Real Estate Trends

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?

By Michelle Cohen

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

Real Estate Trends

August 22, 2016

Scarlett Johansson looks to the Cielo for an Upper East Side rental

By Michelle Cohen

Scarlett Johansson, the all-time highest-grossing actress on the planet with movies that have pulled in over $3.3 billion, is reportedly looking for an Upper East Side home for herself, hubby Romain Dauriac and daughter Rose. Among the neighborhood's rental offerings to spark the actress's interest was a three-bedroom corner unit in the Cielo at 450 East 83rd Street, according to the Post. The 21st-floor pad offers enviable views and sunlight through floor-to-ceiling windows.
Take a look

August 19, 2016

John Legend and Chrissy Teigen sell stylish Nolita pad for $4M

By Annie Doge

It's been 16 months since John Legend and Chrissy Teigen listed their uber-stylish Nolita loft for $4.5 million, and four months since they welcomed their baby daughter Luna into the world, and now the power couple is free to find a new family-friendly home as the Observer reports that their apartment has sold for $3.995 million. The couple purchased the apartment in 2012 for $2.5 million after selling their East Village condo at 52 East 4th Street for $2.7 million. They enlisted Don Stewart of Los Angeles–based firm Desiderata Design to complete the "dark, moody atmosphere," which is an attractive combo of cozy, industrial, and eclectic. Some of the unique design elements, in addition to the requisite piano nook, are a reclaimed wood wall, an Asian-inspired green silk bed spread, and a 19th century gilded leather screen on a bedroom wall.
Ogle more this way

August 18, 2016

Robert A.M. Stern’s 220 Central Park South now two-thirds erected

By Diane Pham

Robert A.M. Stern's latest Billionaires' Row blockbuster continues its rapid ascent into the sky. As CityRealty.com reports, 220 Central Park South (220 CPS) is now two-thirds of the way up, construction having knocked out about 600 feet of the tower's eventual 950-foot height. Application of the limestone cladding started in April and has thus far been installed across over one-third of the building. When finished in 2017, the two-winged skyscraper with its rare and direct Central Park South frontage will host 118 luxurious homes across 66 stories—and it will be one of the city's most expensive residences. Jump ahead to see more photos of all the work that's been completed.
More photos of the tower under construction here

August 18, 2016

LEESER Architecture dreams up an 80-story supertall for Downtown Brooklyn Macy’s site

By Dana Schulz

In April, initial details were released about Downtown Brooklyn's Macy's $100 million interior makeover, which included new columns, fluted ceilings, metal and glass entrance canopies, and video screens surrounding the escalators. This came after Tishman Speyer inked a $170 million deal with the department store in January, in which they'll remodel the 11-story Art Deco building's top five floors into offices. As part of the deal, Tishman also took control of the connecting Hoyt Street parking garage, a site that was speculated may give way to a supertall, mixed-use tower. Today, CityRealty.com posted a set of renderings from architecture firm LEESER showing a glassy tower rising from the existing department store. Although it is not the design being considered by Tishman Speyer, it does give us a taste of the type of modern development that could climb from the coveted DoBro address.
See more renderings

August 17, 2016

Excavation Work Begins at One Vanderbilt, Follow Its Progress on Instagram

By Dana Schulz

Last week, a $1.1 billion lawsuit against One Vanderbilt was settled, giving the green light to the 1,401-foot project. Investors at Grand Central Terminal led the suit, claiming that the tower would divest them of the value of their air rights if developer SL Green was was allowed to proceed with construction as it was cleared to do under the controversial Midtown East Rezoning. Now that it's been dismissed, NY Yimby reports that excavation work is underway at the site of Midtown's future tallest tower, at the corner of 42nd Street and Vanderbilt Avenue. And Curbed points out that architecture buffs can stay apprised of construction progress through the building's new Instagram page.
Check out some construction shots

August 17, 2016

Is NYC Really That Bike-Friendly?

