Real Estate Trends

When we see New York real estate on film, living situations usually err on the side of grossly unrealistic—think freelance writer Carrie Bradshaw’s apartment with walk-in closet on “Sex and the City,” or Monica Gellar’s massive two-bedroom in Greenwich Village on “Friends.” But while there are plenty of eye rolls to go around for said and […]

March 11, 2016

New Renderings of Boerum Hill’s Nevins Condominium, Teaser Site Launched

Walk down any of Downtown Brooklyn's high streets -- Court, Fulton, or Atlantic Avenue -- and you'll experience a palpable energy that can now rival any American downtown. Thanks to its cost advantages relative to Manhattan, the surging city economy, and attractive building stock, the district seems to have reached a level of vibrancy worthy of its borough's 2.1 million inhabitants. Since a major upzoning in 2004, the one-gritty hub has attracted thousands of residents and now has more than 41 million square feet of residential, commercial, and institutional space completed, under construction, or in the pipeline, according to an NYU Rudin Center report. Along the district's southern periphery, where its new soaring tower blocks transition into the genteel streetscapes of Boerum Hill, the Nevins condominium rises at 319 Schermerhorn Street. Now Curbed has spotted the first renderings of the 21-story, 73-unit development and the newly launched registration site for prospective buyers.
More details ahead

March 10, 2016

Property Markets Group Shares New Eye Candy of 111 West 57th Street

Here's a new set of images of Property Markets Group's and JDS Development's 111 West 57th Street. In case you haven't been paying attention, the highly-anticipated tower will be among the tallest residential skyscrapers in the world, climbing some 1,421 feet high to its tip. Designed by SHoP Architects, the feathery spire is sheathed in terra cotta, bronze and a glass curtain wall. The tower will be the most slender skyscraper in the world with a height to width ratio of 24:1.
More renderings ahead

March 10, 2016

Closing Time at 432 Park: A Look at the Numbers at NYC’s Tallest and Most Expensive Building

Closings at Macklowe Properties/CIM Group‘s Billionaires’ Row blockbuster 432 Park Avenue officially commenced just eight days into the new year, and now that enough time has gone by for these sales to be re-listed as rentals, CityRealty has put together an informative infographic that takes a look at the numbers at New York City's tallest and most expensive residential building. There's a lot of fun and fascinating info to be found ahead, but one of the most surprising facts? Of the 141 units available, only 13 have sold to date.
See the full infographic here

March 10, 2016

Clinton Hill’s Waverly Brooklyn Condo Tops Out, Teaser Site Launched

By Emrys Fitzgerald

The teaser site has launched for Clinton Hill’s seven-story condo development known as Waverly Brooklyn. The project, developed by Andrew Bradfield’s Orange Management, will accommodate 48 condominium units throughout roughly 60,000 square feet of floor area. The architect is Gerner Kronick + Valcarcel Architects (GKV), who have perfected textured exteriors comprised of exposed cast-in-place concrete. Inside there will be studio, one, two, three and four-bedroom condominium residences.
More info this way

March 10, 2016

POLL: Would You Pay Extra to Live in a Building With a Personal Subway Entrance?

It’s already been pretty well documented that proximity to subway lines increases rental value. But what about subway access right in the building? Brooklyn Paper recently reported on the new AVA DoBro tower in Downtown Brooklyn that offers, in addition to swanky amenities like a heated dog run and an espresso bar, a brand new subway entrance […]

March 10, 2016

What to Know As a Foreign National Buying or Renting in New York

Buying and renting in the city can pose a challenge even for long-time New Yorkers, but for foreign nationals without citizenship or the right credit history, opportunity can quickly turn into an impossibility. But not all hope is lost for internationals looking to invest in a home stateside—one just needs to be educated on the buying process. […]

Real Estate Trends

March 10, 2016

S9 Architecture Reveals New Design for Apartment Tower at 111 Varick Street

Late last year 6sqft posted a gallery of renderings visualizing a new high-rise for Madigan Development and Robal Parking Corporation's development site at 111 Varick Street in Hudson Square. Now, on S9 Architecture's recently revamped website, we have a revised look at a different and enlarged design for the site. The published set of images shows a slightly taller tower of similar massing clad in a skin of rippling panels where each band of floors resembles a strip of paper repeatedly folded onto itself and thereafter wrapped around the building envelope.
More details ahead

Conservative Queen Ann Coulter Buys $577K Upper East Side Co-op

By Annie Doge

Most residents of the Upper East Side are Hillary supporters, but that didn't stop outspoken conservative political commentator Ann Coulter from buying a co-op in the 'hood. According to city records released today, she bought the two-bedroom home at 12 East 87th Street for $577,000. Interestingly, the sale is significantly under its $1.8 million market value, but it does have a tenant in place who's paying $1,600 a month, and the cash-only listing states that it's for "investors only."
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March 9, 2016

From the ‘Seinfeld Law’ to Doggie Interviews, The Craziest Co-Op Board Stories Around

