Real Estate Trends

May 2, 2016

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

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

Real Estate Trends

May 2, 2016

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

By Dana Schulz

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

Real Estate Trends

May 2, 2016

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

By Michelle Cohen

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

Real Estate Trends

May 2, 2016

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

By Ondel Hylton

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

April 30, 2016

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

By Ondel Hylton

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

April 28, 2016

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

By Dana Schulz

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

April 28, 2016

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

By Dana Schulz

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

April 28, 2016

New Williamsburg Condos Tout Parisian Style and Industrial Craftsmanship

By Ondel Hylton

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

April 27, 2016

Tips for First-Time Renters and Students Leaving the Dorm

By Diane Pham

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 […]

Courtesy of Anderson Transport Edinburgh

April 27, 2016

POLL: Would You Rather Live in the Bronx or Staten Island?

By Dana Schulz

It’s really no secret that the Bronx and Staten Island have been the boroughs slowest to gentrify and bring in New Yorkers looking for that hip factor. But apparently their affordable prices are starting to outweigh their longer commutes and less urban makeups. The latest report from the Real Estate Board of New York says that […]

Real Estate Trends

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

By Ondel Hylton

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

April 26, 2016

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

By Diane Pham

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

April 25, 2016

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

By Ondel Hylton and Julian Friedman

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

April 22, 2016

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

By Ondel Hylton

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

April 22, 2016

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

By Ondel Hylton and Julian Friedman

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

By Diane Pham

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 […]

April 22, 2016

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

By Dana Schulz

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

April 21, 2016

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

By Ondel Hylton

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

April 21, 2016

‘Gilmore Girls’ Alexis Bledel and ‘Mad Men’ Hubby Sell Brooklyn Heights Penthouse for $1.3M

By Annie Doge

The media frenzy surrounding the "Gilmore Girls" Netflix revival is hard at work trying to predict which love interest Rory will end up with. In real life, though, Alexis Bledel is already settled down with husband Vincent Kartheiser (Pete Campbell from "Mad Men"), and the pair just unloaded their classy Brooklyn Heights co-op, according to the Post. The couple first listed the duplex penthouse at 105 Montague Street last year for $1,560,000, slightly higher than the $1,325,000 sale price. The one-bedroom spread with a 500-square-foot roof deck was meticulously renovated and boasts lots of custom built-ins, a myriad of eclectic light fixtures, and a very Restoration Hardware-esque furniture selection.
See the whole place

April 21, 2016

Checking in on Adam America’s Trio of Developments on a Single Boerum Hill Block

By Ondel Hylton and Julian Friedman

At the southern edge of Boerum Hill, where the quaint brownstone enclave meets Park Slope and Gowanus, a trio of sleek residential buildings is taking shape by developer Adam America Real Estate. Along a single block, bound by Third and Fourth Avenues and Baltic and Warren Streets, the Brooklyn-centric firm is busy constructing a 31-unit condo building at Six Ten Warren, a 70-unit rental at 595 Baltic Street, and a 21-unit rental 577 Baltic Street. 6sqft visited the block to see how construction is progressing and put together all the renderings and details for the projects.
Check it all out right here

April 20, 2016

SHoP’s East River Towers Named American Copper Buildings; Go Inside Their Skybridge

By Dana Schulz

We've been referring to SHoP Architects' pair of East River rental buildings at 626 First Avenue as the "dancing towers," but now that they've shimmied up to their full 470- and 540-foot heights, they've been officially named with a more mature moniker, the American Copper Buildings. First reported by Curbed, the title is "a nod to the 5,000 metal panels that make up the facade," which weigh in at a whopping 2,100 tons. In addition, developer JDS has released a teaser site and a fresh set of renderings that finally show the interior of the three-story, amenity-filled skybridge.
Get a look inside

