Real Estate Trends

Lottery Launches for 76 Affordable Units at 300 Ashland Place, From $889/Month
July 25, 2016

Lottery Launches for 76 Affordable Units at 300 Ashland Place, From $889/Month

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It's been 14 years since Enrique Norten's ship-like design was chosen to sail upon a triangular site in an ambitious arts district planned for the area around the Brooklyn Academy of Music. Initially proposed as an eight-story glass building to house the Brooklyn Library for the Visual and Performing Arts, the project was altered to a mixed-use high-rise when Two Trees Management was brought onboard during the economic downturn in 2008. Now officially known as 300 Ashland Place, the slab-shaped tower is a silvery 32-story icon that architecture critic Carter Horsley praises as a "gleaming, but mysterious steed" in the emerging Downtown Brooklyn skyline. It will house a smattering of public uses in addition to 379 apartments above. Earlier this July, leasing began on the 300 market-rate apartments that go for roughly $2,850/month for studios, $3,600/month for one-bedrooms and $5,750/month for two-bedrooms. And now, a housing lottery has launched for the 76 affordable units that include $889/month studios, $949/month one-bedrooms, and $1,087/month two-bedrooms.
Find out here if you qualify
What You Need to Know When Buying a Townhouse in New York City
July 22, 2016

What You Need to Know When Buying a Townhouse in New York City

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Historic details, gardens, privacy, numerous bedrooms and bathrooms… In a crowded city like New York where quarters often come cramped, townhouse living is truly what real estate dreams are made of. However, while townhouses can offer far more space and flexibility than say an apartment in a glass tower, unlike buying into a condo or a co-op, they also come with a whole other […]

Units at Trump’s 11 Manhattan Condo Buildings Are Still Selling at a Premium
July 22, 2016

Units at Trump’s 11 Manhattan Condo Buildings Are Still Selling at a Premium

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Historically, the Trump brand has boosted sales prices at Manhattan condos. Since 2005, units in the Donald's buildings have sold for an average of 31 percent more than other NYC condos. But with his beyond-contentious presidential run, it's been unclear if his real estate empire would take a hit in a city where 70 percent of registered voters are Democrats. New data brought to us by MarketWatch, however, shows that he's "still king of New York." According to an analysis by CityRealty.com of 2016 sales data at Trump's 11 Manhattan condos, these units sold for an average of $1,974 a square foot, compared with $1,873 for all other condos, a five percent advantage that was also echoed in 2015.
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Local Pols Say Port Authority’s $10B Bus Terminal Plan Is a Hot Mess
July 22, 2016

Local Pols Say Port Authority’s $10B Bus Terminal Plan Is a Hot Mess

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A request to put the brakes on a $10 billion plan for a new West Side bus terminal and rethink the process with more input from local officials and the public was rebuffed by the Port Authority chairman, reports Crain’s. Rep. Jerrold Nadler and Manhattan Borough President Gale Brewer were joined by Deputy Mayor Anthony Shorris, state Sen. Brad Hoylman, Assembly members Richard Gottfried and Linda Rosenthal and Councilman Corey Johnson in backing the effort to slow the Port Authority's call to move ahead with a design competition to get ideas for the West Side plan. The controversy emerged after a board meeting on Thursday. "We’re not going to defer the design and deliverability study,” was the reply from John Degnan, the New Jersey-appointed chairman, amid concerns that the new terminal will necessitate the seizure of private property using eminent domain, threaten area homes, small businesses and other organizations and belch more carbon from a larger fleet of buses into the air in an area that already "runs afoul of federal air-quality standards."
Find out what the fuss is all about
Trendy, ‘Affordable’ Food Hall and Beer Garden Headed to the South Bronx

Image: View Grand Concourse via photopin (license)

July 21, 2016

Trendy, ‘Affordable’ Food Hall and Beer Garden Headed to the South Bronx

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Controversial South Bronx Developer Keith Rubenstein of Somerset Partners has purchased a 16,000-square-foot warehouse (expandable to 30,000 square feet) at 9 Bruckner Boulevard for $7.5 million and intends to create a Gansevoort Market-style food hall called Bruckner Market, reports The Real Deal. According to the developer, who purchased two other South Bronx waterfront sites last year, the space will offer a fresh food market, kiosks and restaurants and may have a beer garden, though he made a point of addressing how the new addition will affect the community: “It will provide great food and beverage options at affordable prices for the existing community and new community.”
Find out more
New Photos of NYC’s First Residential Urban Farm at Urby Staten Island
July 20, 2016

