Real Estate Trends

Stuff You Should Know: How Eminent Domain Works

The Atlantic Yards (now known as Pacific Park) in Brooklyn where eminent domain was used to take property. Image via Atlantic Yards Report

May 4, 2016

Stuff You Should Know: How Eminent Domain Works

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It has been called the most coercive public policy after the draft. It has also been said that without it, construction in major cities would come to a shuddering stop. What is this powerful, controversial tool? Can both statements be true? Eminent domain is the policy by which a governmental agency can acquire or "take" property from an owner unwilling to sell in order to build something else there, and it has been around for centuries. Some say it derives from the medieval concept of the divine right of kings, empowered by God the Almighty to be sovereign over all. And by inference, that includes the land, which individual owners occupy and trade at the king's sufferance. When he wants it back, it is his right to take it. So under eminent domain, all land theoretically belongs to the state, which can assume control at any time.
more on eminent domain here
Affordable Luxury Hits the Upper East Side Market at 389 East 89th Street
May 4, 2016

Affordable Luxury Hits the Upper East Side Market at 389 East 89th Street

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At First Avenue and 89th Street on the Upper East Side, 31 floors of spacious, light-filled homes have been reintroduced to the market. In a building previously known as the Post Toscana, 199 rental apartments have been upgraded and enlarged into 156  one- to three-bedroom residences fashioned by acclaimed interior designer Paris Forino. Now dubbed 389 E 89, the tower is the latest in a flurry of top-shelf rental buildings re-branded as affordable condos with high-end finishes.
All the info ahead
The Whole Foods Effect: Does the Green Grocery Increase Home Values?
May 3, 2016

The Whole Foods Effect: Does the Green Grocery Increase Home Values?

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Fairway Market, considered by many the quintessential New York City supermarket, filed for bankruptcy yesterday, citing competition from "natural, organic and prepared food rivals" and "online ordering and home delivery services," according to the Wall Street Journal. Perhaps their biggest threats are Whole Foods and Trader Joe's, which both seem to be in a very different boat. Yahoo! Finance looked at data of four million homes in the U.S. that are located in a zip code with either one of these stores, "finding that average property values in a ZIP code with Trader Joe's appreciated by about 40 percent since they were purchased, while homes with a Whole Foods in the ZIP code appreciated by nearly 34 percent." The reasoning is quite simple -- people will pay a premium for the convenience of being near their favorite stores. And proximity to a store like Whole Foods, often thought of as more high-end than other grocery stores, adds an air of prestige to a neighborhood. But the science behind it is a bit of a chicken or the egg situation -- does a retailer directly affect home values, or are these companies able to identify locations where they'll generate the most interest?
Find out this way
Extell Files to Demolish Two More Fifth Avenue Buildings For Its Mega-Midtown Assemblage
May 3, 2016

Extell Files to Demolish Two More Fifth Avenue Buildings For Its Mega-Midtown Assemblage

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Back in January, 6sqft reported that the busybodies at Extell Development filed permits to demolish a string of six tumble-turned walk-up buildings between 3 and 13 West 46th Street in Midtown. Now, as expected, the Gary Barnett-led firm has filed permits to demolish the Warren & Wetmore-designed corner building at 562 Fifth Avenue and a somewhat incongruous Tudor-style building at 564 Fifth Avenue. While none of the condemned buildings are extraordinary in design, 562 Fifth Avenue is perhaps a more tasteful affair than much of the schlock going up these days. Designed by the same architects as Grand Central Terminal, the slivery 13-story commercial building was once known as the I. Miller Building and features intricately ornamented spandrel areas, a pedimented roofline, and an unoriginal albeit charming Fifth Avenue storefront.
More on Extell's plans and the history of the soon-to-be-razed buildings
Skyline Wars: New Jersey’s Waterfront Transforms With a Tall Tower Boom
May 3, 2016

