Real Estate Trends

Durst Organization pays $173.5M for LIC site once slated for tallest tower in Queens

December 16, 2016

Durst Organization pays $173.5M for LIC site once slated for tallest tower in Queens

Back in 2015, Property Markets Group and the Hakim Organization announced plans to erect the tallest tower outside of Manhattan in Long Island City at 29-37 41st Avenue. The residential building, then dubbed Queens Plaza Park, would rise 914 feet atop a Queens Plaza site and boast high-end condos and a projected $363.2 million sellout. However, in July 2016, the developers abandoned those plans, putting the site up for sale for an undisclosed amount. Now, as the Times reports, the Durst Organization has scooped up the site for $173.5 million and is considering going forward with the massive construction, but as a rental tower with more than 1 million square feet.
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Are concessions and a high vacancy rate a sign the rental bubble will burst?

December 15, 2016

Are concessions and a high vacancy rate a sign the rental bubble will burst?

By Michelle Cohen

In the past year or so, there has been no shortage of talk about inventory glut, flat rental prices and bursting bubbles; Now, Slate blogger Henry Grabar has rustled up some numbers and real-life examples to go with the chatter, and we're guessing they weren't too hard to find. According to Grabar, a vacancy rate at its highest since 2009 (with a staggering amount of inventory in the pipeline), and the percentage of rental price chops at a record 42 percent in October point to an impending renter's market of comparatively epic proportions.
More on the horizon, literally

Real Estate Trends

ODA’s Rheingold Brewery rental will offer 100 affordable units in Bushwick

December 14, 2016

ODA’s Rheingold Brewery rental will offer 100 affordable units in Bushwick

The day after securing a $93 construction loan, the Rabsky Group has announced that 100 out of the 500 rentals at their massive Rheingold Brewery development will be below-market rate. As Curbed notes, Bushwick residents have been advocating that the 400,000-square-foot project include affordable housing since it was first announced, spurred not only by the neighborhood's need, but the fact that Rabsky had no legal obligation to include affordable units.
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POLL: Would you spend $500K for a down payment in Manhattan?

December 14, 2016

POLL: Would you spend $500K for a down payment in Manhattan?

6sqft has previously shared data that it only makes sense to buy a home in New York City after having lived here for 18.2 years, longer than anywhere else in the nation by a long shot. When and if that time comes, Manhattanities are looking to drop an average of $500,000 for a down payment, according to a new report from Property Shark. To put this figure into perspective, the average price nationwide to buy an entire home is $300,000. And in the Manhattan luxury market, the median down payment is a whopping $3.15 million, which might explain why, according to 2014 census data, only 32% of New Yorkers owned their homes.
What would you do?

Real Estate Trends

Average Manhattan sales price tops $2M for first time

December 14, 2016

Average Manhattan sales price tops $2M for first time

Despite chatter about the luxury market slowing down, 2016 has seen Manhattan real estate prices continue to climb and set records. The average sales price for an apartment (including both co-ops and condos) was $2.2 million, topping the $1.9 million record set last year, according to CityRealty's newly released Year-End Manhattan Market Report. This is a whopping 91 percent increase from 2006. And things heat up even more in the new development sector, where 1,800 units sold for a projected total of $8.9 billion, a huge jump from last year's $5.4 billion for $1,464 units.
More record-setting data ahead

Real Estate Trends

Office landlord SL Green may trade One Vanderbilt for J.P. Morgan’s two Midtown office towers

December 12, 2016

Office landlord SL Green may trade One Vanderbilt for J.P. Morgan’s two Midtown office towers

SL Green, the city's largest office landlord, "pulled off one of New York's biggest office deals of 2016" when they secured $1.5 billion in construction financing for their supertall tower One Vanderbilt, which is expected to ultimately cost a whopping $3.14 billion. The developer is now looking to rake in even more dollars off the deal, reports the Wall Street Journal, as they've proposed to J.P. Morgan Chase (one of the Syndication Agents in the financing) a swap out where the bank would trade its two headquarters buildings at 383 Madison Avenue and 277 Park Avenue for the recently-under-construction, 1,401-foot office tower.
More on the story

