Real Estate Trends

Move over Bushwick and Williamsburg, Sunset Park is the new cool kid in the borough. Curbed shared a report from Cushman & Wakefield that names the 100 coolest streets in the country, and coming in among the top 15 neighborhoods is Sunset Park, "where boxes and independents co-exist." The report points to a bohemian exodus from Williamsburg, which has become more mainstream and pricey. And though hipsters are moving to 'hoods like Bed Stuy and Crown Heights, Sunset Park outdoes them with a unique type of retail growth and creative sector thanks to the Bush Terminal Park and Industry City. The millennial population is about 27 percent and the average household income is $81,529.
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Real Estate Trends

June 28, 2016

Sales Begin at Jardim, Isay Weinfeld’s Serene High Line-Adjacent Oasis

For those longing for Hamptons serenity without leaving Manhattan, Isay Weinfeld has designed a condominium for you. Sales officially kicked-off last week for the Brazilian architect's first New York commission, which has aptly been named Jardim for its leafy oasis in the heart of hard-edged West Chelsea. The homes are divided among two 11-story fraternal buildings that come dressed in a textually rich skin of cast-concrete interrupted by elongated ribbons of glass. Thirty-six light-filled homes frame the lushly planted, multi-level courtyard designed by Future Green Studio. And like all Manhattan real estate surrounding coveted greenery, the units come at a premium. Asking prices for the three currently available homes stand at $2,475 per square foot, according to CityRealty. The lowest priced abode is a 2,218-square-foot three-bedroom on the fourth floor going for $4.25 million; another three-bedroom on the third floor has an ask of $4.25 million; and a four-bedroom on the seventh floor has an ask of $7.55 million.
find out more here

June 28, 2016

New Report Says 56 Percent of 2015’s Airbnb Listings Were Illegal

Last week, both houses of the New York City legislature passed a bill that would fine advertisers of illegal short-term rentals on Airbnb up to $7,500. 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 new report from two housing advocacy groups -- MFY Legal Services and Housing Conservation Coordinators -- shows that of Airbnb's 51,397 listings in 2015, 28,765, or 56 percent, fell into this illegal camp. Of those, 8,058 units were considered "impact listings," homes that "are rented out for brief periods for more than a third of a year, making them virtual hotels," according to the Post.
More findings

June 27, 2016

58 Chances to Live in a Morris Adjmi-Designed Flatiron Building for as Low as $913/Month

The latest project to come online from contextual king Morris Adjmi is an 18-story, block-through building at 7 West 21st Street in the Flatiron District. The two-tower design features a shared second-floor courtyard with ground-floor lobby and retail space. The lower facade is made of stone while the middle and upper portions are glazed terracotta. There are 288 rental apartments, 20 percent of which are reserved for households with a combined annual income of up to 60 percent of the area median income. These 58 units, created through the city's 421-a program, include $913/month studios, $980 one-bedrooms, $1,183 two-bedrooms, and $1,359 three-bedrooms. In addition to a stellar location, these affordable prices come with a 24-hour doorman, landscaped garden, roof terrace, game room, fitness center and virtual golf, media lounge and video game room. For an additional fee there's also a 200-car underground parking garage.
Find out if you qualify

June 27, 2016

Interview: COOKFOX Partner Brandon Specketer on Biophilia’s Role in Building Design

By Diane Pham

You’ve certainly heard of LEED and Passive House in architecture, but what about biophilia? For COOKFOX, adding nature to a building and all the elements that surround it is a no-brainer. They strongly believe that humans have a deep, innate connection and love of nature, and in an urbanscape, they only way we can live fulfilled lives […]

June 27, 2016

New Owners May Close Waldorf Astoria for Three Years for 1,100-Room Condo Conversion

Hilton Worldwide Holdings, who had owned the landmarked Waldorf Astoria since 1972, agreed in October 2014 to sell the 1,413-room hotel to Beijing-based financial and insurance company Anbang Insurance Group for $1.95 billion. The deal closed the following February, along with plans from the new owners to convert part of the Art Deco building into luxury condos, and now the Wall Street Journal brings additional details on the conversion. The overhaul, which could close the property for up to three years and cost upwards of $1 billion, would convert as many as 1,100 hotel rooms to condos, with the hotel portion featuring between 300 and 500 luxury guest rooms. Currently, the hotel employs about 1,500 people, but this major decline in hotel rooms will eliminate hundreds of jobs. Sources say Anbang and Hilton have already reached severance agreements totaling at least $100 million.
More details ahead

