Real Estate Trends

September 15, 2016

City Council approves La Central development, bringing nearly 1,000 affordable units to the Bronx

On Wednesday the New York City Council voted to approve the La Central development project in the Melrose section of the Bronx, the Daily News reports. The project, which will be designed by FXFOWLE architects, is slated to bring 992 apartments to the borough, all of them designated as affordable housing under Mayor de Blasio’s mandatory inclusionary housing (MIH) legislation. It is the biggest project to be approved to date under the MIH rules, which require some income restricted apartments in projects that need the city's approval.
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September 14, 2016

REVEALED: Thomas Heatherwick’s $150M climbable Hudson Yards sculpture ‘The Vessel’

It was nearly three years ago that Related Companies chairman Stephen Ross boasted that Hudson Yards' public art piece would be "New York’s Eiffel Tower," and after an unveiling today of the massive sculpture that will anchor the central public space, it seems he might not have been too far off.
More details and renderings this way
September 14, 2016

Interview: Time Equities’ Francis Greenburger, a Renaissance man in NYC

Francis Greenburger is the definition of a Renaissance man. Beyond running the full-service real estate firm Time Equities, Inc., he also helms the Greenburger Center for Social and Criminal Justice, he serves as Chairman of the literary agency Sanford J. Greenburger Associates, Inc., and he is also deeply involved with the OMI International Arts Center—and this is on top of the numerous non-profits […]

September 13, 2016

$867 million in federal subsidies for three NYC sports stadiums a big loss

A recent Brookings institute study shows that federal government subsidies of big-ticket sports stadium construction are essentially money down the drain, The Real Deal reports. Three New York City stadiums--Yankee Stadium, Citi Field (both completed in 2009) and the Barclays Center--have accounted for a significant portion of these subsidies in the form of tax-exempt bonds, which have resulted in the loss of $3.7 billion in federal government revenues since 2000.
Not exactly a surprise...
September 13, 2016

$1B expansion of the Javits Center will commence this year

One of Governor Cuomo's biggest NYC projects will kick off construction by the end of this year. Per a press release released yesterday, the Cuomo administration has put out a request for proposals (RFP) for the first phase of the Jacob K. Javits Center's $1 billion expansion. The chosen firm will be responsible for the design and construction of a three-story building that will hold transformers, back-up generators, and other electrical equipment for the updated complex. This initial work will prepare the massive site for the larger expansion project that will increase the size of the events facility by 1.2 million square feet, bringing the total square footage to a hefty 3.3 million square feet.
more on the announcement here
September 12, 2016

New views of curvaceous 15 Hudson Yards ahead of this week’s sales launch

15 Hudson Yards, the first of two residential towers that Related Companies and Oxford Properties have planned for the massive complex, started its climb into the far west side skyline back in March, and now, seven months later, it's readying for a sales launch this week. According to a press release, condos will start at about $2 million for one-bedrooms and go up to $30 million for the penthouses. To coincide with the 285 market-rate condos hitting the market (there will also be 106 affordable rentals, for which details have yet to be released), YIMBY has gotten its hands on new renderings of the 910-foot building, which, as 6sqft previously described, has been dubbed the "Morph Tower" for its "curvaceous and feminine design" from Diller Scofidio + Renfro in collaboration with Rockwell Group. The images provide new views of the bundled quad of cylinders that make up its body, as well as its rectilinear base that will abut the Shed.
More renderings and details ahead
September 8, 2016

REVEALED: World Trade Center Performing Arts Center will be a translucent marble cube

