Real Estate Trends

Outside of a $1.1 billion lawsuit, news on the One Vanderbilt front has been relatively quiet. The supertall tower received unanimous approval back in May by the City Council and since then demo at the site has been underway. But now, NY Yimby has gotten ahold of some new renderings that offer additional views of the KPF-designed tower—in particular, how the 1,500-foot behemoth will fit in with the existing NYC skyline. Once the building is constructed, it will be one of the tallest skycrapers in the city with a roof height exceeding that of One World Trade's. And as noted by YIMBY, One Vanderbilt will also be the first building in Midtown east to surpass the Chrysler Building in height (which, if you look closely at the above rendering, you can see demurely reflected in the building's glass).
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October 12, 2015

Landmarks Gets Started on 25-Year Backlog; A Manhattan Studio Asking Less Than $1,000/Month

After withdrawing its plan to de-calendar 95 historic sites that had been on backlog for 25 years, the Landmarks Preservation Commission has begun public hearings for these places. [WSJ] A new report shows that NYCHA residents see little benefit from gentrification in their neighborhoods. [NYDN] The 1920s Green Point Savings Bank in Prospect Heights will be […]

October 12, 2015

Supertall Towers Getting Multimillion-Dollar Antenna Systems to Ensure Good Cell Reception

"If I can't text, I'm moving" is the title of a New York Times article that looks at the growing issue of cell phone reception in supertall towers. Of course, the main problem arises in sky-high units that are above cell tower antennas or are in the path of other signals, but new construction methods are also getting in the way. Thick concrete walls, reinforced steel floors, and low-emission windows all can weaken, if not altogether block, wireless signals. "To correct this issue, developers are installing elaborate in-house wireless networks to boost coverage within projects ranging from new rental towers in Williamsburg, Brooklyn to condominium conversions in the 1913 Woolworth Building in Manhattan," the paper explains.
More on the trend

October 9, 2015

REVEALED: Chelsea Atelier’s Mixed-Use High Line Development With Viewing Decks

Another forward-looking project may be coming to the banks of the High Line, this time for a T-shaped lot near the corner of Tenth Avenue and West 17th Street. While still in its conceptual stage, the design of 455 West 17th Street is being handled by architecture and project management firm Chelsea Atelier. The two-wing project consists of a four-story Tenth Avenue wing, to contain a small hotel or offices, and a larger 11-story wing that would house residential condominiums. Amir Shouri, senior designer at Chelsea Atelier, says the design seeks to create viewing decks to capture glimpses of the High Line and the Hudson River. The blurred boundaries between inside and out will ceaselessly showcase the "live urban activity of the High Line during the day and motivate inhabitants to go out an enjoy the area's many amenities."
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October 9, 2015

William Randolph Hearst’s Stunning Central Park West Penthouse Sells for $18M

By Annie Doge

After nearly a year on the market, and a deal with Giorgio Armani that ultimately fell through, the ornate penthouse that previously belonged to publishing magnate William Randolph Hearst has finally sold. As reported by The Real Deal, the buyer of the magnificent home is John Legere, a T-Mobile CEO who entered contract to buy the pad back in July. Originally listed for $27.5 million, the home saw numerous price cuts over the last few months, ultimately settling on a $18 million price tag with Legere. While the penthouse is not nearly as large as Hearst's other former top floor spread (that one had an incredible 14,000 square feet of indoor and outdoor space!), this 1,600-square foot beauty maintains many spectacular details, including a wood-burning fireplace, herringbone floors, hand-carved wood doors, stained glass windows and a private terrace encompassing the entire frontage of its 91 Central Park West address.
Go inside the home

October 9, 2015

Construction and Sales Begin on SCDA’s Billionaires’ Row Tower, 118 East 59th Street

Construction and sales have commenced on a glass-encased, 500-foot-tall condominium tower at 118 East 59th Street developed by Euro Properties and designed by Soo K. Chan of SCDA Architects. Situated mid block between Park and Lexington Avenues, the tower is surrounded by the crème de la crème of New York real estate, positioned within the nexus of several high-value locales: The Plaza District, home to the GM Building, commands the city's top office rents; nearby shopping stretches of Fifth and Madison Avenues hold the world's most coveted retail corners; and a one-mile long, super-luxury residential corridor, nicknamed Billionaires' Row, straddles the southern bounds of Central Park and is set to reshape the city skyline into a trophy shelf of wealth.
More details ahead

October 8, 2015

Long Island City ‘Micro’ Units Will Have Three Bedrooms

To date, the city's biggest and most news-worthy micro housing complex, My Micro NY, has offered only studios, which makes sense considering a micro apartment is typically defined as encompassing less than 350 square feet. But the term "micro" is getting an expansion (figuratively and literally) in Long Island City, where a new rental complex will offer 57 two- and three-bedroom units ranging from 490 to 735 square feet, according to the Wall Street Journal. The project at 37-10 Crescent Street is being developed by Ranger Properties, whose managing principal Sheldon Stein said, "Our concept is we can offer really high-quality public amenity space, and better value with smaller private spaces, and bring the rental cost down."
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October 8, 2015

