Real Estate Trends

Why Are the Supertall Gurus at Extell Planning a Stubby 18-Story Condo on Billionaires’ Row?
July 12, 2016

Why Are the Supertall Gurus at Extell Planning a Stubby 18-Story Condo on Billionaires’ Row?

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Gary Barnett's Extell Development has become synonymous with sky-high towers, especially those along Billionaires' Row -- the 1,005-foot-tall One57 and the 1,550-foot-tall Central Park Tower -- where it appeared that they were readying to construct a third behemoth that would rise more than 700 feet. However, Crain's reports that Extell has filed plans for the site at 134 West 58th Street (the same block as One57), and they call for a stubby, 18-story, 41-unit condo building that's less than 200 feet tall.
What's the deal?
Downtown Brooklyn’s 300 Ashland Releases New Renderings to Kick Off No-Fee Leasing
July 12, 2016

Downtown Brooklyn’s 300 Ashland Releases New Renderings to Kick Off No-Fee Leasing

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The latest tower to open its doors in Downtown Brooklyn‘s BAM Cultural District is 300 Ashland, a 35-story, mixed-use tower from Two Trees Management that is offering 300 no-fee rentals. There are currently nine units available with studios starting at $2,850/month, one-bedrooms at $3,300/month and a single three-bedrooms from $5,750/month. To coincide with the launch, the developer […]

Apply For Affordable Condos at Harlem’s Circa Central Park, Starting at $225,000
July 8, 2016

Apply For Affordable Condos at Harlem’s Circa Central Park, Starting at $225,000

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Circa Central Park, Harlem’s most anticipated condominium project is currently is offering ten lucky households a chance to buy an affordable new unit within the high-end, curving building. Crescent 110 Equities is spearheading the lottery program, and occupancy of the development is set to begin in 2017. The available apartments range from $225, 294 studios to $381,105 two-bedrooms.
Find out if you qualify
Airbnb Pulls 2,233 Listings Ahead of Illegal Hotel Ad Law
July 8, 2016

Airbnb Pulls 2,233 Listings Ahead of Illegal Hotel Ad Law

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Increasingly the subject of criticism from state legislators and advocacy groups, Airbnb reported Thursday that it had removed 2,223 more listings from the site that may have been illegal hotels under the current law, according to the New York Post. Governor Cuomo may soon sign a bill that would make it illegal to advertise these listings–i.e. those available for fewer than 30 days in buildings with more than three units where the original tenant isn’t present–in deference to claims that these illegal hotels are removing much-needed stock from the pool of available housing for those who need it. 6sqft recently cited a new report claiming that 56 percent of the company's New York City listings were illegal.
Why did all those listings get booted?
Rare Opportunity to Apply for New Upscale Condos in Clinton Hill, Priced From $156,000
July 7, 2016

Rare Opportunity to Apply for New Upscale Condos in Clinton Hill, Priced From $156,000

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Here's your rare opportunity to purchase a NYC condominium in an upscale building for a fraction of market-rate prices. The developers of Clinton Hill's under-construction condo Waverly Brooklyn are now accepting applications for 11 subsidized homes priced as low as $156,444. Qualified applicants have a chance to purchase the deal of a lifetime with studio, one- and two-bedroom homes priced 86-percent below the neighborhood's market-rate medians. The condos are available to households earning between $32,617 to $48,923.
More details ahead
Manhattan View Condo Launches Full Website, Touting Luxury Amenities and Far-Reaching Views
July 7, 2016

Manhattan View Condo Launches Full Website, Touting Luxury Amenities and Far-Reaching Views

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Co-developers Kuafu Properties and SCG America have fully launched their website marketing 151 Jamie Drake-designed condos called Manhattan View. For those in search of an upscale home in Midtown West, it's unlikely that Manhattan View can escape your radar for long. The residences are perched on 13 floors atop the Arquitectonica-designed MiMA Tower at 460 West 42nd Street, and the exclusive collection of apartments will provide richly appointed amenities and far-reaching views of the city and waterways. The new website leads with a fun and quirky film of the building that tours its apartments and amenities and grants a view of the lifestyle it hopes to provide its residents.
More details and the full video ahead
Hello Albermarle’s ‘Avant-Garde-on-a-Budget’ Condos Take Flight in Flatbush
July 6, 2016

