Real Estate Trends

6sqft recently reported that One Vanderbilt, developer SL Green's new Midtown supertall, has secured $1.5 billion in financing, giving the green light to the 1,401-foot-tall, full-block office tower slated to rise at One Vanderbilt Avenue between 42nd and 43rd Streets directly adjacent to Grand Central Terminal. Demolition of a full block of commercial buildings next to Grand Central began a year ago to make way for the tower. Now, YIMBY brings us a time lapse video of the lengthy demolition courtesy of One Vanderbilt’s PR team.
Watch an entire block of pre-war buildings disappear

October 14, 2016

Renderings revealed for High Line-adjacent condo on hot West Chelsea block

West 29th Street between Tenth and Eleventh Avenues is quickly becoming to Chelsea what Bond Street is to Noho--a delightfully concentrated mishmash of high-profile architecture projects. Over on the west side, this one-block stretch is already home to SCDA Architects' Soori High Line with its noted private pools, Cary Tamarkin's 550 West 29th Street, and Maestro West Chelsea, a 35-story trio of rentals. CityRealty now shares a look at the block's newest project, a 10-story, 61-unit condo at 519 West 29th Street from developer Six Sigma, which is distinguished by a glass facade punctuated by rectangular balcony alcoves flanked with green walls.
More news related to the project ahead

October 14, 2016

Bethenny Frankel sells $7M Tribeca loft in just one day

Being a reality TV star and having a broker who's one as well certainly didn't hurt Bethenny Frankel's odds of selling her luxe Tribeca loft. In fact, the Wall Street Journal reports that "Million Dollar Listing" agent Frederik Eklund sold the condo in just one day for its asking price of $6.95 million. As 6sqft noted last week when the loft at 195 Hudson Street hit the market, Frankel bought the four-bedroom spread in 2011 for just under $5 million, then spent $500,000 furnishing and renovating it. But when she and ex-husband Jason Hoppy decided to part ways, the apartment became the most contentious part of the divorce, resulting in a very public, four-year legal battle. With the home finally off her hands, the “Real Housewives of New York City” star and outspoken founder of the Skinny Girl empire told the Journal, "I’m glad that the real-estate gods were looking out for me saying, ‘let’s give her a break.’”
Check it out

October 13, 2016

Brooklyn, Queens are more expensive than they’ve ever been; Manhattan rents are down

Market reports are in from the third quarter of this year, and sales numbers are setting new records, especially in Brooklyn and Queens. From Douglas Elliman, numbers show sales prices in Brooklyn and Queens climbing for the fourth year in a row across the board for condos, co-ops and one- to three-family homes, as well as luxury properties (defined as the upper 10 percent of the market). The median sales price rose 8.7 percent to $735,000; the average sales price went up 14.8 percent to $983,511; the median sales price for luxury properties rose 23.5 percent to $2.5 million. All three numbers represent record increases. The rising market has likely been the result of a healthy job market in New York City and population growth that's five years ahead of schedule.
Find out more

Real Estate Trends

October 12, 2016

Construction update: Excavation underway for Annabelle Selldorf’s Bowlmor Lanes-replacing condos

By Ondel Hylton

William Macklowe Company's 22-story 21 East 12th Street (21E12) is poised to become the tallest ground-up condominium building in Greenwich Village upon completion in 2018. The development at the southwest corner of University Place and East 12th Street replaces the Bowlmor Lanes garage building, which, due to its height and incongruent massing, ruffled the feathers of watchful neighbors and community organizations. Nevertheless, the squat, five-story structure has been razed, and site excavation is well underway for New York's maiden of modernism, Annabelle Selldorf's, square, cast-stone tower.
Find out more here

October 12, 2016

Rande Gerber and Cindy Crawford to be George Clooney’s neighbor at Norman Foster’s Midtown tower

Rande Gerber and wife Cindy Crawford have purchased the apartment just upstairs from George and Amal Clooney's at the Norman Foster-designed One Hundred East Fifty Third Street, according to Page Six. As 6sqft recently reported, the Clooneys just scooped up a high-floor (though not the $65 million penthouse they reportedly viewed) apartment at the glassy tower. Longtime pals Clooney and Gerber recently sold their matched pair of adjoining Mexican villas, christened Casamigos–the same name as the duo's tequila brand, which is reportedly expanding its presence in New York City.
Check out the interiors at the new celebrity-approved tower

October 11, 2016

Emily Blunt and John Krasinski drop $6M on a historic Park Slope townhouse

When she started working on "The Girl on the Train" back at the end of 2015, Emily Blunt was rumored to be moving to Brooklyn since the movie was filming here in the city (despite the fact that the book took place near London). Now that the thriller opened at number one in the weekend box office, the sleuths over at LLNYC have uncovered that she and hubby John Krasinski did, in fact, move to the borough in December of last year, dropping $6 million on this landmarked Park Slope townhouse. According to filings with the DOB, they also spent $300,000 renovating the six-bedroom limestone beauty.
Check out the historic home