Skyline Wars: New Jersey’s Waterfront Transforms With a Tall Tower Boom

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Carter Uncut brings New York City’s latest development news under the critical eye of resident architecture critic Carter B. Horsley. Here, Carter brings us his seventh installment of “Skyline Wars,” a series that examines the explosive and unprecedented supertall phenomenon that is transforming the city’s silhouette. In this post Carter looks at the new New Jersey skyline. The hulking, 781-foot-high Goldman Sachs tower at 30 Hudson Street in Jersey City is like the Rock of Gilbraltar to Lower Manhattan’s famed skyline: massive and impressive. To some, perhaps, it conjures a Monty Python catapult or a very steep cliff on which to mount the Guns of Navarone for an assault on Lower Manhattan. It dominates the Jersey City skyline, which is a bit Spartan, especially in comparison with Brooklyn’s. Most of the skyscrapers in Brooklyn, however, are not directly on the waterfront and the Goldman tower is very much “in your face” on the water. Furthermore, all of a relative sudden, Jersey City is about to explode with three taller towers, which I can only describe as delirious, dancing, shimmy-shimmy-shake buildings with drop-dead vistas of Manhattan and the Hudson.
read more from carter here
172 Madison Tops Out and Reveals Renderings for Incredible Penthouse with Two Pools
May 3, 2016

172 Madison Tops Out and Reveals Renderings for Incredible Penthouse with Two Pools

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Within the Empire State Building's five o'clock shadow, an eruption of glossy residential high-rises are nipping at the dame's feet. Embracing a thoroughfare most familiar for its commercial connotations, the latest tower to ascend is a 33-story condo simply known by its address, 172 Madison Avenue. The 130,000-square-foot skyscraper is being developed by Tessler Developments and is among a half-dozen residential buildings planned for a central, yet undefined neighborhood that is almost Murray Hill, but not quite NoMad. Its topped off concrete frame rises nearly 450 feet above its East 33rd street corner, which was previously occupied by a ubiquitous clump of commercial, low-slung masonry structures. Now with its debut pegged for early next year, the symmetrically-massed tower designed by Karl Fischer Architects is being dressed in its sparkly coat of reflective glass that is accentuated by robust onyx-colored frames. And along with this debut, comes new renderings of the triplex penthouse dubbed the SkyHouse, which is a massive marble palace with two outdoor pools.
All the details and renderings ahead
Average Condo Sale in Manhattan Reaches $2.9M, Setting New Record
May 3, 2016

Average Condo Sale in Manhattan Reaches $2.9M, Setting New Record

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For the second quarter in a row, average condo sales prices in Manhattan are breaking records. The first three months of 2016 saw $4.59 billion in aggregate sales, breaking the previous record of $4.57 billion that was set last quarter, according to data from CityRealty. The average sales price topped out at $2.9 million, also significantly higher than last quarter's $2.5 million. These figures aren't surprising considering 24 percent of all condo sales during the beginning of this year were at or above $10 million, with new luxury developments like 432 Park Avenue, The Greenwich Lane, and 150 Charles Street accounting for the uptick.
More stats this way
Hedge Funder Daniel Nir’s $52M Co-op Sale Is This Year’s Biggest
May 2, 2016

Hedge Funder Daniel Nir’s $52M Co-op Sale Is This Year’s Biggest

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When Daniel Nir, founder and CEO of hedge fund Gracie Capital, and his wife, philanthropist Jill Braufman, listed their sprawling Upper East Side co-op for $48 million a year ago, it certainly caught raised a few eyebrows. But the 16-room home at 4 East 66th Street has actually sold over ask for $52 million, making it this year's biggest co-op sale and the seventh biggest co-op sale to date. It's also the first time this pre-war building has cracked the top-ten list. The couple bought the home in 2007 from hotelier Robert H. Burns for $29 million, leaving them with a nice chunk of change.
See what all the fuss is about
Interactive Map Shows How Your Neighborhood Has Recovered From the Housing Market Crash
May 2, 2016

Interactive Map Shows How Your Neighborhood Has Recovered From the Housing Market Crash

