Real Estate Trends

Despite controversy, several delays, and a $30 million crowdfunding attempt, the New York Wheel is projecting major first-year revenue. According to The Real Deal, developers of the 630-foot Staten Island ferris wheel expect to bring in a staggering $127.85 million in 2017, a figure that will make it more lucrative than the Empire State Building's observation deck, which raked in $111.5 million last year. Of the total revenue, $96 million is projected to come from admission fees (which come in at $35 a person, as compared to the Empire State Building's $32); $10 million from sponsorships; and $8.7 million from gift shop sales. And if you're impressed by these numbers, annual revenue will likely grow to $166.52 million by 2021!
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Real Estate Trends

December 11, 2015

This $23 Million Soho Loft Comes With Designer Furniture and a Motorized Headboard

By Michelle Cohen

This enormous and undeniably awe-inspiring condominium at 50 Wooster Street seems pretty straightforward: A huge Soho loft with a sleek and expensive-looking contemporary renovation. And you have a choice! You can rent this gleaming 4,800 square-foot downtown pleasure palace for $40k a month, or just buy it for a mere $23.3 million.
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December 11, 2015

Demolition Begins on 500-Foot UES Condo Replacing the Art & Design Building

Demolition has begun at the Lenox Hill site of a forthcoming 30-story condominium being developed by Orlando-based Inverlad Development and Steve Mills’ Third Palm Capital. The future 45-unit, 481-foot tower will replace the five-story Art & Design Building at 1059 Third Avenue and utilizes development rights from an adjacent apartment building at 1065 Third Avenue, which will also host an entryway for the Lexington/63rd Street station of the Second Avenue Subway. The developers paid an entity associated with the Battaglia family $31.5 million for the property in 2012. Building permits were approved in late October, granting the team the go-ahead to build a narrow, slab-shaped tower designed by Manuel Glas. According to DOB filings, the first three floors will contain office space and a healthcare facility, and above are 32 residential units. The amenity floor on level 12 will feature a fitness center, spa, swimming pool, tenants' lounge, and an outdoor terrace. Above level 13, seventeen full-floor residences will possess commanding views of the burgeoning Billionaires' Row skyline, East River and Central Park.
More details ahead

December 11, 2015

This Boerum Hill Duplex Comes With a Private Patio and 600-Foot Jogging Track

By Emily Nonko

When a residential building is called the Skytrack Condominium, you know the roof deck is going to be awesome. This building, at 120 Boerum Place in Boerum Hill, was originally a manufacturing building back when the neighborhood was filled with boarding houses for ironworkers working on Manhattan’s bridges and skyscrapers. The building went condo in 1983 and maintained many of the old industrial interior details, including a “skytrack” that wraps around the roof of the building. The track, which runs around the perimeter of the building's roof deck, is now used as a walking or jogging path by residents. While residents share the roof deck distinguished by the "skytrack" feature, this condo up for sale comes with even more outdoor space. A private deck off the master bedroom—with its very own skytrack (!)—is a nice perk of the lofty duplex going for $1.575M.
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December 10, 2015

Amoeba-Like Floorplans for Herzog & de Meuron’s 160 Leroy Revealed

When you work in the real estate field, looking at floorplans can get a bit monotonous–rectangular box, square rooms, maybe a patio if you're lucky. But every once in a while, you'll see some schematics that cause pause, like these amoeba-shaped floorplans at Herzog & de Meuron's 160 Leroy (h/t Curbed). The 15-story, glassy West Village building has 49 condos, ranging from a $2.6 million one-bedroom unit to a $25 million penthouse. Depending where they're located along the undulating facade, the interior layouts can be long and windy or compact and curving.
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December 10, 2015

Using Public Subsidies to Build 2 WTC Gets OK’d; Vacancy Rate in Manhattan Rising

The vacancy rate in Manhattan is the highest it’s been since April 2009, but rents are still up. [Crain’s] How many people have been shot in your neighborhood this year? [Brownstoner] The Community Board 3’s land use committee wants the Economic Development Corp. to rescind its RFEI (Request for Expressions of Interest) for the abandoned underground […]

Real Estate Trends

December 10, 2015

‘Maximalist’ UES Townhouse of Designer Juan Pablo Molyneux Sells for Less Than Half Its First Ask