October 11, 2016

Cynthia Nixon expands downtown real estate holdings with $1.5M East Village co-op

Earlier this morning, 6sqft reported that "Grey's Anatomy" actor Justin Chambers had spent $1.54 million on a rather bland East Village loft in Ageloff Tower at 172 East 4th Street. Interestingly, another big-name television star has also picked up a residence at Ageloff, this time at its sister building at 141 East 3rd Street. LLNYC reports that "Sex and the City" actress Cynthia Nixon is listed on property records for a similarly unassuming apartment that sold for $1.49 million. The buyers are Nixon and her wife Christine Marinoni and another couple, their friends Michael Growler and William Bowers (Growler worked as a dresser for the "Sex and the City" movies). Based on the joint ownership, and the fact that Nixon has owned a $3.25 million residence at 10 Bleecker Street since 2012, it's likely that this is more of an investment.
Take a look around

October 11, 2016

‘Grey’s Anatomy’ star Justin Chambers picks up unassuming $1.5M East Village co-op

After 13 years of dramatics on "Grey's Anatomy," you'd think actor Justin Chambers would opt for a bit more of a trophy apartment, but he and his wife Keisha (it's actually her name on the property records) have spent $1.54 million on an unassuming East Village pad at Ageloff Tower, one of the few large, pre-war co-ops in the neighborhood. As the Observer point out, the couple will likely use the residence as a pied-à-terre since it's only two bedrooms and they have five children and three dogs.
Get a look

A look at Yorkville’s affordable housing decline

By Cait Etherington

Despite its location just a few blocks east of Park Avenue, Yorkville remains one of Manhattan’s most affordable neighborhoods south of 95th Street. The neighborhood’s reasonable prices partially reflect its reputation. Simply put, Yorkville has never been considered quaint or hip. Since its development in the nineteenth century, it has been best known for its German delis and unremarkable yet practical residential housing. Another factor that has historically kept the neighborhood’s housing prices below average is its high stock of rent stabilized units. Unfortunately, Yorkville’s reputation as a great place to find a bargain may soon be compromised. Recently released data on affordable housing stock in New York reveals that rent stabilized housing in Yorkville is rapidly declining. Indeed, between 2007 and 2014, the neighborhood lost more rent stabilized units than any other neighborhood in the city’s five boroughs.
read more here

October 7, 2016

Construction update: Soori High Line’s soaring ceilings and private, heated pools take shape

By Ondel Hylton

Soo K. Chan, founder of Singapore-based firm SCDA Architects, says "good architecture should move the human spirit." The practice's first New York development, a ground-up condominium named Soori High Line at 522 West 29th Street, certainly elicits a high degree of "wow," conveyed through its soaring 19-foot ceilings, equally tall windows, private heated swimming pools, and living room fireplaces. The $70 million project is a joint venture between Siras Development and Soo Chan's real estate arm Oriel. 6sqft took a tour of the still-under-construction building, where it was clear that even in its raw unfinished state, the opulence of Soori's homes is already undeniable.
See all the renderings and construction shots this way

ODA reveals renderings of Long Island City condo with inner courtyards

22-12 Jackson Avenue is the larger project to the right; 22-22 Jackson Avenue is on the left

October 7, 2016

ODA reveals renderings of Long Island City condo with inner courtyards

ODA Architects have been on a roll across the city over the past couple years, marking their territory with their cantilevering cube-itecture. The other design element they're becoming known for is the use of inner courtyards, seen most prominently at their massive Rheingold Brewery project and Bushwick hotel. They're now incorporating both signature features at a new condo project in Long Island City at 22-12 Jackson Avenue, directly adjacent to their rental at 22-22 Jackson and across from the giant 5Pointz redevelopment site and MoMA PS1. CityRealty brings us the first look at renderings of the 175-unit, H-shaped building, which is the latest in a string of developments in Court Square.
READ MORE

October 6, 2016

Sasha Vujacic is the second Knicks player to rent at Midtown West’s fitness-centric Sky

Back in July, 6sqft reported that Knicks star Kristaps Porzingis was renting out an $8,000/month penthouse at Midtown West's amenity-filled Sky, as well as renting out two more high-floor units for his brothers Martins and Janis. Perhaps due to the building's Carmelo Anthony-designed NBA regulation-sized basketball court, another player for the team has followed suite; the Post brings news today that shooting guard Sasha Vujacic is living in an $8,200/month pad at the glassy slab tower, and he and Porzingis have been spotting shooting hoops together here.
READ MORE

October 6, 2016

Starchitect condo prices grew 39 percent in 5 years, new index reveals

By 6sqft

As part of a recent expansion of its market indices, CityRealty has pulled together a new index tracking condo prices in NYC buildings designed by starchitects. The index quantifies the extent to which buyers are willing to pay a premium for apartments in buildings designed by big-name architects such as Robert A.M. Stern, Jean Nouvel and Norman Foster.
is hiring a starchitect worth it?