Hello Albermarle’s ‘Avant-Garde-on-a-Budget’ Condos Take Flight in Flatbush

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Hello Living is extending their Bauhaus-inspired magic deeper into Brooklyn with their latest project Hello Albermarle. It rises from a former parking lot located near the renewed Loew’s Kings Theatre and another upcoming high-rise development by the firm Hello Nostrand. Now having ascended four floors out of its concrete pit, the 44-unit condominium tower will ultimately tower 12 stories and 140 feet over its cozy Flatbush community.
More info ahead
COOKFOX’s Massive Affordable Housing Development Pushes Forward in the Bronx
July 3, 2016

COOKFOX’s Massive Affordable Housing Development Pushes Forward in the Bronx

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Last month, 6sqft reported on the COOKFOX-designed development Park House, the first phase of a two-building affordable and supportive housing complex in the Tremont neighborhood of the Bronx. Since then, the 12-story building has topped off and foundation work is quickly moving along for its adjacent fraternal building dubbed the Webster Residence. The development is being pushed forward by Breaking Ground, a non-profit committed to ending homelessness. This development will be the organization's first venture in the South Bronx.
READ MORE
Hell’s Kitchen’s 535W43 Kicks Off Leasing and Offers One Month’s Free Rent
July 3, 2016

Hell’s Kitchen’s 535W43 Kicks Off Leasing and Offers One Month’s Free Rent

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CetraRuddy's through-block rental development 535W43 is now complete, and this past Thursday the development team threw a grand opening event inside the Hell’s Kitchen haven. The finished product ranks as one of the neighborhood's most handsome new additions, comprised of two 14-story towers whose street-facing facades are clad in an industrial-inspired skin of multi-tone bricks, grand casement windows, and dark metal accents. Across its 263,300 square feet of floor area are 180 no-fee apartments ranging from studios to two-bedrooms. For a limited time, the leasing team headed by Douglas Elliman is offering new renters one month free on newly signed leases. Seven apartments are now on the market with net-effective rents starting at $3,000/month for studios, $4,080 for one-bedrooms, and $6,785 for two-bedrooms.
Find out more
World Trade Center Performing Arts Complex Gets $75M Gift From Billionaire Ronald Perelman

Image pointing to the site of the Performing Arts Center at the World Trade Center. Rendering by DBOX

June 30, 2016

World Trade Center Performing Arts Complex Gets $75M Gift From Billionaire Ronald Perelman

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Billionaire businessman and philanthropist Ronald O. Perelman has made a $75 million gift towards the Performing Arts Center at the World Trade Center (PACWTC) reports the New York Times. The donation will finally make one of the last unfinished projects at the site a reality, and the Center will therefore be named for Perelman. "I think that this is a project that must happen. It is more than just a pure artistic center to serve a community. It is that, but at the same time it’s much more than that," he said. This is not Perelman's first time donating to the World Trade Center site. Under the Bloomberg administration he gave $5 million for the National September 11 Memorial and Museum and said then that he was interested in making the lead gift for a performing arts center at the site.
Find out more this way
INTERVIEW: Deborah Berke on Becoming Dean of Yale Architecture School, and Her New Book
June 30, 2016

INTERVIEW: Deborah Berke on Becoming Dean of Yale Architecture School, and Her New Book

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July is a big month for Deborah Berke, the founder of the New York-based architecture and design firm Deborah Berke Partners. Not only will Ms. Berke become Dean of the Yale Architecture School on July 1st (the first woman to do so in the school’s 100-year history), taking over for Robert A.M. Stern, but her new […]

Apply Today for Six $947/Month Apartments in Astoria’s Artsy Welling Court
June 30, 2016