By Diane Pham

With CitiBike expanding deeper into NYC’s many neighborhoods and 70-plus miles of new and upgraded bike lanes added this year alone, it comes as no surprise that more and more New Yorkers are taking to the streets on two wheels. However, while things appear to be changing for the better, it may come as a surprise to many that when […]

August 17, 2016

Naomi Watts and Liev Schreiber Swap Cute Amagansett Cottage for $5.4M Montauk Beachside Retreat

By Michelle Cohen

The hot Hollywood couple may be downsizing as far as the number of bedrooms they'll have, but they’re getting ocean views from everywhere in the house. As 6sqft reported, Watts and Schreiber put their stylish six-bedroom Amagansett cottage on the market for $6 million back in December. Now, 27East reports they’ve purchased a four-bedroom house further out on the Island in boho-trendy Montauk. The 3,600-square-foot home, for which the award-winning actors paid $5.4 million, sits on a half-acre across the street from the beach and abuts a 100-acre nature preserve. Similar to their former retreat, there's a heated gunite pool and pool house, a chef’s kitchen and garage parking.
Take a look inside this elegant beach house

August 16, 2016

Babe Ruth’s Former UWS Apartment Sells to ‘How I Met Your Mother’ Actress

By Annie Doge

Though this Upper West Side apartment doesn't look like much, it's certainly racking up the celebrity accolades. At the end of his career, from 1929 to 1940, Babe Ruth and his family owned the entire seventh floor at 345 West 88th Street. At the time it boasted 11 rooms, but it's since been divided into two units. One unit, 7B, hit the market for $1,595,000 last August; the other, 7F, listed in February for $1,175,000. According to the Observer, the latter has sold for $1,130,000 to former "How I Met Your Mother" actress Ashley Williams and her husband, producer Neal Dodson.
See the full apartment

Harriet the Spy’s $5M Upper East Side Townhouse Finds a Buyer

By Dana Schulz

In May, the Queen Anne-style townhouse said to have inspired the fictional Upper East Side home of "Harriet the Spy" hit the market for the first time in 70 years, asking $4.95 million. And in less than three months it's already entered entered contract, reports Curbed. Author Louise Fitzhugh lived on 85th Street, so it's no surprise that this gorgeous 1880s property at 558 East 87th Street sparked her creative juices. Located on the corner of a quiet and leafy Yorkville block in the Henderson Place Historic District, the 3,000-square-foot stunner overlooks Gracie Mansion, Carl Schurz Park, and the East River, "the perfect setting to get into covert shenanigans, à la Harriet," as 6sqft previously quipped.
See the whole place

August 15, 2016

Food Network’s Ina Garten Buys Former House & Garden Editor’s Park Avenue Pad for $4.65M

By Michelle Cohen

In November 6sqft featured the Upper East Side co-op at 563 Park Avenue listed by Nancy Novogrod, former editor-in-chief of Travel + Leisure magazine and Condé Nast’s House & Garden, and her husband, John, noting the just-right decor and roll-up-your-sleeves renovated kitchen. The Observer reports that sleeves will indeed be rolled up in the marble-topped chef's paradise, as Food Network's Barefoot Contessa Ina Garten and her husband, Yale University dean emeritus, Jeffrey, have purchased the two-bedroom home for $4.65 million.
Take another look at the couple's new Park Avenue pied a terre

August 11, 2016

Renderings Revealed for SHoP-Designed Interiors at the American Copper Buildings

By Dana Schulz

Today is the day for big reveals at the American Copper Buildings. Earlier, 6sqft broke the news that the affordable housing lottery for the project's low-income units will begin Monday (with homes ranging from $833/month studios to $1,247/month three-bedrooms), and now Curbed has shared the first interior renderings of the 761 apartments, as well as some additional amenity details. SHoP Architects, who designed the pair of dancing towers for JDS Development, are also responsible for the interiors, an unusual occurrence for the firm. They've outfitted the residences with 10-foot ceilings and floor-to-ceiling windows, and custom-designed oak floors, kitchens, lighting, and shades.
Check out all the renderings

August 11, 2016

Live in SHoP’s American Copper Buildings for $833/Month, Lottery Launching for 160 Affordable Units

