Real Estate Trends

Brooklyn Heights townhouse closes for $22.1M, second priciest single-family home sale in the borough

Photo credit: Matthew Williams

July 17, 2024

Brooklyn Heights townhouse closes for $22.1M, second priciest single-family home sale in the borough

The second priciest single-family home ever sold in Brooklyn has officially closed. The Anglo-Italianate five-bedroom townhouse at 1 Sidney Place in Brooklyn Heights sold for $22.1 million in April; Glossier founder Emily Weiss was identified as the buyer. About a half mile away, the borough's most expensive single-family sale remains 8 Montague Terrace, which sold for $25.5 million in 2020.
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Real Estate Trends

Photos courtesy of Aman New York

July 10, 2024

Aman New York penthouse sells for $135M

By Devin Gannon

A five-story penthouse at the Aman New York at 730 Fifth Avenue has sold for $135 million, marking New York City's most expensive sale of the year. As first reported by Bloomberg, the deal surpasses a $115 million penthouse at Central Park Tower that closed in June. The 12,500-square-foot sky mansion aptly sits in the actual crown of the 100-year-old Midtown Manhattan tower, known as the Crown Building for its gilded exterior. Opened in 2022, the Aman New York is an ultra-luxury hotel-condo with 83 hotel rooms and 22 residences. The Wall Street Journal on Thursday identified Vladislav Doronin, the billionaire and founder of OKO Group, the developer of the Aman, as the buyer of the record-breaking penthouse.
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IKEA is coming to Fifth Avenue in Midtown

IKEA’s Red Hook location. Photo courtesy of Eden, Janine, and Jim on Flickr.

July 2, 2024

IKEA is coming to Fifth Avenue in Midtown

By Aaron Ginsburg

IKEA is returning to Manhattan. The home goods store will open a new store in Midtown within 570 Fifth Avenue, an office tower developed by Extell Development. Ingka Investments, the investment arm of Ingka Group which owns most IKEA stores worldwide, plans to open an 80,000-square-foot store across two cellar levels with a corner entrance on Fifth Avenue. The Swedish company opened a store on the Upper East Side in 2019 but closed about two years later.
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Real Estate Trends

Silverstein takes control over Brooklyn Tower in $672M deal

Photo by Evan Joseph

July 2, 2024

Silverstein takes control over Brooklyn Tower in $672M deal

By Aaron Ginsburg

The real estate drama surrounding the Brooklyn Tower may be over. As first reported by Pincus Co, Silverstein Properties has taken over the tower's rental, retail, and unsold condo units from JDS Development in a $672 million deal. Silverstein had provided a $240 million loan for the tower, which JDS defaulted on in 2019, leading to a foreclosure auction scheduled for June 1. The auction was delayed and eventually avoided after Michael Stern of JDS transferred a preferred equity piece in the tower to Silverstein in order to restructure his debt, according to The Real Deal.
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Pfizer’s former Midtown HQ to become 1,500 apartments

Pfizer World Headquarters. Photo via WikiCommons

June 26, 2024

Pfizer’s former Midtown HQ to become 1,500 apartments

By Aaron Ginsburg

The former Midtown headquarters of pharmaceutical company Pfizer is poised to become New York City's largest office-to-residential conversion. As Crain's New York first reported, the vacant two-building complex at 219 and 235 East 42nd Street will become a 1,500-unit rental property. Metro Loft Developers, the team behind other large residential conversions, including 55 Broad Street in the Financial District, is leading the conversion. The project will not contain any affordable housing units, according to the developer.
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Central Park Tower penthouse closes for $115M

Image courtesy of Extell

June 17, 2024

Central Park Tower penthouse closes for $115M

By Devin Gannon

A penthouse at Central Park Tower closed for $115 million, becoming New York City's fourth priciest apartment sale on record. Taking up the 107th and 108th floors of the tallest tower in the Western Hemisphere, the duplex condo on Billionaires' Row was first listed for $175 million last March and entered contract early this year.
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What to know about the NYC broker fee bill

James Whelan, President of REBNY, during Wednesday’s rally at City Hall. Photo courtesy of REBNY