By Annie Doge

Back in 2012, Chilean interior designer Juan Pablo Molyneux placed his sprawling townhouse at 29 East 69th Street up for sale for a newsmaking $48 million. Unable to find an immediate buyer (or possibly anticipating seller's remorse), he took it off the market shortly after. But then earlier this year in January, he brought it back for a much lower $34 million. Now, it looks like Molyneux's day has come, and according to city records, he's finally parted ways with the gigantic spread—although for a relatively paltry $22.5 million.
go inside here

December 10, 2015

Affordable Housing Coalition Proposes $4B NY State Budget to Address Housing Crisis

According to a press release put out today, an affordable housing coalition of ten groups has proposed a five-year, $4 billion capital plan to address the housing crisis in New York. As Governor Cuomo and the state legislature begin the 2016 legislative session, the group hopes that the plan, proposed for 2017-2021, can combat the fact that "more than half of statewide renters pay over 30 percent of income on housing costs, and more than 80,000 people are homeless across the state." Specific to the city, the plan wants to close the NYCHA funding gap and increase senior housing.
More details this way

December 10, 2015

Revealed: Karl Fischer’s 12-Story East Harlem Residential Tower

Here's our first peek at a 12-story residential building designed by Karl Fischer Architects for the northwest corner of 110th Street and Park Avenue in East Harlem. The property was picked up last fall by Brooklyn-based Isaac Schwartz who has now placed the 7,000-square-foot property on the market for $13.9 million. According to the sales brochure prepared by Ariel Property Advisors, the lots 1516-1520 Park Avenue and 94 East 111th Street present a full block-front opportunity to construct a development up to 48,600 square feet. The property would be delivered with DOB-approved plans that call for the 12-story, 44-unit residential building shown above.
More details ahead

December 9, 2015

VIDEO: Watch Ironworkers Set Panels on Bjarke Ingels’ Via Tetrahedron

Earlier today, 6sqft announced that Via, aka BIG’s 57th Street tetrahedron, is the winner of the 2015 Building of the Year competition. What likely made the starchitect-designed rental building such a frontrunner is its unusual shape, rising 460 feet from its site. Since progress has been right on track, it's easy to forget that the unconventional form yields some unique design and construction challenges. In this video from from Ironworkers Local 580, who set a Gopro up on the crane, we can see the skill required to set the shimmering panels on the slope wall. We also get a very vertigo-inducing view of the building from its apex looking down.
Watch the full video

December 9, 2015

NYC’s Priciest Studio Apartments; Trans-Hudson Tunnel Moves Forward

Inside the sales gallery of Tadao Ando’s first NYC building in Nolita. [Curbed] The plan to build a new Hudson River tunnel is moving ahead thanks to a $300B transportation bill. [NYT] Don’t expect any deals on these diminutive apartments. [NYP] Queens’ most expensive developments by total sell out. [TRD] Images: A studio apartment at the Plaza via […]

Real Estate Trends

December 9, 2015

Landmarks Approves Collegiate School Redevelopment: 66 Condos and Garden Planned

The development team involved in the rehabilitation and redevelopment of the Collegiate School academic buildings adjacent to West End Collegiate Church announced yesterday that their two-building scheme has been unanimously approved by the Landmarks Preservation Commission. Situated in the West End Collegiate Historic District on the Upper West Side, the residential development at 260 West 78th Street and 378 West End Avenue is being developed by the Collegiate Churches of New York and designed by Rick Cook of COOKFOX Architects. Funds generated by the development will be used to support the Collegiate Church's charitable and housing programs, as well as maintain its landmarked Dutch-Flemish Renaissance Revival campus.
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December 8, 2015

Quiz: Test Your Knowledge of 2015 Real Estate; Program for Senior Roommates Is a Win

The Port Authority is considering using $43M in subsidies to develop 2 World Trade Center, a skyscraper designed by Bjarke Ingels that will tentatively be the new home of 21st Century Fox and News Corp. [Wall Street Journal] Victoria’s Secret model Sara Sampaio is in contract to buy a two-bedroom at the Beekman. [NYP] Residents of starchitect […]