Hudson River Cottage That Was Home to Orson Welles and John Steinbeck Goes Into Contract

This Medieval Tudor-style cottage in Palisades, NY had a pretty impressive roster of residents in the 1940s, including Orson Welles (he lived here while working on "Citizen Kane"), John Steinbeck, Sir Laurence Olivier, and Vivian Leigh. Perhaps this celebrity cache is what helped the $2.25 million Hudson River-front home attract a buyer, as the Post reports today that it's gone into contract. Known as "House in the Woods," the three-bedroom stone cottage sits on a bluff overlooking the river, encompassing 2.4 acres of land. It's located in the upscale hamlet of Sneden Landing, where Angelina Jolie’s mid-century modern childhood home is currently for sale and other past and presents residents include Mikhail Baryshnikov, Al Pacino, Lorraine Bracco, Bill Murray, and Uma Thurman and Ethan Hawke. But name dropping aside, the 2,245-square-foot home is truly charming with open hearths, pitched beamed ceilings, original wood floors, and a stone back house.
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October 8, 2015

Katie Holmes’ Chelsea Rental Is on the Market; NY Giants Cornerback Is House Hunting

Katie Holmes’ former Chelsea rental is back on the market. [NYDN] Ben Shaoul’s rental, Bloom 62, will be turned into a condo building. [TRD] New York Giants cornerback Prince Amukamara just checked out a Flatiron apartment. [NYP] 10 Hudson Yards will open March 2016. [TRD] Images: Katie’s rental (L); The apartment Prince Amukamara was spotted […]

Real Estate Trends

Brooklyn Home Prices Set Record, Manhattan Rents So High Studios Command $2,431/Month

The latest round of real estate reports have arrived and needless to say prices continue to hover completely out of reach of us normal folk. A new Elliman report compiled by Jonathan Miller found that Brooklyn now boasts a median sales price of $676,250, 15 percent higher than just one year ago this time, and 25 percent higher than the record set before the 2008 financial collapse—this makes it the only borough to exceed the pre-recession high. Miller attributes the boost to Brooklyn's change in identity, which has over the years gone from a cheap alternative to Manhattan to a first choice destination for buyers, renters and proprietors. That's not to say Manhattan saw a slump, the median sales price rose to an impressive $998,000, the highest level since the financial crisis.
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Real Estate Trends

October 7, 2015

45 East 22nd Street Now 50 Percent Sold; Do Renderings Paint Unrealistic Pictures for Clients?

Ian Bruce Eichner’s 45 East 22nd Street, the tallest upcoming tower in Flatrion, is now 50 percent sold. [Listings] Here are the new NYC developments with the most units in contract. [TRD] Condos at the soon-to-be converted 6th Street synagogue will go for $2.95M and up. [EVG] Three tips on how to keep those pesky […]

Real Estate Trends

October 7, 2015

POLL: Is NYC the New Florida for Grandparents?

The New York Times recently explored the trend of grandparents relocating to New York City. For many, it starts as a temporary move to help out with the grandkids, but more and more retired folks are finding themselves enamored with city life. “Not for them the early-bird special when dinner awaits at the latest hot […]

Real Estate Trends

October 6, 2015

Academy Award-Nominated Director Jason Reitman Sells His Classy Chelsea Home for $3M

By Annie Doge

The fate of Jason Reitman's Chelsea pad is no longer up in the air. After just 32 days on the market, the director/producer/screenwriter, best known for the beloved indie flick "Juno," as well as well as the aforementioned pun starring George Clooney, has sold for $3.05 million. As noted by the Observer, the 1,600-square-foot space at 434 West 20th Street was purchased by Reitman with his then-wife Michelle Lee back in 2011 for $2.15 million, with the pair said to be drawn in by the home's prewar detailing and its location just across from the New York Seminary's gorgeous gardens.
More photos inside the beautiful apartment

October 6, 2015

More New Yorkers Are Living in Overcrowded Apartments; Real Estate Bigwigs That Made the Forbes 400

NY apartments where the ratio of people to rooms is more than 1:1 has gone up more than 15 percent between 2005 and 2013. [Gothamist] Two Hudson Yards holdouts could get a payday as large as $25 million from developer Tishman Speyer. [Crain’s] Foreign buyers prefer new buildings. [NYP] Murray Hill is Manhattan’s sluttiest neighborhood. […]

Real Estate Trends

Watch New York City Get Blown Up With the ‘Every Demolition in Manhattan’ Map

A animated sample of the Every Demolition in Manhattan map, click ahead for a more detailed view

