Real Estate Trends

June 10, 2016

Apply for 20 Affordable Apartments on East 165th Street, Starting at $690/Month

Applications are now being accepted for 20 brand new affordable homes at 491 East 165th Street in the Morrisania section of the Bronx. The 10-story building will house eight studio apartments priced at $690 per month for qualified applicants earning between $24,995 and $38,100 annually. Six one-bedroom units are priced at $775/month and are available to one- or two-family households earning between $27,943 and $43,500 per year, and six two-bedroom units will go for $950/month for two- to four-person households earning between $33,943 and $54,360 per year.
Get more info right here

June 9, 2016

Micro-Apartments at Carmel Place Starting from $2,570 and Offering a Month Free

By Ondel Hylton

For you minimalist gurus who also relish on-site amenities, there is a now a building for you. Earlier this spring, leasing kicked off for the city's first micro-housing development, Carmel Place (formerly known as My Micro NY) at 335 East 27th Street. Developed by Monadnock Development and designed by nARCHITECTS, the newly finished no-fee building is a prototype meant to test compact and efficient living arrangements within the city's tight housing market, as well as accommodate the city’s growing population of one- and two-person households. Thee leasing team led by Citi-Habitats is offering one month free on all 12- and 24-month leases. According to CityRealty, there are seven micro-studios available ranging from 265 to 360 square feet. Though the units are nearly half the size of typical studio apartments, monthly rents are not analogously micro with current asking prices ranging from $2,570 to $2,920 per month. That's an average of $110 per square foot, significantly more than $83 per square foot median studio price in Murray Hill and $60 per square foot in Gramercy.
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June 8, 2016

Sarah Jessica Parker and Matthew Broderick Pay $34.5M for Two West Village Townhouses

By Annie Doge

It looks like Sarah Jessica Parker and husband Matthew Broderick have just closed on two West Village townhouses for $34.5 million, according to The Real Deal. It was rumored in February that the actress was combining a pair of brick homes to create her own mega-mansion, working with power-broker Dolly Lenz to make a deal happen. The buy comes just over a year after the couple sold off their Greenwich Village townhouse for a hefty $18.25 million—although at a discount and a loss (they originally paid $18.995 million in 2011, and then asked $20 million) after letting it linger on the market for nearly three years. The two homes snagged the "Sex and The City" star are located at 273 and 275 West 11th Street, which together combine into a 50-foot-wide residence with 13,900 square feet of interior space, plus a massive yard measuring 2,100 square feet.
let the renovations begin!

June 7, 2016

One Vanderbilt Will Cost a Whopping $3.14 Billion

By Dana Schulz

Another supertall tower will join the $3 billion+ club. The Real Deal reports that SL Green Realty has pegged the cost of One Vanderbilt, Midtown's future tallest tower, at $3.14 billion. The city's largest office landlord also said it hopes to close on a $1.5 billion construction loan by the end of the summer, leaving $1.64 in equity needed to complete the 1,401-foot tower designed by Kohn Pedersen Fox. As TRD notes, One World Trade Center became the world's most expensive office tower in 2014 when it opened with a final cost of around $3.8 billion. Bjarke Ingels' planned High Line tower known as the Spiral is also expected to run over $3 billion.
More details this way

June 7, 2016

Shhhh… A Look at New York’s Ongoing Battle With Noise

By Cait Etherington

New Yorkers may be surprised to learn that they do not live in the world’s loudest city. That dubious honor goes to Mumbai where noise levels have been known to reach close to 124dB. To put this figure into perspective, 124dB is somewhere between the sound levels typically reached by chain saws (120dB) and the […]

June 6, 2016

Condo/Cultural Building Designed by the Late Zaha Hadid Will Rise in West Chelsea

By Dana Schulz

When the architecture community learned of the passing of Zaha Hadid in late March, it came as a bit of consolation that her first and only building in New York, 520 West 28th Street, had already begun to take shape along the High Line, ensuring that her legacy would last in our skyline. In much welcome news, 6sqft learns today that yet another design of hers will rise just three blocks away in Chelsea. A press release from The Moinian Group reveals that more than a year ago they worked with Hadid and her team to explore possibilities for 220 Eleventh Avenue, one of her final creations. 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."
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June 6, 2016

Flexible Floor Plan at This Bright Greenwich Village Apartment, Asking $4,500/Month

