Real Estate Trends

For a Limited Time, Related Offering One Month Free in New Upper East Side Rental The Easton
May 23, 2016

For a Limited Time, Related Offering One Month Free in New Upper East Side Rental The Easton

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Not quite ready to buy a condo, but still want to feel like you're living in one? For a limited time, the Related Companies is offering one month free at their newest upscale rental The Easton, located at 205 East 92nd Street. The 36-story development is located at the boundary of the Carnegie Hill and Yorkville neighborhoods on the Upper East Side and is loaded with all the amenities, thoughtful layouts, and meticulous craftsmanship typical of many new high-end condominiums.
Find out more
Bed-Stuy’s The MYNT Offering One Month Free on New Leases
May 20, 2016

Bed-Stuy’s The MYNT Offering One Month Free on New Leases

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In the thriving Bedford-Stuyvesant section of Brooklyn, the recently finished rental building named The MYNT is offering one month free on 12-month leases for select apartments. Currently, two no-fee units are complying with the offer: Unit 4J is a three-bed, two-bath spanning 1,200 square feet is available for a net effective rent of $3,484/month, and two floors above, unit 6J is a two-bed/two-bath available for a net effective rent of $3,117/month.
find out more about the deal here
Madison Equities Files Permit for 1,115-Foot Supertall Condo in the Financial District
May 19, 2016

Madison Equities Files Permit for 1,115-Foot Supertall Condo in the Financial District

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Madison Equities and Pizzarotti Group filed a new building application yesterday to construct a 1,115-foot supertall skyscraper at 45 Broad Street in the heart of the Financial District. When finished, reportedly in 2018  (good luck with that), the tower will be the second tallest building in lower Manhattan after 1 WTC, and the sixth tallest in the city. As detailed by the application, the tower will comprise 371,634 gross square-feet of floor area spread across 66 floors. Listed are 150 units, a bit less than the 245 condo-residences Pizzarotti CEO, Rance MacFarland said there would be earlier this year. Supposedly, the building will cater to "entry- and mid-level buyers" with relatively conservative prices of  below $2,000 per square foot on average. To afford the maximum amount of residences with coveted views of the harbor and the skyline, apartments will begin on the 15th floor where they are configured at four-units per floor up to the 33rd level. Floors 35-51, 53,55 and 57 will have three units per floor and floors 52, 54, and 58 just two units. Floors 61 and 62 will host two duplex aeries and the uppermost residential floor, 62, will house a single full floor penthouse that will be the highest residence in hemisphere outside of Billionaires' Row. Amenities on the lower, view-deprived floors will include  a 60-foot indoor lap pool, a gym, a garden, a pet spa, a game room, bike room and other entertainment areas.
find out more here
45 Park Place Condos on ‘Ground Zero Mosque’ Site Will Move Forward With $219M Loan

Rendering of 45 Park Place via Williams New York (L); Aerial view of 45 Park Place in the downtown skyline created by CityRealty

May 19, 2016

45 Park Place Condos on ‘Ground Zero Mosque’ Site Will Move Forward With $219M Loan

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Soho Properties has received $219 million in construction loans for a $174 million luxury condominium project at 45 Park Place in Tribeca, according to a statement from Manhattan developer Sharif El-Gamal, The Real Deal reports. The deal was funded by the London branch of Malayan Banking Berhad (Maybank) and Kuwait-based Warba Bank, with Saudi investment firm MASIC providing a $45 million mezzanine loan and Italian bank Intesa Sanpaolo serving as documentation agent. The developer had previously secured $33 million in financing from Madison Realty Capital in 2014. The funding will be used for the residential tower and an Islamic cultural museum to be built next door at 51 Park Place. The condo project, to be designed by SOMA Architects, will be a 665-foot, 43-story tower with 50 high-end apartments, including two penthouses on the top four floors. Ismael Leyva Architects is listed as the architect of record.
Find out more
Fisher Brothers’ Curving Rental Tower at 225 East 39th Street Reaches Full Height
May 19, 2016

Fisher Brothers’ Curving Rental Tower at 225 East 39th Street Reaches Full Height

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Without a hitch, Fisher Brothers' parking garage-crushing development at 225 East 39th Street has ascended to its full 395-foot structural height. More pause-worthy is that its reflective curtain wall has climbed high enough to show us how its reflective skin will accentuate its gracefully curving form. The 36-story high-rise is situated at the boundary of residential Murray Hill and the skyscraper canyons of Midtown East.
more one the progress here
Only One Unit Remains at Long Island City’s Baker House, Now Offering Two Months Free Rent
May 18, 2016