Real Estate Trends

Willem Dafoe unloads Lower East Side co-op for $860K

December 12, 2016

Willem Dafoe unloads Lower East Side co-op for $860K

Though he's usually cast as the villain, off screen, Willem Dafoe leads a much less destructive life, splitting his time between Rome, Los Angeles, and NYC with his Italian-born wife Giada Colagrande. While in the big apple, the actor resides in a West Village penthouse, but in 2005, he and his son Jack purchased a Lower East Side co-op for $606,000. It went on the market for $850,000 in May, and judging by the listing photos (a little bit artsy, a little bit messy), it was either the younger Dafoe (a public-policy researcher) or another renter who was living there. The Observer reports that it's now sold above ask for $860,000.
See the place here

KBA Architects reveal ziggurat-like tower for Kellogg’s Diner-adjacent site in Williamsburg

December 9, 2016

KBA Architects reveal ziggurat-like tower for Kellogg’s Diner-adjacent site in Williamsburg

Back in March, 6sqft reported that a new hotel/rental tower at 500 Metropolitan Avenue had risen above ground, but there was still a bit ambiguity surroundings its final design. Now, just as the Williamsburg building has topped out, CityRealty uncovered the final renderings from KBA Architects. The firm created a 14-story, ziggurat-like structure that will slope down from the adjacent site of longtime local haunt Kellogg's Diner and offer a slew of trendy amenities.
More views and details

NYU reveals design for $1B 23-story building at controversial Greenwich Village site

December 8, 2016

NYU reveals design for $1B 23-story building at controversial Greenwich Village site

NYU's controversial plan to replace their Coles Sports Center site at the corner of Mercer and Houston Streets received approvals way back in 2012, but due to community opposition and lawsuits, they only filed plans and began demolition this October. The Wall Street Journal now shares the first renderings of the hulking, 23-story, 735,000-square-foot building at 181 Mercer Street designed by Davis Brody Bond (who's also responsible for the 9/11 Museum) and KieranTimberlake. It will cost a whopping $1 billion and host a bevy of uses, including 60 classrooms, common spaces, two cafes, practice/instruction rooms for the arts, three theaters, a giant athletic facility that'll have four basketball courts and a six-lane lap pool, 30 to 60 faculty apartments, and a 420-bed freshman dorm.
Lots more renderings and details

Popular Articles

Norman Foster will design 985-foot tower at 50 Hudson Yards

December 8, 2016

Norman Foster will design 985-foot tower at 50 Hudson Yards

It's been 14 months since developer Related Companies bought the site of a former McDonald's at 34th Street and 10th Avenue, the final parcel needed to complete Hudson Yards. Initial reports said the site of 50 Hudson Yards would hold a 62-story, 1,000+ foot commercial tower, but Related and Oxford Properties Group have now revealed that the structure will rise 58 stories and 985 feet and be designed by starchitect Norman Foster. As first reported by Curbed, the news comes on the heels of BlackRock's decision to sign a 20-year lease for 15 floors, or 850,000 square feet, in the building, leaving their long-time Park Avenue home in a show of confidence in the mega-complex.
Get more details ahead

Condos at 432 Park selling at an average discount of 10 percent

December 7, 2016

Condos at 432 Park selling at an average discount of 10 percent

432 Park Avenue may be the tallest residential building in the western hemisphere and home to the most expensive apartment closing this year, but throughout 2016, the tower's ultra-luxury condos were selling at an average discount of 10 percent, according to an analysis by appraiser Miller Samuel Inc. for Bloomberg. And a recent transaction saw an even greater price cut; Lewis Sanders, founder and CEO of Sanders Capital and former CEO of AllianceBernstein, bought an 88th floor penthouse for $60.9 million, 20 percent less than its $76.5 asking price.
What's the deal?

Real Estate Trends

‘Tonight Show’ announcer and ‘SNL’ writer Steve Higgins buys $1.8M classic UWS co-op

December 6, 2016

‘Tonight Show’ announcer and ‘SNL’ writer Steve Higgins buys $1.8M classic UWS co-op

Steve Higgins, announcer of "The Tonight Show with Jimmy Fallon" and SNL writer and producer, and his wife Ellen have dropped $1,797,000 on a traditional Upper West Side co-op according to recent city records. Though the listing says it'll need a renovation, the two-bedroom, pre-war apartment at 131 Riverside Drive has the coveted bones of a classic six--a large entry foyer, handsome fireplace mantle, 9' 10" ceilings, and attractive crown and picture moldings.
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Leonardo DiCaprio loses $2 million on sale of his eco-friendly Greenwich Village apartment