After stalling for years, the $243 million World Trade Center Performing Arts Center started to make headway in recent months, first with a decision to go with REX as the designers and then with a $75 million gift from Billionaire businessman and philanthropist Ronald O. Perelman (who is gaining naming rights). And finally, the official renderings have been revealed, and they showcase a nearly 90,000-square-foot, translucent veined marble cube that both stands out as an impressive piece of cultural architecture and co-exists with the other structures on the WTC complex such as the 9/11 Museum and transportation hub. According to a press release from developer Silverstein Properties, "The Perelman Center is inspired by the Center’s mission to defy experiential expectations. Its design cues were taken from [an] aim to foster artistic risk, incubate original productions, provide unparalleled flexibility, and deliver the most technologically advanced and digitally connected spaces for creative performance."
See all the renderings
September 8, 2016

Author Junot Diaz makes a big profit on sale of Hamilton Heights townhouse

The Post reports that Pulitzer Prize-winning author Junot Diaz's Hamilton Heights townhouse at 529 West 141st Street has entered contract for $2.3 million, after he paid a mere $380,000 for it in 2002. He won't be pocketing all of it, though, as the sale comes amid an "an ugly, five-year court battle" with ex-girlfriend and state Senate candidate Marisol Alcantara over ownership of the three-family home. But $2 million split two ways is not too shabby.
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September 7, 2016

Kylie Jenner may have bought a $7M Tribeca penthouse

Unlike big sis Kim, Kylie Jenner may actually be paying for her NYC digs. Tribeca Citizen first reported information from an anonymous source that the model and youngest member of the Kardashian clan purchased a Tribeca penthouse, and Curbed determined, based on an Instagram photo and sales records, that it may be the $7 million top-floor unit at 15 Leonard Street. The five-bedroom triplex not only has luxurious interior details like floating concrete stairs and a limestone-clad master bath, but it boasts six outdoor terraces (perfect for setting up film crews).
Check it out
September 6, 2016

Molly Ringwald sells East Village duplex to noted fashion photographer for $1.7M

80s icon Molly Ringwald, of “Sixteen Candles,” “The Breakfast Club” and “Pretty in Pink” fame, has made a sale on her charming East Village duplex, reports the Post. The former teen idol put the two-bedroom pad on the market back in June for $1.79 million, and per city records just released, she's sold the home to noted fashion photographer (and bona fide Polish prince) Alexi Lubomirski and his wife Giada for $1.7 million.
go inside the home here
September 1, 2016

Knicks’ new star player Joakim Noah buys a $6M Chelsea penthouse with huge terrace

Joakim Noah--NBA All Star, philanthropist, social activist, and noted free-spirit--signed with the Knicks in June for $18 million a year after spending nine years with the Chicago Bulls. Ahead of his debut season in New York, Noah has scooped up a $5.8 million Chelsea penthouse with an appropriately tricked-out entertaining terrace, reports the Post. The three-bedroom spread at 555 West 23rd Street not only has 2,300 square feet of impeccable indoor space, but the 2,000 square feet of outdoor space boasts a built-in hot tub, gas grill and wet bar, pergola, self-watering planters, and surround sound.
Check out the full bachelor pad
August 31, 2016

FXFowle’s NOMA condo rises in ‘neo-Bauhaus’ style at the crossroads of Manhattan

Earlier this year, sales launched at The NOMA, a 55-unit ground-up condominium developed by Alchemy Properties and designed by Daniel Kaplan of FXFowle Architects. The 24-story building is distinguished by a gray-brick skin and ribbons of gridded windows that pay homage the area's industrious roots. The "neo-Bauhaus" exterior references the older loft buildings from the early 19th century, the clean lines of the Bauhaus movement, and the massing of the parade of newer residential towers that have cropped up along Sixth Avenue in Nomad.
Get the full scoop on the building
August 31, 2016

POLL: Will the South Bronx become the next ‘it’ neighborhood?