June 27, 2016

Matt Lauer Paid $36M for Richard Gere’s Hamptons Estate

Richard Gere has been trying to sell his 6.3-acre North Haven compound since 2013, when it was first listed for $65 million. Last week, reports of a $36.5 million sale came through, and the Post has revealed that Matt Lauer is the buyer. The "Today" news anchor will be getting a waterfront pool and pond, basketball court, 240-foot-long deep-water dock, island-inspired tea house, and a private beach, along with the 12-bedroom main house. Lauer, who's notorious for taking a private helicopter back and forth from the city to the Hamptons, also owns a 40-acre farm in Water Mill (where he recently had some beef with his neighbors) and is selling another Sag Harbor home.
Check out his latest acquisition

June 27, 2016

Financial District Loft Rental Comes With Its Own 800-Square-Foot Patio

By Emily Nonko

Located in the Financial District, just one block from the South Street Seaport, is this 1,800-square-foot pre-war duplex with a very cool private patio. The building at 324 Pearl Street was built in 1888 as a warehouse, so the apartment now boasts 14-foot ceilings, exposed brick and lots of open space. Even the patio has a lofty vibe, surrounded by greenery against more brick. Although this is a condo, you can now rent it for $6,495 a month.
See the entire pad

June 26, 2016

Boaz Gilad’s Bed-Stuy Rental Marcí Begins Leasing With $1,846/Month Studios

Another one of Boaz Gilad's reported 40+ Brooklyn projects has met the finish line with leasing kicking off at the Marcí in Bedford-Stuyvestant. Rising eight floors from the corner of Marcy Avenue and Kosciusko Street, the 35,000-square-foot project presents an inoffensive Rubik's Cube design hashed up by Franklyn Estrella Architects. Inside are 41 studio, one- and two-bedroom no-fee apartments. Pricing of the building's seven active units are rather affordable for new construction, with available units ranging from $1,846/month studios, $2,862/month one-bedrooms, and $2,723/month two-bedrooms.
More on the building

Will the Brexit Vote Drive Up NYC Real Estate?

The vote by Britain to leave the European Union has shocked and confused the world to say the least. In addition to the political ramifications (Prime Minister David Cameron announced he will step down in October), the financial outcomes are staggering. The pound has already plummeted to its lowest level since 1985, with investors turning to the dollar and the yen and the entire European stock market dropping, according to reports from the Times. Though the Bank of England has earmarked roughly $344 million for potential stability measures, the world seems unsure of how the Brexit decision will affect international markets long term. London is currently one of the top locations for foreign real estate investment, but in the face of an uncertain future, Crain's presents the assertion that the vote could drive up real estate in New York City as "investors look for safe havens against the threat of a global recession."
More here

Real Estate Trends

June 24, 2016

New Renderings Show Rooftop and Courtyards at ODA’s Massive Rheingold Brewery Project

In March of 2015, the cube-happy architects at ODA revealed their design for 10 Montieth Street, part of Bushwick's 10-block Bushwick's Rheingold Brewery site. The 400,000-square-foot, 400-unit rental building from the Rabsky Group has a bow-tie shape with a sloping zig-zagging green roof and amenity-laden courtyard. Last week, renderings were released for a second project from ODA at the Rheingold site, this one with developer All Year Management. Inspired by a "European Village" and dubbed Bushwick II, this rental one ups 10 Montieth; it will encompass one million square feet over two city blocks and have 800-900 units, as well as an entire system of interconnecting courtyards and common spaces that break from the street grid, an 18,000-square-foot central park, and a 60,000-square-foot rooftop with an urban farm and recreational spaces including a pool. Dezeen has uncovered additional renderings of Bushwick II that showcase these outdoor spaces, and they do not disappoint.
More details and renderings ahead

2247 Walton Avenue (L); 280 East Burnside Avenue (R)

June 24, 2016

Affordable Housing Lottery Begins for Two Brand-New Bronx Buildings, Starting at $833/Month

In the Mount Hope section of the Bronx, two under-construction buildings have kicked off a combined housing lottery granting qualified renters the chance to snag nine $833/month studios, 12 $895/month one-bedrooms, and 34 $945/month two-bedrooms. The two buildings are located a half mile apart on opposite sides of the Grand Concourse and are being developed by the Walison Group under the alias 280 East Burnside Associates L.P. Newman Design Group (NDG Architects) are the designers of the two 11-story buildings, penning the mundane blocky masses with exteriors finished in red brick and stucco. The 2247 Walton Avenue building is situated midblock between East 182nd and East 183rd streets contains a total of 50 apartments, while the 280 East Burnside building rises between Ryer and Anthony Avenues and houses 40 apartments.
Find out if you qualify here