December 6, 2016

Leonardo DiCaprio loses $2 million on sale of his eco-friendly Greenwich Village apartment

A $2 million real estate loss sounds like quite the hit, but to environmental activist and actor Leonardo DiCaprio, whose net worth is $217 million, it probably won't make too big of a dent. Back in 2014, he dropped $10 million on a three-bedroom Greenwich Village condo in The Delos, an uber eco-friendly building that boasts vitamin C-infused showers, purified air and water, in-duct aromatherapy, and posture-supporting flooring. He rarely resided there (he owns another environmentally conscious apartment in Battery Park City), but has been renting the apartment for $25,000 a month since March 2015 to Bill Clinton's economic policy advisor Jonathan Orszag. Now the Observer reports that the apartment has sold to an LLC for $8 million.
See the whole spread

One Vanderbilt confirms 1,020-foot observation deck

December 5, 2016

One Vanderbilt confirms 1,020-foot observation deck

It's been almost a year since 6sqft first heard inklings that One Vanderbilt--the city's second tallest tower--would offer a sky-high observation deck, and now that developer SL Green has secured $1.5 billion in construction financing and broken ground on the 1,401-foot supertall, they'e confirmed that the tower will, in fact, have an sky deck. Bloomberg reports that the viewing platform will be located at the 1,020-foot mark, which will make it the third-highest indoor-outdoor observatory in the city after the forthcoming 1,100-foot deck at 30 Hudson Yards and the Empire State Building's at 1,050 feet (One World Observatory is at 1,250 feet, but it's not outdoors).
Find out more

Colin Kaepernick scores $3.2 million pad in Tribeca’s luxury One York

December 2, 2016

Colin Kaepernick scores $3.2 million pad in Tribeca’s luxury One York

Mansion Global reports that San Francisco 49ers quarterback Colin Kaepernick, who made national headlines and became a campaign topic when he chose not to stand during the National Anthem, dropped $3.21 million on a luxury condo at One York in Tribeca. The 29-year-old NFL player recently listed his San Jose mansion for $2.895 million, igniting rumors that he'll leave the team after this season. The sale in New York may add further fuel to the fire, but it actually closed in July through a family trust, prior to his August sit-ins.
See the apartment here

Jemima Kirke’s dad, ‘Bad Company’ Drummer Simon Kirke, buys $1.3M Gramercy co-op

December 2, 2016

Jemima Kirke’s dad, ‘Bad Company’ Drummer Simon Kirke, buys $1.3M Gramercy co-op

English drummer Simon Kirke, of Free and Bad Company and father to "Girls" actress Jemima Kirke, sold his Hamptons beach cottage for almost $1.4 million over the summer, and it looks like he's used those earnings to buy a Manhattan home. Though he allegedly toured a $1.7 million spread at the famed Dakota in August, the Observer reports that Kirke spent of $1.3 million on a corner co-op at 201 East 17th Street in Gramercy.
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Richard Meier’s first NYC skyscraper starts its climb above street level in Turtle Bay

December 2, 2016

Richard Meier’s first NYC skyscraper starts its climb above street level in Turtle Bay

Richard Meier's 685 First Avenue--the starchitect's largest and tallest building in the city to date--has begun its above-ground ascent, reports CityRealty. The 42-story, 460-foot-tall slab tower is located along the East River at 40th Street, just south of the United Nations, and has gained attention for its dark glass facade, a noticeable shift from Meier's signature beige aesthetic. Its 408 rentals and 148 condominiums are expected to be completed by early 2019, and now that construction is "craned and above street level," the project is well on its way.
More this way

State seeks proposals for massive development above South Bronx rail yard tracks

December 2, 2016

State seeks proposals for massive development above South Bronx rail yard tracks

By Michelle Cohen

As the city's land costs rise, interest has been focused on the South Bronx, including the potential for a huge waterfront development above the MTA's Concourse Yards, as 6sqft previously reported. Now, Crains reports that Empire State Development (ESD) has invited developers to present offers for leasing or purchasing a 13-acre South Bronx rail yard along the Harlem River just north of the Willis Avenue Bridge and decking it over to build a residential or mixed-use project.
Find out more