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Most Americans are finally starting to feel a bit of relief that the economy is getting back on its feet, but when it comes to the housing market, it's not as cut and dry as we might think. Analyzing data from Black Knight Financial Services from 2004 to 2015 (the bubble, burst, and recovery), the Washington Post asserts that the country's housing arc has only worsened inequality. "It also helps explain why the economic recovery feels incomplete, especially in neighborhoods where the value of housing — often the biggest family asset — has recovered little, if at all," they explain. For example, an average single-family home gained less than 14 percent in value over the past 11 years, but homes in the nation's priciest neighborhoods have gained 21 percent. And interestingly, in Bed-Stuy, Brooklyn, an area that saw a huge gentrification push during this time period, single-family home values have tripled and risen by 194 percent -- the largest increase of any metro area in the country. The Post has taken the data and compiled it into an interactive map that lets users simply input a zipcode to see how the area has fared.
More national and local trends ahead
Study: Hudson Yards Will Add $18.9 Billion to the City’s GDP
May 2, 2016

Study: Hudson Yards Will Add $18.9 Billion to the City’s GDP

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According to a recent study, economic activity at the $20 billion Hudson Yards West Side development–the nation's largest construction site–will contribute $18.9 billion to the city–more than the gross domestic product of Iceland ($15.3 billion), Crains reports. The study, commissioned by the project's developer, Related Cos., predicts that the companies projected to occupy the massive project that will stretch between West 30th Street and West 34th Street along the Hudson River will generate economic activty in the form of, among other things, salaries for new jobs and money paid to the MTA by the developer both during the 14-year construction period and once the development is complete in 2025.
Read more
New Renderings of West Chelsea’s SkyBox Development and Art Gallery
May 2, 2016

New Renderings of West Chelsea’s SkyBox Development and Art Gallery

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A unique mixed-use development in West Chelsea may be the paradigm of what new development in Manhattan could aspire to. Combining new construction and rehabilitation, and marrying ostentatious high-end condos with affordable rentals and an art museum/gallery, the project dubbed Chelsea SkyBox will satiate a wide spectrum of urbanites. The 250-foot tower will rise directly south of Annabelle Selldorf's metal-face condo 200 Eleventh Avenue (aka the "Sky garage") and will host ten full-floor apartments plus a spectacular five-story penthouse that developer Jonathan Leitersdorf told the Journal he will ultimately occupy. The project also will rehabilitate the corner SRO building next door known as the Chelsea Highline Hotel. The ground floors of both buildings will be shared, and there will be 15,000-square- feet of commercial space that will have 30-foot-high ceilings and accommodate an art museum and a private gallery to contain works by Picasso, Keith Haring, Kandinsky, and Anish Kapoor.
Lots more renderings ahead
The Upper West Side Readies For Two Synagogue-Replacing Condo Skyscrapers
April 30, 2016

The Upper West Side Readies For Two Synagogue-Replacing Condo Skyscrapers

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The Upper West Side has proven to be one of the most difficult areas to build, with a growing amount of land area contained in historic districts and much of the remainder constrained by tight zoning regulations. Over the years, its protective residents have been involved in the city's most memorable development battles: fighting tooth and nail to reduce the scale of the Riverside South master plan; lessen shadows caused by the redevelopment of the New York Coliseum site (Time Warner Center); and more recently spearheading the downzoning of a 51-block swath of Broadway due to grievances caused by Extell's Ariel East and West towers. For the most part, the defensive strategy has allowed the neighborhood to retain much of its pre-war charms and human-scaled side streets. However, along its southern edge, where the buildings around Lincoln Center scale upwards to Midtown, zoning allowances are more generous. Two as-of-right towers are sure to ruffle some preservationists' feathers and are poised to be the neighborhood's biggest yet.
Get the scoop on the towers here
JDS and SHoP Architects Unveil Plan for 900-Foot Lower East Side Tower
April 28, 2016

JDS and SHoP Architects Unveil Plan for 900-Foot Lower East Side Tower

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There's a new tallest tower taking over the Lower East Side, and unsurprisingly it comes to us via the supertall super-team of JDS Development and SHoP Architects, the same duo responsible for the 1,438-foot-tall 111 West 57th Street and 9 DeKalb Avenue, Brooklyn's first 1,000+ foot tower. Their latest record-setter is a 900-foot, 77-story rental building planned for 247 Cherry Street, reports The Lo-Down. It will rise directly next to Extell's One Manhattan Square, which made waves for its 850-foot height in the low-scale Two Bridges area. The newest tallest tower between Midtown and Downtown will have a 10,000-square-foot retail base with 600 rental apartments above, about 150 of which will be made permanently affordable. Though the design isn't finalized, SHoP says it will likely be terracotta brick and glass and feature outdoor terraces in the middle. There will also be a top-floor amenity space for all residents, and SCAPE Landscape Architecture has been tapped to create a publicly accessible plaza surrounding the structure.
More details this way
Former Home of Alexander Hamilton Jr. on St. Mark’s Place Sells for $10M
April 28, 2016