Only One Unit Remains at Long Island City’s Baker House, Now Offering Two Months Free Rent

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Not all of Long Island City's new developments are gargantuan or fully encased in glass. One such anomaly is Ranger Properties' recently opened rental building called the Baker House. Replacing a building that housed the Bakers Union Local 3, the development rises a modest nine floors within the human-scaled confines of the Dutch Kills section of the neighborhood, the 47,000 square-foot building was designed by Fogarty Finger Architects and boasts a tasteful exterior of red brick, metal and staggered floor to ceiling glass windows. Inside are 48 light-bathed apartments ranging from studios to two-bedroom layouts. Remarkably, after debuting on the market just earlier this year, the leasing agents at Modern Spaces have all but one of the units accounted for. The sole remaining home is a 700 square-foot, one-bedrooms, one-bathroom on the eighth floor, priced at a net-effective rent of $2,529/month. All residences are outfitted with white oak hardwood floors, Carrara marble baths, and open kitchens with Pedini cabinets and Bosch appliances.
find out more here
Interview: CetraRuddy Founder, Nancy Ruddy, Discusses Her Firm’s Notable New York Works

Image courtesy of CetraRuddy

May 18, 2016

Interview: CetraRuddy Founder, Nancy Ruddy, Discusses Her Firm’s Notable New York Works

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One architectural name dominating the new development scene is CetraRuddy. Nancy Ruddy and her husband Jon Cetra formed the firm back in 1987, and over the decades that followed the pair built an architectural powerhouse that’s erected countless buildings across the globe. But while their breadth of work touches everything from the educational to hospitality to […]

Glenwood’s Newest Lincoln Center-Adjacent Tower Starts Leasing With Discounted Rents
May 17, 2016

Glenwood’s Newest Lincoln Center-Adjacent Tower Starts Leasing With Discounted Rents

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When we last checked in on Glenwood Management's latest rental development at 175 West 60th Street, the 48-story, 533-foot tall building had just topped-out and launched its affordable housing lottery offering apartments priced as low as $566/month. Now, the team has jump-started leasing on the building's 205 market-rate residences. Dubbed The Encore—likely due to its proximity to Lincoln Center for the Performing Arts and the tower being Glenwood's second foray on Fordham University's Lincoln Square campus superblock (Hawthorn Park was the first)—the building is centrally positioned at the meeting of Midtown West and Upper West Side. According to Glenwood, occupancy for the upscale rentals will begin on July 1, and early lease-signors, for a limited time, can capture net-effective rents of $3,483/month for alcove studios, $4,790/month for one-bedrooms, and two-bedrooms starting at $7,297/month.
more details this way
Downtown Brooklyn’s Newly-Launched City Tower Offering One Month Free Rent
May 16, 2016

Downtown Brooklyn’s Newly-Launched City Tower Offering One Month Free Rent

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City Tower, the second phase of Downtown Brooklyn's 1.8 million-square-foot, mixed-use mega-development, has debuted, ushering in 439 brand new market-rate rentals to the heart of the borough. For a limited time, the building is offering new renters one month for free based on a 13-month lease. The 38-story tower's current availabilities include four studios starting at $2,423/month, five one-bedrooms at $2,838/month, and three two-bedrooms at $4,154/month. The building was developed and is being managed by the long-established Brodsky Organization and was designed by the acclaimed eco-conscious architects at COOKFOX. Perched twenty floors above 700,000 square feet of retail, entertainment and dining spaces, many of City Tower's residences provide spectacular views of the harbor and Manhattan skyline.
Get the full scoop on the building this way
Odds You’ll Score an Affordable Apartment Through a City Lottery Are 1,000 to 1
May 13, 2016

Odds You’ll Score an Affordable Apartment Through a City Lottery Are 1,000 to 1

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Last August 6sqft reported that about 696 applicants were applying for each of the city's available affordable housing units, and those odds have gotten even longer. So far this year 2.54 million applicants have applied via the city’s Housing Connect website for 2,628 affordable apartments, which puts the odds at about 1,000 to 1. The number of hopefuls vying for units like the 181 well-below-market rate apartments–from $559/month studios to $3,012 two-bedrooms–available at Pacific Park's 461 Dean Street has increased dramatically since 2013, when 364,000 applicants applied for around 2,300 units, reports the New York Post.
Who's included in those depressing odds?
Morris Adjmi’s Tribeca Condo Building at 83 Walker Street Gets Its Inverted Facade
May 13, 2016

Morris Adjmi’s Tribeca Condo Building at 83 Walker Street Gets Its Inverted Facade