When 6sqft shared views yesterday of how a trio of new residential towers will alter the South Bronx skyline, we also looked at developer Keith Rubenstein's ambitious, albeit misguided, plans to rebrand the neighborhood. After dubbing the area "the Piano District" and throwing a party that made light of the troubled "Bronx is Burning" days of the 1970s, locals criticized his insensitivity and blatant attempts to accelerate gentrification. In addition to the aforementioned project, which will yield a total of six towers, Rubenstein is planning a food and beer hall nearby. And he's not the only one turning to this new frontier. Other seemingly "trendy" establishments that have opened up in recent years include the Bronx Brewery, Bronx Baking Company, a slew of coffee shops, and the Port Morris Distillery, and there's the plan to transform the Bronx General Post Office into a dining/drinking/shopping destination. But on the other side of the coin, the Bronx has been a hotbed for affordable housing development. In fact, the borough was issued the most residential permits in the city during the first six months of 2016, likely due to the fact that 43 percent of units under Mayor de Blasio's affording housing plan that began construction during this time were in the Bronx. But is this enough to preserve the diverse culture and demographics of the South Bronx, or is it poised to become the next "it" neighborhood?
Share your thoughts in our poll
August 30, 2016

See how Keith Rubenstein’s trio of South Bronx towers will transform the ‘Piano District’ skyline

Controversial South Bronx Developer Keith Rubenstein of Somerset Partners, along with the Chetrit Group, received approvals earlier this summer for a two-site, six-tower, mixed-use master plan on the Mott Haven banks of the Harlem River. This is the same project that Rubenstein touted as part of his campaign to rebrand the southern portion of the borough as the "Piano District," a marketing ploy that nodded to the piano manufacturers that dotted the area 100 years ago, but that featured a misguided party with burning trash cans and a bullet-ridden car, referencing the horrible "Bronx is burning" days of the 1970s. Contention aside, the development is moving ahead, and CityRealty.com has a 360-degree look at how the first site's three towers (two at 20 stories and one at 25) will transform the South Bronx skyline. These buildings at 2401 Third Avenue will rise just to the northwest of the Third Avenue Bridge, the former site of an 1880s iron works building that will soon boast $3,500/month apartments.
More details ahead
August 30, 2016

Is Downtown Brooklyn’s rental boom about to turn into a glut?

This time last year, 6sqft shared a report from CityRealty.com that detailed how Northern Brooklyn would be getting a staggering 22,000 new apartments over the next four years, with the majority, 29 percent or roughly 6,500 apartments, headed for Downtown Brooklyn. The trend has kept up, as the Times reports today that this number of units is concentrated among "19 residential towers either under construction or recently completed along the 10-block section of Flatbush stretching from Barclays Center north to Myrtle Avenue." Another 1,000 units are coming to four buildings on Myrtle Avenue, and all of these are overwhelmingly rentals. In fact, 20 percent of the entire city's rentals that will become available this year and next are in the neighborhood. But many believe this rental boom is fast approaching a glut that will cause prices to soften in a saturated market.
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August 29, 2016

Subway Reads offers free e-books based on the length of your commute

It can be a bit frustrating to start getting into a book on your commute when you just as soon have to put it down, which is part of the idea behind a new initiative called Subway Reads, a web platform that offers free e-books to subway riders that can be timed to their commute. The program is a collaboration among the MTA, Transit Wireless (the company behind the $250 million+ project to put Wi-Fi in 278 underground stations), and Penguin Random House. According to the Times, the platform was launched as a way to promote the fact that connectivity has already reached 175 stations, but it will only last eight weeks. During that time, users can download novellas, short stories or parts of complete books to their cellphones or tablets, and they can make their selections based on how long they expect to be on the train (the formula accounts for about a page a minute).
Find out how it works
August 29, 2016

Facebook co-founder Sean Parker buys three Greenwich Village townhouses to create mega-mansion

There must be something about the Village and Facebook that go together. Back in January, the social media company's co-founder Chris Hughes sold his Soho loft for $8.5 million and relocated to a $23.5 million West Village townhouse. And now the Post reports that the other founding partner, Sean Parker, who also created Napster, has acquired three homes along West 10th Street, where he plans to create one big mega-mansion.
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August 26, 2016