June 12, 2024

What to know about the NYC broker fee bill

By Devin Gannon

Broker fees are once again up for debate in the New York City Council. A seven-hour public hearing on Wednesday brought hundreds of tenant advocates and real estate professionals to City Hall over Intro 360, or the Fairness in Apartment Rental Expenses (FARE) Act. The legislation, sponsored by Council Member Chi A. Ossé, calls for shifting the payment of broker fees to the party who hired the broker, often the landlord or management company. Agents argue landlords would bake the fees into the monthly rent, threatening their livelihood and increasing the financial burden for renters.
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Derek Jeter finally finds a buyer for upstate New York ‘castle’

All photos courtesy of Stephen Dolinsky

June 5, 2024

Derek Jeter finally finds a buyer for upstate New York ‘castle’

By Devin Gannon

Former New York Yankee Derek Jeter has finally found a buyer for his unique compound in upstate New York. As first reported by Mansion Global, the 50,000-square-foot waterfront estate in Greenwood Lake, known as Tiedemann Castle, sold last week after several years on and off the market. Jeter purchased the property in 2003 and spent 15 years renovating the "castle" before listing it for $14.75 million in 2018. While the final price is not known since it hasn't closed yet, the home at 14 Lake Shore Road was most recently listed for $6.3 million.
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Photo via WikiCommons

May 28, 2024

NYC’s Fotografiska museum to close and relocate, historic Park Ave South building to hit market

By Aaron Ginsburg

Swedish photography museum Fotografiska New York will close its New York City location with plans to relocate to a larger spot, the museum announced last week. Fotografiska opened at the historic Gramercy building at 281 Park Avenue South in 2019 and later was joined by the restaurant Verōnika and the Chapel Bar. The museum's last day in the current building will be September 29 and the restaurant and bar will close in June. As Crain's reported, 281 Park Avenue South owner, Aby Rosen's RFR Holding, will put the architecturally stunning building on the market this week for an undisclosed amount.
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400-unit rental at 250 Water Street in South Street Seaport can move forward

Images courtesy of The Howard Hughes Corporation/SOM

May 22, 2024

400-unit rental at 250 Water Street in South Street Seaport can move forward

By Devin Gannon

A 400-unit rental planned for a parking lot in the South Street Seaport historic district can officially move forward, ending a multi-year legal saga over the site. The New York Court of Appeals on Tuesday rejected a challenge from preservationists who opposed the Howard Hughes Corporation's $850 million project at 250 Water Street. With the ruling, and the extension of the 421-a tax break, the developer can proceed with constructing the 27-story mixed-use development.
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The historic Bronx Post Office is for sale again

By Devin Gannon

One of the most iconic buildings in the Bronx is for sale again. The Bronx General Post Office at 558 Grand Concourse is looking for a buyer five years after a deal to buy the landmark fell through. Developer Young Woo & Associates purchased the property from the United States Postal Service in 2014 with plans to revitalize the 90-year-old building and transform it into a mixed-use development with a food market. After a sale failed in 2019, the property has returned to the market, advertised as having the potential to become residential or a hotel with retail space.
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Stephen Sondheim’s Connecticut country home sells for $3.25M

Photos courtesy of Klemm Real Estate & Michael Bowman Photography

April 18, 2024

Stephen Sondheim’s Connecticut country home sells for $3.25M

By Devin Gannon

The longtime Connecticut home of late Broadway legend Stephen Sondheim sold for the full asking price of $3,250,000. After hitting the market last November, the Roxbury property, which includes a main house, one-bedroom pool house, and a detached garage, found a buyer in just 12 days, according to Klemm Real Estate, the firm with the listing.
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Photo courtesy of Evan Joseph

April 1, 2024

Brooklyn Tower faces foreclosure

By Aaron Ginsburg

Despite setting a record for Brooklyn's most expensive studio last week, the Brooklyn Tower is facing foreclosure. JDS Development has defaulted on a $240 million mezzanine loan issued by Silverstein Capital Partners in 2019 for the 93-story development, as reported by The Real Deal. Silverstein has scheduled a foreclosure auction for June 10.
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Real Estate Trends

$905K Brooklyn Tower studio sets new sales record for the borough

Photo by Max Touhey

March 27, 2024

$905K Brooklyn Tower studio sets new sales record for the borough

By Devin Gannon

The tallest tower in Brooklyn just broke another record. A studio apartment in the Brooklyn Tower has sold for $905,000, marking the most expensive studio sale on a price-per-square-foot basis in the borough. Situated over 720 feet above ground, the 440-square-foot apartment boasts soaring, unobstructed views of the city and way beyond. According to city records, the property fetched a little over $2,000 per square foot.
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Real Estate Trends