Real Estate Trends

How 100 years of zoning has shaped New York City

December 2, 2016

How 100 years of zoning has shaped New York City

By Cait Etherington

In October, city officials unveiled plans to rezone a large swath of East Harlem. The major thrust of the rezoning initiative is to bring more high-rise buildings to a corridor running several blocks along Park, Second, and Third avenues. By building up, city officials hope the neighborhood will increase its housing stock, including its affordable […]

Renderings revealed for adaptive reuse Maker Park along the Williamsburg waterfront

November 30, 2016

Renderings revealed for adaptive reuse Maker Park along the Williamsburg waterfront

Plans for Bushwick Inlet Park, a 28-acre open space along an unused industrial stretch of the Williamsburg waterfront, first came about in 2005, when the Bloomberg administration rezoned the area to allow for new residential development in exchange for the open space. Fast forward to last week, and the city finally acquired the last piece of land for the project, the controversial Citistorage site. Now that the park is on its way to becoming a reality, a trio of grassroots creatives hopes to bring their alternative vision for the former Bayside Oil Depot site to the forefront. Maker Park is the proposal to adaptively reuse this seven-acre parcel's architectural infrastructure--namely the ten 50-foot decommissioned fuel containers--and create a "park as creative as the neighborhood around it." The Architect's Newspaper recently revealed the first set of renderings, which showcase performance venues, art galleries, hanging gardens, reflecting pools, and an adventure playground.
More views and design details

Designers at ArX Solutions offer their own take on a Waldorf Astoria interior renovation

November 30, 2016

Designers at ArX Solutions offer their own take on a Waldorf Astoria interior renovation

The final checkout for hotel guests at the iconic Waldorf Astoria is March 1st, after which its new owner, Chinese insurer Anbang Insurance Group, will begin converting the 1,413 hotel rooms into 840 renovated hotel rooms and 321 luxury condos to the tune of $1 billion. Earlier this month, the developer filed these plans with the Department of Buildings, which also call for adding retail space, a restaurant, and a fitness center on the ground floors. They'll retain the historic ballrooms, exhibition space, dining rooms, and banquet rooms, but will still need approvals from the Landmarks Preservation Commission for any work on these public spaces; the building has long been an exterior landmark, but the LPC recently calendared a request to landmark the Art Deco interiors. Though no designs have been approved or confirmed, CityRealty dug up renderings from architectural visualization firm ArX Solutions that show their vision of space*.
More renderings and details

New renderings for COOKFOX’s 700-foot Financial District condo tower 25 Park Row

November 28, 2016

New renderings for COOKFOX’s 700-foot Financial District condo tower 25 Park Row

Over the summer, L+M Development Partners demolished the former Financial District flagship of J&R Music and Computer World to make way for a 54-story, mixed-use condo tower at 25 Park Row, just across from City Hall Park in an area quickly becoming a more vibrant, 24-hour neighborhood. Site excavation is now well underway for the 700-foot building, reports CityRealty, […]

Locals push for Sutton Place rezoning ahead of auction for site of planned 950-foot tower

November 28, 2016

Locals push for Sutton Place rezoning ahead of auction for site of planned 950-foot tower

Despite the fact that the site is headed to the auction block next month, local residents and elected officials are rallying to prevent the possible construction of a 950-foot condo tower on East 58th Street in tony Sutton Place. Curbed reports that the group, which includes Councilmen Ben Kallos and Dan Garodnick and Manhattan Borough President Gale Brewer, have submitted a plan to the City Planning Commission that proposes a height cap of 260 feet for the area bounded by East 52nd and East 59th streets east of First Avenue where there is currently no limit on how tall apartment towers can be.
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‘Monk’ actor Tony Shalhoub drops $4M on classic Upper West Side co-op

November 21, 2016

‘Monk’ actor Tony Shalhoub drops $4M on classic Upper West Side co-op

Emmy Award-winning actor Tony Shalhoub of "Monk" fame, along with wife Brooke Adams, has picked up a $3,995,000 Upper West Side co-op, according to LLNYC. The pre-war pad at 15 West 81st Street boats a 60-foot-wide terrace with "side views" of Central Park and two master suites, as well as historic details like herringbone oak floors, nine-foot beamed ceilings, crown and base moldings, and original Emery Roth-designed doorknobs and hardware.
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