By Dana Schulz

One of the flashiest new residential projects on the horizon is the American Copper Buildings, the SHoP Architects-designed dancing towers along the East River that have become best known for their three-story, amenity-filled skybridge, the highest such structure in the city at 300 feet above street level. As 6sqft previously reported, when completed early next year, the shimmering buildings will offer 761 rental units, 20 percent of which will be earmarked for low-income households. This latter group of 160 apartments has now officially come online through the city's affordable housing lottery, ranging from $833/month studios to $1,247/month three-bedrooms.
Find out if you qualify here

August 11, 2016

As Rental Inventory Increases, Landlords Are Offering Up More Concessions

By Dana Schulz

According to Douglas Elliman's latest market report, landlord concessions (covering broker's fees, offering free months' rent, doling out $1,000+ giftcards) have doubled over the past year for Manhattan and Brooklyn rentals, coinciding with a roughly 30 percent increase in inventory in both of the boroughs. Jonathan miller, author of the report, told DNAinfo, "There’s just been more product brought into the market through more development. More inventory has brought more concessions, more modest price growth and kept vacancy rates elevated. This has been a five-year development boom. It’s already having an impact."
What's going on?

Real Estate Trends

August 10, 2016

New Renderings of Bjarke Ingels’ High Line Towers Show Crowns and Amenity Bridges

By Dana Schulz

It was all the way back in November 2015 that 6sqft got a first look at Bjarke Ingels' pair of asymmetric, twisting towers along the High Line at 76 Eleventh Avenue. At the beginning of this year, the design changed to a simpler silhouette with more space in between the 28- and 38-story buildings, and now NY Yimby has revealed yet another group of renderings that reveal even more revisions. The fresh images reveal the glass crowns at the 300- and 400-foot tops, the retail podium and plaza fronting the High Line, and two amenity-filled podium bridges that will connect the towers (an idea perhaps borrowed from SHoP's American Cooper Buildings).
See all the renderings here

August 10, 2016

Revealed: Kenneth Park Architects Reimagine Penn Plaza as a Vibrant Public Space

By Michelle Cohen

The past decade has seen an increasing effort to transform New York City's under-utilized–and sometimes dismal–public spaces into pedestrian plazas and other vibrant and attractive public oases. From Columbus Circle and Times Square to Downtown Brooklyn's Willoughby Street, new car-free spaces encourage passersby to linger and enjoy their surroundings. Vornado Realty Trust (VNO), one of the city's biggest landlords, has been working on a similar transformation of the urban sprawl that surrounds Penn Station and Madison Square Garden by implementing kiosks, seating and attractive architecture. Now, CityRealty.com has revealed new renderings from Kenneth Park Architects (KPA) showing their ideas and recommendations for repositioning retail space and optimizing pedestrian and vehicular circulation.
Take a look at the reimagined Penn Plaza

August 10, 2016

Ashton Kutcher Asks Governor Cuomo to Veto Airbnb Regulatory Law

By Dana Schulz

In June, both houses of the NYC legislature passed a bill that would impose fines of up to $7,500 on advertisers of illegal short-term Airbnb rentals. Current state law dictates that an apartment can’t be rented out for less than 30 days if the lease holder isn’t present, and a recent report estimated that 56 percent of the site's 2015 listings fell into this category. Though the law has been this way since 2010, it has yet to be seriously enforced. But ahead of the Governor's January deadline to sign the bill into law, big names in the tech sector, including actor, venture capitalist, and Airbnb investor Ashton Kutcher, are asking Cuomo to veto the bill.
More details ahead

August 10, 2016

Infographic: How Long Would it Take Top Olympians to Scale NYC’s Supertalls?

By Dana Schulz

Michael Phelps took his world record to 21 gold medals last night; Usain Bolt is poised to become the first athlete to win three golds at three Olympics; and Serena Williams (tied with sister Venus) has the most gold medals of any tennis player in the games. To have a little fun with these athletes' stats, CityRealty.com put together this infographic that shows how long it would take the Olympians to sprint, serve, and swim their way to the top of New York City's three tallest planned and built residential buildings -- the Central Park Tower, 111 West 57th Street, and 432 Park Avenue.
Check out the full-size infographic here