October 6, 2016

New renderings and hotel details for Bjarke Ingels’ High Line towers, now dubbed ‘The Eleventh’

In a press release announcing that HFZ Capital Group is bringing a 137-key luxury Six Senses hotel and spa to Bjarke Ingels' pair of travertine-and-bronze towers along the High Line, 6sqft has learned that the $1.9 billion project at 76 Eleventh Avenue will officially be known as The Eleventh. The hotel announcement --which is interesting because in December 2015, the original plans for a hotel were replaced with office space--also came with several new renderings of the 28- and 38-story buildings, which are distinguished by their twisting silhouettes, glowing crowns, and two amenity-filled podium bridges that connect them.
More new views and details ahead

October 6, 2016

Comedian Rachel Dratch sells off Gramercy co-op for $925K

About one year ago 6sqft reported that funny woman Rachel Dratch snatched up a somewhat bland two-bedroom at 230 East 15th Street in Gramercy. While we imagined that Dratch would transform the space into quirky quarters to match her equally vibrant personality, as it turns out, Dratch has long been the owner of another similar but smaller unit in the building with a shared aesthetic. According to city records, the comedienne just shed the one-bedroom property for $925,000.
see more here

October 5, 2016

POLL: Which Penn Station scheme do you prefer, Governor Cuomo’s or Vishaan Chakrabarti’s?

When Governor Cuomo revealed his plans for a new Penn Station-Moynihan Train Hall complex early last week, things seemed to be moving full steam towards a 2020 completion date thanks to flashy renderings and the selection of a high-profile developer-builder team. But architect Vishaan Chakrabarti was not convinced, and he and his firm the Practice for Architecture and Urbanism decided to create their own vision, one that repurposes Madison Square Garden, a facet of the plan he feels Cuomo failed to address.
Tell us which scheme you prefer

October 5, 2016

Jessica Chastain sells Greenwich Village duplex for $1.9M

After first hitting the market last September, Jessica Chastain's lovely Greenwich Village duplex has finally found a buyer according to city records. The actress bought the renovated two-bedroom at 250 Mercer Street in 2012 for $1.2 million and initially listed it as an $11,500/month rental before re-listing it for sale for $1.8 million in April. The buyer paid slightly over ask at $1.9 million.
See more here

October 3, 2016

Renters’ Rights 101: Know what your landlord is responsible for

By Diane Pham

No, you don't have to suffer in a sub-zero apartment this winter, nor do you need to dine with mice and roaches in your kitchen during the summer. If you're one of the many constantly finding themselves up in arms over a negligent landlord, rest assured there's more that you can do beyond grumbling to your friends. Indeed, in NYC tenants have a lot of power, and the city has established a number of regulations to protect you, your family, and especially young children living in rental properties. Ahead is 6sqft's list of the most common problems New York renters face—and some advice on how to get those issues fixed quickly.
Your rights here

September 30, 2016

Vishaan Chakrabarti reveals idea to repurpose Madison Square Garden as part of the Penn Station overhaul

Earlier this week, Governor Cuomo revealed plans to transform a revamped Penn Station-Moynihan Train Hall complex into a "world-class 21st century transportation hub." Despite the flashy new renderings and promise of a 2020 completion date, not everyone is sold on the plan, including Vishaan Chakrabarti, former principal of SHoP Architects and founder of the Practice for Architecture and Urbanism. As outlined in the Times, he feels that Cuomo's scheme has one glaring omission--Madison Square Garden. Instead of demolishing the arena, as earlier plans had called for, Chakrabarti proposes repurposing it and "using its stripped skeleton to make a glass pavilion, which becomes a neighborhood gathering spot, not just a station." The venue would then move to the west end of the Farley Building.
Lots more details and renderings ahead

Skyline-altering tower to rise 928 feet along Fifth Avenue in Nomad

View to the southwest of the Empire State Building with a conceptual 928-foot-tall tower at the site of 262 Fifth Avenue.

September 29, 2016

Skyline-altering tower to rise 928 feet along Fifth Avenue in Nomad

By Katy Cornell

A near supertall skyscraper is coming to Nomad, according to a recent Department of Buildings filing for 262 Fifth Avenue. Boris Kuzinez, an Israeli-Russian billionaire, submitted plans last week for a 54-story, 928-foot-tall mixed-use tower on the southwest corner of Fifth Avenue and 29th Street where a trio of pre-war buildings currently stand. The tower […]

September 29, 2016

New renderings for JDS and SHoP’s 1,000-foot Lower East Side supertall

Last 6sqft checked on the rental building at 247 Cherry Street in the Two Bridges area of the Lower East Side, it was revealed that the tower would rise to 1,000 feet, not surprising considering it comes from the supertall power team of JDS Development and SHoP Architects. And now, after a Community Board 3 meeting earlier this week where JDS and SHoP addressed the controversial project, CityRealty.com brings a new set of renderings that show close-ups of the 77-story building's green terra cotta facade and sky decks.
Check out all the new views

September 29, 2016

MTA board member asks who will pay for Penn Station overhaul