June 23, 2016

Take in the Views From Extell’s 823-Foot-Tall One Manhattan Square

Two Bridges, the area on the border of the Lower East Side and Chinatown, is seeing a wave of new, sky-high development, including a 900-foot tower from supertall team JDS and SHoP Architects and perhaps two 50-story buildings from L+M Partners. But the controversial surge in construction started with One Manhattan Square, an 823-foot tower from Extell. In anticipation of the 80-story condo building hitting the market this September, the developer has released a flashy new video that shows the sparkling Adamson Associates Architects-designed exterior, as well as the sweeping views from the upper floors. But as Curbed, who first spotted the video, notes, it ignores its potential supertall neighbors to make a point of just how much much it towers over its surroundings.
Watch the full video here

June 23, 2016

Protecting Your Rights As a LGBT Renter or Buyer in NYC

By Cait Etherington

Following the 2013 Supreme Court ruling that struck down the Defense of Marriage Act and the 2015 ruling that upheld the decision, gay and lesbian couples across the United States have had a lot to celebrate. After years of struggle, gays and lesbians now have the right to marry and along with it, the right […]

June 23, 2016

New Renderings of South Street Seaport’s Fulton Market Revamp From SHoP Architects

Though they didn't have much luck with their controversial tower at the Seaport, SHoP Architects and the Howard Hughes Corporation have gotten approvals for their revamp of the historic, 1983 Fulton Market Building. Yimby reports that on Tuesday, the Landmarks Preservation Commission approved the revised design for the building's exterior, which alters the signage from the original 2014 proposal. To show how the signs will look, SHoP prepared several new renderings of the site.
See them all here

June 21, 2016

Nate Berkus and Jeremiah Brent Sell Greenwich Village Penthouse for $9.8M

Interior design couple Nate Berkus and Jeremiah Brent listed their pristine Greenwich Village penthouse in November of last year for $10.5 million. Though they undertook a beautiful update (which was featured as the cover story in last September's issue of Architectural Digest), this was a steep increase, so it's not a total surprise that the selling price came in slightly lower at $9.8 million. According to the Observer, the buyer is "financier-slash-jewelry designer" Charles de Viel Castel.
Take a look around the designer digs

June 20, 2016

Ben Stiller Buys a $15M West Village Pad at Celeb-Favorite 150 Charles Street

Ben Stiller and wife Christine Taylor are the latest A-listers to pick up a pad at the West Village's luxury condominium 150 Charles Street. As the Observer reports, the couple paid $15.31 million for a 3,395-square-foot, full-floor spread with gorgeous Hudson River views. They'll be joining other big names at the address, including supermodel Irina Shayk, who bought a $6 million apartment in February, Jon Bon Jovi, who paid $12.88 million for a 10-room spread in September, and famed fashion photographer Steven Klein, who dropped $12.5 million on a unit in March.
More on their new digs

June 17, 2016

Shigeru Ban’s Cast Iron House Tops Out, Raises the Bar for Tribeca Penthouses

Few intersections of New York come close to perfection, but the corner of Shigeru Ban's latest New York endeavor at Franklin and Broadway sure comes close. Long anchored by the exquisite 134-year-old James White Building at 361 Broadway, one would assume that a modern penthouse addition could only diminish the neo-Grecian beauty. Not so here. A rehabilitation, conversion, and enlargement spearheaded by Knightsbridge Properties seeks to produce an end sum that will at least be neutral and surely harmonious. Named Cast Iron House by Ban himself, the 13-unit condominium development is a marriage of old, new and timeless, and it reminds us of the incredible sophistication and beauty our city can possess when the bottom line fades. As a sequel to his Metal Shutter Houses in West Chelsea, Ban and design partner Dean Maltz carve eleven airy residences within the sumptuously detailed and impeccably restored 1882 Tribeca cast iron building and float a pair of glass and steel penthouses above.
Get a look inside these magnificent penthouses

