall skyscraper is coming to Nomad, according to a recent Department of Buildings filing for 262 Fifth Avenue. Boris Kuzinez, an Israeli-Russian billionaire, submitted plans last week for a 54-story, 928-foot-tall mixed-use tower on the southwest corner of Fifth Avenue and 29th Street where a trio of pre-war buildings currently stand. The tower […]

September 29, 2016

New renderings for JDS and SHoP’s 1,000-foot Lower East Side supertall

Last 6sqft checked on the rental building at 247 Cherry Street in the Two Bridges area of the Lower East Side, it was revealed that the tower would rise to 1,000 feet, not surprising considering it comes from the supertall power team of JDS Development and SHoP Architects. And now, after a Community Board 3 meeting earlier this week where JDS and SHoP addressed the controversial project, CityRealty.com brings a new set of renderings that show close-ups of the 77-story building's green terra cotta facade and sky decks.
Check out all the new views

September 29, 2016

MTA board member asks who will pay for Penn Station overhaul

As 6sqft previously reported, Governor Andrew Cuomo announced plans early this week for a $1.6 billion overhaul of Penn Station, and further details revealed that the Metropolitan Transportation Authority would be responsible for $150 of the project's costs. Since those plans were released, questions have been raised about where that organization's share of the tab would be coming from in an already stretched budget.
So where is this money coming from?

September 28, 2016

$1.5B in construction financing secured for Midtown supertall One Vanderbilt

By Diane Pham

It's full steam ahead for SL Green's new Midtown supertall, One Vanderbilt. Early this morning the developer announced it had closed on $1.5 billion in financing for its 1,401-foot, full-block office tower slated to rise directly adjacent to Grand Central Terminal. As SL Green Managing Director, Robert Schiffer expressed in a statement: “Closing on the construction financing means that nothing stands in the way of One Vanderbilt becoming an iconic addition to the Manhattan skyline.”
find out more here

September 28, 2016

REVEALED: Governor Cuomo unveils plans for new Penn Station-Moynihan Train Hall complex

In a presentation (pdf) Tuesday at the Association for a Better New York, Governor Andrew Cuomo announced that plans for transforming a revamped Penn Station-Moynihan Train Hall complex into a "world-class 21st century transportation hub" were back on track and ready to roll, complete with a slew of new renderings and the selection of a developer-builder team including the Related Companies, Vornado, and Skanska AB, to redevelop the Farley Building.
Find out all the details

The scene on the day of the explosion, via Uptown Radio

September 27, 2016

Second Avenue explosion victim sells vacant lot for $6M

When the Second Avenue gas explosion tore through three East Village buildings in March 2015, George Pasternak lost his property at 123 Second Avenue, which housed the famed Pommes Frites and a deli, by no fault of his own. And when the city demolished what remained, he was charged $350,000. But this past March, he listed the vacant lot for $9.7 million, and now 6sqft has uncovered property records that show he's made the sale for $6 million, significantly less than the asking price.
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Real Estate Trends

September 27, 2016

Sales launch with new renderings at 242 Broome Street, Essex Crossing’s first condos

Only one of the 10 towers at Essex Crossing--the 1.65 million-square-foot, mixed-use, mega-development underway on the Lower East Side--will offer condos, and those looking to buy a residence there now have their chance. Curbed reports that sales have launched at 242 Broome Street, the SHoP-designed tower that will house 55 one- to three-bedroom condos, 11 of which will be affordable. As 6sqft previously shared, market-rate units will range from $1,275,000 to $7,000,000. Along with this news comes the first set of interior renderings from DXA Studio, whose designs "balance serenity with modernism."
More details and renderings ahead

September 26, 2016

‘House of Cards’ and ‘The Strain’ actor Corey Stoll buys $2.4M Windsor Terrace townhouse