New Photos of NYC’s First Residential Urban Farm at Urby Staten Island

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Urban farms are nothing new to NYC, but the first one at a residential building is taking shape at Staten Island's Urby. The $250 million, 900-unit rental development is located on the borough's North Shore waterfront, just minutes from the ferry, and is a collaboration between Ironstate Development and Dutch architecture and design firm Concrete. There will be 35,000 square feet of retail space, and though the units are quite nice and modern, it's the health-centric amenities that really set this LEED-certified project apart. Urby will offer an outdoor pool, a two-story fitness center, filtered communal well, landscaped courtyards with fire pits, a rooftop apiary with beehives, a 300-car garage with electric car chargers, and access to a waterfront esplanade. In the food department, there's one of the city's largest urban farms, which is employing New York's first farmer-in-residence, as well as an on-site bodega, cafe, and communal test kitchen.
Check it all out
MAP: NYC’s Rental Concessions on the Rise, See Where Landlords Are Offering Deals
July 20, 2016

MAP: NYC’s Rental Concessions on the Rise, See Where Landlords Are Offering Deals

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“There’s some crazy stuff going on in New York.” David Neithercut, President and CEO of Equity Residential, told Bloomberg in April during the company’s Q1 Earnings Call. COO David Santee sums up why: “We had to join the concession party to close deals.” Equity Residential is following a growing trend of many other New York City landlords, and is doing so out of necessity. They are under immense pressure to keep their buildings full in the face of increasing vacancy rates. According to the June 2016 Elliman Report, in Manhattan, “The vacancy rate rose from 2.07 percent to 2.3 percent when compared to the same month a year ago, and is the highest vacancy rate for June in four years.” The report also notes that the median rental price is up 2.2 percent since last June, and the number of new leases is up 33.5 percent as tenants continue to push back against increases applied at the time of renewal. Tenants were offered concessions on 9.7 percent of all new leases, up from 3.9 percent last June. While this has become a point of stress for landlords (Equity Residential alone gave an estimated $600,000 in concessions during the first quarter), as you may have guessed, this is great news for prospective renters.
Find out more here
Pricing Revealed for Essex Crossing’s SHoP-Designed Condo Tower
July 19, 2016

Pricing Revealed for Essex Crossing’s SHoP-Designed Condo Tower

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Though Essex Crossing will bring 1.65 million square feet of residential, community, and commercial space to the Lower East Side, only one of the 10 sites will offer condos--242 Broome Street. Located at Site One, the SHoP Architects-designed tower is currently getting its foundation poured, and along with this groundbreaking comes a sales website with new details on the project, reports CityRealty.com. The 14-story building will have a five-story base to house retail and commercial tenants and a bowling alley from Splitsville Luxury Lanes. On the fifth floor will be a cultural space (the Andy Warhol Museum previously planned to open an outpost here) and rooftop sculpture garden. Above will be 55 one- to three-bedroom condos, 11 of which will be affordable. Tentative pricing for the market-rate units ranges from $1,275,000 to $7,000,000, according to the latest edition of Elliman Magazine (the brokerage will be handling sales).
More details this way
Delivering a New Future to Bronx General Post Office While Honoring Its Past

Image courtesy of Studio V Architecture

July 19, 2016

Delivering a New Future to Bronx General Post Office While Honoring Its Past

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Blocks away from the Harlem River waterfront and the 15-acre Mill Pond Park, with easy access to public transportation and serving a vibrant community of college students, office and medical workers, and working-class families, sits the nearly 80-year old landmarked Bronx General Post Office. Acquired in 2014 by developer Young Woo & Associates and the Bristol Group as part of the postal service’s plan to pare down its real estate holdings, the building’s bold yet tasteful transformation promises to be a showcase for the borough’s long awaited rebirth. Though its glory years as the primary sorting, storage and processing hub for the majority of mail coming to and from the Bronx have long gone, the government was careful to ensure that its new life would be worthy of its storied history—and its neighborhood inhabitants. After a thoughtful and lengthy RFP process, developer Young Woo was selected to bring his vision—what he's described as "a crossroads for community, commerce and culture"—to the 175,00-square-foot facility, and he hired STUDIO V Architecture, a firm with extensive experience in adaptive reuse, to help achieve it.
Read more on their approach to this unique project here
Huge Tax Disparities Along Central Park Become Visuals in Architectural Art Installation

“Section 581” by SITU Studio, Photograph by Patrick Mandeville

July 18, 2016

Huge Tax Disparities Along Central Park Become Visuals in Architectural Art Installation

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"Section 581" by SITU Studio, Photograph by Patrick Mandeville Billionaires get off nearly tax-free and billions go uncollected due to flaws in the way the city assesses property value. As part of a new exhibit at the Storefront for Art and Architecture in Soho, interdisciplinary architecture firm SITU Studio created visual representations of these inequities in one of their most glaring examples: the buildings along Central Park. New York City's property tax structure assigns higher real property taxes to renters than it does to the infamous absentee owners of the trophy condos on Billionaires’ Row, short-changing the city of millions in annual revenue, according to CityLab. The acrylic bands in the SITU models show the disparity between the taxed value of these properties and the sky-high amounts they’d actually sell for.
Find out how the state law is giving billionaires a free lunch
Plans Filed for Condo/Cultural Building in West Chelsea by the Late Zaha Hadid
July 18, 2016