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

Photo by Martti Salmi on Unsplash

March 13, 2024

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

By Michelle Cohen

New York City’s most successful real estate agents make it their business to know the city’s highlights, hot spots, secrets, and specialties; many are NYC natives or longtime residents whose love for the city’s streets and avenues adds indisputable value to their career of choice. We’ve asked a few top agents to tell us about their favorite neighborhoods and share their views on what the city's future may hold. Read on for insights from Leslie Hirsch, an insider with an enviable view from Billionaires' Row.
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Kate Moss and Johnny Depp’s one-time Greenwich Village home sells for $12M

All photos courtesy of The Corcoran Group

March 6, 2024

Kate Moss and Johnny Depp’s one-time Greenwich Village home sells for $12M

By Devin Gannon

The nearly 200-year-old Greenwich Village townhouse that Kate Moss and Johnny Depp called home in the 1990s has found a buyer. After listing for $15,000,000 last May, the Federal-style property at 112 Waverly Place, which measures 6,300 square feet and includes a triplex carriage house, sold last week for $12,005,000.
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February 28, 2024

7 must-have luxury apartment perks in NYC, according to brokers

By Lidia Ryan

There’s a running joke among New Yorkers that having in-unit laundry means you’ve "made it." And, according to Corcoran broker Vicki Negron, at this point, in-unit washer-dryers are an "absolute must" for a New York City apartment to be considered part of the "luxury" market. "People are eager for any opportunity to avoid a trip to the laundromat. Even if it means sacrificing closet space to accommodate an in-unit washer and dryer, it's a trade-off that many are willing to make,” she added. So now that we’ve reached peak washer/dryer necessity, what are the next big things in NYC luxury apartment living? Real estate brokers dished on what’s hot on the market right now.
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Real Estate Trends

Google opens new NYC office at historic St. John’s Terminal

All photos courtesy of Google.

February 21, 2024

Google opens new NYC office at historic St. John’s Terminal

By Devin Gannon

Google on Wednesday officially opened its newest New York City office. What once was a freight terminal in an industrial section of lower Manhattan is now a high-performing modern workplace for thousands of employees. Anchoring Google's larger campus in Hudson Square, the historic St. John's Terminal building at 550 Washington Street has been reimagined by COOKFOX Architects with a nine-floor addition atop three existing floors, a sustainable and biophilic design, diverse work areas, and outdoor communal spaces with Hudson River views.
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Real Estate Trends

Photos courtesy of Evan Joseph for The Corcoran Group

February 20, 2024

Annie Leibovitz sells UWS home for $2M over asking price

By Aaron Ginsburg

Annie Leibovitz has sold her Upper West Side co-op for nearly 24 percent over the asking price. The duplex, located in the star-studded Brentmore building at 88 Central Park West, fetched $10,625,000, roughly $2,000,000 more than what it listed for in October. But the sale was still a loss for Leibovitz, who paid about $11,250,000 for the home in 2014. The Brentmore is known for its high-profile residents, including Robert DeNiro, Paul Simon, and Sting. Kim Cooper, a general counsel at Apple, and Gregg Zehr, the creator of the Kindle, are listed as buyers of the residence, as Curbed first reported.
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$19.5M Tribeca townhouse of late designer Thierry Despont sells after three years

Photos courtesy of Douglas Elliman

February 13, 2024

$19.5M Tribeca townhouse of late designer Thierry Despont sells after three years

By Aaron Ginsburg

The Tribeca townhouse of late French architect Thierry Despont, best known for renovating New York City landmarks like the Statue of Liberty and the Carlyle Hotel, has finally sold after three years on the market. The five-bedroom townhouse at 182 Franklin Street entered contract with an asking price of 19.5 million, according to CityRealty. Despont, who died in August at the age of 75, listed the property in 2021 for $25 million.
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Real Estate Trends

Village Cigars in Greenwich Village closes amid rent dispute

Photo by Eden, Janine and Jim via Flickr cc

February 12, 2024

Village Cigars in Greenwich Village closes amid rent dispute

By Aaron Ginsburg

Village Cigars, the iconic Greenwich Village smoke shop in front of Hess Triangle, New York City's smallest piece of private land, has closed after over a century in business. The shop, located at 110 Seventh Avenue and Christopher Street within a distinctive red triangle-shaped building, shut its doors amid an alleged rent dispute between owner Andy Singh and landlord Jon Posner, as reported by Curbed. Posner claims that he signed a separation agreement with Singh, which required him to vacate the store by February 7.
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NYC real estate developer arrested in $86M+ fraud scheme