June 16, 2016

New Renderings of Extell’s Central Park Tower Emphasize Design and Record Height

A new set of images of the world's upcoming tallest residential tower have been uncovered, these better revealing the cantilevering silhouette of the 1,550-foot supertall and how it will relate to the skyline of Central Park South. The images of the Central Park Tower (née Nordstrom Tower) were first spotted by NY Yimby and are part of official EB-5 Immigrant Investor program materials posted online and provided by developer Extell. As such, they confirm that the supertall will indeed no longer have the spire, a feature which would have brought the tower to 1,775 feet and just a foot shy of One World Trade. The materials also reveal that the tower is being marketed with a height of 133 floors (the actual count is just 95, though some units like the 17,000-square-foot three-story penthouse have ceilings that stretch well beyond the standard) and 179 luxury residential units.
more here

June 16, 2016

POLL: Do You Prefer Bjarke Ingels’ Wave-Like Tower or the Free-Fall Ride for Penn Station?

While Governor Cuomo is busy trying to make his plans for $3 billion in renovations at Penn Station a reality, developers are hot to come up with a new design for 2 Penn Plaza, the tower directly above the station and Madison Square Garden. Vornado Realty Trust, who owns roughly nine million square feet around Penn Station including 2 Penn Plaza, released renderings in March for a glassy, wave-like tower by starchitect of the moment Bjarke Ingels. The concept is quite a departure from the current, stale state of the site, but yesterday an even more futuristic idea came to the table. Brooklyn Capital Partners tapped AE Superlab to create a plan for the world's tallest free-fall tower ride above the station. "Halo," as it would be called, would rise 1,200 feet from the roof, have 11 cars, and move as quickly as 100 miles per hour, giving it a top-to-base free fall of about six seconds. BIG's design wouldn't change much in the way of 2 Penn Plaza's current configuration, but it would create more retail space at the base. Halo, though it would cost $637 million to build, claims it would bring in up to $38 million a year for the state. Since Brooklyn Capital is contending with Vornado Realty Trust and Related Companies to upgrade the space, we want to know which of these ideas you think is a better fit.
Vote for your choice!

Real Estate Trends

June 16, 2016

One Month Free at 76 North 4th Street, Steel Factory Turned Rental in Williamsburg

By Emily Nonko

For the renter looking for a balance between Williamsburg's old warehouse buildings and its newer luxury development, the Lewis Steel Building beckons. This 83-unit rental was co-developed by Cayuga Capital and Jake Toll, the son of the developer behind Toll Brothers. They transformed a 1930s steel factory into modern apartments while keeping the 13-foot ceilings, exposed beams and factory-sized windows intact. Leasing launched last year and there are now six apartments left, ranging from a $3,117/month one-bedroom to a $5,683/month three-bedroom. And for any renters who pick up the remaining apartments, they're getting the first month of rent free.
Take a look around

June 15, 2016

Developer Wants to Erect the World’s Tallest Free-Fall Ride Atop Penn Station

By Diane Pham

Observation decks boasting panoramic city views have been to date the way to add a "thrill-seeking" element to new developments, but here's a new proposal that really wants visitors to throw their arms up in excitement. As the Daily News first reports, two Brooklyn developers want to turn the top of Penn Station into the world's tallest free-fall tower ride, an idea that would be developed alongside all the renovations planned for the outdated transit hub. "Halo," as it would be called, is the work of AE Superlab and would rise an incredible 1,200 feet from the roof of Madison Square, or be tacked onto the back of the adjacent Farley Post Office, which is slated to be converted into a waiting hall to support expanding station. And in addition to Halo's towering height (to put that 1,200 feet in perspective, the Empire State Building is 1,250 feet at its parapet), the ride's 11 cars would boast adjustable speeds. Cars could be modified to move as quickly as 100 miles per hour giving it a top-to-base free fall of about six seconds.
find out more here

June 15, 2016

LaGuardia Airport Overhaul Will Cost More Than $7B, Cuomo Releases New Renderings

Since Governor Cuomo announced his plans last July for LaGuardia Airport's long-awaited revamp, the price tag has been set at $4 billion, but yesterday at a groundbreaking for the project, that number rose to a whopping $7 billion, reports The Real Deal. Alongside Vice President Biden, the Governor explained that phase one, which includes the replacement of the Central Terminal Building (Terminal B), will carry the $4 billion cost, while the redevelopment of Delta's Terminals C and D will require another $3 billion. And that's not all; the new AirTrain and 24-hour ferry service will require even more funds. Aside from the updated cost estimates, Tuesday's affair also brought new details and renderings.
See them all here

June 15, 2016

Construction Kicks Off on a Pair of Condo Buildings in the Columbia Street Waterfront District