Plans Filed for Condo/Cultural Building in West Chelsea by the Late Zaha Hadid

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At the beginning of June, 6sqft reported that the Moinian Group would be moving ahead with a project at 220 Eleventh Avenue in Chelsea that they had collaborated on over a year ago with the late Zaha Hadid. This is located just three blocks away from the starchitect's only other New York Commission at 520 West 28th Street along the High Line. At the time, the developer announced that the new building will be "a collection of signature loft-like condominium residences, a collection of penthouses and a cultural institution to establish itself as the hub of the world renowned art district that is West Chelsea." Yimby has now revealed that Moinian filed official permits for the 11-story structure, which will boast 40 large condos, a museum, and a restaurant.
More details right this way
First Look at Williamsburg’s Tallest Building Not Planned Along the Waterfront
July 16, 2016

First Look at Williamsburg’s Tallest Building Not Planned Along the Waterfront

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"Avid church and factory convertor" Yoel Werzberger and Watermark Capital Group are building a 19-story, 230-foot residential building in the heart of Williamsburg at 321 Wythe Avenue, reports CityRealty.com, and it'll be the tallest tower in the neighborhood not along its waterfront. The site was formerly a parking lot and single-story church owned by the Parish of Saints Peter and Paul Roman Catholic Church, who also owns an acre of property on the block between Wythe and Berry Streets. The struggling church entered a long-term lease deal with Watermark last year that will allow them to erect a residential tower while making payments to the Parish that begin at $2.1 annually.
More info this way
Parker Posey Unloads Her $1.45M Greenwich Village Co-op in Less Than Two Months
July 15, 2016

Parker Posey Unloads Her $1.45M Greenwich Village Co-op in Less Than Two Months

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Parker Posey caught people's attention when she posed in the listing photos for her Greenwich Village co-op at 30 Fifth Avenue. Take a look at the indie actress, who is currently celebrating the release of her new film "Café Society," lounging in her bedroom, reading Mary Louise Parker’s “Dear Mr. You” along with her Bichon Frise Gracie. Though unusual, the tactic must've worked, because the Observer reports that in less than two months the $1.45 million pad has gone into contract.
See the rest of the apartment
Looming L Train Shutdown Already Causing Williamsburg Condo Prices to Dip, Says Expert
July 15, 2016

Looming L Train Shutdown Already Causing Williamsburg Condo Prices to Dip, Says Expert

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Since word broke that the L Train would be shutting down for upwards of a year, many have been wondering just how this would affect real estate prices in the immediate term. Well it looks we may finally be getting a taste. As DNA Info first reports, The Real Estate Board of New York (REBNY) released their quarterly findings this week, and REBNY found that although the number of condos sales were up in Williamsburg by 43 percent this last quarter over the same time last year, the average sales price dropped a considerable 13 percent to $937,000. To put this further into perspective, for Brooklyn as a whole, REBNY recorded a nine percent rise to $923,000 over the same period; Manhattan condos by comparison grew by 21 percent to an average $2.843M.
is there anything really to this?
Lottery Opens Tomorrow for 300 Affordable Rentals at Pacific Park Brooklyn
July 14, 2016

Lottery Opens Tomorrow for 300 Affordable Rentals at Pacific Park Brooklyn

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It's been almost two years since architects COOKFOX were selected by developer Greenland Forest City Partners to design two residential buildings at their Pacific Park Brooklyn project, the 22-acre site anchored by the Barclays Center and containing eight million square feet of mixed-use development. COOKFOX took the helm for 550 Vanderbilt Avenue, a 275-unit condo, and 535 Carlton Avenue, a 298-unit affordable rental. A housing lottery for the latter will open tomorrow, according to a press release, offering low, moderate and middle-income residents the chance to apply for apartments ranging from $548/month studios to $3,716/month three-bedrooms.
Find out if you qualify
FXFOWLE’s The Ashland Kicks Off Leasing With New Renderings of Apartments and Food Hall
July 14, 2016

FXFOWLE’s The Ashland Kicks Off Leasing With New Renderings of Apartments and Food Hall

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At the crossroads of Fort Greene, Downtown Brooklyn, and the BAM Cultural District, The Ashland rises. Next Tuesday, July 19, the 53-story, 586-unit tower will open its leasing office to prospective renters interested in its one-, two- and three-bedroom no-fee apartments, priced from $2,600/month for studios to $7,500/month for three-bedrooms. Previously, 282 apartments went online through the city's affordable housing lottery. To coincide with the grand opening, the Gotham Organization-developed and managed building has also launched its full website, providing us a bundle of new renderings of the exterior, the apartments, and the 17,000-square-foot marketplace that will open along its ground floor.
More details ahead
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
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