October 5, 2015

Watch New York City Get Blown Up With the ‘Every Demolition in Manhattan’ Map

You’ve surely realized by now that New York is in the midst of a building boom, but if all the cranes and scaffolding rising from the ground aren't enough convince you that you're living in a pretty historic moment, look no further than this incredible map to put all that construction in perspective. Called Every Demolition in Manhattan, this animated survey tracks every demolition that's taken place in the city from 2003 through 2014.
find out more here

October 5, 2015

Residents of 111 Murray Will Have Concierge Jet Service; More Grandparents Moving to NYC

“We believe our buyer profile at 111 Murray is the type of demographic to use private aircrafts.” [WSJ] A look at Nets star Thaddeus Young’s Brooklyn Heights apartment. He is the first player to live in the borough. [NYP] Is NYC the new Florida? More retired folks are relocating to the city to help raise their […]

Real Estate Trends

October 3, 2015

Affordable Housing Lottery Launched for Bjarke Ingels’ Epic Pyramid, VIA 57 West

Applications are now being accepted for the 142 affordable apartments in Bjarke Ingels' tetrahedron-shaped rental building dubbed VIA 57 West, aka "the Pyramid Building." By downloading applications here, you and 141 other lucky families may have the chance to live in a future landmark that is already turning out to be the most audacious rental building ever built in the city. The massive, half-block-long development will contain a total of 709 units, of which 20 percent will be deemed affordable. Subsidized rents range from $565/month studios for single-person households making between $19,222 - $24,200 annually, to three-bedroom apartments going for $1,067/month for three- to six-person households.
More construction shots and the full pricing breakdown

October 2, 2015

Zaha Hadid Launches Sales at Her High Line Condos, Talks the Evolution of NY Architecture

Related Companies has officially launched sales for their highly-anticipated upcoming condominium, 520 West 28th Street. Designed by Pritzker Prize-winning architect and artist Zaha Hadid, the eleven-story building will be Hadid's first ground-up structure in New York and will offer 39 distinctive two- to five-bedroom homes priced from $4,950,000 to $50 million for the largest penthouse. The under construction building, now five-stories up, rises alongside the High Line elevated park from an L-shaped parcel between West 27th and 28th Streets in the center of West Chelsea's art gallery district. Related Companies purchased the site for $65 million in 2012 and soon after commissioned the Iraqi-British designer, who beat out the likes of fellow Brit, Norman Foster. Yesterday, at the development's launch, Hadid said she has "always been fascinated by the High Line and its possibilities for the city. "
More from the event here

October 2, 2015

A Major Renovation Brought This Soho Loft From a Cheesy Bachelor Pad to an Historic Chic Crib

By Emily Nonko

It's rare that a listing gives you a backstory to the apartment it's trying to sell, but that's the case with this unit at 426 West Broadway, a condo building in Soho. Here it goes: "It literally took a year of demolition, permit wrangling, and construction to finalize this $600,000.00 renovation that saw a Pop Art-inspired bachelor pad stripped down to its 19th-century shell." The result is a two-bedroom, two-bathroom loft apartment that now relishes its "original industrial charms," as the listing calls it. Our opinion? It's a big step up from a bachelor pad. The asking price comes in at $3.5 million.
See the rest of the reno

October 1, 2015

A Noise Map of NYC and Other Major Cities; ‘Idol’ Judge Lists Her Midtown Home

Former “Idol” judge Kara DioGuardi is putting her four-bedroom Midtown maisonette up for sale at $5.2M. [NYP] Visualizing five years of noise complaints in three major cities. [CityLab] The stunning Park Slope residence featured in “The Wolf of Wall Street” is on the market for $3.95M. [NYP] Manhattan’s median sales price is now just $2,000 […]

Real Estate Trends

September 30, 2015

Are Skyscrapers Killing Great Cities?; Mapping What Parts of NYC Have Unused Development Rights

How a crummy suburb turns into a beloved urban neighborhood. [The Atlantic] An argument on why skyscrapers are killing great cities and why old buildings are better. [Treehugger] Here are the NYC areas harboring unused or excess development rights. [Curbed] The Staten Island Ferry is getting increased service. [NYDN] More renters are turning to self-storage in the outer boroughs as a […]

Real Estate Trends

September 30, 2015

The Bronx May Get Its Own Lowline-Style Park at Abandoned Mott Haven Rail Tracks

Ever since the High Line became an international phenomenon, there have been countless proposals across the city for elevated parks and public spaces made from abandoned train tracks. The latest comes from the Bronx, where Borough President Ruben Diaz Jr. is asking Mayor de Blasio to transform a piece of unused railway in Mott Haven that is currently a "homeless encampment populated by drug users," according to the Daily News. Because the "litter-and-needle-strewn" trench is below street level, it's being called a lowline, after the underground park taking shape on the Lower East Side of Manhattan.
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Canadians Buy More NYC Property Than Any Nationality in the World

Skyline image via Joey Lax-Salinas/Flickr

September 30, 2015

Canadians Buy More NYC Property Than Any Nationality in the World