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After a unanimously approval by the Landmarks Preservation Commission in June 2011, the Morris Adjmi-designed condo building at 83 Walker Street has fully risen and is nearly completely adorned with its creamy, concrete facade. The nine-story, 19,000-square-foot building is being developed by Brooklyn-based Abra Construction Corp. and will house a duplex unit at the ground and cellar levels and eight full-floor residences above. Its narrow 24-foot-wide lot is within the fast-changing eastern extents of Tribeca (formerly Chinatown) and sits within the Tribeca East Historic District. The realized project is slightly higher than zoning allows and had to seek approval from the City Planning Commission in addition to the LPC.
The story behind that inverted facade
Leasing Begins at Downtown Brooklyn’s One Duffield, No-Fee Units Begin at $2,400/Month
May 12, 2016

Leasing Begins at Downtown Brooklyn’s One Duffield, No-Fee Units Begin at $2,400/Month

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Within the human-scaled oasis between the Manhattan Bridge and the BQE, a 57,000-square-foot church conversion has wrapped up construction, releasing 84 brand-new no-fee rental apartments to the Downtown Brooklyn market. Named One Duffield, for its address at the corner of Gold and Duffield streets, the five-story building uses some of the structural bones of a prior two-story church and completely re-imagines its aesthetic into a varied composition of brown and orange brick, metal siding, and large square windows. Nataliya Donskoy of ND Architecture and Design P.C. is the designer of the building and "The Bridge Building LLC" is listed as the developer in permits.
Get pricing and see inside
NYC Must Produce 20,000 New Housing Units a Year to Keep Up With Exploding Population
May 11, 2016

NYC Must Produce 20,000 New Housing Units a Year to Keep Up With Exploding Population

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The 2015 census puts New York City's population at a record high of 8.6 million. This is a 375,000-person increase from 2010, the biggest spike since the 1920s. The rise is attributed to the nearly 250,000 jobs that were created in 2014 and 2015, the $7.3 billion in venture capital present in the city in 2015 (the second-highest level ever), and record-breaking tourism that's created a boom in the hospitality industry. And of course, with more people comes the need for more places to put them, and Commercial Observer estimates that the city "needs to produce at least 20,000 new housing units each year just to keep pace with demand and population growth."
What does this mean for NYC's housing stock?
400-Bed Designer Dorm Headed for Williamsburg
May 10, 2016

400-Bed Designer Dorm Headed for Williamsburg

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When you spend your student years living in an architect-designed former car radio button factory in the ultra-hip Berlin neighborhood of Kreuzberg, face it, you’re just going to be a little spoiled for everything else. And it should come as no surprise that, thanks to a developer specializing in student living, students in de facto hipster sister city Williamsburg will be getting a similar opportunity to live in architectural bliss rather than institutional semi-squalor. New York City-based real estate development company Macro Sea piloted the design-friendly dorm—outfitted with found furniture and slatted ladder-style stairs–in Berlin's Kreuzberg district last year. FastCompany quotes company principal David Belt: "Most people build student housing and they want to build it as cheaply as possible and the furniture to be as rugged as possible, because they think that students will wreck it." Diverging from this idea, Belt's company "sought to create an environment that treats students as savvy global citizens rather than wards of an institution."
Student housing or co-living for adults, what's the difference?
Williamsburg Unsurprisingly Tops List of NYC’s 15 Fastest Gentrifying Neighborhoods
May 9, 2016

Williamsburg Unsurprisingly Tops List of NYC’s 15 Fastest Gentrifying Neighborhoods

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Williamsburg has become the poster child for the hipsterfication of Brooklyn and NYC gentrification in general, but behind the beards and beet smoothies are actual facts to back it up. NYU's Furman Center released a report that identifies the city's 15 gentrifying neighborhoods, out of 55 total, and finds that Williamsburg/Greenpoint comes in at number one (h/t DNAinfo). Of course, it's difficult to define gentrification, but the study looks at areas that were relatively low-income in 1990 (among the bottom 40% in the city), but experienced higher rent growth over the past 20 years than other neighborhoods, a trend that the Furman Center feels is of "greatest concern in lower-income neighborhoods." Williamsburg and Greenpoint had a startling 78.7 percent jump in rent over this time period, followed by Central Harlem at 53.2 percent and Chinatown/Lower East Side at 50.3 percent.
See the full list here
A Look at Architect Rosaria Candela’s Influence on Today’s New York
May 8, 2016

A Look at Architect Rosaria Candela’s Influence on Today’s New York

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The open floor plan has dominated new constructions over the last several decades, first popularized in the 1950s by Frank Lloyd Wright with his Usonian designs. But as architectural trends wax and wane, the pendulum is swinging back to the classics, and more and more architects are looking to the early 20th century works of Rosario Candela for an “updated” living […]