By Lauren Price

If you think you’re in like Flynn because you’ve got the dough, you’re still far from done if you’re buying a co-op. Since co-ops account for some 75 percent of New York’s housing stock when it comes to buying, you’d better hold onto your hat. That’s because you still haven’t sat in the personal interview-hot seat with the building’s gatekeepers to not just assess your finances, but to evaluate your worth as an individual. Whether you're a billionaire, a celebrity, of just a regular Jane with designs on one of these spaces, just keep in mind that there are a set of commandments that are never to be broken. Because when they are, there will be hell to pay. We've gathered up some of the best co-op board horror stories around, with anecdotes that involve everyone from Jerry Seinfeld to Steven Spielberg to a feisty little dachshund caught up in a bait-and-switch.
some unbelievable co-op board stories here

Real Estate Trends

March 9, 2016

First Look At Harlem’s Baldwin Condominiums, Inspired By James Baldwin

In a corner of Harlem hemmed in by a steep ravine within Jackie Robinson Park and the Harlem River, a residential enclave is undergoing a renaissance. Among a string of four recently finished sale buildings, a seven-story, six-unit condominium has begun work at 306 West 148th Street, between Bradhurst Avenue and Frederick Douglass Boulevard. Conceived by Bottom Line Construction & Development (no comment), the 10,000-square-foot building is to be called The Baldwin after the eminent Harlem-born novelist, poet, playwright and social critic, James Baldwin. Channeling the author's spirit, the condo will capture in its residences "the sophisticated details and artistic flare of contemporary Harlem living."
Find out more

March 9, 2016

Affordable Housing Lottery at Colgate Close Starts in Soundview, Priced $696/Month

In the Soundview neighborhood of the Bronx, the Arker Companies has commenced the affordable housing lottery process for their latest ground-up building, Colgate Close. Located at 1092 Colgate Street, where the semi-industrial area along the Bronx River evolves into a low-scale residential community, the five-story complex will contain 32 studio and one-bedrooms targeted for low-income households earning between $25,200 and $30,250 for a single person and $27,052 and $41,460 for two people. Depending on income, studios will be priced at $696 or $847 per month and one-bedrooms at $749 and $910 per month.
More details this way

March 8, 2016

Beyer Blinder Belle Publishes Renderings of Essex Crossing’s Site 5

By Emrys Fitzgerald

The nine-site Essex Crossing plan underway on the Lower East Side will bring more than 1.9 million square feet of residential, commercial, and community space to the largest undeveloped swath of land in the borough south of 96th Street. The long-tweeked master plan is being developed by an alliance named Delancey Street Associates, which consists of BFC Partners, L+M Development Partners, and Taconic Investment Partners. The plan's site 5, located just a block southwest of the Manhattan entrance of the Williamsburg Bridge at 145 Clinton Street, will bring 211 apartments, 73,000 square feet of retail space, and a 15,000-square-foot park to the full-block parcel between Grand, Clinton, Broome and Suffolk streets. Beyer Blinder Belle Architects & Planners are the designers of the red-brick tower and recently published a set of renderings, first shown to the community in 2015, giving us a more detailed look at the $110 million, 15-story building.
More details and renderings ahead

March 7, 2016

New Renderings of the Brooklyn Navy Yard’s Office Space and Food Hall

After announcing two weeks ago that they'd be launching a free shuttle service to connect with 13 subway lines, the Brooklyn Navy Yard has now released additional details about the shuttle, as well as new renderings of Building 77's $185 million renovation, reports Brownstoner. The 1,000,000-square-foot structure, a former ammunition depot, is the largest on the site, and when it reopens in 2017 it will offer luxury commercial space, a 16,000-square-foot rooftop, and its hotly anticipated food hall to be anchored by Lower East Side mainstay Russ & Daughters. The shuttle will have WiFi and will also connect to the LIRR. Additionally, the Navy Yard will get seven Citi Bike kiosks and 1,600 parking spaces.
More details and all the renderings

March 7, 2016

Donald Trump’s NYC Properties Owe the City $27K in Unpaid Fines

Donald Trump's fellow Republican presidential candidates have been focused on him releasing tax documents, but since he claims he's not in the position to do so since he's been audited, this little tidbit might make for some good temporary fodder -- Trump's luxury Manhattan properties owe the city for 19 unpaid violations that have amounted to $27,536 over the past 12 years. I Quant NY scoured the city's building records to find that since 2000, at least 14 of his Manhattan properties have received 460 separate violations, totaling $304,165 in fines. Sure this may be a drop in the bucket for the GOP frontrunner, but it's the lack of compliance that seems troubling, especially since only 6 percent of the instances were dismissed. And 2015 had the most violations to date, with 62 separate fines for "Failure to Maintain an Elevator."
Get the rest of the details