Photo courtesy of Nicole Franzen

February 8, 2024

NYC real estate developer arrested in $86M+ fraud scheme

By Aaron Ginsburg

The former executive of a luxury New York City development firm has been arrested for his connection to an $86 million fraud scheme. Nir Meir, the former managing director of HFZ Capital, was taken into custody on Monday along with other high-ranking industry officials, for stealing money from investors, subcontractors, and the city of New York, according to the indictment. Prosecutors claim Meir, who managed the firm's largest projects, specifically The XI (now One High Line), directed more than $253 million of the project's funding to LLCs controlled by HFZ despite being legally required to use the money for the development.
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All images courtesy of Aman New York

February 6, 2024

Aman New York condo sells for $61.58M

By Devin Gannon

An apartment on Fifth Avenue has sold for $61.58 million, according to city records. Terence Chan, chair of Hong Kong-based private equity firm Bay Area Capital Partners, closed on the four-bedroom apartment at Aman New York, an ultra-luxe hotel-condo with 83 hotel rooms and 22 residences inside the iconic Crown Building, Crain's reported.
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Real Estate Trends

January 31, 2024

$72.5M Greenwich Village townhouse sale is priciest in downtown Manhattan

By Devin Gannon

An unnamed buyer paid $72.5 million for a townhouse in Greenwich Village, setting a new record for the property type in downtown Manhattan. As first reported by the Wall Street Journal, the home at 138-140 West 11th Street is a combination of two four-story 19th-century homes. The seller was Dexter Goi, the former CEO of Altice USA, according to the Journal.
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Frank Lloyd Wright’s horseshoe-shaped home in Connecticut sells for $6M

Photos by Udor Photography

January 29, 2024

Frank Lloyd Wright’s horseshoe-shaped home in Connecticut sells for $6M

By Devin Gannon

A 1950s Connecticut home designed by Frank Lloyd Wright has sold for $6 million. Known as "Tirranna," an Australian Aboriginal word meaning "running waters," the home at 432 Frogtown Road in New Canaan measures over 7,000 square feet and sits on 14 acres, making it one of the largest private residences ever completed by the famous architect. The horseshoe-shaped home, which cantilevers over a pond and waterfall, has had only four owners in the last 70 years, according to Mansion Global. The property was listed in May by Coldwell Banker Realty's Marsha Charles and Albert Safdie for $8 million and closed last week.
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Real Estate Trends

Real Estate Trends

Brooklyn Heights townhouse closes for $22.1M, second priciest single-family home sale in the borough

Aman New York penthouse sells for $135M

IKEA is coming to Fifth Avenue in Midtown

Silverstein takes control over Brooklyn Tower in $672M deal

Pfizer’s former Midtown HQ to become 1,500 apartments

Central Park Tower penthouse closes for $115M

What to know about the NYC broker fee bill

Derek Jeter finally finds a buyer for upstate New York ‘castle’

NYC’s Fotografiska museum to close and relocate, historic Park Ave South building to hit market

400-unit rental at 250 Water Street in South Street Seaport can move forward

The historic Bronx Post Office is for sale again

Stephen Sondheim’s Connecticut country home sells for $3.25M

Brooklyn Tower faces foreclosure

$905K Brooklyn Tower studio sets new sales record for the borough

Focus on 57th Street: Manhattan real estate insiders Leslie Hirsch and Howard Morrel chart the rise of Billionaires’ Row

This $9.7M Nolita loft is a luxury confection in a former chocolate factory

Kate Moss and Johnny Depp’s one-time Greenwich Village home sells for $12M

7 must-have luxury apartment perks in NYC, according to brokers

Google opens new NYC office at historic St. John’s Terminal

Annie Leibovitz sells UWS home for $2M over asking price

$19.5M Tribeca townhouse of late designer Thierry Despont sells after three years

Village Cigars in Greenwich Village closes amid rent dispute

NYC real estate developer arrested in $86M+ fraud scheme

Aman New York condo sells for $61.58M

$72.5M Greenwich Village townhouse sale is priciest in downtown Manhattan

Frank Lloyd Wright’s horseshoe-shaped home in Connecticut sells for $6M

252 East 57th Street in Midtown East

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