Leasing Begins at Neo-Brutalist Rental Tower in Midtown East
May 7, 2016

Leasing Begins at Neo-Brutalist Rental Tower in Midtown East

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Leasing has begun at Midtown East's newest rental building at 235 East 44th Street. Developed by CMSJ Development, the 70,000-square-foot, ground-up building contains 67 units across its 19 floors. For current availabilities, monthly prices start at $3,300 for studios, $4,500 for one-bedrooms, $6,105 for two-bedrooms, and $8,100 for three-bedrooms. Designed by Gerner Kronick + Valcarcel Architects, it's is situated mid-block along a dense urban canyon just two blocks east of Grand Central Terminal and one block west of the United Nations. Its street-facing exterior is finished in GKV's trademark aesthetic of exposed cast-in-place concrete, reminiscent of the Brutalist movement of the 1950s and '60s. The tower's glass walls and concrete floor slabs undulate in opposite directions, softening the raw materials and adding fluidity to the building's form.
Interior apartment details this way
Live in Extell’s Hudson Yards Skyscraper 555Ten for $910/Month
May 5, 2016

Live in Extell’s Hudson Yards Skyscraper 555Ten for $910/Month

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Last September, 6sqft reported the topping out of Extell Development's 610-foot-tall, mixed-use tower quietly rising at 555 Tenth Avenue and 41st Street. Now fully sheathed in glass, the development team kicked off its housing lottery for the building's 120 below-market rate units, priced from $910 per month for studios up to to $1,315 for three-bedrooms. Designed by SLCE Architects, the 53-story, 725,000-square-foot structure rises one block west of the Port Authority Bus Terminal and two avenues west of the 42nd Street A/C/E train station with its connection to Times Square. The building is within the emerging Hudson Yards area, which over the next decade will usher in thousands of residential units and millions of square feet of new office space. Across from the tower, an additional 7-train subway station may be constructed to meet the increasing number of residents in the area.
Find out if you qualify here
Jonah Hill Picks Up $9.16M Apartment at Noho’s Schumacher Condo Conversion
May 5, 2016

Jonah Hill Picks Up $9.16M Apartment at Noho’s Schumacher Condo Conversion

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A tipster told 6sqft back in December that Jonah Hill was seen taking photos outside The Schumacher, the then-newly unveiled Noho condo conversion at 36 Bleecker Street. As it turns out, just two months prior he bought a unit in the building for $9.16 million, according to the Post. The unit, which was originally listed at $9.5 million, is a 3,280-square-foot, four-bedroom spread. It features the signature elements of the residence, including exposed brick vaulted ceilings, massive arched windows, restored original columns and beams, and views down to the building's vine-covered courtyard.
Take a look around
Ashley Olsen Buying a $7M Luxe Greenwich Village Condo
May 5, 2016

Ashley Olsen Buying a $7M Luxe Greenwich Village Condo

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The Olsen twins have long been fans of the Village, from attending NYU to naming their fashion line the Row after the famous brick townhouse along Washington Square North. Now single sister Ashely is setting up a permanent home in the 'hood, as the Wall Street Journal reports that she's in contract to buy a two-bedroom spread at 37 East 12th Street that was last listed for $7.1 million. The 19th century building with a Beaux-Arts cast-iron facade is being converted to six, full-floor boutique condos, and listing agent Jared Seligman of Douglas Elliman said this privacy is what Olsen liked.
See the full spread
Related Launches Hudson Yards Living Website With New Renderings
May 4, 2016

Related Launches Hudson Yards Living Website With New Renderings

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On the heels of the news that Hudson Yards will add $18.9 billion to the city's GDP and the reconfirmation that the developers will build an iconic $200 million sculpture at the center of the plan's plaza, Related quietly launched a new Hudson Yards Living website, providing general information for prospective residents and a few new images of the $20 billion master plan.
More details and renderings this way
432 Park Avenue Reveals Glowing White Cube for Retail Space
May 4, 2016

432 Park Avenue Reveals Glowing White Cube for Retail Space

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While most of the news surrounding Rafael Viñoly's iconic 432 Park Avenue has been about big ticket closings at the Billionaire's Row blockbuster with a $3.1 billion projected sellout, developer Macklowe has revealed more about what the news-making skyscraper's 130,000 square feet of retail and office space, divided over several floors, will look like. Adding an even more attention-getting element to the tower, a portion of the building's retail space will be located in a two-story white glass cube at the corner of East 57th Street and Park Avenue.
Find out more
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