Real Estate Trends

Central Park Tower, the world's tallest residential building, has officially unveiled New York City's most elevated (literally) private club on the condominium tower's 100th floor. Perched more than 1,000 feet above Billionaires’ Row, the high-flying portion of the building's Central Park Club offers residents of the building's 179 condominiums a suite of private dining and entertaining spaces with incomparable views. Extell Development Company's 1,500-plus-foot-tall tower is also home to the Nordstrom flagship retail store located at its base.
Gaze at the city from the 100th floor

Real Estate Trends

Leasing launches at waterfront rental Astoria West, with apartments priced from $2,920/month

Rendering: Binyan Studio

June 21, 2022

Leasing launches at waterfront rental Astoria West, with apartments priced from $2,920/month

A new three-building development in Astoria with hundreds of apartments officially launched leasing on Tuesday. Developed by Cape Advisors, Astoria West, located at 30-77 Vernon Boulevard faces the tiny urban "beach" Hallet's Cove and contains 534 rentals and more than 40,000 square feet of amenities. Available units range from studios to two bedrooms, priced from $2,920/month.
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Work finally begins on Kushner’s One Journal Square project in Jersey City

All renderings courtesy of Kushner unless otherwise noted

June 17, 2022

Work finally begins on Kushner’s One Journal Square project in Jersey City

Construction is finally underway at Kushner's huge One Journal Square project in Jersey City. The nearly $1 billion mixed-use development consists of two 710-foot-tall towers with more than 1,700 rentals and 45,000 square feet of amenities and public space, including a new Target location as its anchor tenant. The developer was joined by Jersey City Mayor Steven Fulop during a groundbreaking ceremony at the Journal Square site on Thursday.
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All photos courtesy of Compass

June 15, 2022

Hall of Fame Yankees pitcher Mariano Rivera sells Westchester home at a loss

Mariano Rivera, a Hall of Fame pitcher not accustomed to losing, sold his Westchester home at a significant loss this month. The former New York Yankee bought the mansion for $5.7 million in 2006 and listed it for $3.995 million in 2020. As the Wall Street Journal reported, the nine-bedroom home in Rye closed last week for $3.783 million, a loss of roughly $1.9 million.
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600-foot-tall luxury rental breaks ground in Downtown Brooklyn and beats 421-a deadline

The construction site in June 2022 © Ondel Hylton

June 15, 2022

600-foot-tall luxury rental breaks ground in Downtown Brooklyn and beats 421-a deadline

Construction has officially begun on yet another new residential skyscraper in Downtown Brooklyn. Located at 589 Fulton Street, The Brook is a 600-foot-tall luxury rental with 591 apartments and 30,000 square feet of indoor and outdoor amenities. Developed by Witkoff and Apollo and designed by Beyer Blinder Belle, the building broke ground just days before the 421-a tax abatement program expired, allowing developers to still cash in on the 35-year tax break.
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Image courtesy of Douglas Elliman Realty

June 15, 2022

Keep the party going all summer atop this $6.5M Village penthouse with an outdoor kitchen

The two-bedroom condo at the top of 134 West 10th Street in the West Village is a perfect pad for the 21st-century bachelor/bachelorette. It's already in a prime spot, with the benefit of the kind of luxury finishes discerning penthouse buyers love. But the best part of this unique duplex may be its three private outdoor spaces, including a landscaped roof deck with an outdoor kitchen. Asking $6,500,000, the renovated sweet spot in the sky spans 3,500 square feet of indoor and outdoor living space.
Penthouse tour, this way

$4.8M Long Island City condo sets new sales record in Queens

All photos courtesy of Evan Joseph Photography

June 13, 2022

$4.8M Long Island City condo sets new sales record in Queens

A penthouse in Long Island City sold this month for $4.8 million, becoming the priciest condo in the borough of Queens. The three-bedroom home, which was listed for $4,995,000 in January, measures 5,400 square feet across two levels on the top floor of the Arris Lofts at 27-28 Thomson Avenue. As the Wall Street Journal first reported, the sale beats the borough’s former title holder, a penthouse also in the neighborhood at 46-30 Center Boulevard, which sold for $3,451,000 in June 2020.
Details this way

Real Estate Trends

Median rent in Manhattan hits $4,000/month for the first time

Photo by Dimitry Anikin on Unsplash

June 10, 2022

Median rent in Manhattan hits $4,000/month for the first time

According to the May 2022 Elliman Report for Manhattan, prepared by appraiser Miller Samuel Inc. for brokerage Douglas Elliman, median rent arrived at the $4,000/month mark for the first time ever, with average rent hitting just under $5,000/month. May 2021 median and average monthly rents were $3,195 and $4,078, a 25.2 percent and 22 percent jump, respectively.
Rising rents, shrinking inventory, this way

