Real Estate Trends

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

June 24, 2016

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

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

Avery Hall Investments and co-developer OTL Enterprises are forging ahead with the development of pair of understated five-story condominium buildings at 161-163 Columbia Street in Cobble Hill's Columbia Street Waterfront District. The team picked up the lots in 2014 through a unique deal with the nonprofit Carroll Gardens Association where proceeds of the sale would be used to preserve below-market rate rents for 28 units on the street and possibly develop 70 more affordable units in nearby Red Hook.
READ MORE

June 15, 2016

First Look at BKSK Architect’s Upcoming Condo Tower Planned For 200 East 21st Street

It seems every major intersection in Gramercy between East 20th and 23rd Streets is being redeveloped these days. Last fall, 6sqft reported that a humble set of walk-up buildings at the southeast corner of East 21st Street and Third Avenue were hitting the chopping block. Since then, a new building application has been filed to construct a 20-story condominium designed by BKSK Architects with Alfa Development at the helm. A new rendering of the structure, addressed officially as 200 East 21st Street, was published on the project's EB-5 investors page and shows a two-tiered metal and glass building. There will be 29 one-bedroom units, 24 two-bedrooms, seven three-bedrooms, and three four-bedrooms, for a total of 63 apartments spread across 80,000 square feet. The ground level will host retail spaces and a shortlist of residential amenities includes a 24-hour doorman, concierge, tenants' storage, a bike room, fitness center, and residents' lounge.
Find out more

June 14, 2016

Check Out the Manhattan Skyline in 2020! New Development Sales to Hit $8.4B This Year

As part of their Manhattan New Development Report, CityRealty has released a trio of skyline renderings that show how the city will appear in 2020 -- looking south from the Lower East Side, north from the tip of the island, and of course, down on Central Park South's Billionaires' Row. The eye-popping images underscore the fact that new developments have been "markedly above the average price of all other Manhattan condos since 2013." The average sales price in new developments is expected to hit $4.4 million this year and $5.7 million by 2018. By comparison, the expected average price of a non-new development condo for 2016 is $2.65 million. Moreover, new development sales totaled $5.4 billion last year, up from 2014's $4.1 billion. This figure is expected to reach $8.4 billion this year and more than $10 billion by 2018.
See all the renderings and find out which buildings are leading the pack

June 14, 2016

Construction on LaGuardia AirTrain Kicks Off This Afternoon

Earlier this month, it was announced that work on Governor Cuomo's $4 billion overhaul of LaGuardia Airport would begin this summer, and today NY1 reports that a groundbreaking ceremony for the new AirTrain (part of the overall modernization plan) is taking place this afternoon. It will span 1.5 miles along the Grand Central Parkway, connecting with the 7 train and Long Island Railroad at Willets Point. A 2015 estimate put its cost at $450 million.
Find out more

June 14, 2016

Alan Cumming Sells $2.2M East Village Co-op in a Month

Star of "The Good Wife" Alan Cumming has sold his four-bedroom East Village co-op at 297 East 10th Street in just a month's time, the Observer tells us. After reports that he and his husband, graphic designer Grant Shaffer, were renovating a nearby 19th century townhouse they bought in 2013 for or $4.65 million, the couple listed the charming East Village apartment for $2.2 million last month. They bought the home on the third floor of a brick rowhouse in 2005 for $1.7 million and undertook some renovations, but were sure to maintain the historic details like an original wood-burning fireplace with a carved wooden mantel, wide-plank hardwood floors, architectural moldings, and beautiful built-ins.
See the whole apartment

June 14, 2016

EŌS, The City’s Shortest Skyscraper, Now Renting From $4,705/Month in Midtown West

EŌS, the mixed-use tower in Midtown West that 6sqft knighted as the shortest skyscraper in the city, is approaching its construction finish line and after a decade in the making, its 300 rental units are coming online. Countering our superlative, the fully launched website leads with an image of a bath-robed woman perched high above the city looking to the east - the building is named after the Greek winged goddess of the dawn afterall. The site also publishes new renderings of apartment interiors, some of the building's many amenities, and its far-reaching views across the city. The 500-foot-tall sleek glass slab was designed by COOKFOX Architects and developed by the Durst Organization. Though quite anonymous from the outside, across its 47 stories are an array of uses that include 122,000 square feet of commercial space that Nike is reportedly anchoring, 70,000 square feet of retail, and 375 residential units above (20 percent of which are designated as affordable).
Get more details

June 12, 2016

First Look at New 10-Unit Rental Planned for Washington Heights

By Dejah Mcgibbon

Last fall, permits were filed to construct a six-story, 10-unit residential building at 563 West 170th Street in Washington Heights. The single-story garage building that occupied the mid-block site between Audubon and St. Nicholas Avenues has been removed and will soon be replaced by a sleek glass and metal building developed by Michael Reznik of Central Park Capital Group and designed by Charles Diehl.
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June 10, 2016

Archilier Architects Design Empire State Building-Sized Tower for Former Subway Inn Site