Real Estate Trends

Art-Deco Masterpiece 70 Pine Street Opens, Offering Two Months Free Rent
June 5, 2016

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

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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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45 East 22nd Street Tops Out, Officially Tallest Skyscraper Between Midtown and Downtown
June 3, 2016

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

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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
Revealed: Morris Adjmi Pens Coffered Facade For Condos Next to Bowlmor Lanes Site
June 3, 2016

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

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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
June 3, 2016

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

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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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$4B Overhaul of LaGuardia Airport to Begin This Summer, New Renderings
June 2, 2016

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

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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

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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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Fusing Art and Luxury Real Estate, Two Pros Discuss Their Approach
June 2, 2016

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

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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 […]

Emmut Properties Plans Another Faux-Loft Building in the Bowery’s Shrinking Lighting District
June 2, 2016

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

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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
Leasing Begins at The Giovanni in Downtown Brooklyn, Rents From $2,379 Plus a Month Free
June 1, 2016

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

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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
Hudson Yards Is Costing Taxpayers Over $100 Million More Than Expected
June 1, 2016

Hudson Yards Is Costing Taxpayers Over $100 Million More Than Expected

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The opening of the first Hudson Yards tower dominated headlines Tuesday, but with this milestone also came a resurgence of criticism. As Crain's reports, the Independent Budget Office has released a new study (pdf) highlighting that, to date, the city has spent nearly $359 million paying interest on $3 billion in bonds that were taken out to pay for infrastructure around Hudson Yards, including the expansion of the 7 train. The city had originally anticipated spending between just $7.4 and $205 million from start through 2016.
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Historic Wood-Frame House With a Lush Garden Asks $8,750/Month in Clinton Hill
May 31, 2016

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

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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
First Hudson Yards Tower Opens, Welcomes Coach to Its New HQ
May 31, 2016

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

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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
60 Affordable Studios Now Up For Grabs at the Boston Road Apartments in the Bronx
May 29, 2016

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

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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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All Engines SHVO at Three New Manhattan Condo Developments
May 27, 2016

All Engines SHVO at Three New Manhattan Condo Developments

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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
Angular Skyscraper One Sixty Madison Offering Two Months Free Rent
May 27, 2016

Angular Skyscraper One Sixty Madison Offering Two Months Free Rent

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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
C3D Architecture’s 232 Seventh Avenue Begins Its 17-Floor Climb in Chelsea
May 26, 2016

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

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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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15 Central Park West Takes Back the Title of Most Expensive Manhattan Condo
May 24, 2016

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

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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
Developers Used a Four-Foot-Wide Lot to Build a Taller Upper East Side Tower
May 23, 2016

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

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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
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.
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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.
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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 […]

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