Real Estate Trends

After being put up for auction for the second time since March after the previous buyer failed to make the down payment, the Flatiron Building has sold for $161 million. During the auction hosted on the front steps of a Lower Manhattan courthouse Tuesday, a group led by Jeff Gural of GFP Real Estate, one of the landmarked building's previous owners, placed the winning bid over four other contenders. After winning, Gural said he plans to convert the upper part of the building into residential units, while keeping office space below, according to Crain's New York.
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Real Estate Trends

New renderings show off NYC’s first professional soccer stadium

All renderings courtesy of the New York City Football Club

May 16, 2023

New renderings show off NYC’s first professional soccer stadium

Renderings have been unveiled for New York City's first-ever professional soccer stadium. During a Queens Community Board 7 meeting last week, Related Companies, Sterling Equities, and the NYC Football Club (NYCFC) presented new renderings for the Willets Point Revitalization Plan, a massive mixed-use development planned for Queens that includes a 25,000-seat stadium, a 250-room hotel, a 650-seat public school, over 40,000 square feet of public open space, retail space, and 2,500 affordable housing units. The stadium is scheduled to open in time for the 2027 season.
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This $13.5M Tribeca condo designed by Thierry Despont is a 21st-century version of Don Draper’s pad

Photo credit: Eitan Gamliely for Sotheby’s International Realty

May 15, 2023

This $13.5M Tribeca condo designed by Thierry Despont is a 21st-century version of Don Draper’s pad

Peerless in form and function, this dazzling condominium residence at 111 Murray Street was designed by world-renowned French architect and designer Thierry Despont. Asking $13,500,000, the Tribeca trophy home, with its open city and water views and magazine-worthy renovation, is the perfect setting for an updated rendition of "Zou Bisou, Bisou" against the glittering Manhattan skyline.
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El Dorado childhood home of Beastie Boys’ Mike D finds a buyer after $4.5M price chop

Photos from the 2022 listing courtesy of Rise Media

May 10, 2023

El Dorado childhood home of Beastie Boys’ Mike D finds a buyer after $4.5M price chop

The childhood home of Beastie Boys rapper Mike D has found a buyer, after a year on the market and a $4.5 million price cut. The apartment at the Upper West Side's enviable El Dorado building belonged to the estate of Hester and Harold Diamond, owners of one of the world’s finest art collections and parents of Mike Diamond. The duplex co-op hit the market in May 2022 for $19,500,000 and relisted this past March for $14,995,000 before entering contract on Tuesday, as first reported by the New York Post.
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Real Estate Trends

Photo courtesy of Brown Harris Stevens

May 3, 2023

British Consulate’s Midtown East penthouse, asking $7M, hits the auction block starting at $2M

This 6,000-square-foot full-floor residence in the Beekman Regent condominium at 351 East 51st Street, currently asking $6,995,000 (down from $8,500,000 in 2021), may provide an opportunity for auction lovers: The penthouse with city views and five bedrooms is headed for online auction by the British government, with bids starting at $2,000,000. The penthouse has functioned as the British Consul General in New York's residence, so it's a given that its flexible floorplan and nearly 10-foot ceilings would add up to the perfect space for lavish parties and regal receptions.
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Yankees’ Aaron Judge reportedly scores Chelsea penthouse

All images courtesy of Related Companies

April 14, 2023

Yankees’ Aaron Judge reportedly scores Chelsea penthouse

New York Yankee captain Aaron Judge has bought an apartment at a brand new luxury condo in Chelsea, possibly his home for at least the next nine years. According to the New York Post, the American League home run leader bought a condo at The Cortland at 555 West 22nd Street, a tower designed by Robert A.M. Stern near the Hudson River waterfront.
A real estate home run

Photo credit: Geraldine Pierson/ Brown Harris Stevens

April 12, 2023

Is the view from the roof of this $1.45M Park Slope brownstone condo worth the four-flight walk up?

On one of the Brooklyn neighborhood's prettiest streets, this Park Slope condominium on the top floor of a 1920 townhouse boasts Statue of Liberty views, a private rooftop, and the kind of interior updates that bring out the best in a pre-war home. Asking $1,450,000, the two-bedroom walk-up apartment at 153 Garfield Place has a railroad layout, which adds charm–if not convenience. For the latter, look to the home's central air conditioning, washer/dryer, and custom storage.
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Leasing kicks off at the Brooklyn Tower, luxury rentals priced from $3,965/month

Photo courtesy of Evan Joseph

April 10, 2023

Leasing kicks off at the Brooklyn Tower, luxury rentals priced from $3,965/month

Leasing has launched for market-rate rental units in Brooklyn's tallest tower. Located in Downtown Brooklyn, the 93-story Brooklyn Tower offers residences designed by award-winning Gachot Studios and over 120,000 square feet of luxury amenities, including three outdoor pools surrounding the dome of the historic Dime Savings Bank of Brooklyn. Rentals start at $3,965/month for studios, $5,075/month for one-bedrooms, and $7,100/month for two-bedrooms.
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Now complete, NYC’s largest office-to-condo conversion One Wall Street shows off latest home