Real Estate Trends

December 8, 2015

Lofty Duplex in Greenpoint Comes With Double Height Ceilings and a Parking Space

By Emily Nonko

149 Huron Street, a 30-unit Greenpoint condo building, was constructed in 2007 and is dominated by big windows and balconies on its facade. There is one unit up for sale in the building, a duplex, and it's asking $1.2 million. Over 985 square feet and two floors you'll find a big, towering window, lots of open space, a flexible floorplan and modern finishes. This is one of the priciest apartments in the entire building, and the history of its price tag says a lot about how much Greenpoint has changed since 2007. The unit sold in 2009 for $560,037 and then was listed in 2012 for $629,000. It looks like it never sold back then, but now it's trying its luck past the $1 million mark.
See the interior

December 8, 2015

Get a Look at the 900-Foot Views From Norman Foster’s Sutton Place Tower

Bauhouse Group received permits just a week ago to raze a string of buildings at 428-432 East 58th Street in Sutton Place, and as 6sqft previously reported, the developer had tapped starchitect Norman Foster to design the 900-foot luxury residential tower. New York Yimby now has a first look at the building's stunning views from 100 feet and up. From the top, "just some of the things you’ll be able to see are Central Park, the George Washington Bridge, 432 Park Avenue, the Empire State Building, the Chrysler Building, Sony Tower, the Citigroup Center, One World Trade Center, the Ed Koch Queensboro Bridge, Roosevelt Island, the RFK Bridge, the Hell Gate Bridge, the United Nations, and the Williamsburg Bridge."
More views and details

December 7, 2015

Could This Otherworldly 102-Story Tower Covered in Ornaments Be Coming to 57th Street?

Jaded by glass boxes and architectural imitations of styles gone by? Well this fascinating design by Mark Foster Gage Architects is sure to turn your architectural world upside down. Here's our first look at their 102-story residential supertower seemingly flown in from some advanced airborne civilization in a galaxy far, far away. While details are scarce, this eagle lands in the heart of Midtown's Billionaires' Row along West 57th Street between Fifth and Sixth Avenues. The whimsical design is a habitable sculpture of sorts, adorned from top to bottom in ornaments ranging from gears and propellers to an abstracted pair of birds diving in for a landing on two wing-supported balconies. The tower is topped by a temple-like observational platform which is then crowned by a golden wreath-like structure fit for any victorious Roman general.
more eye-popping visuals this way

December 7, 2015

VOTE for 6sqft’s 2015 Building of the Year!

By 6sqft

If you thought 2014 was an outstanding year that gave way to great new developments, 2015 could easily be considered epic. In the last 12 months, we've seen the rise of the supertalls along Billionaires' Row, a few groundbreaking structures that challenge traditional architectural geometry, and starchitect-designed towers with absurd asking prices. Here we've vetted 12 of the hottest buildings in NYC, noteworthy for their envelope-pushing design, record-breaking prices, or unprecedented height. So, in our second annual poll, we want to know what you think: Out of the dozen, which deserves the title of “2015 Building of the Year?” To help you make an informed decision, we've provided an overview of each contender, along with news highlights from the year. We're taking votes up until 11:59 p.m., Monday, December 7th, and we will announce the winner on Wednesday, December 9th. Happy voting, 6sqft readers!
Learn more about all the buildings in the running ahead

December 7, 2015

Four Neighborhoods to Find Affordable One-Bedrooms; Trump Makes Money off Central Park Name

Who says Snake People are bad with money? This generation is increasingly buying homes in NYC. [Metro.US] Four NYC neighborhoods where you can still find an affordable apartment. [Thrillist] Few support Mayor de Blasio’s rezoning plan. [Crain’s] 20 years ago Donald Trump applied for a non-exclusive trademark to use the words “Central Park” to sell wares. Since then he’s become […]

Real Estate Trends

December 7, 2015

Skyline Wars: One Vanderbilt and East Midtown Upzoning Are Raising the Roof…Height!