Native Upper West Sider and actor Corey Stoll--best known for his Golden Globe-nominated role as Congressman Peter Russo on "House of Cards" and for playing Dr. Ephraim Goodweather on "The Strain"--has a new Windsor Terrace townhouse, according to LL NYC. He and his wife, Broadway actress Nadia Bowers, dropped $2.4 million on the charming and quaint home, which was recently renovated and is just one block from Prospect Park.
Take a tour

September 23, 2016

Sales have launched for LES luxury condos next door to Katz’s deli for $1.075M and up

Developer Ben Shaoul's new Lower East Side condos adjacent to Katz's famous deli at 196 Orchard Street have just hit the market. Definitely in line with the 21st century version of the storied neighborhood, the 96 newly-minted apartments have luxurious finishes, expansive views and enviable amenities, with units starting at $1.075 million for a studio.
This way for more details and lots of interior renderings

September 23, 2016

Bill and Hillary Clinton pick up $1.16M Westchester property next to current home

Despite hopes for a move to Washington D.C., the Clintons are expanding their Westchester property, as the couple has picked up a $1.16 million ranch-style residence right next door to their current home, a larger house that they bought back in 1999 for $1.7 million. As the Post first reported, the powerful pair now own an entire cul-de-sac at the end of a Chappaqua block. In addition to giving the Clintons more space to stretch out in, the buy will apparently also make life easier for the Secret Service.
Find out more

September 21, 2016

POLL: Is Journal Square the Next Brooklyn?

These days, everything seems to get the Brooklyn stamp. The Post even went so far as to declare Pennsylvania's Amish Country the new incarnation of the borough. But a bit closer to home, Jersey City's Journal Square is making serious headway in the race to become the next frontier. As CityRealty.com recently explained, the slightly-inland area, easily accessible to Manhattan via the PATH train, is prime for development due to lower land and construction costs than the waterfront. At least 10 major residential projects are planned for Journal Square, and according to Ken Pasternack, chairman of developer KABR Group, "Rents for a new-development high rise will be $40 a square foot here, as opposed to $100 in Manhattan. We’re betting tens of millions of dollars that in the next 10 years, the neighborhood will be a brand on par with Brooklyn."
Do you agree?

Real Estate Trends

September 21, 2016

Sales launch at Renzo Piano’s first residential project in NYC

Last we heard from starchitect Renzo Piano's 565 Broome SoHo, his first residential project in the city, it was March and with construction underway, a slew of new renderings came online of the Soho condominium. Now Curbed reports that sales have finally launched at the pair of glassy, 30-story structures, with currently available units ranging from a $990,000 studio to a $6,135,000 two-bedroom (the penthouses and duplexes will top $20 million). Perhaps the most noteworthy tidbit from the press release is that some residences will feature "enormous private terraces with 25-foot private, saltwater pools," which seems to be a growing trend in the luxury market.
More details and new views

September 21, 2016

Debt-beleaguered site of Norman Foster’s 3 Sutton Place condo tower is cleared for sale

A US Bankruptcy Court judge has approved a plan to sell the 3 Sutton Place site at at 426-432 East 58th Street, one of the city's most luxurious old enclaves, reports the New York Post. Brokers have been selected to conduct the marketing of the 262,000-square-foot project that includes plans for a 900-foot-tall condominium tower drawn up by British architect Sir Norman Foster of Foster + Partners.
Find out more

September 19, 2016

A Trump empire built on $885 million in tax breaks has cost the city a fortune

If you've followed Republican presidential nominee Donald J. Trump's gold-plated real estate career, you might already know how much of his success has been due to his family's extensive political connections–and generous tax breaks, grants and incentives from the government and taxpayers. In case you haven't read Trump's 1987 bestseller "The Art of the Deal," the New York Times illuminates the role that hundreds of millions in tax breaks have played in the Trump empire. While Trump may not be much different from other developers in seeking tax breaks, the candidate vociferously paints a picture of a rigged system and a fixed game. But these very fixes have enabled him to achieve a net worth estimated at 4.5 billion and the opportunity to indulge a run for the nation’s highest office.
So what's been going on here?

September 16, 2016

Saudi billionaire seals the deal on the city’s highest home for record $88M