Images courtesy of Colin Miller

April 3, 2023

Now complete, NYC’s largest office-to-condo conversion One Wall Street shows off latest home

New York City's largest office-to-residential conversion is flaunting its latest luxury residence. Construction has officially wrapped up at the Art Deco landmark One Wall Street, formerly the headquarters for the Irving Trust Company and now a 566-unit residential tower. Following that milestone, new images were released last week of one of the building's most impressive apartments, Residence 3404. The home represents a unique collaboration between interior designer Guillaume Coutheillas of frenchCalifornia and One Wall Street developer Harry Macklowe, who hand-picked all of the art seen in the three-bedroom apartment.
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Flatiron Building future uncertain as buyer fails to pay deposit

After placing a winning bid of $190 million for the Flatiron Building during a live auction last week, Jacob Garlick of Abraham Trust missed the deadline to make the down payment, as first reported by NY1. After placing the winning bid, Garlick was required to pay a 10 percent deposit of $19 million by Friday but has yet to do so. This could mean another auction will be set for the iconic property.
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Real Estate Trends

$599K Harlem condo has penthouse views and outdoor space, without the penthouse price

Photo credit: DDreps for The Corcoran Group

March 29, 2023

$599K Harlem condo has penthouse views and outdoor space, without the penthouse price

Atop the Style Condominium at 51 East 131st Street, a 21st-century addition to the vibrant East Harlem neighborhood, this one-bedroom condominium is a compact top-floor residence with private outdoor space and renovated interiors. Asking $599,000, the 658-square-foot home has unobstructed penthouse views and light to match, without the penthouse price.
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This $3M full-floor Red Hook condo has a Mediterranean vibe, two terraces, and parking

Photo credit: Allyson Lubow

March 24, 2023

This $3M full-floor Red Hook condo has a Mediterranean vibe, two terraces, and parking

This 1,800-square-foot full-floor Brooklyn condo at 96 King Street, asking $2,950,000, offers three bedrooms and two-and-a-half baths. Organic architectural details like arched doorways and unique textures, shapes, and colors combine to give the newly-minted home a sunny, modern Mediterranean feel. Two terraces provide outdoor space for enjoying summer evenings in this lively and eclectic neighborhood; the three-unit building offers private parking for the car you'll need for life in Red Hook.
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NYC’s iconic Flatiron Building has sold for $190M

Photo by David Becker on Unsplash

March 23, 2023

NYC’s iconic Flatiron Building has sold for $190M

New York City's iconic Flatiron Building has sold for $190 million. During a live public auction in Lower Manhattan on Wednesday, Jacob Garlick of Abraham Trust placed the winning bid over one of the historic landmark's previous owners, Jeffrey Gural of GFP Real Estate, as the Real Deal reported. Earlier this month, a judge approved a partition sale of the property to resolve a longstanding dispute among its owners.
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Real Estate Trends

All photos by Russ Ross for The Corcoran Group

March 20, 2023

Live large indoors or out at this $1.8M Boerum Hill condo with a two-level deck and bedroom balcony

If you crave outdoor space with your city living, this two-bedroom Boerum Hill condo at 52 Third Avenue is a triple threat. Asking $1,795,000, this top-floor apartment has three separate decked terraces ready to become a multi-level garden paradise–or party space–complete with skyline views. You don't have to sacrifice indoor living, either, with 1,000 square feet of interior space.
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Historic McGraw-Hill Building in Hell’s Kitchen to add 224 rentals

Rendering courtesy of MdeAS Architects

March 13, 2023

Historic McGraw-Hill Building in Hell’s Kitchen to add 224 rentals

The 35-story landmarked McGraw-Hill Building in Hell's Kitchen will soon be home to 224 luxury rentals. As first reported by the New York Post, the project includes the redesign of the building's office space, the construction of a second lobby and entrance, and the restoration of the McGraw-Hill name above the residential entrance. Floors 12 through 34 of the Art Deco skyscraper will be converted to residential use, which will cost an estimated $100 million. Work will begin this summer.
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Real Estate Trends

See Jersey City’s $500M plan to redevelop a public housing complex into massive mixed-use community

All renderings courtesy of PS&S Architects

March 6, 2023

See Jersey City’s $500M plan to redevelop a public housing complex into massive mixed-use community

An innovative plan to redevelop a public housing project in downtown Jersey City into a massive new community with over 600 units of housing is moving forward. The Jersey City Housing Authority (JCHA) voted to select WinnDevelopment to oversee the revitalization of the 80-year-old Holland Gardens complex, which involves razing all five existing buildings and constructing four new high-rise towers that will be home to senior housing, for-sale condos, public housing units, market-rate rentals, and community space. The $500 million project will be about 50 percent affordable, Mayor Steven Fulop announced last week.
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Historic Flatiron Building headed to auction to end dispute between owners