Real Estate Trends

New Brooklyn Heights library opens at base of One Clinton luxury condo

Image credit: Gregg Richards courtesy of BPL

June 9, 2022

New Brooklyn Heights library opens at base of One Clinton luxury condo

The Brooklyn Public Library on Wednesday opened a new branch at 286 Cadman Plaza West in Brooklyn Heights–the second-largest library in the system (Central Library is the largest). The 26,000-square-foot space will include a children's area, a teen library, a multipurpose room with a capacity of 225, public meeting rooms, and lots of spaces to enjoy a book or some quiet thoughts. Located within the base of a new luxury residential tower, the library is the result of an unusual redevelopment plan that also included $40 million in repairs throughout the library system and 100 new affordable apartments elsewhere in Brooklyn.
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First permanent museum dedicated to hip hop tops off on the South Bronx waterfront

The country's first permanent museum dedicated to hip hop hit a major construction milestone last week. The Universal Hip Hop Museum (UHHM) topped out in the South Bronx last week as part of the huge mixed-use project Bronx Point. The museum, located at Exterior Street and East 150th Street, aims to serve as a "living document" that will chronicle the history of the music genre in the borough where it was invented 50 years ago.
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Neil Patrick Harris and David Burtka sell Harlem townhouse listed for $7.3M

All photos courtesy of Will Ellis / DDreps

May 25, 2022

Neil Patrick Harris and David Burtka sell Harlem townhouse listed for $7.3M

Neil Patrick Harris and David Burtka found a buyer this month for their five-story Harlem townhouse, which first hit the market last August for $7,325,000. As first reported by the New York Post, the home at 2036 Fifth Avenue is in contract for more than $7,100,000, likely setting a new record for a townhouse sale in the Upper Manhattan neighborhood. The home, constructed in 1908 as a bed-and-breakfast, measures 8,000 square feet and 20 feet wide.
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Amy Schumer lists her Upper West Side ‘secret garden’ penthouse for $15M

Photo credit: Edward Menashy for Evan Joseph Studio

May 20, 2022

Amy Schumer lists her Upper West Side ‘secret garden’ penthouse for $15M

Actress and comedian Amy Schumer is selling her Upper West Side penthouse at 190 Riverside Drive, the Wall Street Journal reports. Asking $15,000,000, Schumer purchased what she calls her "Manhattan dream apartment" for $12,150,000 in 2016. Surrounded on every side and on the roof above by 3,000 square feet of verdant planted terraces, and centered around a glass-wrapped solarium living room, the five-bedroom, 4,500-square-foot condominium is indeed a New York City dream home–even if it's no longer a secret. Schumer told the Journal she and her husband, chef Chris Fischer, are moving–likely to Brooklyn–to be closer to their son's school.
Step inside Amy Schumer's dreamy sky garden

Century 21 to reopen flagship store in the Financial District

Photo by ajay_suresh on Wikimedia

May 19, 2022

Century 21 to reopen flagship store in the Financial District

A favorite shopping destination of New Yorkers is coming back home. After undergoing a major renovation, and filing for bankruptcy in 2020, the famed department store Century 21 will return to its flagship location at 22 Cortlandt Street in the Financial District next spring. The new store will encompass four main floors, offering men's, women's, and children's apparel, including footwear, outerwear, handbags, accessories, and fragrances, according to a press release. And to emphasize its connection to the city, Century 21 is adding "NYC" to its logo.
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Real Estate Trends

Architect Bjarke Ingels buys Brooklyn Heights penthouse for $2.16M

Streetview of 111 Hicks Street; © Google 2022

May 18, 2022

Architect Bjarke Ingels buys Brooklyn Heights penthouse for $2.16M

One of the world's most famous architects has closed on a Brooklyn penthouse he's eyed for years. Denmark-born architect Bjarke Ingels has purchased a penthouse in the St. George Tower in Brooklyn Heights for $2,163,525, as reported by the New York Post and confirmed by property records. The apartment, located on the 29th and 30th floors at 111 Hicks Street, has been on the market since 2010 when it was listed for $2,490,000.
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The inside of this $3.6M Park Slope duplex condo is as stunning as its historic facade

Photo credit: Hayley Ellen Day with DDreps

May 10, 2022

The inside of this $3.6M Park Slope duplex condo is as stunning as its historic facade

Asking $3,600,000, this unique duplex condominium at 606a Third Street steps from Prospect Park's grand entrance comprises the top unit in a two-unit Park Slope townhouse. But it's not just any Park Slope townhouse: This unusual home has an Arts-and-Crafts style facade that stands out among the neighborhood's brick and brownstone. The home's interiors have been designed to architectural perfection with enchanting use of colors, materials, and space, thoughtfully curated by the owner, photographer Leslie Simitch. Original details have been preserved and bespoke additions have enhanced the home's historic bones. The two-story home feels like an entire house (for far less than the cost of an actual Park Slope townhouse) with three fireplaces, three bedrooms, and three outdoor spaces.
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$500M One Times Square revamp includes outdoor viewing deck, museum, and even more ads

All renderings courtesy of Jamestown

May 6, 2022

$500M One Times Square revamp includes outdoor viewing deck, museum, and even more ads