By Emily Nonko

This Greenwich Village rental apartment at 101 West 11th Street can wear several hats. One on hand, this could be a one bedroom with a living room and a separate dining room. On the other, it could be used as a two-bedroom apartment. Either way, it's a nice bright apartment with all the New York essentials: big windows, high ceilings, wood floors and a fireplace.
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June 5, 2016

Art-Deco Masterpiece 70 Pine Street Opens, Offering Two Months Free Rent

By Ondel Hylton

It's not everyday that one has the chance to live in one of the world's finest skyscrapers. Details of The Pinnacle at The Woolworth Tower Residences have yet to be revealed, but for those of us still saving to buy a piece of history, the rentals at 70 Pine Street await. Soaring to a cloud-popping height of 66 stories and 952 feet, the building is essentially downtown's Empire State Building and was the world's third tallest building upon completion in 1932. Designed by Clinton & Russell, Holton & George for the utilities conglomerate Cities Service company (later known as CITGO), the tower was sold to the American International Group (AIG) in 1976, where they held their offices until the last recession. Breathing new life into the landmarked building, Rose Associates is re-conceiving the commercial icon into 644 rental apartments, a 137-room extended stay hotel, and 35,000 square feet of retail space. And for a limited time, Rose is offering two months free rent or one month free rent and paid broker's fee for newly-signed leases. The homes are divided into the city, tower, and penthouse collections and as we await construction to fully wrap up, 17 apartments are currently available throughout its mid-level city collection floors.
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June 3, 2016

45 East 22nd Street Tops Out, Officially Tallest Skyscraper Between Midtown and Downtown

By Ondel Hylton

Who would have thought the most alluring residential skyscraper addition to the city's post-recession boom would not rise in Midtown, near its overly-discussed Billionaires' Row, or near the city's historical skyscraper center, the Financial District, but rather smack dab between the two at 45 East 22nd Street in the Flatiron. Overlooking Madison Square Park and its turn-of-the-century engineering marvels--the Flatiron Building and Metropolitan Life Building--the svelte glass spire has fully ascended to its full 65-story, 777-foot peak. A malnourished baby on the world stage, the building's height is less than a third of the world's tallest building and will contain a paltry 83 condominium units priced from $2.5 million for a one-bedroom to $38 million for one of its two penthouses.
More on the building this way

June 3, 2016

Revealed: Morris Adjmi Pens Coffered Facade For Condos Next to Bowlmor Lanes Site

By Ondel Hylton

Here's our first look at the Morris Adjmi-designed condos slated for the southwest corner of West 13th Street and University Place in Greenwich Village. The project, tentatively addressed 34 East 13th Street, rubs shoulders with Annabelle Selldorf's 21 East 12th Street condo development, which replaced the large building that held Bowlmor Lanes. Last year, NYREJ reported that Ranger Properties and Sagamore Capital purchased the three-building corner assemblage for $22 million or $1,100 per square foot, one of the most expensive residential development transactions ever downtown.
More details ahead

Dreamy Two-Bedroom in West Soho Hits the Rental Market For $8,500/Month

By Emily Nonko

There's something ethereal about this co-op, now up for rent at 57 Thompson Street in Soho. Maybe it's the artwork, or the exposed brick that's been painted white, or the nine-foot ceilings, or the treetop views from the big windows. Simply put, we believe the listing when it says this two-bedroom apartment has a dreamy, peaceful quality to it.
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June 2, 2016

$4B Overhaul of LaGuardia Airport to Begin This Summer, New Renderings

By Dana Schulz

When Governor Cuomo revealed details and flashy renderings for his planned $4 billion overhaul of LaGuardia Airport, he assured New Yorkers "It’s not a plan; it’s not a sketch; it’s not a dream; it’s not a vision—it’s actually happening." And he wasn't kidding; LaGuardia Gateway Partners, a public-private partnership formed by the Port Authority of New York and New Jersey, announced yesterday that they closed on the deal to develop a "replacement to the maligned LaGuardia Airport's Central Terminal Building and operate the new facility through 2050," according to Crain's. With work expected to kick off this summer, Curbed has also uncovered a few new renderings of the plan.
More details ahead

First Full Look at Nolita’s 75 Kenmare Street, Will Have Lenny Kravitz-Designed Condos