Photo by Jermaine Ee on Unsplash

March 3, 2023

Historic Flatiron Building headed to auction to end dispute between owners

New York City's iconic Flatiron Building will be put up for auction to resolve a dispute between its current owners, according to a recent judgment filed in state Supreme Court. As first reported by PincusCo, the decision to sell the vacant landmarked building was made by GFP Real Estate, Newmark, Sorgente Group, and ABS Real Estate Partners, which make up 75 percent of the building's owners. The auction is set to take place on March 22 with Mannion Auctions.
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Real Estate Trends

March 2, 2023

Ex-Good Morning America anchor Amy Robach and husband Andrew Shue sell NYC co-op for $5.1M

Former "Good Morning America" anchor Amy Robach and her husband Andrew Shue have sold their West Village apartment for $5,100,000, according to property records. The estranged couple put their co-op at 59 Barrow Street on the market last September and the property entered contract in November, just before news broke of Robach's relationship with co-anchor T.J. Holmes. Records show the deal closed at the end of February.
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If you love pattern and color, this $1.5M Williamsburg condo is for you

Photo courtesy of The Corcoran Group

March 2, 2023

If you love pattern and color, this $1.5M Williamsburg condo is for you

If you love closet space–you may want to look elsewhere. This two-bedroom, two-bath unit at 221 Devoe Street in Williamsburg has plenty of appeal. Asking $1,495,000, the modern north Brooklyn condo was featured in House Beautiful; the 1,108-square-foot penthouse has an impressive landscaped 300-square-foot terrace, a wealth of art-inspired interior design–and a notable dearth of closets.
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Rupert Murdoch buys $30M Central Park South co-op

The Hampshire House is known for its steeply-pitched copper roof with two tall chimneys; Photo via Wikimedia Commons

February 28, 2023

Rupert Murdoch buys $30M Central Park South co-op

Media giant Rupert Murdoch is in contract to purchase a full-floor co-op on Billionaires' Row. As first reported by the Wall Street Journal, the News Corp founder bought a 6,500-square-foot apartment on the 27th floor of the Hampshire House that was last listed for $30,000,000; the final sales price has not been made public. The seven-bedroom, five-bathroom residence was the longtime home of late hedge-fund magnate Julian H. Robertson Jr. and famed philanthropist Alice Tully.
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Manhattan apartments are bigger now than a decade ago

Photo by Goh Rhy Yan on Unsplash

February 23, 2023

Manhattan apartments are bigger now than a decade ago

Believe it or not, new apartments in Manhattan are getting bigger. Despite being notorious for its small, compact apartments, Manhattan rentals actually gained an average of 19 square feet since 2013, an increase of 3 percent, according to new data released this week by RentCafe. The borough is an outlier when looking at the rest of the country, where newly constructed units continue to shrink in size, and even compared to other parts of New York City. The average space of new rentals in Brooklyn and Queens decreased by seven percent over the last decade, costing renters roughly 45 square feet.
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Plans unveiled for David Adjaye’s Restoration Plaza revamp in Bed-Stuy

Renderings courtesy of Adjaye Associates

February 17, 2023

Plans unveiled for David Adjaye’s Restoration Plaza revamp in Bed-Stuy

Plans to transform Brooklyn's Restoration Plaza into a global cultural and economic hub were unveiled this week. Non-profit Bedford Stuyvesant Restoration Corporation on Thursday released renderings and new details of its plan to reimagine its headquarters with an 840,000-square-foot mixed-use campus designed by renowned architect Sir David Adjaye. The plan expands and modernizes existing space, adds office and retail space, and creates new public open space in the heart of Bed-Stuy. According to the developer team, the Innovation Campus is a direct response to the country's racial wealth gap, particularly the economic barriers Black New Yorkers face in Brooklyn.
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Take a tour of a duplex penthouse at Jean Nouvel’s tower above MoMA

Image courtesy of Evan Joseph

February 15, 2023

Take a tour of a duplex penthouse at Jean Nouvel’s tower above MoMA

New images of a fully-furnished penthouse atop Pritzker-Prize-winning architect Jean Nouvel's tower 53 West 53 were released this week, showing off the one-of-a-kind duplex apartment's soaring ceiling heights, expansive living spaces, and breathtaking views of Central Park and the city skyline. The four-bedroom, three-and-a-half bathroom penthouse was designed by Fox-Nahem Associates in collaboration with Elle Decor and spans nearly 8,000 square feet across the 76th and 77th floors of the Midtown Manhattan skyscraper. Although this penthouse is not currently on the market, the identical unit above it, Penthouse 78, is available for $64,730,000.
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New York City rents hit record highs in January

Photo by Rachel Martin on Unsplash

February 13, 2023

New York City rents hit record highs in January