Former Home of Alexander Hamilton Jr. on St. Mark’s Place Sells for $10M

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Tickets to Broadway's Hamilton just keep going up and up, but the famous surname didn't seem to help Alexander Hamilton Jr.'s former East Village home in the price department. The founding father's son was the first owner of the Federal-style townhouse at 4 St. Mark's Place, which hit the market back in November for $12 million. But the Commercial Observer reports that the landmarked property (and recent home of famous punk store Trash and Vaudeville) sold for only $10 million to Castellan Real Estate Partners.
The history and future of Hamilton's former home
New Williamsburg Condos Tout Parisian Style and Industrial Craftsmanship
April 28, 2016

New Williamsburg Condos Tout Parisian Style and Industrial Craftsmanship

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Near the corner of Union Avenue and Conselyea Street in East Williamsburg, a modestly sized six-floor condominium is underway. Addressed 476 Union Avenue, the project is designed and developed by the Meshberg Group, who purchased a four-story, walk-up building formerly at the lot for $2.4 million. Rising from the structural bones of the prior building, the 8,650-square-foot development will offer nine condos that the team proclaims are where "Parisian style meets industrial craftsmanship."
More details ahead
Tips for First-Time Renters and Students Leaving the Dorm
April 27, 2016

Tips for First-Time Renters and Students Leaving the Dorm

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Rents across the city may be climbing, but that’s not keeping college students from wanting to flex their newfound autonomy even further by leaving their dorm for digs off campus. Unfortunately for many of these young scholars—and many first-time renters like them—searches typically start off with head-in-the-clouds expectations (“I had this fantasy about scoring a place with a fireplace and […]

Greenpoint’s 533 Leonard Condos Hit the Market Asking Above Neighborhood Average
April 27, 2016

Greenpoint’s 533 Leonard Condos Hit the Market Asking Above Neighborhood Average

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Along the southern border of Greenpoint, near Williamsburg's McCarren Park, a once charming 19th-century school building at 533 Leonard Street is completing its adaptive reuse into 13 condominiums. Three two-bedroom units were just listed on the market this week asking an average price per square foot of $1,411, a bit above Greenpoint's current average condo asking price of $1,152 per square foot. The 21,000-square-foot development is a synthesis of the Italianate-style Horace Greeley School married with a modern addition and gut-renovated interiors handled by local architects MDIM.
Check out the available units
What Are Top NFL Players’ Salaries Worth in Real Estate?
April 26, 2016

What Are Top NFL Players’ Salaries Worth in Real Estate?

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It's no secret that the NFL's top draft picks command starting salaries well into the eight-figure range, but to really put into perspective just how crazy-big their paychecks are, CityRealty's latest infographic takes a look at what the last five #1 picks could buy in Manhattan with their money. And on top of that, how these hypothetical one-off property purchases translate into real estate portfolios in their hometowns. (Teaser: Quarterback Jameis Winston could either buy a $24.95M pad at The Eldorado or 107 homes in his native Tampa, FL!)
Check out the full-size infographic here
First Look StudiosC’s Bed Stuy Rental Underway at 1875 Atlantic Avenue
April 25, 2016

First Look StudiosC’s Bed Stuy Rental Underway at 1875 Atlantic Avenue

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Over the next decade, Brooklyn's Atlantic Avenue will likely continue its transformation from high-speed deathtrap to high-density residential boulevard. With more than a dozen projects already taking shape near its western extents, such as the 16-tower Pacific Park project, Cobble Hill's LICH redevelopment, and a pair of towers at Brooklyn Bridge Park, it's not difficult to imagine infill developments progressing eastward, rising from the acres of underutilized land along the ten-mile artery. And in East New York, the City Council just approved a rezoning of the neighborhood that allows for 10- to 14-story apartment blocks to rise along Atlantic Avenue. In Bedford-Stuyvesant, in between the two much-discussed areas, StudiosC Architects has crafted an eight-story apartment block at 1875 Atlantic Avenue, which will contain 118 rental units.
Get all the details on the building
Construction Update: Perch Harlem, NYC’s First Market-Rate Passive House, Shows Some Skin
April 22, 2016