August 9, 2016

Apartment in Miles Davis’ Old Upper West Side Townhouse Sells for $500K

By Annie Doge

Just a couple months ago, an apartment in Miles Davis' old Upper West Side townhouse hit the market for $495,000, and the Post now reports that the charming one-bedroom has sold for $500,000 to "a woman who 'loves' the building’s jazz-music history." The jazz legend lived in the Renaissance Revival brownstone at 312 West 77th Street from roughly 1960 until he moved to LA in the mid '80s, often hanging out on the stoop with his neighbors and hosting other jazz greats like Herbie Hancock, Ron Carter, and Dizzy Gillespie. And it was here that he wrote the music for his albums "Kind of Blue" and "Bitches Brew." After he headed west, the home was divided into six apartments.
See more of the apartment

August 9, 2016

Fire Island: Culture, Sand Dunes and Real Estate

By 6sqft

For New Yorkers looking for a break from the city’s summer pollution and noise, Fire Island has much to offer. Accessible via the Long Island Railway and Fire Island Ferries, the narrow strip of land running along Long Island’s south shore is one of the region’s few vacation spots that city residents can reach without a […]

August 8, 2016

27,000 Tons of Floating Concrete and Fabulous Feats of Engineering Make Pier 57 Peerless

By Michelle Cohen

In the summer of 1952, when the American economy was emerging with a roar from the stagnation of the Great Depression and World War II, engineer Emil H. Praeger was chosen to create a replacement for the Grace Line’s old Pier 57 which had been destroyed by fire. Described by the New York Times, the key to what makes the resulting replacement pier so special lies hidden below the pier shed in the Hudson River at the foot of West 15th Street; Rather than resting on a conventional pile field, the bulk of its weight is held up by three floating concrete boxes known as caissons, which are permanently anchored underwater. The unique foundation of the abandoned pier is the same foundation that will host a $350 million renovation of what is being called the SuperPier by RXR Realty and Youngwoo and Associates, thanks to a lease from the Hudson River Park Trust, with new tenants to include Google offices and Anthony Bourdain's new food market.
Find out more about how enormous blocks of concrete can float

August 6, 2016

Brooklyn’s Tallest Tower Finishes Construction and Commences Leasing

By Ondel Hylton

Back in 2007, a run-of-the-mill row of three- to four-story walk-up buildings bounded by Willoughby, Bridge and Duffield Streets was ordered to vacate to make way for a soaring mixed-use skyscraper developed by AvalonBay Communities. Without warning, shopkeepers were given between 30 and 120 days to clear out or face court eviction, evidence of the impact of gentrification on Downtown Brooklyn. The district's 2004 rezoning sparked the development of thousands of new apartments (6,400 in the pipeline according to our latest count) and is finally getting a dusting of office space too. Now, after an arduous, decade-long journey of assembling an 11-parcel site, clearing and excavating it, and throwing up nearly one million square feet into the air, Avalon has finally finished construction and has kicked off leasing of the building's upper collection of homes called Avalon Willoughby Square.
Get the scoop on Avalon's deals

August 4, 2016

If You’re Seeking Loft Perfection This $7,200/Month West Village Rental Is For You

By Michelle Cohen

This downtown Manhattan loft in a near-everything-cool spot at 321 West 13th Street between the West Village and the Meatpacking District may not be family-sized, but it definitely seems that no expense was spared in making this an authentic loft to call home. On the rental market for $7,200 a month ($7,500 furnished with Eames, Platner and an impressive art collection), the fifth-floor (by elevator), one-bedroom condo has a rare level of custom interior design that's understated and over-achieving when it comes to comfort and cool. Add open city views, a washer-dryer and plenty of closet space and you can see why that perfection theme keeps coming up.
View loft perfection from all angles

August 3, 2016

Interview: FXFOWLE’s Dan Kaplan on Building a More Sustainable New York City

By Diane Pham

Since opening in 1978, FXFOWLE has grown to become one of New York’s most prolific architecture firms, transforming the skyline with new and updated additions like the slick and sloping 35XV in Flatiron, showstoppers like 4 and 11 Times Square in Midtown, and their conversion of a massive Village medical complex into a luxurious celeb-filled residence called The Greenwich Lane. While FXFOWLE’s […]

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