Rendering via the Rinaldi Group

June 2, 2016

First Full Look at Nolita’s 75 Kenmare Street, Will Have Lenny Kravitz-Designed Condos

By Ondel Hylton

After getting a peek of its entryway facade in March and announcing that rocker/actor Lenny Kravitz will mold its interior residences, we now have our first full look at DHA Capital's 35-unit condominium 75 Kenmare Street. Situated at the corner of Mulberry Street in Nolita, the upcoming seven-story development converts and expands upon a parking garage which DHA, in partnership with AMS Acquisitions and First Atlantic Capital, purchased for $50 million last year. Manhattan-based architect Andre Kikoski designed a sumptuous masonry skin composed of "richly textured and finely scaled" cast-formed concrete, and the apartments are expected to go from $1.7 million to more than $12 million.
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June 2, 2016

Fusing Art and Luxury Real Estate, Two Pros Discuss Their Approach

By Diane Pham

With so many high-end and ultra-luxury towers coming to the market, it’s becoming increasingly difficult for developers to stand out in the crowd. While wild amenities have typically dominated as a way to distinguish one’s building, some developers are trying to extend their reach even further by appealing to the artistic sensibilities of the wealthy. As CityRealty writes, for […]

June 2, 2016

Emmut Properties Plans Another Faux-Loft Building in the Bowery’s Shrinking Lighting District

By Ondel Hylton

The future of the Bowery's "lighting district" continues to dim as Emmut Properties plans a second mixed-use building along the former Skid Row still home to more than a dozen lighting stores. Emmut's latest Lower East Side foray is planned at 331 Broome Street. According to the developer's website, the new building will ascend eight floors and feature ground level retail, hotel suites and apartments above.
More details this way

June 1, 2016

Leasing Begins at The Giovanni in Downtown Brooklyn, Rents From $2,379 Plus a Month Free

By Ondel Hylton

John Catsimatidis' Big Apple Group has kicked-off leasing for The Giovanni, the latest addition to a quartet of rental buildings ushering in more than 1,000 units along a once underutilized section of Myrtle Avenue. Located at 81 Fleet Place within the crossroads of bucolic Fort Greene and thriving Downtown Brooklyn, the recently finished 15-floor building is comprised of 205 no-fee apartments with retail space along its lower levels. Like its sister buildings, the Andrea and the Margo, Dattner is the building's architect and the firm has configured a mix of studio, one- and two-bedroom apartments, many featuring balconies or roof terraces.
more on what's available here

May 31, 2016

Historic Wood-Frame House With a Lush Garden Asks $8,750/Month in Clinton Hill

By Emily Nonko

Wood-frame houses are some of the oldest standing townhouses in Brooklyn, and the neighborhood of Clinton Hill boasts quite a few of them. This one at 123 Cambridge Place is now up for rent and would make for a nice summer pad. Not only does it have a rustic, country vibe inside the home, it's got a garden growing strawberries, plums, tomatoes and zucchini.
Take a look around

May 31, 2016

First Hudson Yards Tower Opens, Welcomes Coach to Its New HQ

By Michelle Cohen

10 Hudson Yards, the first building in what is one of the country's largest construction sites, is officially open for business on Manhattan's far west side. Fashion brand Coach is in the process of moving its headquarters to the 900-foot, 52-story mixed-use structure–known as Coach Tower–from its former location a few blocks away, the Wall Street Journal reports. For the luxury brand, the move represents an important milestone in a quest to re-establish its upscale image. The deal to move into a 738,000-square-foot office in the Kohn Pederson Fox-designed building made headlines when it was announced in 2013. Coach invested $750 million to buy the retail condo space for its new headquarters. Coach's design team worked with STUDIOS Architecture on their new workspace and dedicated entry lobby, which will feature a replica of the company’s famed product library: On display will be 2,000 handbags from past times to present, viewable by High Line visitors.
Find out what else is in store for 10 Hudson Yards

Real Estate Trends

May 29, 2016

60 Affordable Studios Now Up For Grabs at the Boston Road Apartments in the Bronx

By Ondel Hylton

Applications are now being accepted for 60 newly constructed rental apartments at 1191 Boston Road in the Morrisania section of the Bronx. The 90,000-square-foot development is situated between East 167th and 168th Streets and will exclusively house studio apartments priced at a monthly rent of $550/month. The building is geared for low-income individuals and formerly homeless single adults. To qualify for an apartment, applicants must fall within annual income ranges of $18,000 to $35,280 per year.
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May 27, 2016