Real Estate Trends

March 5, 2016

East 61st Street Condo Finally Reveals Itself, $82.5M Sellout Projected

At the northeast corner of East 61st Street and Second Avenue, a long shrouded condominium project is finally showing us some skin. The 19-story building addressed at 301 East 61st Street exhibits a creamy stone exterior, with inset balconies and vertical fins projecting from a floor-to-ceiling glass curtain wall. The building is being developed by Orlando-based Inverlad Development who purchased the 3,800-square-foot lot for $15.4 million in 2012.
Find out more

March 4, 2016

Why Micro-Apartments in Carmel Place Are So Expensive

We’ve been hearing a lot recently about the city’s new micro-apartments. As 6sqft has reported, NYC’s first micro-apartment complex Carmel Place (formerly My Micro NY) at 335 East 27th Street began leasing at the end of last year. The nine-story modular development in Kips Bay has 55 studios that are 260 to 360 square feet. Of these, 22 are affordable and they’ll go from $950 to $1,500 a month. Market-rate units on the other end range from $2,540 to $2,910. According to CityRealty, the average rental price per square foot for New York City apartments overall is $51, while Carmel Place units ring in at $98 per square foot. The idea of micro-housing was presented, in part, to address the need for more affordable apartments. So why is it that the result is what a recent New Yorker article calls “micro-luxury" housing?
Small Is Beautiful–but Not Affordable

Over 100,000 Unofficial ‘Ghost Tenants’ May Be Living in NYC Public Housing

Photo via Wiki Commons

March 4, 2016

Over 100,000 Unofficial ‘Ghost Tenants’ May Be Living in NYC Public Housing

Although 400,000 is the official head count of residents in New York City’s public housing units, estimates say that figure may be much higher, and that 100,000 to 200,000 more people live there off the books, Slate reports. In a way it's hardly news: People live with relatives, friends and roommates while they aren't the primary leaseholders–almost standard fare in a regular rental apartment (though market rate tenants may run afoul of the lease if anyone wanted to make a case). The city's public housing units are over 50 years old and in dire need of updates and repairs, but because the city is becoming ever more unaffordable for anyone on a meager income, the real tally of people who live in these buildings could be as much as 50 percent higher than the official number.
Find out more about NYCHA's shadow population

March 3, 2016

Stuff You Should Know: How Air Rights Work

By Ondel Hylton and Julian Friedman

“For whoever owns the soil, it is theirs up to Heaven and down to Hell.” Most folks outside the architecture and real estate industries are likely to believe that putting up a new skyscraper is simply about finding an empty lot to build up. However, those in the know understand that it takes much more than a stretch of space and a good […]

March 3, 2016

New Renderings and Video Released for Sheepshead Bay’s Waterfront Vue Condominium

Rybak Development's latest venture named the Vue Condominium will add a bit of pizzazz and a sizable plaza to a popular stretch of Emmons Avenue in Sheepshead Bay. Rising from a prominent, full-block parcel at the intersection of Emmons and Sheepshead Bay Road, the envisioned eight-story structure replaces former neighborhood fixture the El Greco Diner, whose site was snapped up by Sergey Rybak and Jason Reznik for $13 million in late 2014. The project first appeared one year ago, and now a handful of renderings and a video have been released by the developers. The 175,000-square-foot structure will be the first LEED Certified building in south Brooklyn and will house 58 condos, 26,000 square feet of retail, two commercial office units, and a 134-car garage shared by tenants and businesses. The 9,000- square-foot plaza will take up a quarter of the development site and will have raised planters, ambiance lighting and bicycle parking.
Watch the video and see more renderings

March 2, 2016

Will Donald Trump’s Divisive Rhetoric Hurt His Real Estate Business?

Trump may have swept the southern states on Super Tuesday, but in true blue New York City and other regions with liberal leanings, the presidential candidate remains as polarizing as ever. As such, since announcing his run last year, Trump has been dumped by everyone from NBC (he was axed as the host of “Celebrity Apprentice” […]

Real Estate Trends

Lightstone’s Paris-on-the-Gowanus Rental Building at 365 Bond Street Opens

363-365 Bond Street, via Lightstone Group

March 1, 2016

Lightstone’s Paris-on-the-Gowanus Rental Building at 365 Bond Street Opens

One of the Lightstone Group's two new rental buildings in Brooklyn's Gowanus neighborhood is set to open Tuesday. The new residence at 365 Bond Street, along with its neighbor at 363 Bond (a year from completion) represent a $350 million effort by the developer to build 700 luxury rental apartments on the left bank of the Gowanus Canal. Designed to look like an historic brick-walled warehouse, market-rate apartments at 365 Bond start at over $2,000 a month for a studio and over $3,000 for a one-bedroom unit, according to the Wall Street Journal. Lightstone President Mitchell Hochberg says the project was inspired by the Canal Saint-Martin neighborhood in Paris, known for a residential project near a similarly polluted waterway which helped create a "newly hip atmosphere."
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Beyond Bars: Designers Reimagine Rikers Island As a Destination

Curtis + Ginsberg Architects’ “city blocks”

February 29, 2016

Beyond Bars: Designers Reimagine Rikers Island As a Destination