Apply Today for Six $947/Month Apartments in Astoria’s Artsy Welling Court

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Welling Court is a tiny enclave in Astoria, tucked between 30th Avenue and Vernon Boulevard, near the base of Astoria Park. It's best known for the funky street art that adorns its building's walls. Organized by the Welling Court Mural Project, there are now more than 140 murals from international artists, and each June the group puts on a huge block party to celebrate that year's art. If this arsty community appeals to you, a new rental building has recently gone up in Welling Court, and it comes with six low-income apartments that are now up for grabs through the city's housing lottery. 11-07 Welling Court is a six-story, 27-unit building from Architects Studio and developer Halil Todic. The affordable residences, created through the city's 421-a program, are $947 a month for individuals earning between $32,469 and $38,100 annually or two-person households earning between $32,469 and $43,500.
More info
Join the World’s Leading Urban Decision-Makers at the NYT’s Cities for Tomorrow Conference
June 30, 2016

Join the World’s Leading Urban Decision-Makers at the NYT’s Cities for Tomorrow Conference

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Rapidly growing populations and increasingly scarce resources are two of the biggest challenges that cities face today. But how are policymakers, developers, entrepreneurs and designers responding to these issues? For the third year in a row, the New York Times’ Cities for Tomorrow conference will bring together the world’s top urban-thinkers to discuss what’s being done to enact change that will […]

Lottery Opens for 41 Units at Related’s Hudson Square Rental, Starting at $788/Month
June 29, 2016

Lottery Opens for 41 Units at Related’s Hudson Square Rental, Starting at $788/Month

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If living right near the Holland Tunnel doesn't bother you, here are 41 low-income apartments on the border of Tribeca and Soho in a brand-new rental building from the Related Companies. 261 Hudson Street is in the up-and-coming Hudson Square neighborhood and was constructed as an 80-20 building through the city's Robert A.M. Stern Architects, it has 12 stories and 201 units total. The affordable apartments include $788/month studios, $847 one-bedrooms, and $1,025 two-bedrooms.
Find out if you qualify
JDS and SHoP’s Cherry Street Tower Will Be Taller Than Expected, May Reach 1,000 Feet
June 29, 2016

JDS and SHoP’s Cherry Street Tower Will Be Taller Than Expected, May Reach 1,000 Feet

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Back in April, the power team of JDS Development and SHoP Architects unveiled plans for a 900-foot, 77-story rental building at 247 Cherry Street in the Two Bridges area of the Lower East Side. This neighborhood has become controversial for a recent influx of sky-high development; 247 Cherry will rise directly next to Extell's 850-foot One Manhattan Square and not far from two 50-story towers at 265-275 Cherry Street. Its 900-foot height would've made it the tallest tower between Midtown and Downtown, but left it 100 feet shy of the supertall status JDS and SHoP are known for (the duo is responsible for the 1,438-foot-tall 111 West 57th Street and 9 DeKalb Avenue, Brooklyn’s first 1,000+ foot tower). However, Bowery Boogie reports today that the height may actually be at or above 1,000 feet, rising 80 stories.
More details ahead
A 32-Foot Long Living Room with Exposed Brick Dominates This Hell’s Kitchen Loft Rental
June 29, 2016

A 32-Foot Long Living Room with Exposed Brick Dominates This Hell’s Kitchen Loft Rental

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When you're tasked with decorating a 32-foot-long living room, you know you've made it in the world. Luckily such a room, located at this Hell's Kitchen apartment up for rent at 529 Ninth Avenue, is lined with exposed brick which lends it plenty of character. This lofty top-floor apartment is 1,200 square feet, with its own private roof deck. For all that space, it's going to cost $4,800 a month.
Take a look inside
POLL: Is Sunset Park One of the 15 Coolest Neighborhoods in America?
June 29, 2016

POLL: Is Sunset Park One of the 15 Coolest Neighborhoods in America?

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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.
Let us know if you agree with this analysis
Sales Begin at Jardim, Isay Weinfeld’s Serene High Line-Adjacent Oasis
June 28, 2016

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

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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
New Report Says 56 Percent of 2015’s Airbnb Listings Were Illegal
June 28, 2016

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

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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
58 Chances to Live in a Morris Adjmi-Designed Flatiron Building for as Low as $913/Month
June 27, 2016

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

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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
Interview: COOKFOX Partner Brandon Specketer on Biophilia’s Role in Building Design
June 27, 2016

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

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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 […]

New Owners May Close Waldorf Astoria for Three Years for 1,100-Room Condo Conversion
June 27, 2016

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

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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
Matt Lauer Paid $36M for Richard Gere’s Hamptons Estate
June 27, 2016

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

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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
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