With $2.5 billion in Brooklyn real estate, Hasidic investors are a formidable gentrification driver

We hear so frequently about the players behind Manhattan’s billion-dollar real estate projects and how foreign investors are pouring a global vault's worth of currency into New York City property, often shielded by LLCs. It's illuminating to get a closer look at the city’s larger real estate landscape–one that has changed so much in recent decades–and learn who's behind the soaring property values, skyrocketing rents, frenzied flipping and veritable horse-trading that has driven the unprecedented and transformative gentrification beyond Manhattan’s rarified development scene. A recent story by The Real Deal titled “Learning and earning: Hasidic Brooklyn’s real estate machers” reveals that a huge slice of the borough’s real estate pie is owned by the Hasidic community. The ultra-orthodox sect reportedly includes some of Brooklyn’s wealthiest property owners, to the tune of $2.5 billion.
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August 26, 2016

See the Manhattan, Brooklyn and Jersey Skylines of 2020

As the incredible animation above shows, the tall tower building boom isn't just restricted to Manhattan. First spotted by NY Yimby, this future projection created by Thomas Koloski reveals a very different silhouette than the one we know today—and arguably a far more striking and attractive one at that. But what might be the most surprising thing about this rendering is that it's not too far off from becoming a reality. Indeed, what you're looking at is expected to materialize over just the next four years.
more here
August 25, 2016

City releases Midtown East Rezoning plan; could add 16 new towers

After Mayor Bloomberg's failed 2013 attempt, the city has released its long-awaited Midtown East Rezoning plan, a controversial upzoning of the area bound by Madison and Third Avenues and 39th and 50th Streets, which would encourage taller, more modern office towers in an area that many feel is no longer attracting commercial tenants. According to Crain's, their proposal, the first step in the formal rezoning process, would allow the tallest buildings around Grand Central, increasing the maximum density by 30 percent. Along Park Avenue and near subway stations north of the Terminal, density would be increased, too. The proposal also will permit owners of landmarked buildings to sell their air rights across the district, rather than just to adjacent properties like the current law dictates.
More details ahead
August 24, 2016

LaGuardia Airport to get $5M in repairs prior to complete revamp

Though work on Governor Cuomo's LaGuardia Airport overhaul commenced in June, the first part of the project, the replacement of Terminal B (which will alone carry a $4 billion price tag) is expected to be completed in phases between 2018 and 2022. But travelers will now get some more immediate relief, as the Wall Street Journal reports that $5 million in improvements are coming to the terminal by the end of the year in order to keep it up and running until the new buildings opens its doors to passengers in 2020. This includes repairing the current leaky ceilings, adding well-lit signage, improving ventilation and air conditioning, putting new seating and tables into the two food courts, painting walls, sprucing up restrooms, and bettering the acoustics at security checkpoints.
More this way
August 22, 2016

Reimagining Streit’s Matzo Factory on the Lower East Side: Two perspectives

The closing of Streit’s Matzo Factory last year was difficult for many long-time Lower East Siders to stomach. The factory was a near century-old institution that represented a bygone era untouched by gentrification. Unsurprisingly as a result, the condos designed to rise on the storied site have come under the scrutiny since their debut. But those grievances reveal just one side of the story. […]

August 22, 2016

Off the avenue: Is Park Avenue losing its edge in the office market?

Park Avenue has for decades been the office district of choice for many of the city's high-profile–and high-rent–corporations. But a recent Crain's article points to impending departures–such as the decision of investment firm Black Rock to decamp for new space in Hudson Yards or the World Trade Center, raising the question of whether the avenue's biggest office zone, from East 45th to East 59th streets, is falling out of favor with big-ticket business tenants. The city's office market is, without a doubt, changing. Industries like tech are growing and the financial industry is consolidating and in some cases downsizing its office space. The neighborhood, which charges the city's highest average rents, has been slow to catch up with the needs of new office tenants.
People moving out, people moving in