April 20, 2016

Skyline Wars: Brooklyn Enters the Supertall Race

By Carter B. Horsley

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 fifth 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 Brooklyn's once demure skyline, soon to be Manhattan's rival. Downtown Brooklyn has had a modest but pleasant skyline highlighted by the 350-foot-high Court & Remsen Building and the 343-foot-high great ornate terraces of 75 Livingston Street, both erected in 1926, and the 462-foot-high flat top of the 1927 Montague Court Building. The borough’s tallest building, however, was the great 514-foot-high dome of the 1929 Williamsburg Savings Bank Tower, now known as One Hanson Place, a bit removed to the east from Downtown Brooklyn. It remained as the borough’s tallest for a very long time, from 1929 until 2009. A flurry of new towers in recent years has significantly enlarged Brooklyn’s skyline. Since 2008, nine new towers higher than 359 feet have sprouted there, in large part as a result of a rezoning by the city in 2007. A few other towers have also given its riverfront an impressive frontage. Whereas in the past the vast majority of towers were clustered about Borough Hall downtown, now there are several clusters with some around the Brooklyn Academy of Music and the former Williamsburg Savings Bank Tower and some around the Williamsburg riverfront.
more on Brooklyn's skyline here

April 19, 2016

LPC Approves Brooklyn’s First 1,000+ Foot Tower; New Renderings and Details

By Ondel Hylton and Dana Schulz

Brooklyn is finally getting a new skyscraper development worthy of its 2.6 million populace. Today, the Landmarks Preservation Commission approved SHoP Architects' vision for 9 DeKalb Avenue, a rehabilitation of the landmarked Dime Saving Bank that will marry it with a dramatic, supertall skyscraper behind, the first 1,000+ foot building to arrive in the borough. The Beaux-Arts banking hall, which is both an interior and exterior landmark, hosted a J.P. Morgan Chase branch up until last year. Now, its new owners, Michael Stern's JDS Development and the Chetrit Group, plan to transform the hall into a public and retail space that will complement their new tower. To bring back more of the building's grandeur, its exterior and interior spaces will be restored, and to accommodate the tower behind, the team is calling for the demolition of two nondescript one- and five-story rear annexes, which will then allow for a grand entrance to the skyscraper and a public through-space. The LPC was enamored with the project, calling it "flawless" and "enlightened urbanism at its best," as well as touting that it "improved the vision of this historic landmark." One commissioner even went so far as to say "It's similar to the Parthenon sitting on the Acropolis." The LPC had only a few minor modifications, the most notable being that the teller cages be retained until the team can show a plan detailing how the retail tenant (there will only be one) will use the space.
Get a look at all the presentation materials

April 19, 2016

Yankees Commentator and Former Pitcher David Cone Scores $8M Greenwich Lane Pad

By Annie Doge

David Cone, former MLB pitcher (you might remember that perfect game he threw for the Yankees in '99) and current Yankees commentator for the YES Network, has scored an $8.1 million apartment at the Greenwich Lane, according to city records. This is slightly up from the $7.97 million ask. The four-bedroom spread takes up more than 2,800 square feet and features a private balcony, beamed ceilings, northern and southern exposures, and a luxurious master suite.
Check out the impressive floorplan

April 18, 2016

Construction Begins on Gene Kaufman-Designed Apartments Rising Over Bryant Park

By Ondel Hylton

At a narrow Midtown lot at 1050 Sixth Avenue, construction is moving forward on a slender 24-story residential tower penned by New York's most beloved architect, Gene Kaufman. Rising behind the landmarked Bryant Park Studios Building (aka The Beaux-Arts Building), Kaufman's oft substance-less style will likely stand in sharp contrast to the charming 1901 structure. Skyline Developers, the New York division of Jersey-based Garden Homes Development, are the developers. The Orin Wilf-led firm owns the adjacent art-deco office tower at 1040 Sixth Avenue, and their new venture here will replace two turn-of-the-century walk-up buildings.
More details ahead

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