One of the most valuable advertising locations in the world will cash in on its prime location even further. One Times Square, home of the New Year's Eve ball drop, will undergo a $500 million redevelopment to become a new visitor center with a viewing deck, museum, and 12 floors of interactive "branded" experiences, developer Jamestown announced on Friday. While the 26-story building, located at 42nd Street and 7th Avenue, has been vacant for years, its exterior is covered in giant billboards. As part of the half-a-billion-dollar project, advertisers will be able to reach more consumers through immersive "digital, virtual, and augmented reality integrations" inside One Times Square.
Details here

Historic Palace Theatre finishes 30-foot lift above Times Square

Images courtesy of TSX Broadway

May 5, 2022

Historic Palace Theatre finishes 30-foot lift above Times Square

The redevelopment of a historic Times Square theater hit a major milestone this week. L&L Holding Company on Wednesday announced the 30-foot lift of the Palace Theatre is completed after seven weeks. The project is part of TSX Broadway, a 46-story $2.5 billion mixed-use development set to open next year with a performance venue, 660-key hotel, retail, and a restored theater on the third floor. Using techniques that defied traditional engineering, the theater's lifting unlocks 100,000 square feet of retail and entertainment space.
Details here

Jay Manuel’s former Chelsea loft is back on the market for $3.25M

Photo credit: Eytan Stern Webber and Spotless Agency

May 4, 2022

Jay Manuel’s former Chelsea loft is back on the market for $3.25M

The two-bedroom loft condo formerly owned by "America's Next Top Model" creative director Jay Manuel has just resurfaced on the market for $3,250,000. The Canadian TV presenter and author, who was also a host of "Canada's Next Top Model," bought the 2,269-square-foot home in the Chelsea Mercantile at 252 Seventh Avenue with his partner, Alton Johnson, in 2000; the couple sold the condo in 2011.
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For $6M, this Greenwich Village classic six combines pre-war charm with condo convenience

All photos courtesy of Fox Residential

May 3, 2022

For $6M, this Greenwich Village classic six combines pre-war charm with condo convenience

This three-bedroom pre-war condominium at 59 West 12th Street in Greenwich Village starts with the cachet of being in a sought-after building known as The Governor, built by celebrated 20th-century developers Bing and Bing and designed by noted architect Emery Roth. Asking $5,990,000, this renovated residence has quietly elegant architectural details, gracious proportions, thoughtfully-designed updates–and enough closets to suit a diva with red carpet ambitions and a lifetime of Met Gala costumes.
Take the tour

Elegance and space to spare define this $4.35M condo in the iconic Parc Vendome

Photo credit: Coldwell Banker Warburg

April 29, 2022

Elegance and space to spare define this $4.35M condo in the iconic Parc Vendome

Situated on the 18th floor of the iconic Parc Vendome at 340 West 57th Street, this three-bedroom residence has been featured in Architectural Digest, and we can see why. Asking $4,350,000, the 2,600-square-foot Manhattan apartment has understated pre-war details, graciously proportioned rooms, and closets galore. Owned for 25 years by philanthropist, educator, and humanitarian Vartan Gregorian, the home's layout puts everything right where you'd want it, with space to spare.
Tour this magnificent Midtown residence

John Legend and Chrissy Teigen’s $18M Nolita home finds buyer

All photos courtesy of Tina Gallo

April 20, 2022

John Legend and Chrissy Teigen’s $18M Nolita home finds buyer

John Legend and Chrissy Teigen have sold their two penthouses in Nolita, CityRealty first reported. The over 6,100-square-foot, six-bedroom spread is located at 374 Broome Street, a landmarked six-story former carriage house converted in 2005 into a nine-unit condominium. The couple listed the two apartments, which occupy the full sixth floor and half of the fifth floor, in January for $18 million.
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New two-acre rooftop public park opens at Pier 57 in Chelsea

Photo Credit: Brett Beyer

April 19, 2022

New two-acre rooftop public park opens at Pier 57 in Chelsea

More than 10 years and over $400 million later, an 80,000-square-foot public park is now open on the rooftop of Pier 57 in Hudson River Park. Formerly a maritime port and bus depot, the pier has been transformed into a mixed-use development with office space for Google and a new food hall curated by the James Beard Foundation. The new two-acre green space, the largest of its kind in New York City, will be open to the public daily from 7 a.m. and 10 p.m.
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Real Estate Trends

Rent Guidelines Board recommends increases between 2.7% and 9% for rent-stabilized units

Image courtesy of Creative Commons

April 14, 2022

Rent Guidelines Board recommends increases between 2.7% and 9% for rent-stabilized units

The city's Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency's 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.
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JPMorgan’s 60-story Midtown East tower will be NYC’s largest all-electric skyscraper

Rendering: dbox / Foster + Partners

April 14, 2022

JPMorgan’s 60-story Midtown East tower will be NYC’s largest all-electric skyscraper