By Carter B. Horsley

Carter Uncut brings New York City’s breaking development news under the critical eye of resident architecture critic Carter B. Horsley. This week Carter brings us the second installment of nine-part series, "Skyline Wars," which examines the explosive and unprecedented supertall phenomenon that is transforming the city's silhouette. In this post Carter zooms in on Midtown East and the design of One Vanderbilt, the controversial tower that is being pinned as the catalyst for change in an area that has fallen behind in recent decades. Despite some objections from community boards and local politicians, New York City is moving ahead with the rezoning of East Midtown between Fifth and Third avenues, and 39th and 59th Streets; and earlier this year, the de Blasio administration enacted an important part of the plan, a rezoning of the Vanderbilt Avenue corridor just to the west of Grand Central Terminal. The Vanderbilt Avenue rezoning included approval of a 1,501-foot-high tower at 1 Vanderbilt Avenue on the block bounded by Madison Avenue, 42nd and 43rd Streets. The tapered, glass-clad tower, topped by a spire, is being designed by Kohn Pedersen Fox for SL Green. Mayors Bloomberg and de Blasio have championed the 1 Vanderbilt proposal despite serious concerns voiced by numerous civic organizations over the rezoning scheme that some see as “spot zoning” and the fact that the city has still not finalized nor published its complete rezoning package. Using air-rights transfers from the Grand Central Terminal area and zoning bonuses for providing $210 million for infrastructure improvements in the area, the tower will significantly alter the midtown skyline, rising several hundred feet above the nearby Chrysler Building and the huge and bulky but lower MetLife Tower straddling Park Avenue just north of Grand Central Terminal. Its 63 stories are several less than the Chrysler Building and just a few more than the MetLife Tower, which might be interpreted by some observers as indicated that it was in “context” with such prominent neighbors, but they are wrong.
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December 4, 2015

Celeb Photographer David LaChapelle Makes a Sale on His Charming Chelsea Abode

By Annie Doge

After placing his West Chelsea home on the market just five months ago, it looks like famed photographer David LaChapelle (he's shot everyone from Madonna to MJ to Leo and Lady Gaga) has made a sale. LaChapelle's bright beauty at 427 West 21st Street sold for its $2.46 million asking price, providing a pretty tidy profit for the artist who paid just $1.74 million for the space in 2011. According to the Observer, LaChapelle decided to shed the apartment because he now spends most of his time in LA and Hawaii—the latter where he owns a remote 18-acre forest on the island of Maui. But while LaChapelle enjoys warmer West Coast and island climates, the new buyer of his Chelsea pad should find themselves just as comfortable in his former residence. The one-bedroom home is quite a unique space with plenty of historic details highlighted by lots of light.
Have a look inside the photographer's former home

December 4, 2015

A New App Helps Renters Break Their Leases

Being a lease breaker here in New York can be like wearing a scarlet letter around town, and on top of that there's the hefty fees often associated with moving out early. But sometimes with life's uncertainties it's unavoidable. To make the transition a lot smoother, a new app called Flip "lets renters sell the remaining months of their unwanted lease to a pre-qualified tenant," according to DNAinfo. The platform launched today and already has 300 leases up for grabs.
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Real Estate Trends

December 3, 2015

New Renderings of One Vanderbilt, Midtown’s Future Tallest Office Tower

The digital production studio Visualhouse has posted on their website our first motion video look at SL Green's 63-story office tower known as One Vanderbilt. Hailed to forever change the face of Midtown East and reinvigorate the business district, the $1 billion-plus, 1.6-million-square-foot tower was unanimously approved by the City Council this past summer, thus granting SL Green the green light to begin construction of the supertower immediately. Visualhouse's newly released renderings provide us with a clearer picture of how the building's full-block base will meet the street, and also remind us just how gargantuan the tower will be. According to the tower's architects Kohn Pedersen Fox (KPF), the tower will rise 1,401 feet to its spire, making it the second tallest building in the city upon completion. However, unlike the pencil-thin supertalls underway around Central Park, the project will throw up a substantial amount of bulk into the air.
See all the renderings

December 3, 2015

Pacific Park’s 550 Vanderbilt Tops Out; Affordable Rentals at Greenpoint Landing Start at $494

The controversial condos atop the Mezritch Synagogue have hit the market. The luxury units start at $2.95 million. [Curbed] Pacific Park‘s first residential building 550 Vanderbilt has topped out at 17 stories. [6sqft inbox] Aby Rosen files plans to convert a former Noho women’s shelter to a “commercial behemoth” with the help of starchitect Annabelle […]

Real Estate Trends

December 3, 2015

Flatiron’s 21W20 Finally Unshrouded – Take a Virtual Walk Through the Penthouses