Construction Update: Perch Harlem, NYC’s First Market-Rate Passive House, Shows Some Skin

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Work on the city's first market-rate Passive House, Perch Harlem, is moving apace, and just in time for Earth Day, a bit of construction netting was taken down, giving passersby a glimpse of its super-insulated white exterior (good for heat deflection) and seamless rectangular windows. The seven-story structure rises midblock at 542 West 153rd Street and recently topped out in January. When finished later this year, its 34 units will boast superior workmanship, low energy bills and exceptional indoor air quality. The project's developers, the Synapse Development Group with Taurus Investment Holdings, purchased the 10,000-square-foot former parking lot back in 2013 and have been growing their Perch brand of buildings that strive to provide environmentally low-impact living and community-oriented design.
READ MORE
First Look at StudiosC’s Boutique Condominium Underway at 187 Bridge Street
April 22, 2016

First Look at StudiosC’s Boutique Condominium Underway at 187 Bridge Street

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Within Downtown Brooklyn's detached island of urbanity between the Manhattan Bridge on-ramp and the Brooklyn-Queens Expressway, local architecture firm StudiosC has designed a modestly scaled, ground-up condominium at the corner of Bridge and Nassau Streets. Re-approved plans filed by the architect of record Karl Fischer detail an eight-story building with 12,000 square feet of gross floor area.
More details ahead
Looking at New York’s Growing Collection of LEED and Passive House Constructions

A Passive House design by Loadingdock5 Architects at 174 Grand Street in Williamsburg

April 22, 2016

Looking at New York’s Growing Collection of LEED and Passive House Constructions

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While other parts of the country continue to debate the validity of climate change, architects and developers in New York City have been ramping up their sustainability cred and erecting buildings that think beyond ROI. From luxury condos to public housing to individual homes, green buildings are on the rise across the city. Ahead, CityRealty goes over what it […]

Rendering, Details Revealed for Glassy Condos Replacing Streit’s Matzo Factory
April 22, 2016

Rendering, Details Revealed for Glassy Condos Replacing Streit’s Matzo Factory

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If you're getting ready for this evening's seder, you've likely picked up a box of matzo, and chances are pretty good that your unleavened bread comes from Streit's. For 90 years the company produced matzo at the rate of almost 900 pounds an hour at 150 Rivington Street, but in early 2015 news hit that the country's last family-owned matzo factory would be relocating to Rockland County. Developer Cogswell Realty bought the site for $31 million, embarking on plans for a condominium, and today, ironically timed with the first day of Passover, the first rendering of the project has been revealed. The image was published in a New York Times article about Lower East Side institutions being replaced by condos. Design-build firm Gluck+ are the architects, and they've created a fairly standard, seven-story, glass box with some planted terraces along the top-floor setbacks. Though the design lacks any reference to the iconic business, the developers have said they plan to include Streit's memorabilia in the lobby.
This way for pricing details
First Domino Sugar Refinery Tower at 325 Kent Avenue Now Rising Above Williamsburg
April 21, 2016

First Domino Sugar Refinery Tower at 325 Kent Avenue Now Rising Above Williamsburg

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After breaking ground last spring, the first tower of Two Trees' three million-square-foot Domino Sugar Refinery Master Plan has finally lifted out of the ground. Addressed 325 Kent Avenue (Site E), the 400,000-square-foot building rises one block inland from the East River waterfront and the remaining five parcels of the master plan. The future 16-story, 189-foot-tall project covers three-quarters of its block bound by Kent and Wythe Avenues and South 3rd and 4th Streets. All in all, the two-winged tower will hold a whopping 522 rental units, making it the second largest residential building in Williamsburg after the also-in-construction 2 North 6th Street.
Find out more about the development
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