All Engines SHVO at Three New Manhattan Condo Developments

By Ondel Hylton

Earlier this month, the Wall Street Journal profiled broker-turned-developer Michael Shvo and revealed his development company SHVO now has more than $4 billion dollars worth of projects in the works for the city. While many are still in planning stages and have yet to be released to the public, construction is moving ahead on a trio of condominium developments along Manhattan's western spine -- the Getty, 125 Greenwich Street, and 565 Broome SoHo (as a development partner). While varied in neighborhood and scale, they all enlist high-caliber architects and will bring Shvo's characteristic high level of attention to detail and "pursuit of perfection."
Get the rundown on all three developments

May 27, 2016

Angular Skyscraper One Sixty Madison Offering Two Months Free Rent

By Ondel Hylton

Soaring nearly 500 feet into the Manhattan skyline, One Sixty Madison is a shimmering 45-floor rental tower at the boundary of the Murray Hill and Nomad neighborhoods. Developed by J.D. Carlisle Development and designed by SLCE Architects, with interiors by Philip Koether Architects, the uniquely massed building is rotated 45 degrees from its Madison Avenue and 33rd Street frontages, guaranteeing homes an abundance of light and air and stunning skyline views. For a limited time, the leasing team is offering incoming renters two months free on two-year leases and one month free on one-year leases, both with paid OP (broker fees). Current availabilities include an 11th floor studio with a net effective price of $3,263/month, one bedrooms starting from $4,412/month, and two-bedrooms beginning at $6,692/month.
Find out more about the building

May 26, 2016

C3D Architecture’s 232 Seventh Avenue Begins Its 17-Floor Climb in Chelsea

By Ondel Hylton

Near Chelsea's raggle-taggle intersection of Seventh Avenue and 23rd Street, a new residential building has begun its 17-floor rise skyward. The 53,135-square-foot tower designed by C3D Architecture will boast 50 rental apartments with first and cellar levels dedicated to commercial and retail uses. Floors two through 11 will be configured with four apartments per floor and floors 12-16 just two apartments apiece. According to C3D, the exterior will be clad in a subdued mix of limestone and metal panels with full-height glass windows wedged in between. The second floor will be provided a large rear terrace and all levels above will have west-facing balconies. The twelfth floor is setback and the uppermost four levels will be outfitted with street-facing balconies.
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May 24, 2016

15 Central Park West Takes Back the Title of Most Expensive Manhattan Condo

By Dana Schulz

Six months ago when CityRealty released its last CR100 report -- an index comprised of the top 100 condominium buildings in Manhattan -- One57 surpassed long-time frontrunner 15 Central Park West as the most expensive condo, coming in at $6,010 per square foot, compared to 15 CPW's $5,726. But this time around, 15 CPW has retaken the crown with an average sales price of $6,039 per square foot over the last 12 months. Coming in second is the Residences at the Mandarin Oriental at $5,956, and One57 falls to third at $5,175, a 13 percent drop over the last year. CityRealty notes, however, that the Robert A.M. Stern-designed condo may have difficulty maintaining its top spot, as big-time new developments 432 Park Avenue, The Greenwich Lane, and 10 Madison Square West have now made their debut on the CR100.
More trends and data

Real Estate Trends

May 23, 2016

Developers Used a Four-Foot-Wide Lot to Build a Taller Upper East Side Tower

By Dana Schulz

The go-to move for building taller than zoning allows is snatching up some air rights, but at 180 East 88th Street in Yorkville, developer DDG Partners found an obscure loophole to increase their building's height. Back in 2014, as the Times explains, DDG received approvals to slice off a four-foot-wide lot from the 30-foot-deep site. This became an official taxable lot, but because it provided a buffer between the building and the street, it allowed the building to avoid typical zoning for structures touching the street, rising to its 521-foot height (60 feet taller than would have been permitted otherwise) and having its entrance on Third Avenue. Now that the motive has become clear, local residents and elected officials are not happy, and adding fuel to the fire is the fact that DDG contributed at least $19,900 to Mayor Bill de Blasio.
The full story ahead

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